How much can you save?

1343344346348349710

Comments

  • Rich1976
    Rich1976 Posts: 511
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    shrewsaver wrote: »
    Firstly, welcome to the thread. If I were you I would not suspend any pension savings but maybe reduce the payments as it could hit you in the later years.

    In your situation I would do, £200 into an Isa, £150 into a regular saver and £50 into the pension fund.

    Just a question too, is it a SIPP pension or a company pension where your employer also contributes to it?


    Hi, the pension is my own Sipp with Hargreaves Lansdown which has about 20k in it ( this is a culmination of 10 years contributions of my own and previous employer stakeholder plans which I transferred). Unfortunately my present employer, although I love my job doesn't pay into a pension so I'm on my own in that respect.
  • rictus123
    rictus123 Posts: 2,560
    Combo Breaker First Post Name Dropper
    Forumite
    Assuming this is your only source of income, and you're on the standard tax code (647L)...

    Annual Income (approx) 25208
    (assuming 41 hours at T1/2 per fortnight)

    Personal Allowance is 6475
    So Taxable @ 20% = 18733
    therefore tax is 3746.60.

    Primary threshold for NI is 5875
    So NIable @ 11% = 19333
    therefore NI is 2126.63

    Net pay is 25208 - 3746.60 - 2126.63 = 19335

    ...which is about £744 a fortnight.


    By my calculations my next pay, a week tomorrow should be for 78 hours normal time + 36 hours time and a half is £744.35 take home for the 2 weeks, So the next 2 pays should see me take in £1,488.70. :) Nice,cant wait. 9 more pays before xmas,returning £6695.15 not including holiday pay.
    Work in progress...Update coming July 2012.
  • Hey Guys, I'm new to posting, been stalking this thread for a while thought i'd introduce myself.

    Think im alot younger than most of you with HUUUGGGEEE amounts of money in the bank (:T to everyone, i admire you all !), I'm 18 & at Uni full time, work part time which brings in £540 a month. Have a small amount of debt to my mum & dad (haha) which i borrowed for a holiday :rolleyes:, & an interest free overdraft on my student account which at the moment im not too worried about, its only £450 & will remain interest free for the next 3 years.

    Need to get into this savings business though, thought i'd start posting for some motivation. Me & OH are going to London in November to visit relatives, need some money for that, then next year going to canada & new york for 3 weeks, so that requires some savings also :D. Then in the long term need to save for a car as i will soon be sitting my dreaded driving test, & after all that some money to hopefully fly the nest.

    Thats me, hope you don't mind me joining in :o. Need some motivation yah see :rolleyes:

    Keep saving everyone, x
    Whats meant to be will always find its way...;)
  • tara747
    tara747 Posts: 10,238
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Welcome emilyjayne and James Phelps! You are in the right place, keep us posted on your savings :D
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • Lokolo
    Lokolo Posts: 20,861
    First Post First Anniversary
    Forumite
    emilyjane. Do you get that £540 a month whilst at uni!?

    I am so lazy I only earnt about 1/5th of that whilst at uni! :confused:

    Nevermind!

    I added £200 to ISA today woop. Now if I can regirously budget for rest of month (unlikely though, damn birthdays!) I can save some more but meh.
  • Awhoo - hoo - hoo!!

    First day today as an official student - worried about money due to drop to p/time income HOWEVER!!

    Payday from p/time job (which I've been doing since March in prep for uni), is usually the 20th (actually paid at 10pm the night before). After the tax man takes his dues - my basic was working out at £430 a month, I was expecting about £100 more tonight since I'll no longer pay tax on it (since I don't cross the threshold any more) - but just checked and I've been paid £924.70!!! :T:j

    So I've added an Extra £300 to my easy saver, in addition to the £250 (which I didn't think I'd manage due to having to buy textbooks etc) going into my monthly saver as normal - bringing my savings total to £1900 :j:T:T (a meagre pittance compared to most of you I know, but having always been in debt, it's a complete novelty to have any savings at all!! ;))

    xx
  • Emily926
    Emily926 Posts: 184 Forumite
    Crap_with_money thats great! Every little helps, Im away this month and have only managed to put away £50 :rolleyes:
    :heart:DD born 14/12/11 :heart:
    :heart: Baby No2 due 08/06/14 :heart:
    Completed stitches 2014: Dolly Mama's
  • tara747
    tara747 Posts: 10,238
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Well done crapwithmoney!!!!!!!!
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • bendix
    bendix Posts: 5,499 Forumite
    What the hell is going on here? Am I the only person who thinks the last three threads are by the same person? The question is, why?
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    bendix wrote: »
    What the hell is going on here? Am I the only person who thinks the last three threads are by the same person? The question is, why?
    I think he/they are spam morons who are trying to create some credo for [himself/his mates/himself with a different hat] to post spam links to irrelevant rubbish
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards