Moving out, but inexperienced.

McKneff

You said you were sitting on your savings for now. make sure they are in tax free ISAs

poppysarah

anniehanlon wrote: »

You said you were sitting on your savings for now. make sure they are in tax free ISAs

But check that you're getting a good rate as most seem to be utter pants at the moment.

bandraoi

It's not a situation I'd put myself in unless I had no other option. If your rent is much more than 1/3rd of your income you're likely to struggle, at the level you're looking at it's likely to be a struggle.

Making new friends can be an expensive business. You need to meet them somewhere which usually means a course or activity. You'll want to either entertain them - dvds, food, games or to go out with them. You can enjoy a night out for £20, but often if you want to enjoy a night out with other people, to participate, you'll need to spend more.

Sure you can do it, but do you really need to or want to?

IT_nerd

Im willing to subsidise my pay using my savings.
I took a pay cut at this job, so I knew I wouldn't be better off like this.
The reason for taking this job was because I was stuck in a bit of a rut at my current job. Not meeting anyone new, not learning anything new.
Also, while this year I could have asked for £20K and got it, I know that I'm not worth that currently. So to avoid being let off for being !!!!, I decided to go for a lower pay grade as long as the next year if I'm doing well I can expect a pay rise well over £20K.

So I'm willing to use £1500 of my savings throughout the year to boost my income.
So that's £125 more a month if needed.
So that's now almost £100 to spend a week on "stuff".

IT_nerd

nig0609 wrote: »

are you sure you have the right tax ? shouldnt it be 20%?
Tax http://www.hmrc.gov.uk/rates/it.htm
NI http://www.hmrc.gov.uk/rates/nic.htm

Dont forget you will get tax allowance of £6,475/yr and NI allowance of £110/week - but if you are only budgeting then this will be extra in the bank...

Oh and can someone explain this to me please?
I'm earning 18K a year, so how would I work out how much NI and IT i'm paying without using the calculator? (Since it's not updated to next years budget yet)

IT_nerd

Bump for calculation.

nig0609

IT_nerd wrote: »

Oh and can someone explain this to me please?
I'm earning 18K a year, so how would I work out how much NI and IT i'm paying without using the calculator? (Since it's not updated to next years budget yet)

Tax paid for the year:
(£18,000 - £6,475) * 20% = £2,305

NI paid for the year:
(18,000 - £110*52) * 11% = £1350.80

schueys_girl

What are these flat that you are interested in running on? Are they defiently gas for heating?

If electric storage heaters it will cost you considerably more to use to keep the place warm.

Also, if they are on a meter you will pay more...myself and my fiance spend £20 a month on electricity which is a meter BUT then gas is at least £40 a month...

We are out every day from 8.30 til 4pm so no gas on then thats 5 days a week and the bills still total about £10 a week or sometimes just under because it is a meter and it is expensive.

I think you would use a lot more electicity if you always have computer and other things on as well.

So check what your heating is - if it is all electric you will be using a lot more. realisitically you want gas as electric storage heating is a nightmate!

Good luck tho i think you CAN do it, but i twill be tight. Me and my fiance live tightly as I am saving like a mad woman for a deposit for a house etc but we also make sure we do go out for meals and treat ourselves etc as well...

IT_nerd

Hi guys.
I found the perfect flat and I got it down from 550 to 525.
Everything is electric, but I went there on a cold day and it was warm inside. The electricity wasn't even on!
I think 525 is a lot better than 590. lol.

The £590 flat was small and crap. This ones much nicer, and fully furnished (With granny furnature YUK)