Live on £4000 for a Year, 2009 Challenge, part 2

cw18

Just done some quick number crunching.....

for each £100 gross you get each month, you're currently paying £3 to your pension. That £3 incurs 60p in tax, which at the moment goes into your pension.

IF they're giving you a lower salary in return for a non-contributory pension (which is what salary sacrifice/surrender is, and what I assume your salary exchange will be), then your gross pay will go down by £3 for every £100 you used to have, but you'll gain the 60p tax.

£100 - £3 (pension) - £20 (tax) = £77
would become
£97 (new lower gross) - £19.40 (tax) = £77.60

then you also have your NI savings (as low as 1p per £1 into your pension, possibly 11p per £1). and then any difference to your student loan payments.

but you should certainly see an extra 60p for every £100 you had as your basic gross payment

Vixstar

Nyk where and when is the Royal Highland Show?

cw18

I G00gled for the show ealier -- location

It opened yesterday (Thursday) and the last day is Sunday (28th)

whitewing

Morning All.

Janey, if you're reading this, lots of love and hugs from us. Thinking of you and your beloved Tom. Would love to hear some more memories when and if you feel up to it, or simply just to know how you are.

Frugaldom

Good morning fruguys and gals, it's another lovely, sunny day.

Janey - thinking of you.

Michael Jackson - not so much of a shock but he'll be missed for all the right reasons in our household. Performer and showman extraordinaire.

SM - I didn't even notice I'd said 'DS' :rotfl: I meant DGD. I can just imagine DS running along the road with a High Sch00l Musical lunch bag :rotfl:

Royal Highland Show is held in Ingliston, pretty much right next to Edinburgh airport. It is on now. It's another one of those big annual agricultural events that I frequented in the past, both in a work capacity and as a visitor. Brilliant show and I hope it doesn't end up like The Royal, (the English equivalent?) which has now been stopped. This was its final year.

Going to read back through posts now and make sure I have caught up. Been out in the garden since 7, it's really warm & sunny again. :j

patchwork_cat

Cheryl - the hayfever on playing fields - don't forget the area of grass and the wind blowing in from the sea right over the scrub and onto the fields. Also edges of grass not being cut short and wind blowing right over it into the face. (Didn't half sting the legs in the winter!) Did your dad work at British Aerospace? I remember a couple of girls whose dad's did, one whose house backed right onto Ernie!( the pools computer)

re the tomatoes, I think that if I am to avoid large amounts of green toms this year I may need a greenhouse, I have put the pots in a sun trap, so we will have to see.

3% into a pension seems fairly low, is that standard that everyone else pays, my DH and mine ( when I had one!) is 6 or 6.5% depending on salary. I often feel that we are making ourselves poor paying into the pension now for the future. What with the way they keep changing the scheme I think we may be making ourselves poor for no reason! We could do with the money now with the kids at home, already my DH's pension is worth £50K less with changes than when he took it out. DH works for local govt and he is paid considerably less than in the private sector ( made a descion when we had kids that he wanted to work near home and 9 -5 - as his job in the private sector would involve lots of overnights and travel) one thing everyone quotes is the good pension, but 6 % is a lot of money and they keep moving the goal posts so his pension isn't nearly as good as it was.

We used to live near Blackpool airport and they used to rev the prop jet engines in the middle of the night sometimes ( goodness only knows why) one summer there was a small airshow at the park down the road and I was in the backgarden witht he cat when a Lancaster bomber flew in really low from the sea, I didn't see it from behind the garage, but I still have the scars from the cat! Crikey it was LOUD!

whitewing

patchwork cat,

That would be a good friend to have. Do you still have her contact details. My premium bonds need a helping hand.

Frugaldom

Hi all, I'm back again as I remembered something I had previously forgotten to mention, IYSWIM

Patchwork - re ERNIE, I think you mean Premium Bonds and not Pools, but I knew what you meant

CW - You could have a house overlooking the sea with no grass in between.

What I forgot to say earlier, for CW's traffic report comparison, was that we went out to the main road during a peak time, giving the ferry folks all time to disembark and drive this far. It was MEGA BUSY! :eek: OK, so there were only 3 on 'this' side of the road as far as I could see, but ferry traffic passing on the other side numbered 64 cars, vans, buses and lorries :eek:
OK, so you are probably laughing at me because it has never been busy enough to end up crawling nose to tail, the only time that happens is if there are traffic lights for roadworks, but it gives you an idea of how 'busy' it gets at peak times in conjunction with ferry times. However, as we have changed the plan to find you somewhere near the sea but without too much grass/hay cutting/silage making/harvesting/straw baling/oilseed rape (I believe it's one of the worst if pollen count affects you) then our main road business won't affect you. How about Fraserburgh? There's a 2 bed apartment not far from my friend with a guide price of just £28,000. Quite tempted to have it as a BTL myself, though, as I lived not too far from there. Pity it's an apartment and no way of knowing who the neighbours are, but I've asked friend to go for a look and 'suss the place out'. :cool:

Sorry, wrong link, here's the correct one

cw18

patchwork_cat wrote: »

Did your dad work at British Aerospace?

nope. Dad, DH and I all worked at Salwick. (I'm sure you'll know what's there )

3% into a pension seems fairly low, is that standard that everyone else pays, my DH and mine ( when I had one!) is 6 or 6.5% depending on salary.

I started off paying 6.5%, but by the time the scheme had been changed, then I'd been TUPE'd (don't have a pension with the new company here, as I only worked for them for 4.5 months), then changed jobs, then another scheme change, then TUPE'd again (!) I was paying 5% as salary sacrifice by the time I was laid off last November.

I also paid AVCs for a few years, so will actually have income from three company schemes, two of which have two versions, and AVCs attached to one of the ones that changed. Plus (if I'm still single) I'll also get the Widows pension I get now (which is from the same company as my first with two versions). And then a State Pension (hopefully) on top of that. My first (both versions, and a final salary scheme) pays out at 60, my second (also final salary in the main) and third (money purchase, that I only paid into for 14 months so pretty worthless!) pay at 65, and my State one is due to kick in at 66......

I felt a bit like you, in that the money would have been useful while I had children and a mortgage - but I always knew I wanted to be able to do more than 'exist' in retirement, so I always made sure I was signed up for the relevant company scheme.

cw18

nykmedia wrote: »

What I forgot to say earlier, for CW's traffic report comparison, was that we went out to the main road during a peak time, giving the ferry folks all time to disembark and drive this far. It was MEGA BUSY! :eek: OK, so there were only 3 on 'this' side of the road as far as I could see, but ferry traffic passing on the other side numbered 64 cars, vans, buses and lorries :eek:

I also counted at a busy time - 7:30am-9am is very much commuter hours around here. So my count was at a 'peak' time, though the evening always seems busier

How about Fraserburgh? There's a 2 bed apartment not far from my friend with a guide price of just £28,000. Quite tempted to have it as a BTL myself, though, as I lived not too far from there.

You can have that one without me even looking at it. I don't "do" flats or apartments. I like to have open space/garden (even if I can't sit in the sun without getting a migraine), and have the dogs to consider as well