17 year old saver

rictus123

47 and a half hours a week, minus 2 and a half hours a week lunches = 45 hours a week time 2(fortnightly pay)=90 hours.

Yeh iv seen that, dont think its all what it seems(£2k off a new car, meaning would have to still save up to pay the difference. Dont really have time to save up for a car, end of June the latest i can leave it really, need it for work.

hotkee

O that makes more sense with the hours.

I dont have a car myself and never have had- £2k isnt what it seems as you say.
I have managed to live without a car - trains here there and everywhere.

If you can manage without a car somehow it would save you a little bit - alternatively second hand motor. Must be lots of good ones on the market now.

tinkerbel

Heya - haven't seen you around but I havent spent a lot of time on the savers board so hiii!!!:beer:
I think your plans seem ok but you do seem to have a lot of spare cash at the end of the fortnight/month - where does this go!?!
try keeping a spending diary maybe and then you'll find out? theres a good online one if you google it. I have to agree with others though, you really should up the family loan payments as 5 years is just depressing and it would be a good habit to get into. also theres not too much point saving untill you have paid off this debt. Also you need to pay off the arrears to your mum too.
Will you be getting any money for your birthday maybe that you could use towards your car if your absolutely sure you need one?
Also deffo wait till after your birthday as insurance should be a tiny bit cheaper when your 18 (my car insurance for my car I got for my 18th started on the day after my birthday (but i got a 1 day deal so i could drive it on my bday lol) as it was considerably cheaper. Also it means it needs renewing every year on my birthday when I ususally get some money or my mum pays it which makes it a little easier!
Also - save for a car, dont take on another loan!
where did your £1000 loan get spent on? and where did the money from the sale of the car go?

Hope some of these questions and tips make you think

I'll check in again soon,
Tink (I'm only 19 btw)

Money_Grabber13579

rictus123 wrote: »

Can someone work out my take home pay at £6.56 an hour for 78 hours + 12 hours time and a half? This is just Monday to Friday, if work picks up again il be on Saturdays aswell.

OK, so total pay for the 2 weeks will be 629.76. Assuming 52 weeks a year, we'll multiply by 26 to give an annual wage of £16373.76. (Not bad! - More than I'll earn coming out of university! :mad: lol)

Tax first, assuming you have no other income and operate the PAYE scheme. Take off personal allowance (08-09 was 6035) gives taxable income of £10338.76. Tax of 20% on this is £2067.75

NI is calculated weekly (can be done monthly), so wage is £314.88. £105 is the threshold, so you pay 12.8% on the balance. This gives £26.86 a week or £1396.96 a year.

Total tax will be £3464.71, so your annual take home wage will be £12909.05. This will be shown on your P60 that you should get some of these weeks now. This figure that I've calculated though might not be accurate if there are other factors which that affect your tax bill that you haven't disclosed. (Hopefully I haven't made a mistake though! :rotfl:)

rictus123

This is fantastic.

rictus123

Payday soon:D

rictus123

This is fantastic.

JoeCrystal

Rents I can understand. Only three things are certain in anyone's lives, Death, Taxes, National Insurance and Rents. But phone bills seems rather... harsh. :eek: Do you have expensive social calls? :beer:

Have you seriously thought of getting rid of the phone or at very least making it cheaper or cut back on it use?

rictus123

This is fantastic.

JoeCrystal

Okay, we agreed on that getting the phone bill cheaply as possible is good. However, car... It is utterly important and vital for you to have your own car with all these expenses and costs?