MFW in 5 years

Floxxie

Hi,

Just wanted to wish you good luck with your challenge!

Being somewhat ignorant I'm not sure what the minimum wage is so the next bit might be completely irrelevant. When your OH drops her hours will you be entitled to more child and/or working tax credits? Also in dropping her hours will that also reduce the tax she pays?

You mention you did MBing last year - did you mean you made £3k profit rather than £300? Although you have done the main ones, there are always reloads and freebies going on so get back on, if you haven't started already.

Anyway now I have posted I shall be following your progress with interest.

Have you had a look at https://www.jeacle.ie and played around with the figures?

golfiematt

thanks for the advice floxxie,i am hopefully going to try a few more on mbing. i did about 12-15 companies and made £300, then there werent many left id heard of and thought it was a bit dodgy to go with unheard of ones!.
We dont get tax credits because i think its under 14k between us we need to earn, currently i think we earn about 22k between us and this will drop to just below 20k, however we do get money towards nursery fees and a child allowance of that which ive no idea how it works out, i tried asking the girl on the phone what formula they use and even she didnt know lol.I dont think we will save much in actual tax as we are on the lowest level but its a case of seeing what happens in a few months!

Floxxie

golfiematt wrote: »

thanks for the advice floxxie,i am hopefully going to try a few more on mbing. i did about 12-15 companies and made £300, then there werent many left id heard of and thought it was a bit dodgy to go with unheard of ones!.
We dont get tax credits because i think its under 14k between us we need to earn, currently i think we earn about 22k between us and this will drop to just below 20k, however we do get money towards nursery fees and a child allowance of that which ive no idea how it works out, i tried asking the girl on the phone what formula they use and even she didnt know lol.I dont think we will save much in actual tax as we are on the lowest level but its a case of seeing what happens in a few months!

If you are happy MBing, then I would definitely have a look at the GIOL thread and just check you have done the main ones and get the best bonuses off the ones you haven't done yet. B365 offer £200 at the weekend if you haven't done that bookie yet.

Again as you can gather, I have very little clue about anything but if you take a look at https://www.entitledto.com and put in your future figures (or even your current ones) that should give you an idea if anything is going to change for you re the tax credits. Don't forget to let the tax credit people know when your wife's hour drop.

I haven't used this site yet: https://www.thesalarycalculator.co.uk but it might worth having a look to see how your wife's income is going to change.

golfiematt

nothing to do with mfw but i just found out i passed my level3 aat college course woohoo! hopefully get a better job if i pass the last year happy days:j

setmefree2

golfiematt wrote: »

nothing to do with mfw but i just found out i passed my level3 aat college course woohoo! hopefully get a better job if i pass the last year happy days:j

Well done on passing those exams

golfiematt

i think after my little holiday to italy i will still manage a good amount to o.p. this month then up until christmas i think my o.p's will seriously reduce but we will have to see

golfiematt

:janother £500 0.P. this month:j and i managed a short holiday to italy woohoo,
pay cut this month for o.h this month due to reducing hours to pick little 1 up so things tight already started ebaying and done a few m.b ing. ive upgraded our tv package with the idea being we wont go out as much lol! fingers crossed ill still manage some sort of o.p.

setmefree2

golfiematt wrote: »

:janother £500 0.P. this month:j and i managed a short holiday to italy woohoo,

well done on that :T:T:T

golfiematt

another £500 scraped togethor, got a 0% card for xmas pressies for 12 months and put a few hundred on:eek: its getting tough to keep this up, but trying to get till xmas before i drop my o.p!

golfiematt

feeling fed up and down today, i found out theres a leak on our roof and have been quoted about £150 so far, my car insurance is £250 i have just serviced my car with the m.o.t. which was just over £240 and ive just seen oil leaking from my car:eek: on top of that i go to night school twice a week and there doesnt seem enough hours in the week!
its a good job i got that credit card at 0% or things would be looking a lot worse, dont know if i can think about an o.p. for next month which is the main reason im fed up.hopefully in a few weeks i can laugh all this off

matt
p.s usually when i get like this i go into 'spend ' mode!