Want to clear debts and accumulate wealth

lalli_pickle

BLT wrote: »

I suspect the 16.8k alluded to does not included Child Benefit, Child Tax credits and all the other plethora of benefits granted by the government to families with children

I imagine that's true
When I started my job I was on minimum wage and took home £500pm in salary, however with tax credits, housing benefit, child benefit etc I actually took home around £2,000pm.
Now, after 5 years of working my way up the ladder I earn £28k per year and take home £1,800pm salary, however I no longer get housing benefit, council tax benefit, my tax credits are around £20 per month and child benefit around £80 per month so I'm actually worse off by £100 odd each month.
I'm not moaning, I think I'm incredibly lucky to have the job I have but I agree people need to stop equating salary with income, the two are completely different things :beer:

thaylock

Well a good start is you have a desire to become debt free & financially stable (most peoples get up & go has got up & gone at your age). I don't know the answer but all I know is take small steps, one day at a time - plan where you want to be & figure out a way to get there. Good luck.

JackieChan

lifeonhold wrote: »

Sou,
No just 20k debts. After rent, bills, cc min payments/loan every month.....not much left. Just the rent and cc payments/loan every month total £1100. I take home £1850 a month and travel 30miles in the car to work every day.

Lifeonhold, I have sympathy with you as I am in a lot of debt too.
Firstly, so the £30k is your gross pay, not your take home pay which is what we all probably thought.
This is not a dig at you, but you do have a very well paid job, so it could have been much worse. I live in West Sussex and your monthly rent is the same as a 2 bedroom flat down here, I thought Cambridgeshire would be cheaper than that.
Could you get away with paying less off of your debts each month?. I know you want to pay them off, but you may be able to use any extra saving on investing in a course to help provide more income in the future.
I have the help of the Consumer Credit Councelling Service with my debts, I have about £12k in total and I pay £68 per month towards them. I know at this rate it will take many years to pay them off, but I get no hassle from my debtors and at the moment just accept that £68 is another bill to pay.
I am on the minimum wage full time and my wife is part time. She gets a lot of our clothes and other things from car boot sales and not rubbish things either. We don't eat out, don't drink or smoke, we are very prudent because we have to be. Remember, the situation could always be far worse.
Good Luck.

JackieChan

lalli_pickle wrote: »

I imagine that's true
When I started my job I was on minimum wage and took home £500pm in salary, however with tax credits, housing benefit, child benefit etc I actually took home around £2,000pm.
Now, after 5 years of working my way up the ladder I earn £28k per year and take home £1,800pm salary, however I no longer get housing benefit, council tax benefit, my tax credits are around £20 per month and child benefit around £80 per month so I'm actually worse off by £100 odd each month.
I'm not moaning, I think I'm incredibly lucky to have the job I have but I agree people need to stop equating salary with income, the two are completely different things :beer:

Very interesting that, you earnt £500 and you got another £1500 in benefits. I would like to know how you got all that extra, do you have loads of kids?. The government seems to have gone way over the top with all the extra benefits people are claiming these days. My wife and I bring home less than £1400 per month and we get no help at all. We pay for everything ourselves. I think a lot of people would really struggle on our income, it's not easy. I am investing in a bookkeeping course to hopefully bring in more income in the future.

Aspiration

Jackie Chan, 'Do you have loads of kids...?' Bit rude.

Lalli_Pickle well done for working hard and providing for yourself and family, sounds like you have done very well.

hackedoffatthem

JackieChan wrote: »

Very interesting that, you earnt £500 and you got another £1500 in benefits. I would like to know how you got all that extra, do you have loads of kids?. The government seems to have gone way over the top with all the extra benefits people are claiming these days. My wife and I bring home less than £1400 per month and we get no help at all. We pay for everything ourselves. I think a lot of people would really struggle on our income, it's not easy. I am investing in a bookkeeping course to hopefully bring in more income in the future.

You don't sound like you are claiming everything you could be entitled to. Do you have children?

JackieChan

Aspiration wrote: »

Jackie Chan, 'Do you have loads of kids...?' Bit rude.

Lalli_Pickle well done for working hard and providing for yourself and family, sounds like you have done very well.

No, not meant to be rude, just wondered why the taxpayer has to fund £1500 for him/her, whilst others like myself are on a mimimum wage and get no help.
I work hard but get no help, so are you going to say well done to me?. That's why this country is going down the pan quicker than a dose of the trotts, hard working genuine people get nothing, others who do little or no work get hand outs and live a better quality of life.
Can't see why anyone could see the logic in that.

JackieChan

hackedoffatthem wrote: »

You don't sound like you are claiming everything you could be entitled to. Do you have children?

No, I don't have children, nothing against them, just didn't work out that way.
Besides, having children shouldn't be a way to freebies, but some people don't see it like that.