What % of your take home do you use to pay debt?

mrsb83_2

Spiritedwolf wrote: »

can you imagine a 25% pay rise after tax? It just doesn't happen!

Good way to look at it!

DH is getting a 10% pay rise in April, so our debt repayment will increase. He's a bit miffed that we're not actually going to see any of it but when I sell the 35% increase to him perhaps he'll be a bit happier!

goodgirl80

Assuming I do get an actual pay rise in April, I'm going to join the pension scheme. I figure I won't notice it

SkintGypsy

We were paying over a third if our combined wage. In fact, after childcare and the debts, my entire wage was gone. That's how we knew we could afford another baby after the debts were paid. In fact, we were better off when we had no childcare and with me on maternity pay. Crazy. Great way to learn to budget. It means we can save so much more efficiently.

dreamdreamer

I average £700 out of £1600 take home (my basic is £1400 but I usually do around £200 of overtime). That's 44%.

It's CRAZY to think of it as a 44% pay rise - I that! My disposable income is going to nearly TRIPLE once this damn debt is paid off!

Two9A

Let's see if I can work this out, then.

40.3% of income goes to paying the debts/mortgages...
26.2% on household bills (if I include council tax)...
8.4% on petrol, what with my commute...

That's 75% of my income, before groceries. No wonder I'm not overpaying

Edit: And that's ongoing for the next 30-odd years, if I snowball the payments from the smaller mortgage once it's done. In for the, er, long haul, as they say.

isy1011

48% including mortgage repayment:eek:

angelflower_2

wow - including mortgage repayment mine is 66%!!!!

Its about 35% without the mortgage

Blinking heck

dreamdreamer

Oh if we're including mortgage repayments you can up mine to 61%.

isy1011

Oh 22% then but mortgage is debt Im afraid.:(

loumac

I think I'm at about 20%. An interesting way of thinking about it. Might look at increasing this...now you've got me thinking!