How much am I worth

Steve122_2

I am a graduate from a very good university in London working in a bank and joined about 6 months ago.

I currently get 40 K which is a lot of money but seems to dissapear so quickly , the majoirty of which goes to the tax man.

Is this a 'good' salary? And how can I make it last longer - I struggle to afford some of the basic things in life

cheghead

1. It's a bloody good salary.
2. Stop spending it so soon then.
3. I am sure most does not go to the taxman.
4. Basic things in life do not include extravagances.

Surprised you haven't asked what benefits you could be entitled to!

As Ricky would say "Bloody hell".

dmg24

Asking what is a good salary is like asking how long is a piece of string.

I am surprised that you cannot afford what you describe as some of 'the basic things in life', and wonder what you would put in this category?

Al_Mac

What cheghead said

healy

Is this a serious question?
I have my doubts!

Steve122_2

Well since you asked - Heres the balance sheet on a monthly basis

Take home pay is 2000 from a monthly salary of 3300. ie tax man takes 1300
Student loan: 300
Rent : 800
Food : 600
Taxis : 150
Going Out : 400

And thats not all of it

As you can see I end the month being heavily in debt - I am told that salaries are not exepected to cover the cost of living but rather people use their bonuses to pay off the end of year credit card bill.

Steve122_2

healy wrote:

Is this a serious question?
I have my doubts!

Please tell me how people survive on a smaller salary then >?

Al_Mac

Steve122 wrote:

Food : 600
Taxis : 150
Going Out : 400

That's just you:rolleyes: I think you'll find families on here live on that.

If you are serious, look at what you are spending your money on, why and do you really need to:cool:

nearlyrich

Yearly £29,059.18
Monthly £2,421.60
Weekly £558.83

Income Tax

• £5,035.00 is tax free (this is your Personal Allowance)
• £2,150.00 is taxed at 10.00% (£215.00)
• £31,150.00 is taxed at 22.00% (£6,853.00)
• £1,665.00 is taxed at 40.00% (£666.00)

Total Income Tax paid: £7,734.00

National Insurance

You don't pay NI on the first £5,058.00 of your income
You pay NI at 11.00% on the next £28,574.00 of your income (£3,143.14)
and at 1.00% on the remaining £6,368.00 of your income (£63.68)

Total National Insurance paid: £3,206.82


This is from the What's the cost site

You need to work out what you need to spend on essentials and what you can afford to spend on luxuries, I have a daughter who's just started work and after studying she thinks her income is massive, I have helped her to work out her budget so she doesn't overspend.

If you are single the kind of money you are earning seems like a lot, there are lots of people bringing up families on less but if you rushed out and rented an expensive city apartment and bought a Porche then maybe you are finding it a struggle.

If you want some help in budgetting why not have a look at the debt free wannabe forum, post your statement of affairs and get your spending under control.

skylight

Unless you post a full SOA (Statement of Affairs ie ALL outgoings etc) then we can't "guestimate" on your figures.

And are youy seriously telling us that you spend nearly a third of your take home pay on food? Who are you feeding? The British Army??

Dump taxis. Get a bus.
Go out less often.

You are a working Man now - not a student anymore and you can't keep up a student lifestyle any longer!

healy

Steve122 wrote:

Please tell me how people survive on a smaller salary then >?[/QUOTE

Then dont spend £600 on food - how many people is that for? - must be a large household!

Then dont spend £150 on taxis and £400 going out!!!