Saving Now!

drbraindead

innovate wrote: »

How much are your monthly maintenance costs, insurance, your mortage payments, agent fees for the BTL? There's your answer.....

Sorry, this is a hypothetical question as I do not currently have a BTL property.

This scenario would be based on a property with no mortgage payment, and no agent fees.

Maintenance costs and insurance would be taken into account via another source.

So, £400pcm of income, how would this be taxed? (what rate etc.)

innovate

drbraindead wrote: »

Sorry, this is a hypothetical question as I do not currently have a BTL property.

This scenario would be based on a property with no mortgage payment, and no agent fees.

Maintenance costs and insurance would be taken into account via another source.

So, £400pcm of income, how would this be taxed? (what rate etc.)

Not a very realistic scenario, I would suggest....but any income from your BTL (after potentially subtractable costs) would be added to any other income you might have and you would pay the income tax due on your total income accordingly.

100saving

so just to update whats been going i closed the barclays monthly savings account as it was only paying 3.25 before tax. I have been moving money around to try and make the most of it. i opened the FlexDirect account for the 5% in credit interest. my accounts now look like:

Barclays Cash ISA - £8530 @ 2.25%
Nationwide FlexDirect - £1770 @ 5% up to £2500
First Direct Regular Saving Account - £300 @ 6% (1 of 12 payments done)

I opened the FlexDirect via TopCashBack for the £68.25 cash back so hopefully i will get that soon. I will also get the £100 joining bonus from transferring to First Direct as well.

so my next steps will be to fill the £730 gap to the MAX in the FlexDirect and to fill the rest of my ISA around £2400 left on this years allowance.

lawriejones1

At your age, one of the best investments you could make is in yourself. Spending money on training and development which will lead to a better job is incredibly positive, will raise confidence and earn you greater returns in the long run.

Interest rates are pitiful, you could earn £16 doing 3 hours in McDonalds, or my job for about 20 minutes.

Ultimately, most real fortunes are earned through hard work and not investments like the ones we are discussing. If you want to make a million, do something for yourself. It's not going to help, but my father and I started a business that turns over £130,000 per year in the last couple of years.

lawriejones1

I'm sorry if my reply came across as a bit sanctimonious. All I'm trying to say is that you're spending an awful lot of hours organising your finances, if you actually spent this working, your returns would be greater.

marathonic

lawriejones1 wrote: »

I'm sorry if my reply came across as a bit sanctimonious. All I'm trying to say is that you're spending an awful lot of hours organising your finances, if you actually spent this working, your returns would be greater.

But who ever said it had to be a choice of one or the other?

There are many people on high earnings who are living paycheck to paycheck.

100saving

the rewards at this time might be small however in the long term i am hoping to see a good return not from the saving accounts but what i can do this the money. but for now this is step one of making the most out of what i have at this time.

Currently i can't work many more hours without loosing the work life balance. i want !!!! loads of money but i want to have some sort of a life as well otherwise whats the point.

i am currently do a lot of training within my job and once this is completed in the next 6months ish i will get a few thousand pay rise so i am working towards this.

anoncol

What did you do at Uni? What job do you do and what kind of salary do experienced people get?

100saving

anoncol wrote: »

What did you do at Uni? What job do you do and what kind of salary do experienced people get?

i didn't go to uni i got top grades at college on a btec national diploma and was offered work so i took it. i then started to work freelance and then i took a full time job at a company and now i work for a company offering services to the NHS.

people doing my job at the moment get paid from 19k to 28k depending on level and length of service. but there are possible other jobs in the same sector that pay £50k or more but it take a number of years and a lot more training to get these. i am in the second stage of training.

100saving

So just an up date i got my £100 joining bonus today from first direct