Time to get serious!

Hana_

Hi all,

So it's been 5 months since I started my last diary. I managed two whole posts and then never posted again. Since that last post I have raised my credit card limit from £500 to £750 (and then maxed it out) but have reduced my loan from 3000 to 2731 so I guess I've evened out to a big fat NOTHING saved!

Anyway, I've just started a second job so will be having a bit more income and it's paid weekly which will help with my terrible budgeting skills.

All my debt is listed in my signature. I earn £1350 after tax and my partner earns £1400. Our rent is £775. I pay back £158 on my loan each month, £90 gas, £40 electric, £105 council tax, £30 water, £45 on two phone bills, £35 on internet, insurance (home & pet) £60 and travel is around £200. This should leave us with plenty a month for food and living. So why can't I save anything?! I also pay interest on my overdrafts and credit card fees but still..Should be able to save a fair chunk each month.

This second job is a "work as much or little as you like" sort of deal which is great as if money gets tight or I want to pay off something a bit quicker I can get it done sooner. However, I have worked 84 hours this week and am already feeling the strain of lack of sleep so imagine I will not be able to continue to work quite so much.

Anyway, I'll be trying to check in regularly! My credit score is poor and I want to buy a house within a few years so really want this debt brought down by then!

Wish me luck!

misstara

Good luck Hana

I also have a weekly paid second job and it does make a huge difference to budgeting/finances. It also means that I make payments every week towards my debt rather than just one big monthly payment which I definitely think keeps me motivated.

beanielou

Shiny new diary.
Keep posting!

Hana_

Thanks for the welcome guys ^_^

So I've spent very little the last few days as I've been working constantly. I did 4 shifts at the hospital since Tuesday amounting to 24 hours. Does anyone know much about second job tax? I make around 16,500 after tax at my full-time main job and I'll probably be earning around 4000 a year at my part-time "extra" job. Will I be taxed heavily? Do I need to ring the tax people or will the P46 my new employer sent them be enough for them to sort it out?

Many thanks!

Mara_uk7

You will pay the full 20% tax on job two, as all your allowances are used against job one .:( life would be so much easier without taxes !

Hana_

I don't understand taxes at all I was under the impression I would pay 40% tax on a second job? Is that not the case? In which case, YAY!

Hana_

Have checked the internet banking this morning and only have £220 to last the month. This has to get me to work as well . Luckily I'll have another £100 or so added to my bank on Friday from my second job and about £100 the week after that. Regardless though, I'll have to cancel some plans this week as simply can't afford to do them!

Maybe I should e-bay some things...Just so time consuming! What sort of things do people sell on there?

DawnW

Hana_ wrote: »

I don't understand taxes at all I was under the impression I would pay 40% tax on a second job? Is that not the case? In which case, YAY!

You will only pay 40% tax if and when your earnings are above around £40k (I forget the exact figure, but doesn't look as though that will apply here )

Your personal allowance, ie the set amount that everyone can earn before tax kicks in, will be deducted from the earnings on your first job before tax is paid, so as mentioned above, your second job will be taxed at 20%