Loans better than overtime?

JimmyTheWig

pelirocco wrote: »

But you have calculated over time at basic rate ....what if overtime is time and a half

Can't decide if that's tongue in cheek, but I'll answer it anyway.
Time and a half would earn £4.10 after deductions, so would cost 67 hours.

[Note that in none of my calculations have I accounted for NI, which would only make things look worse for overtime.]

dealer_wins

OP you need an offset mortgage.

JimmyTheWig

dealer_wins wrote: »

OP you need an offset mortgage.

I'm not sure that they have enough savings to make that worthwhile?

System

Possibly, clever solution in right circumstance, good rate and affordability permitting, in truth if I fail to upsize (only buyers in this jobless town are investors wanting a bargain) then I may have to clear existing mortgage first to make it letable then raise the deposit to buy a 2 bed flat chain free and let my flat (rather than selling a good lease at a crap price)

System

But a major point of this is to discourage people from overtime to pay the mortgages/ cheaper loans they already have, so people have more time. Cutting the labour supply could also mean better wages generally, I feel monetsaving expert should include consideration of total work on its advice, and monetsaving expert has the ability to influence a large audience

ViolaLass

The value of 'time' varies from person to person. It's not something MSE can analyse.

System

Though time can be a motivation for monetsaving, and important in life, someone might finish their mortgage early to retire early, but might work more hours over their life if this was done using unenhanced overtime, they might miss precious family time or leisure time at a time in their lives they can use it, they might even die having never lived, and as I said, I'd like to decrease the labour supply for workers' sake

takman

But working less hours to get more money from the government is not really a long term effective solution. The better solution is to increase your skill level so you can get higher paid jobs. So then you get more money for doing the same hours.

If your in a job that anyone can do then your never really going to get a good wage.

System

Takman - I had a bit of a breakdown that destroyed my confidence while at uni, and I felt unable to be anything above the lowest rank, as well I didnt get good careers advice and the degree i have cant be used without so much travel that the pay rise might not justify it, after previous bad jobs im scared that if i go for a new job it might not work out, and my family is heavily financially reliant on my (not too bad) job so itd be a big gamble to retrain, i also feel betrayed by the education system, which encouraged everyone to study what they enjoyed/were good at (for good results) rather than what the market demands, which I believe is why they say the success of someones career is influenced by their parents education level (as experienced parents can give the advice schools don't). Finally I feel like I have to take the tax credits to try to save up for a bedroom for my son (property a higher multiple of income for my generation), and also I do believe that tax credits are just a gov subsidy to allow businesses to pay low wages, tax credits are like wages that you should've got through wages if wages were fairer, or even what they would've been if tax credits didnt exist to make up the shortfall

System

Don't think id get another student loan either, even though I followed my parents foolish advice to pay it off