£20,000 pro rata - what's the reality?

Therese1

Hi,

I hope you don't mind me asking - and please tell me if this is the wrong place.

I have just applied for a job that is less than half of my current salary...and is half the hours too. (17.5 hrs term time) I am looking to rebalance my work-life balance and this would certainly sort it out....no more 3/4 nights a week away from home and driving up and down our delightful motorways.

That's all very well (don't even know if I'll get an interview yet) but what is the reality of this salary? Can you please help me calculate how much I am likely to earn - and if you don't mind, roughly what I can realistically 'do' with it?....

E.g. have a company car just now...could I afford to run one myself?
I love travel but am I unlikely to be able to afford this??

I am very fortunate to have paid off my mortgage and have savings but would need to manage until my work pension kicks in in 16 years time.

Many thanks

Sharon87

This calculator will let you work out how much you will get after tax. I can't do it for you as I don't know if you owe student loan, pay into a pension.etc

http://www.listentotaxman.com/

quantic

Without knowing your pension contributions etc or any student loans etc I can't give you an exact figure. But without these factored in it would be:

Take home pay:
Yearly
£9,767.20
Monthly
£813.93

Therese1

Thank you both!

Sorry didn't give you all the info maybe...

I contribute to my current work pension up presumably this would stop if I left?? Rough pension expectation at 60 as it stands is £18k.

I have no student debts or any other debts - and hope not to have any.

Does that make a difference?

Sharon87

Put your proposed income into the calculator in the link I posted above and your tax code - I presume 1000L which is the standard. Then it'll tell you how much money per month you will receive

Brightspark87

Therese1 wrote: »

Thank you both!

Sorry didn't give you all the info maybe...

I contribute to my current work pension up presumably this would stop if I left?? Rough pension expectation at 60 as it stands is £18k.

I have no student debts or any other debts - and hope not to have any.

Does that make a difference?

Hi just a quickie, is this a final salary pension? If not then the income a year isn't a good indication of the value.

What are you expenses likely to be? Work out what they are likely to be then see if you likely income will cover it...