Advice - what to do with a £10k pay rise

kidmugsy

rjwr wrote: »

I have overlooked contributing to my wifes pension, currently she doesnt have an income.

No earnings, no problem. She's allowed to contribute up to £2880 net (=£3600 gross) each tax year.

Her provider claims the £720 tax relief and adds it to her "pot" even though she hasn't paid any income tax. I imagine that it's the government's way of encouraging the low paid and unpaid to invest for their old age.

The_Real_Cheddar_Bob

Tiners wrote: »

Are there any creditors still left out of pocket following your bankruptcy?

Why not use it to reimburse them if there are any?

that sounds like something i will get on right away,

mollycat

rjwr wrote: »

thank you for the responses. I currently live comfortably on my income prior to this raise.

I hope that I am able to follow some of the pointers and not blow it.

Without wishing to be unkind to the OP, these types of "I'm frightened I blow all my money", threads baffle me.

Who has the gun pressed to your head?

Willpower.....just don't spend it!

Audaxer

mollycat wrote: »

Without wishing to be unkind to the OP, these types of "I'm frightened I blow all my money", threads baffle me.

Who has the gun pressed to your head?

Willpower.....just don't spend it!

It's not that baffling. Everyone is different and a lot of people do not have the willpower to not just blow it.

Snakey

It's not for everyone, but I put every pay increase I've had since 2001 (age 29) into my pension and other savings/investments, and as a result I am - fingers crossed - on course to retire comfortably at 50. It's a real slow burner, but there's one heck of a psychological payoff on the day when you realise that the dream is no longer in the far distant future but now relatively close.

If you don't fancy further direct financial investment in your future, you could consider indirectly helping out Future Rjwr in the form of better living today - gym memberships, healthier food. Other ways to invest in yourself and your life might include professional qualifications, learning a language, and keeping Mrs Rjwr happy with a nice holiday or doing up the garden or whatever floats her boat.

elephantrosie

Audaxer wrote: »

I think most ambitious people that get promotions and wage increases at work would conscientiously want to increase their standard of living. If sensible they will not blow it all, but increase their present standard of living as well as saving and investing for the future.

A doctor or anyone on a six figure salary should be able to plan to retire early if that is what they wish to do, easier than someone on near minimum wage.

hmm... false public perception again. doctors do not earn a lot.

bigadaj

elephantrosie wrote: »

hmm... false public perception again. doctors do not earn a lot.

How much do you think they earn?

Apodemus

bigadaj wrote: »

How much do you think they earn?

...and what is "a lot"? Compared to a hospital cleaner, a medical doctor does earn a lot. Compared to a CEO in an FT100 company, they earn a pittance!

justme111

https://www.google.co.uk/amp/s/www.bbc.co.uk/news/amp/health-34475955
Basic salary starts at about 23 k. As they get a lot of extra hours it used to be more due to them being paid for those hours , not sure what happens now.

bigadaj

justme111 wrote: »

https://www.google.co.uk/amp/s/www.bbc.co.uk/news/amp/health-34475955
Basic salary starts at about 23 k. As they get a lot of extra hours it used to be more due to them being paid for those hours , not sure what happens now.

That not an average though.

That's the minimum at the commencement of training, an average, whether median, mean or mode will be very high five to low six figures.