Working out pay!

Abbiejade96

Hi, 
I don’t Know if this is the right page but I work 29 hours in a preschool, I do not get paid the out of term time, I only get paid what I work each month. I’m new there so only been there a day so far. I’m trying to work out how much I’ll need to save back each month to be able to have money over the weeks I don’t get paid for (ie-school summer holidays, Easter, Christmas) I am struggling to work out how much I need to save. So this is what I get- 

29 hours a week, 4 days a week, 8.51 an hour. 

If anyone can give me any advice that would be great
thankypu

Alistair31

Wrong forum. But surely the data that will lead you to your answer will be your expenditure, rather than your income ?

VXman

Delete

Abbiejade96

Sorry what forum should I be on? And yes that’s true but I still need to work out how much I’ll need to keep back, to be on the safe side

VXman

So thats:
£246.79 per week. for say 39 weeks (assuming usual 13 weeks holidays for state schools) £9624.81 per year. So divide that by 12 months - You should pay yourself £802 per month.  So I would put anything over that away to be used later/as you need.
If you took a full month for example - maybe November when you would be working the whole month with no hols you might work just over 4 weeks so earn slightly more than £984 so you could save £182 that month.

Of course, it will vary every month and you will have to factor in that you may take home less than that due to Tax/National insurance and Pension payments. Although I guess there would be no tax at that level of pay.

VXman

Starting just now means you will have Easter Hols, May Half Term without pay. So you may struggle to save much for the summer when you will have 6 weeks without pay.

VXman

Alistair31 said:

Wrong forum. But surely the data that will lead you to your answer will be your expenditure, rather than your income ?

I thought that but she is asking about savings.
There is an employment forum but I'm not sure that is appropriate either.
Maybe 'Budgeting' ?

Abbiejade96

Yeah that’s my Main issue, I’ve started at a slightly awkward time. It’s a very awkward thing to work out! Thankyou for your calculation I think basing it on what you’ve worked out I should be able to save roughly that each month! Thankyou for that!

cloud_dog

Are you on a shirt term contract? 

My OH was a part time TA and when they changed it to a permanent position her salary changed to a pro-rata 12 month PAYE.

Unfortunately I cannot remember how long before they moved her from contracts to permanent. 

notbritishgas

Don’t forget you should have an annual leave allowance, perhaps 5 weeks? Where you will be paid.

norsefox

You should have 5.6 weeks holiday pay rota’d against your average weekly earnings.

Add ~12.07% to your annual earnings to include holiday pay (assuming statutory)