FREE ..........................
Options
BROKEN
Posts: 41 Forumite
Thought this might get you to read this, So I decided how can save money lets see what percentage of my monthly salary goes on things. So if I was on £20,000 a year then my monthly salary would be £1666.67
Monthly Salary(100%) £1666.67
Tax 20%
NI 13.25%
Pension 5%
Council Tax 7.5%
Energy (after capped) 14.5%
Tv Licence 0.8%
Mortgage 16.25%
Home Insurance 0.6%
Car Insurance (uk average) 20%
Car Tax 0.8%
Petrol 17%
Food 12%
So in total my monthly salary of £1666.67 would NOT cover my monthly outgoings as my percentage of my salary needed would have to be 127.7%.So if your in a job paying less than £25000 then the government need to do something really quickly.
So to put a downer on things have a look at what you have and work out your percentages of your salary and see what you save each month.
Ps In the UK we have gone back 50years, out houses were the norm then, so I've gone back to newspaper to wipe my backside as its cheaper than bog roll, bag it and bin it.
Turning everything off and living in total darkness, Bought a fire bin so I can heat my water and cook on it so I can have BBQ in winter and stay warm.
It would be better to have a tiered tax system so people all pay there fare share. But the HMRC would be able to cope with that.
Have a nice day everyone
Monthly Salary(100%) £1666.67
Tax 20%
NI 13.25%
Pension 5%
Council Tax 7.5%
Energy (after capped) 14.5%
Tv Licence 0.8%
Mortgage 16.25%
Home Insurance 0.6%
Car Insurance (uk average) 20%
Car Tax 0.8%
Petrol 17%
Food 12%
So in total my monthly salary of £1666.67 would NOT cover my monthly outgoings as my percentage of my salary needed would have to be 127.7%.So if your in a job paying less than £25000 then the government need to do something really quickly.
So to put a downer on things have a look at what you have and work out your percentages of your salary and see what you save each month.
Ps In the UK we have gone back 50years, out houses were the norm then, so I've gone back to newspaper to wipe my backside as its cheaper than bog roll, bag it and bin it.
Turning everything off and living in total darkness, Bought a fire bin so I can heat my water and cook on it so I can have BBQ in winter and stay warm.
It would be better to have a tiered tax system so people all pay there fare share. But the HMRC would be able to cope with that.
Have a nice day everyone
0
Comments
-
I think the flaw in your plan there is you would only pay tax & NI on your earnings which are above the threshold. So if you have a tax code of 1257L you would only pay tax & NI on £619.17 each month.
Your pension would, presumably, only be 5% on £1146 as £520 is the lower earnings limit.0 -
even with your Tax and NI thresholds your still coming away with less than the amounts the government are charging for tax and Ni after you've paid out. thanks for pointing the threshold out.0
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards