The 'We're saving for a deposit' thread

jamtart6

well done all ! we might have to delay house buying (was aiming for about mar/apr 2009) depending on what job I get/don't get in the coming months. The mortgage advisor gave me the bad news today boo which means could be another 12 months without buying

ManPants

Right I am starting to get !!!!ed off now..................

As you all know, I - along with everyone else - am working like crazy to earn extra money to buy " el dreamo houso" with a price tag of £300,000 (Kent Coast!).

Excellent Point 1 is......... that as a nurse, if I am prepared to work myself to death I can actually make extra money every single month towards saving a deposit.

Consequently I have worked upwards of 50 - 100 hours overtime EVERY single month of this financial year (this is after my regulation 37.5 hours are done and dusted. It means I work back to back 12.5 hour shifts then get up the next day and the next and the next and sometimes work up to 9 days straight without a day off then have perhaps 2 or 3 days off (the shame I know) then start again on another 7 or 8 or 9 etc etc etc.

EVERY month I've paid well over £1000 in tax plus with pension and NI I'm paying out several hundred more after that. The NI and pension I'm okay with.

This month was the absolute cracker as I had worked 60 hours overtime and only earned £2316 which was a mere £100 more than one of my colleagues who worked No overtime and is the same rank as me. I've checked with a few of my other colleagues and they are paying roughly £500 - £600 tax and I'm being walloped for £1100 most months. I've had a few tax rebates but nothing that even compares to the almost £6000 I've paid versus the £3k + they've paid. I called my wage department and some old cow got as snotty as you like about the few tax rebates I've had which total a mere £600.

I am still £18000 below the supertax level for this financial year as I've already looked into that so I don't get it.

I'm working like a dog week after week, month after month to save a massive deposit and just feel like throwing in the towel as - obviously - sheer hard work and having a goal in life is not rewarded.

How are people supposed to save for a deposit if every £12.81 an hour they earn is taxed so heavily???? Bearing in mind I'm a Nurse the job isn't an easy one to begin with!!

Anyone got any thoughts................................

Despondent Stupotstu!

jamtart6

Are you on the right tax code? Are they emergency taxing you? Taxing you for 2 jobs etc?

ZoeGirl_3

stupotstu wrote: »

Right I am starting to get !!!!ed off now..................

As you all know, I along - with everyone else - am working like crazy to earn extra money to buy " el dreamo houso" with a price tag of £300,000 (Kent Coast!).

Can't say much about the tax problem, wrong country sorry

But it sounds like you are working d**m hard and I admire that :T

Make sure you are having a bit of down time too though, :beer:

MadSage

stupotstu wrote: »

EVERY month I've paid well over £1000 in tax plus with pension and NI I'm paying out several hundred more after that. The NI and pension I'm okay with.

I looked into this problem for someone and found the following calculator. The page says its for students, but anyone can use it. Your tax doesn't sound right at all, but see what this comes up with. It will probably advise you to contact HMRC:

http://www.hmrc.gov.uk/calcs/stc.htm

Riq

You're not on an emergency tax code are you stu as it sounds like it if you are paying almost double your colleague's tax.

Did you ever hand in a P45 from your previous job or sign a P46 saying this is your first job if no job previously?

Also google your taxcode and see what it says.

Hope this helps you.

ManPants

jamtart6 wrote: »

Are you on the right tax code? Are they emergency taxing you? Taxing you for 2 jobs etc?

Yeah my tax code is the right one! I've already looked into that one. I just seem to be getting taxed heavily!!

If I carry on working the way I have been then I genuinely will end up on the higher rate tax so maybe they are just doing it from the word go!

Bone_Idle

Our deposit fund has grown by a whopping £45 since the beginning of last month, thanks to car tax and insurance both needing to be paid in September, as well as lovely South West Water and their extremely expensive water rates!

My OH has also just been told that her interest-free overdraft level will drop from £1400 to £1000 at the end of this month (her balance is currently hovering around £1300) and they'll start charging 15.9% on anything above that, so we've got to find £300 from somewhere...

I've been looking into the possibility of taking on some extra work at my job, but with our baby due any time in the next fortnight I don't think that's going to be practical!

neas

south west water does indeed suck... plymouth here. Got hit by gas/elec rises today too.. had to switcvh from BG click 5 to click 6 (same type of tariff... but click 6 is alot cheaper than 5...really trying to swindle people).

Still latest move has been that money has now been transferred to Northern Rock 6.15% ISAs (lucky as they just knocked them down 0.15%).

VickyA_2

Just received £13.69 from TopCashBack! :beer: It's gone straight into my ISA. Current deposit savings are just over £19,100. :j :j :j