Budgeting advice for my new job on £18,000 per annum
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kteara
Posts: 232 Forumite
Hi everyone,
It's been a long time since I've posted here but I graduated university in May this year (2016) and I have since been working at a used car dealership, five minutes from my house. I've managed to land a job just now which is based on my IT degree at a prestigious company for £18k a year. What is everyone's thoughts on this salary?
It equates to £1283 per month after tax which I don't feel too amazing about but I have no other choice. I really am motivated by money and would like to earn as much as possible.Can you help me budget this money? I live at home and I only pay for the gym (£37p/m) and my fuel for this job will cost me (£120p/m)
I am considering staying at this used car dealership weekend which is an extra £320 per month, bringing it to a grand total of £1603 per month. This will be working 7 days a week which I don't mind doing in this current mindset.
Thanks!
It's been a long time since I've posted here but I graduated university in May this year (2016) and I have since been working at a used car dealership, five minutes from my house. I've managed to land a job just now which is based on my IT degree at a prestigious company for £18k a year. What is everyone's thoughts on this salary?
It equates to £1283 per month after tax which I don't feel too amazing about but I have no other choice. I really am motivated by money and would like to earn as much as possible.Can you help me budget this money? I live at home and I only pay for the gym (£37p/m) and my fuel for this job will cost me (£120p/m)
I am considering staying at this used car dealership weekend which is an extra £320 per month, bringing it to a grand total of £1603 per month. This will be working 7 days a week which I don't mind doing in this current mindset.
Thanks!
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Comments
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I am not a car owner. My car was stolen. It can never be replaced. If I lived in a rural environment then it would be a critical loss.
Learn about the cars that you have and target your cars to the consumers who have needs that would be satisfied by what cars you have in stock.
There are all ways in which consumers churn so you can recycle /mix and match if you are part of the cycle.
J_B.0 -
^ im sorry but this is not relevant to my post but thanks0
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Take the job. £18k isn't great but it is a lot easier to get a job once you have one and with a bit of luck the employer will recognise your talent as you build experience and you will get some decent pay rises after the first year. If they don't at least you will have more experience and can look for something better. This is my experience at least.
Not sure I'd recommend working 7 days however. You need some rest, at least 1 day off IMO. Also keep in mind at £18k you will be paying income tax so did you factor that in to your weekend job plans?
Even if you live at home you should be contributing to the household expenses. It is cheaper than renting but you can't expect to be housed and fed for free, especially when you have a full time job.0 -
colin79666 wrote: »Take the job. £18k isn't great but it is a lot easier to get a job once you have one and with a bit of luck the employer will recognise your talent as you build experience and you will get some decent pay rises after the first year. If they don't at least you will have more experience and can look for something better. This is my experience at least.
Not sure I'd recommend working 7 days however. You need some rest, at least 1 day off IMO. Also keep in mind at £18k you will be paying income tax so did you factor that in to your weekend job plans?
Even if you live at home you should be contributing to the household expenses. It is cheaper than renting but you can't expect to be housed and fed for free, especially when you have a full time job.
Would you recommend just working saturdays at my family friends used car dealership then? I earn £50 per day there and it is paid in cash by the owner. This will bring my total up to £200 per month and a grand total of £1483 per month with the two jobs combined.0 -
Would you recommend just working saturdays at my family friends used car dealership then? I earn £50 per day there and it is paid in cash by the owner. This will bring my total up to £200 per month and a grand total of £1483 per month with the two jobs combined.
You don't seem to have allowed for paying tax and NI on this Saturday job, which also seems to pay below NMW.0 -
Hi OP.
Sorry you consider your starting salary of 18K as "not amazing".
Reassure yourself with the fact that you are only earning slightly less than myself, a qualified professional, at the top of my pay grade and with over 30 years experience with the same employer.
Presumable you have scope for promotion and increases and hopefully decent conditions of service.
No real criticism here; just thought the tone of your OP was a bit more negative than it should be given the context.
If you were a young relative of mine I would be delighted at this outcome and I encourage you to be also; it's a great start.
Good luck, happy saving
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Do you think I should work on saturdays for £50 per day or is it not worth my while?0
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unfortunately in IT starting salary's are not great until you can prove your worth. Ive been in IT for about 15 years and its only in the past year or so that ive started to earn relatively good money0
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