I earn 13000 a year. will I be better off or worse off as I read somewhere people earning 12000 will be worse off. Which worrys me as I can only just pay the bills.
Thanks
2007-03-22 02:33:16 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
That calculator was great - will prob have to try and get a better car
2007-03-22 02:48:35 · update #1
Follow this link and it will tell you
http://news.bbc.co.uk/1/shared/bsp/hi/business/budget_calc/html/budget_calculator.stm
2007-03-22 02:42:51 · answer #1 · answered by superliftboy 4 · 1⤊ 0⤋
Income tax in basic band down to 20% from 22% great BUT the catch is the 10% band is abolished
So the £2020 ish that was 10% is now 20% i.e. you pay £200 extra tax on this band. For each next £1000 you earn you will pay £20 less tax. Therefore to make even you need earn £10000 over the 10% band or £17000. (Personal allowance = £5030, plus the old 10% band £2020).
Therefore if you earn less than £17000 you will actually pay more income tax.
This new ruling applies April 2008
2007-03-22 17:32:15 · answer #2 · answered by Paul 2 · 0⤊ 0⤋
A budget is a must, no matter what you earn. Do it before the start of each month so you know where your paychecks are going. Allocate each dollar to a category so you know exactly what is going on. The budget I use from Dave Ramsey includes a "blow" category, pocket money that you don't have to account for; like money for a soda or lunch out every once in awhile, etc.
In my experience the budget has helped us find where we are wasting money and where we can save money.
His website is www.daveramsey.com go to the bottom of the home page and click "Budgeting Forms" and use the "Monthly Cash Flow Planning Forms" The quickie budget will give you a rough idea where you are but for month in month out use the monthly cash flow planning forms. We modified the forms on Excel and only listed the categories we use.
He has a great book will also help budgeting and planning for the future. The Total Money Makeover.
Good luck!
2007-03-22 10:09:20 · answer #3 · answered by mldjay 5 · 0⤊ 0⤋
You are better off. If you switch to a lower paying job, you may have problems paying your bills or buying the extra things you like. Eventually, you will get raises and will be back up to $13K, you don't want to keep quitting a job and starting all over again.
2007-03-22 09:38:32 · answer #4 · answered by Mariposa 7 · 1⤊ 1⤋
depends on whether you have children or not.if you dont then youll probably be worse off if you do then more or less stus quo.remember though this doesnt take effect until 2008
2007-03-22 18:03:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No I do not think you will be better off but there again us lower paid workers never are and |I am not moaning just stating a fact.
2007-03-22 09:37:43 · answer #6 · answered by deep in thought 4 · 2⤊ 0⤋
Who knows, pet? It depends, on a lot of things, - such, as your OUTGOINGS, as WELL as your INCOME!
ONE thing IS certain, though! You will be BETTER OFF, under a LABOUR Government, - than you would under the "RICH, GET RICHER" policies of a CONSERVATIVE one!
Don't believe Cameron, - OR his co-conspirators, - they are, all, just talking HOT AIR, - and, THAT'S doing NOWT, to solve GLOBAL WARMING!
2007-03-22 09:47:31 · answer #7 · answered by Spike 6 · 1⤊ 1⤋
go to BBC .co.UK/ budget and work it out on the budget calculator i think u will though
2007-03-22 09:45:47 · answer #8 · answered by zion 3 · 1⤊ 0⤋