Results are out! Find what you need...fast. Get quick advice or join the chat
x

Unlock these great extras with your FREE membership

  • One-on-one advice about results day and Clearing
  • Free access to our personal statement wizard
  • Customise TSR to suit how you want to use it

How much of £15,000 can you save a year

This thread is sponsored by:
Announcements Posted on
Had your SQA results? Find your uni forum to get talking to other applicants, existing students and your future course-mates 04-08-2015
  1. Offline

    ReputationRep:
    I got a £15,000 salary after tax how much could I save maximum?
  2. Offline

    ReputationRep:
    Without knowing important things such as your expenditures and other outgoings, £15,000...
  3. Offline

    ReputationRep:
    Theoretically you could save £15,000. Any more and i'd accuse you of cheating.
    Surely you need to give us some expenses first?
    Things that you're guaranteed to pay, i.e. rent, car insurance, food, fuel, public transport, licenses, phone bill, gym etc.
    Work that out per month and see how much you'll have left for the rest of the month.
    See how much you'll need to live (going out, films, restaurants etc.) and save the rest
    I've saved £2,500 from a <£10,000 after tax job
  4. Offline

    ReputationRep:
    (Original post by shaun12345)
    Theoretically you could save £15,000. Any more and i'd accuse you of cheating.
    Surely you need to give us some expenses first?
    Things that you're guaranteed to pay, i.e. rent, car insurance, food, fuel, public transport, licenses, phone bill, gym etc.
    Work that out per month and see how much you'll have left for the rest of the month.
    See how much you'll need to live (going out, films, restaurants etc.) and save the rest
    I've saved £2,500 from a <£10,000 after tax job
    need it for basic necessities such as car insurance, fuel, food, mortgage, tv, internet and telephone. Also going out couple of times a month and maybe short vacations to nearby France or Germany
  5. Offline

    ReputationRep:
    Umm... get a bit of paper and write yourself a budget. :nothing:

    Fwiw, I earn about that much and I put aside 200 euros a month, but if I lived more frugally (but still eatin' well groceries-wise, going out once/twice a month) I could make it 400 or so without too much difficulty.

    Edit: That makes 2400 euros/£1900 (current) to 4800 euros/£3800 plus (potential) a year, in case you didn't find that pencil and paper :fluffy:
  6. Offline

    ReputationRep:
    (Original post by ineedtorevise127)
    need it for basic necessities such as car insurance, fuel, food, mortgage, tv, internet and telephone. Also going out couple of times a month and maybe short vacations to nearby France or Germany

    Unless you qualifiy for ultra cheap car insurance and have a sub £500 mortgage, you won't be able save a lot on 15K and do all the things you want to do.

    After tax you would have just over £1000 a month. If you can restrict your essentials (mortgage/council tax/transport/food/insurance etc) to £600 a month, discretionary (holidays/misc/entertainment) to £300, then you would have £100 - 150 to save. But only you know what your actual outgoings are and what you are prepared to for go, in order to save. If you do manage to save, then put it in an ISA to avoid accidentally spending it.
  7. Offline

    ReputationRep:
    (Original post by shaun12345)
    Theoretically you could save £15,000. Any more and i'd accuse you of cheating.
    Surely you need to give us some expenses first?
    Things that you're guaranteed to pay, i.e. rent, car insurance, food, fuel, public transport, licenses, phone bill, gym etc.
    Work that out per month and see how much you'll have left for the rest of the month.
    See how much you'll need to live (going out, films, restaurants etc.) and save the rest
    I've saved £2,500 from a <£10,000 after tax job
    Hasn't the government changed the tax system so your first 10k are tax free?
  8. Offline

    ReputationRep:
    (Original post by xander93)
    Hasn't the government changed the tax system so your first 10k are tax free?
    Not yet. This year it is 8105, 2013/14 9k and aiming to get to 10k by 2015. They have just announced it years in advance, so people think it is already in place.
  9. Offline

    ReputationRep:
    (Original post by edjunkie)
    Not yet. This year it is 8105, 2013/14 9k and aiming to get to 10k by 2015. They have just announced it years in advance, so people think it is already in place.
    Ahhh, more political manoeuvring.
  10. Offline

    ReputationRep:
    I'd say roughly about 30-40% of it, that would allow me to have all the basics (internet, phone, car, food, rent etc) as well as the odd night out and holiday
  11. Offline

    ReputationRep:
    (Original post by ineedtorevise127)
    need it for basic necessities such as car insurance, fuel, food, mortgage, tv, internet and telephone. Also going out couple of times a month and maybe short vacations to nearby France or Germany
    Work in numbers? Your car insurance could be £30 a month or it could be £300 for all we know. Total up all your expenditure and take it from your salary = savings
  12. Offline

    ReputationRep:
    If you have a house, car, eat regular meals and like Sky television then I'm going to guess that you can save -£2395 per year.
  13. Offline

    ReputationRep:
    (Original post by M4LLY)
    I'd say roughly about 30-40% of it, that would allow me to have all the basics (internet, phone, car, food, rent etc) as well as the odd night out and holiday
    Where do you live (it has to be the North)?

    Do you buy old style dial up internet?

    Do you drive an 'A' reg Punto?

    Noodles every night?

    Nokia 3210?

    That's the only way I could imagine that someone could afford to live on (60*15,000) 9000 a year.

    Or you're a student who has plucked a figure from the air.....
  14. Offline

    ReputationRep:
    (Original post by xander93)
    Ahhh, more political manoeuvring.
    No, that's the way its always been done.

    You can't just announce the budget one day and implement it the next.
  15. Offline

    ReputationRep:
    I have earnt roughly this for the last year, and I save a third of whatever I am paid each month, as well as paying for rent (admittedly, at a large discount), food, travel, going out around twice a month, phone bills etc, holiday x2 and eating out probably about 6/7 times in the month. I don't have a car though or a mortgage so that could make a large difference to you. If I were you, I'd add up all your monthly expenses that you know for sure and work out what you can save from what is left. Be tough on yourself too, that's worked for me!
  16. Offline

    ReputationRep:
    I've always saved a default 10% of a earnings ...well the last few years anyway, i dunno why i always remember that figure from friends, Jack Geller, i would be a fool not to take free financial advice from a Jew ...even a fictional one

    I like to try and keep at least a months wages in savings to act as a buffer in the case of unforeseen unemployment.
  17. Offline

    ReputationRep:
    (Original post by iSMark)
    No, that's the way its always been done.

    You can't just announce the budget one day and implement it the next.
    That, and it is pretty much constantly increasing - at least with inflation. When I started working in a proper job (i.e. one on the books) the allowance was £4,615 and that was only ten years ago.
  18. Offline

    ReputationRep:
    I recokon I could save about £7500-8000 of that income per year. I manage about £3000/year at present and my income is about £10,000/year (so could save the extra £5000)
  19. Offline

    ReputationRep:
    (Original post by iSMark)
    Where do you live (it has to be the North)?

    Do you buy old style dial up internet?

    Do you drive an 'A' reg Punto?

    Noodles every night?

    Nokia 3210?

    That's the only way I could imagine that someone could afford to live on (60*15,000) 9000 a year.

    Or you're a student who has plucked a figure from the air.....
    ^_^

Reply

Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. By joining you agree to our Ts and Cs, privacy policy and site rules

  2. Slide to join now Processing…

Updated: July 12, 2012
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Poll
Uni students: did you know what you wanted to do when you left school/college?
Results and Clearing

SQA results chat

Come talk about your results here

new on tsr

International student?

Join in the societies here to meet friends from your country!

x

Think you'll be in clearing or adjustment?

Hear direct from unis that want to talk to you

Get email alerts for university course places that match your subjects and grades. Just let us know what you're studying.

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.