saving £9250 a year on gap year?
ok ive never had a job before so i dont know if i am being silly here but is it possible to save up a years worth of tuition whilst working weekends at a minimum wage job despite paying 4 tax, transport, food ect, i dont want to go through SFE. im thinking if i work thoughout the holidays (christmas, easter, summer) full time id make a lot more, but ill get taxed more. shall i just say f it and go through SFE or am i being silly.
Original post by treematrie
ok ive never had a job before so i dont know if i am being silly here but is it possible to save up a years worth of tuition whilst working weekends at a minimum wage job despite paying 4 tax, transport, food ect, i dont want to go through SFE. im thinking if i work thoughout the holidays (christmas, easter, summer) full time id make a lot more, but ill get taxed more. shall i just say f it and go through SFE or am i being silly.
It's insanely tough to save up £9k in a year.
Using the following income tax calculator as a rough proxy (because personal circumstances can mean different figures): https://www.moneysavingexpert.com/tax-calculator/
You can earn up to £9250 tax free and not be liable for any tax. However, you would likely require £1k-2k on top for expenses (buying £30 worth of food a week alone costs £1500 a year). Transportation would depend on the individual circumstances.
Assuming you earn £13k for the entire year and not spend any of the money, that means you need to earn £1083 per month or £260 a week.
The minimum wage rate for 18 year olds since April 2023 is £7.49 an hour, That means you would need to doing 35 hours a week to earn £13k at minium wage. Anything above 30 hours a week is borderline full time job by definitoin.
The personal allowance for income tax is £12750 since April 2023. In other words, anything under £12750 is tax free (see: https://www.gov.uk/income-tax-rates). However, you would need to be doing 30+ hours a week at minimum wage to earn a salary that high.
If you worked 20 hours a week (during weekends) for the entire year and did it at minimum wage, you're going for an estimated gross income of £7490. It's not really near the £9250 figure that you have in mind.
Things I would recommend if you intend to spend a year saving up money:
•
Get a full time job - ideally something related to what you want to do after uni, even if it doesn't pay much
•
Get something that pays more than minimum wage
•
Something that develops real world skills that helps you in the industry that you want to get into
(edited 8 months ago)
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