Income Archives
Having a job is expensive
Being a student I am currently paying very little tax. My part time job fits me nicely within the personal allowance for income tax, I don't have a car so I don't pay road tax, I'm exempt from council tax. It's quite a nice situation.
But when I graduate and get a job, if you take into account what percentage of my income things like council tax and road tax and look at how much tax I will be paying on the top part of my salary (so it works out effectively less when you take my personal allowance into account) I will be paying a lot of tax next year. Check it out:
20% income tax
11% national insurance contributions
9% student loan repayment
4% council tax
1% road tax
That is a total of 45% tax!
Having a job is expensive
Consider this - I go to work at the weekend. Bus it there, £1.50. Bus it back at the end £1.50. Snacks for the journey - a bottle of coke and some chocolate, £1.00. Snacks during work £3.00 for two cans of Red Bull and some fruit gums. Snacks after work - £3.00 for some ready to eat chicken.
To do this shift at work it's cost me £9. That's going on two hours wages! Now if I only work a 7 hour shift that means like 25% of my wage from the job is being spent on having the job.
Working is an expensive business.
- Greetings! I'm Chris and this is my blog about debt, finance and generally having no money. Luckily as a student, it's just expected of me to have no money so it's all good.