How Much Should Be Earned?

[Masons]

I'm approaching milestones in my earnings and am coming to a point where I need to know what needs to be put where for me to make financial progress.

I'm just going off what you guys probably know and the average payments for things.

These are hypothetical bills and around the same amount I shall soon be paying for life.

I would like to know what you guys reckon through your experiences of what needs to be put where and how much I'd need per calendar month.

Rent £450

Gas&Elec. £60

Water £25

Council Tax £100

Food £200

Debts £200

Petrol £220

Phone £50

Car&Van Insurance £100

Save £100

All these amount to £1,500 a month.

I think and hope this may represent an average persons bills and if people would like to have a gander and see what they think a person should earn to cover them and what tax would be on that final amount it'd help as I just wanting to check things will be in order.

Thanks

 

[rcproperty]

i know years ago when i was talking to dad about this sort of stuff he said that roughly what the outgoings are a month is, should roughly be what you make in a week, but im not sure i dont know if he was just saying it to scare me into not moving out so soon!

 

[harunh]

If u can make your outgoings in a fortnight then thats good..... /emoticons/smile.png

 

[All Round Cleaning]

If u can make your outgoings in a fortnight then thats good..... /emoticons/smile.png

H you really not making sense now lad and I dont think you understood his question .

 

[harunh]

Hey Gav lol, RCproperty said: know years ago when i was talking to dad about this sort of stuff he said that roughly what the outgoings are a month is, should roughly be what you make in a week

So i said to him hmmm... a fortnight would be good

Hope u understand me matey /emoticons/tongue.png x

 

[Masons]

Who makes there outgoings in a week or two weeks?

Honestly....

 

[harunh]

Richard Branson makes his outgoings in less then 1 minute or should i say second? Lol

 

[Iain]

Who makes there outgoings in a week or two weeks?

Honestly....

That's pretty difficult to do! I'd have thought making your monthly outgoings in three weeks would be pretty good going! That way you've got a whole week's wages of "spare" money for going out, birthdays, unexpected expenses...

 

[rcproperty]

That's pretty difficult to do! I'd have thought making your monthly outgoings in three weeks would be pretty good going! That way you've got a whole week's wages of "spare" money for going out, birthdays, unexpected expenses...

not to be funny, but when the building trade was busy and dad and i was really busy with that, just fitting kitchens dad would have a take home of £1500 at the end of the week, and thats with out extras. we was able to fit one kitchen a week and once we managed to fit 3 small ones in within a weeks.

plus when i took over from a window cleaner that when on holiday, i was doin about £300-£350 a day on his round. so if the work is there it is possible to do it!

 

[laddergarder]

I think there will be lots of mixed views on here with this one, but here is my stance.

I couldn't pay out £1500 every month on what I earned when I was working on my own. On a good day we can take around £100 per day for one man, so I think around 2k a month turnover for one man would be a sensible estimate.

We all know that sales are for vanity and profits are for sanity and all that, so I would expect that there will be some business expenses to come off that, as well as paying tax bills etc.

I also noticed you are paying for a car and van, if your living alone and don't have anyone to share those bills with I would say get rid of the car and just use your van, also see if you could cut some of those costs where you can, because I think you will struggle.

I have heard allot of talk on forums about £300 day windows cleaning before, and there are allot of factors that come into it, method of cleaning, location etc but I couldn't earn anywhere near to that on my own. If you do then fair play, I wouldn't mind if you could let me know where I am going wrong?

Sent from my BlackBerry 9700 using Tapatalk

 

[rcproperty]

ladder i take it your just trad??

Im just wfp and the best day i have done (excluding contract) £345 in a day, 37 properties.

 

[Masons]

The car is the wifes and I 'm adding that into ours, she works but I'd like to be in a position where we can save all the money she makes.

Yes, I said it.

Cause I know some people can afford to have the wife not work, and I'd like to be able to but keep the wife working so we can get ahead of ourselves.

 

[Richard]

Hi Masons,

To answer your question - as much as possible in the least amount of time

I think the tax allowance is approaching the £8k mark and the yearly business operating may be around £4-5k. So your first £12k or as a general rule the first £1,000 per month is income tax free.

If you are just starting, the business set up cost should mean you won’t pay tax for a few years - if done right. Who would pay income tax and then drive around in an old van!

Richard