I’m apprehensive I’ve been too hasty! I’d been planning on utilizing my pay rise to pay for home renovations however perhaps I ought to be placing all of it into financial savings or a personal pension as a substitute. Would love some recommendation.
Present account: £149
Financial savings account: £3,500
Annual wage: £26,300 gross; £21,548 publish deductions
Month-to-month wage: £2,192 gross; £1,796 publish deductions
Every other incoming funds: £0
Payments: £290 throughout shared family payments, and private payments together with my telephone invoice, petrol, subscriptions and so forth
Different: I attempt to put £200 a month into financial savings
Splurges: Recently it’s been home stuff – we’ve simply purchased some new tiles for the toilet.
Weekly funds: I would like to begin budgeting!
Simply my pupil mortgage
MY MONEY THOUGHTS
My worst cash behavior: I attempt to watch out with cash, however I really feel like I all the time underestimate what I’ve spent so I get a shock after I verify my account stability.
My largest cash fear: Our monetary safety.
My monetary hopes for the long run: That we’ll be capable of afford to begin a household. And at some point have a totally renovated home!
Present cash temper: 😢 🤯 🙏
The mortgage query
Earlier than we get into your questions, I’m going to preface all the things with ‘verify your contract’ – that is very important to understanding the place you stand along with your new employer #KnowYourRights. With that stated, let’s have a look at the mortgage query first. Within the eyes of a lender, you’re what they’d name a kind of ‘contractor’, which is equally to a type of self-employment. It’s the case that lenders generally is a bit explicit in terms of contractor mortgages as a result of your future is much less sure of their eyes. They ideally desire a observe report of renewed contracts. Your finest guess is to get some recommendation by chatting with a mortgage dealer. They’ll be capable of discover the perfect deal for you and stroll you thru the necessities for remortgaging.
Your maternity pay rights
Although you’re on a contract, you’ll nonetheless qualify for Statutory Maternity Pay as long as you’ve been working for this similar employer for 26 weeks main as much as the fifteenth week earlier than the infant is due. Briefly, you’ll be able to’t begin a job pregnant and obtain maternity pay. In case your employer provides an enhanced maternity bundle – try to be eligible for that too however you have to verify your new contract ASAP to double verify.
Your maternity go away rights
You even have the identical proper to statutory maternity go away as a everlasting worker. After all, one of many huge worries is that upon asserting a being pregnant, your employer wouldn’t renew your contract. That is illegal if the rationale for the non-renewal is expounded to being pregnant, childbirth or maternity go away however there is no such thing as a obligation to maintain you on as long as they’ve a ‘truthful purpose’. The fact is, illegal doesn’t imply it gained’t occur *eyeroll*. Being on a set time period contract does go away you with much less certainty so it’s much more necessary that you realize your rights and have a transparent plan (and back-up). I’d additionally recommend getting some recommendation from ACAS.