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Aspiring Lawyers - Applications & General Advice
General Discussion
How do young lawyers manage their finances?
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<blockquote data-quote="LlamaLaw" data-source="post: 90399" data-attributes="member: 16031"><p>Always good to think ahead! If definitely +1 the advice about using the salary calculator and putting in as much as you can - pension contributions, taxable benefits, student loans, etc.</p><p></p><p>For those starting at firms offering the particularly large NQ salaries, be aware that over £100,000 per year, things start to get a bit more complicated. You'll have to submit a tax return even if you're paying everything through PAYE (pay as you earn). You'll need to declare things like how much bank interest you make, etc, so make sure you keep some records!</p><p></p><p>As with anything there's a balance to strike. Some people go nuts with newfound income and others go almost entirely the opposite direction, but you'll need to find whatever works for you. My advice is that at the very least you should treat yourself, at least sometimes. If you can save and invest then definitely do, but also don't stop living to watch a bank balance go up and not enjoy yourself a little. </p><p></p><p>As [USER=1]@Jaysen[/USER] said, the flow chart from UKPF is really helpful. </p><p></p><p>You might also find some open banking apps useful. They can show your balances across multiple companies (current accounts, savings, credit cards, etc) and keep it easier to keep track of things without resorting to spreadsheets or keeping everything in one place</p></blockquote><p></p>
[QUOTE="LlamaLaw, post: 90399, member: 16031"] Always good to think ahead! If definitely +1 the advice about using the salary calculator and putting in as much as you can - pension contributions, taxable benefits, student loans, etc. For those starting at firms offering the particularly large NQ salaries, be aware that over £100,000 per year, things start to get a bit more complicated. You'll have to submit a tax return even if you're paying everything through PAYE (pay as you earn). You'll need to declare things like how much bank interest you make, etc, so make sure you keep some records! As with anything there's a balance to strike. Some people go nuts with newfound income and others go almost entirely the opposite direction, but you'll need to find whatever works for you. My advice is that at the very least you should treat yourself, at least sometimes. If you can save and invest then definitely do, but also don't stop living to watch a bank balance go up and not enjoy yourself a little. As [USER=1]@Jaysen[/USER] said, the flow chart from UKPF is really helpful. You might also find some open banking apps useful. They can show your balances across multiple companies (current accounts, savings, credit cards, etc) and keep it easier to keep track of things without resorting to spreadsheets or keeping everything in one place [/QUOTE]
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