strange situation with many questions

[beenjammin3]

Hey guys,

My GF just started a 3-year education study, I try to compensate her lost income in the following 3 years. But I'm not sure how much I can work until I pay way more taxed that I do currently. She can't work part-time since the study is full-time.

Her income drops from around 5800 CHF to 4100 CHF a month so have to bridge around 1700 CHF of extra income a month to, maintain the standard of living currently.

My income is 6533 CHF brutto (84'929CHF / year) monthly income

with around 250 of extras a month = 5890 netto with bonuses (76'570CHF / year).

My GF and I are not married, so taxwise we are separate.

-I found a second job how is willing to let me work 3–6 days a month on an hourly salary of 34 CHF/h brutto.

-both jobs know about my situation and are willing to help.

-my fulltime job gave me an agreement that I can work the extra job.

My questions:

• how much extra income, can I bring in on a monthly basis until I get hit with bigger taxes and higher tax brackets.
• how many hours/days are I allowed to work in the second job? I know you have to have at least 12 hours or so break between shifts or something, and you have to have one weekend off or something, but not sure.
• any tips or extra advice is always welcome
• I'm considering contacting a financial advisor, since my problem might be a bit complex, but i wanna try it here first.

Thanks to anybody how takes the time and effort to answer, happy to give additional info if necessary.

 

[genejack]

@beenjammin3 Sorry, but you have a spending problem if you're not able to survive on a combined income of almost 10k. When I was studying, I earned around 3.8k / month and was able to maintain a decent lifestyle (personal car, own apartment, vacation and so on).

So rather than taking another job, I would adjust my lifestyle.

 

[throwaway]

@beenjammin3 For someone who can't work either full time or part-time, she makes a whole lot of money, for.... not working?

Is it really worth it for you to get overworked on a second job? Why can't she just find a job outside of her studies, she only needs to cover 1700? When I worked for Uber Eats as a student, I averaged 32+ CHF per hour, and made an easy 800 CHF per week..

But personally, my question stands, why do YOU have to make the extra sacrifice? Not married, no kids. Why even merge incomes? It was her decision to study, and she still makes 4100 CHF, not too bad of a sacrifice at all.

 

[beenjammin3]

@throwaway her study is in health care, and she had to work 50% in a internship, thats why she gets compensated for that.

 

[christianforchristmas]

@throwaway My guess is she is working, maybe a PhD or something, but her permit doesn’t allow her to take on a job.

 

[beenjammin3]

@christianforchristmas since the study is quite demanding, im happy to try to bite the bullet for her, after the study she is expected to make quite a bit more money than me. maby she can return the favour afterwards.

We are planing to get married next year.

 

[rsj13]

@beenjammin3 If money will be tighter for the next 3 years, don’t get married next year.
I know the statement is not romantic but at least think about it, simulate and compare the tax calculations.

 

[kotsevi]

@beenjammin3 Sound like you both still earn quite a decent living ?

 

[beenjammin3]

@kotsevi you are right, this might be a first world problem, since i radicly changed my financial situation 2 years ago and optimiced everything i can, i feel sad that i cant maintain my current saving rate and compensate the current situation with a extra job, so my financed dount change. still worried about the extra taxes i might face and the legal applications i mentioned.

 

[kotsevi]

@beenjammin3 I feel you. Losing saving money hurts a bit.

 

[ngozichukwuka]

@beenjammin3 You're not losing savings, you're investing them in your girlfriend's development

 

[bod2411]

@ngozichukwuka Same same, but different.

 

[ngozichukwuka]

@bod2411 You need to be able to roll with the punches. If your only goal in life is looking at the bottom line and seeing a certain number, you will live for your money instead of using your money to support your life. It's the opposite of what financial independence is.

 

[asdfkasdf]

@beenjammin3 You guys will still make over 10k a month together and you're thinking of getting a second job that will sure fire way lead to burnout because? It would be a different conversation if she fully stopped working, but this is simply not worth the hassle IMO. What do you need those 1700 for?

Btw not sure where you live but the extra taxes will likely not be a huge concern. You can use your canton's tax website to calculate the exact amount, here's the one for ZH: https://www.zh.ch/de/steuern-finanz...erung-natuerliche-personen/steuerrechner.html

Also: You say you will get married next year, be warned that the marriage penalty will for sure make a dent in your finances.

 

[beenjammin3]

@asdfkasdf she studys fulltime, the study is combined with a 50% internship, thats why she gehts the income. its subsidized becose its really in demand.

We only use arround 4200 CHf combined as our fixed cost, your right we have plenty of money left, since i did start taking care of my finances 2 years ago and try to drasticly changed my lifestile to optimice for saving up i dount have to worry about.

I only consider doing the extra work to compensate my current saving rate, that wud be to painfull for me.

I consider this route becose im still jung and i doutn really trust my pention still to exist in 40 years.

 

[asdfkasdf]

@beenjammin3 I admire your drive to keep the savings rate up. So if you're motivated enough go for it, if anything you can still quit if it gets too much. Personally I wouldn't work two jobs to keep my savings rate up but to each their own.

 

[jwmealy]

@asdfkasdf Above OP writes his current savings is only 10k… so where does all the money go? In the best case in ETF etc but could also be a spending issue for hobbies, clothes etc?

 

[christianforchristmas]

@beenjammin3 Tax uses what is called marginal tax rates, so you will always have more net salary for every additional hour you work. Yes, the rate of tax on the next franc earned increases with your salary, but this won’t mean you end up with less money just because your overall gross pay has increased. If you want more money, I would suggest you just work the number of hours you feel comfortable doing and make adjustments to your standard of living

 

[christianforchristmas]

If you download your canton tax application and fill out a dummy tax return you can run simulations yourself to see your net pay for various different gross incomes, without neededing to submit the tax return

 

[pawon06]

@beenjammin3 Did you consider using your savings or reducing your standard of living before taking on another job?
Taking on extra hours will definitely impact your life.

Legally there is maximum of hours you can work a week(around 50 depends on the job) or a day and you have to have some hours off between shifts.

Look for online tax calculators to check for yourself
E.g https://www.zh.ch/de/steuern-finanz...erung-natuerliche-personen/steuerrechner.html

But you don’t pay more than you additionally get