Yet another budget spreadsheet

[holydan86]

@resjudicata Sorry what?

Edit: Think I decrypted! You are not in the UK but think the tax and healthcare system look good compared to your local system?

Grass is always greener on the otherside but if you really do feel like trying life somewhere else then make a plan and stick to it!

 

[resjudicata]

@holydan86 Yea. Live in United States. I put my salary into the calculator. It looks like I pay quite a bit more for health care here and still pay when I go to the doctor. Regarding grass is always greener, what’s the catch with your health care system? thanks mate! (Am I allowed to say mate?)

 

[gabrielleb]

@resjudicata The catch is long waiting times mostly.

 

[siansarah89]

@resjudicata Also be aware that salaries are on average lower here, though many things are cheaper too (Internet, phones, food etc)

 

[holydan86]

@resjudicata Yes mate!
People over here who want to argue for an American style healthcare system (yes, they do exist) often claim that the NHS is bloated and incompetent. My experience with the NHS has been good. Long wait times, but I'd much rather the stress of waiting in the moment than the on going stress of dealing with the financial fall out in addition to whatever ailment or event I was going through.

One thing to be aware of in addition to income tax is vat. Last time I was in the US was florida and I think we were paying about 7% tax at the till. It's 20% here but at least it's included in the price on the shelf. Of course goods cost different amounts anyway in the first place but it will make a difference to many things. Paying 20% on top of your plumber's invoice for example.

Then there's duty taxes on things like beer and fuel. A pint of beer is around £4 average by me and fuel at the moment is the cheapest it's been for a long time at £1.10 a litre for diesel. (About £4.17 a US gallon, or $5.16). That said we don't tend to drive as far!

 

[karena]

@resjudicata It's a bit of a lottery how short or long the queues are for appointments. Some stuff is rapid, others like mental health can take upto 6 months for a first appointment.

We also have prescription charges so if you are working it can cost £9.10... which compared to the US might as well be nothing.

 

[tomber]

@holydan86 Thanks for the heads up - I will check these out to verify the formulae for me.

 

[firemountain7]

@hayden4 Great spreadsheet thanks! I don't suppose you have the formula for plan 1 student loans?

 

[simplyconfused]

@firemountain7 Yes, replace cell E26 with the following

=IF(F26, IF(C20/12>1615, FLOOR((FLOOR(C20/12)-1615)*0.09)*12,0), "Lucky you :p")

that should do it : )

 

[carolinachristian]

@simplyconfused

@simplyconfused

This is awesome and very aesthetically pleasing which is a bonus haha. Definitely going to use this, thanks so much!

Any chance you would have a formula for a master's loan (in addition to plan 1 student loan)?

 

[debjoy503]

@hayden4 Nice. Is there anyway it can take into account varying tax codes? I use the salary calculator now as my tax code is always reduced due to BIK

 

[hayden4]

@debjoy503 Yes, you can edit cell E20 and use a different formula for tax. I don't know your specifics but if you want to share details of your specific situation I can have a go at working out the formula you need

 

[debjoy503]

@hayden4 Thanks. So my tax code is 95L. This is made up of a tax free amount of £952. Looking at the formula I guess this would be editing the 12500 as that’s the standard tax free amount? Although I’m not too sure as there’s lots numbers. I guess your 150000 and 5000 are to set the 45% etc rates?

 

[debjoy503]

I tried it. It seems to work only slightly out from the salary calculator. At 40k they have tax at 7,579. The spreadsheet comes out at 7,489

 

[hayden4]

@debjoy503 I edited E20 to be

=IF(F20, MAX(0, 0.2*(MIN((C20*(1-E24)), 50000)-950)+MAX(0,0.4*(MIN((C20*(1-E24)), 150000)-50000))+MAX(0,0.45*((C20*(1-E24))-150000))), 0)

and it seemed to work fine - remember the pension and student loan might change things because they assume a salary sacrifice and plan 2

I used https://www.thesalarycalculator.co.uk/salary.php to check, so maybe the webstie is also wrong, but that's how we've been checking the work so far

 

[khaznubuda1977]

@hayden4 Really amazing work! I'm starting to migrate most of my stuff to this template. Is there any way I can add new categories like loans?

 

[hayden4]

@khaznubuda1977 Yeah it should be easy enough, just select the cells in row J, right click -> data validation -> change to

Budget!B6:B15

- then add "loans" to B15 and add the other two cells to the right. Take a look at how "savings" is added not "remaining" though, it's slightly different. If you get stuck feel free to come back for help