Salaried employment plus cash savings calculator

[songz777]

Hi guys,

I am trying to find the method to work out how much cash savings a person needs for a short fall of 700 in their salary £17.900 gross.

I looked at the UKBA web site PDF file .. but scrached my head at the 37 pages.

Many thanks

John

[imagine]

Hi guys,

I am trying to find the method to work out how much cash savings a person needs for a short fall of 700 in their salary £17.900 gross.

I looked at the UKBA web site PDF file .. but scrached my head at the 37 pages.

Many thanks

John

closest i can find for your calculation by searching threads is

post #28 by Terpe

Income Savings Needed
0 £62,50 (£16k + (£18600x2.5))

£15,000 £25,000 (£16k + (£3,600x2.5))

£18,000 £17,500 (£16k + (£600x2.5))

see link

http://filipinaroses.com/showthread....ight=shortfall

[Terpe]

Hi guys,

I am trying to find the method to work out how much cash savings a person needs for a short fall of 700 in their salary £17.900 gross.

I looked at the UKBA web site PDF file .. but scrached my head at the 37 pages.

Many thanks

John

John,

Here's the equation used to determine the savings that can be counted towards shortfall:-

(x minus 16000) divided by 2.5 = y

Where x is the total amount of savings held
y is the amount of available savings that can be counted towards any Financial Requirement shortfall.

Here's the equation used to determine the Total Amount of savings you need in order to fill any shortfall gap in Gross Income.

(s times 2.5) plus 16000 = z

where s is the shortfall in salaried annual income needed
z is the Total Savings you need in order to support the salaried annual income

In you case:-

s=£700
therefore

(700 times 2.5) plus £16000 = z

and

z = £17,750 savings needed to support a salaried annual income shortfall of £700

Hope that helps

[songz777]

John,

Here's the equation used to determine the savings that can be counted towards shortfall:-

(x minus 16000) divided by 2.5 = y

Where x is the total amount of savings held
y is the amount of available savings that can be counted towards any Financial Requirement shortfall.

Here's the equation used to determine the Total Amount of savings you need in order to fill any shortfall gap in Gross Income.

(s times 2.5) plus 16000 = z

where s is the shortfall in salaried annual income needed
z is the Total Savings you need in order to support the salaried annual income

In you case:-

s=£700
therefore

(700 times 2.5) plus £16000 = z

and

z = £17,750 savings needed to support a salaried annual income shortfall of £700

Hope that helps

Many thanks Terpe.

With your help I sussed it out and yes your figure is spot on, which is a relief as they have given us a pay cut! Thankfully I am blest with savings!

Mnay thanks

John

[Terpe]

John, it's rumoured that the current income thresholds may be slightly uplifted.
An increase of 1%-2% has been whispered. Just a heads up.