We have been given a different amount of wages and salaries that are the average that people earn whilst having a job in photography. We were then asked to work out roughly how much they would earn depending on different things that you have to take into consideration such as different aspects of living costs. These can be things such as electric, car, gas, food, internet and travel and also a lot of other different bills that you have to pay in order to live. This is is the different salaries and wages which we were given.
Self Employed/ Limited Company.
£300 per day two days a week.
£200 per day (4 month contrast), then £350per day 1 day a week.
£12,000 per year working locally
£15,000 per year working 30 min drive
£18,000 per year working in London living in Harlow.
What I am going to work out first is all of the costs that could come into consideration when planning what I would need to spend for living
Rent costs- If the rent is around £950 per month and you are sharing with one other person, you would be paying £475 per month once it was halved with the other person.
Food costs- Food prices could vary between £100 to £250 depending on what food you buy and how much you actually buy and plan for. It also depends if you spend money on takeaways, and if you buy higher priced food from different supermarkets, or if you go out to eat also. I’m going to put food costs as £100 per week for now.
Gas and electricity costs around £60 per month
Mobile phone- If I am going to be paying monthly for the phone I have now or a similar phone I would be paying around £40 per month.
Travelling on public transport -£12 per day using an oyster. Monthly an oyster costs around £219. You save money buying a monthly oyster for sure. As train tickets cost a lot more money and the price could vary a lot depending on where you are going because if you work in different locations it might cost you more one day going somewhere compared to another day.
£300 two days per week would mean you would earn- £31,200 a year and per month it would mean you would earn £2,600 a month once you have deducted all your costs you would be earning roughly £1,406 per month and £351.50 a week.
£200 per day (4 month contract), then £350 per 1 day a week means that you would earn £16,000 for the first four months then £11,200 in total you would earn £27,200 a year. in terms of what you would earn a month after monthly costs it would be a lot different depending on what sort of money you was earning for the first four months when you are earning in the first four months would mean you are earning £4,000 a month meaning that you would earn £2,806 after costs are deducted. In the rest of the year you would be earning £1,400 a month before costs are deducted after they are you would only be earning £206 a month and £51.50 a week.
Earning £12,000 a year would mean you would only earn £1,000 a month before costs are taken away but because you are working locally you don’t need to pay any travel costs so that can be deducted from an expenses you have in the month meaning after all other expenses you will only be earning £325 a month and £81.25 a week.
Earning £15,000 a year means you will earn £1,250 a month before deductions from expenses also because of the way you get to work has changed it means that you would have to change the amount of money that you have to spend on travel. The average fuel cost for a 30 min journey which would go up to an hours journey each day by the time you return home from work, meaning the average fuel cost for an hours journey would be £7.00 meaning that if you worked 5 days a week the petrol for the whole week would cost you £35 a week the equalling to £140 a month so this would be your monthly outgoing for travel if you have a car. This would mean that if you earned £15,000 you would earn £135 a month after deductions and £33.75 a week.
Earning £18,000 a year means you will earn £1,500 a month before deductions as you will be living in harlow and working in London it means it will be a lot easier to use the train meaning the cost for travel will be based on a yearly oyster or a season ticket for the train which costs around £4,500 a year so there will be no point in having a cost deducted for travel by car. This means that after deductions you will be earning £150 a month and £37.50 a week. So even though you are earning the most in theory your actually earning the least after deductions.