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Second Job

Discussion in 'Personal' started by Revealer, Feb 18, 2016.

  1. Revealer

    Revealer New commenter

    I am currently trying as I'm sure a lot of teachers are, to save for a house deposit. I desperately need to earn more money and I am looking in to getting a second job. Anyone have any success with this? I am aware that a second job is taxed more and certain rules apply to teachers having a second job.

    Any help and suggestions would be appreciated.

    Thanks
     
  2. pepper5

    pepper5 Star commenter

    Hi

    I don't know of any rules about teachers having a second job, but maybe someone can shed light on this point.

    Second jobs are not taxed more: what would happen is that HMRC look at all your sources of income and you get a tax free allowance . Everything over the tax free allowance is then taxed at certain rates. Just Google tax allowances in UK and I am sure you will find the information you need.

    The main concern is that as a teacher, you don't have a lot of spare time and also you must avoid taking on what could lead to exhaustion and ultimately make you so ill you can't work at all. Believe me owning a house is not worth killing yourself over.

    It is much better to have a long term plan and save little by little. Are there any places in your budget to make saving? Are you driving a car that is paid for? Do you take your lunch to work? We have recently made significant savings in our food budget by eating vegetarian meals three to four days a week.

    Private tutoring may be an option, since it is a connection to what you already do. Another thing you could do is start to build up a network marketing business in small steps. This won't give you an immediate large amount of cash, but over 5 years you can build your business up. That is what my husband and I are doing.

    Most things are built up over time. Don't be in a rush and make your plans very carefully. When you do buy your home ensure you don't take on more than you can pay and try to have a buffer of savings.
     
  3. Revealer

    Revealer New commenter

    Thank you for your positive and helpful comments. I will look in to the network marketing option. I just need to earn a little bit on the side to help save quicker as I am paying a fortune to rent in London.
     
    pepper5 likes this.
  4. peakster

    peakster Star commenter

    Have you considered tutoring - doesn't bring in a huge amount of money but it's relatively easy to get into.

    I really don't think in the current climate you could be a full time teacher and have another job too.
     
    pepper5 and Revealer like this.
  5. Revealer

    Revealer New commenter

    I understand having a second job will be hard, especially during the week, but I am looking at finding a flexible job for holiday times and some weekends. I know it is crazy but I am willing to do it for a while to get where I want to be. Thanks, I will look in to private tutoring as well.
     
    pepper5 likes this.
  6. nomad

    nomad Star commenter

    One thing to remember is that if you take sick leave from your teaching job, even a few days for flu, but continue working at your second job, it could result in disciplinary action.
     
    pepper5, wanet and Revealer like this.
  7. lanokia

    lanokia Star commenter

    I know colleagues who do tutoring...

    And there's always exam marking.

    I knew someone who made a decent amount on those university essay sites... but she was very clever [i.e. wasn't me!] and committed [yup definitely not me - though I should be committed!].
     
    pepper5, Revealer and sabrinakat like this.
  8. peakster

    peakster Star commenter

    Exam marking can be very lucrative, but you've got to like marking exam papers otherwise it's hell.

    ...and they can never find enough people to do it.
     
    pepper5, wanet and Revealer like this.
  9. pepper5

    pepper5 Star commenter

    I admire you for taking on other work to generate money to be where you want to be, but do be carefulmabout how much extra you take on; everyone needs a rest and you have to ensure you rest your mind and body. Summer holidays would be good and maybe one or two weekends a month.

    Do look at your current expenses and see where you can make savings.
     
  10. Alf58

    Alf58 Established commenter

    What a superb carefully thought out reply. Respect.
     
    pepper5 and Revealer like this.
  11. GLsghost

    GLsghost Star commenter

    You need to look at your contract of employment and have an open discussion with your HT (who may well be helpful) as some contracts contain clauses that prevent someone taking on a second job.

    Exam marking and tuition, particularly, is lucrative and plays on your strengths. It could also have a positive impact on the development of your 'day job' A second job is not taxed 'more', but you would need to complete a tax return each year and keep proper records to account for the additional income. However, you could offset against that your reasonable expenses.

    @nomad raises an important point about the potential for disciplinary action, should you be working at your second job while on sick leave. It would depend on the nature of the illness of course.

    @pepper5 is right too: work-life balance is important and should not be under-estimated.
     
    pepper5 likes this.
  12. scienceteachasghost

    scienceteachasghost Lead commenter

    If getting a second job, I would do something complementary to what you are doing now. Exam marking is ideal (if seasonal) as you could rightly argue that seeing the range of responses students give at your subject is an aid to your own professional development. Or running a summer/holiday camp? You would then develop your pastoral side..........
     
    pepper5 likes this.
  13. jubilee

    jubilee Star commenter

    My niece is in her second year of doing LA paid 1:1 tutoring of a pupil. She does it a few hours per week in term-time and into some of the holiday weeks. I think she gets about £30 per hour.

    An alternative is to develop thrifty habits. Cut right back on takeaways, meals out, alcohol, the daily coffee from an expensive high street chain.
    Shop at the supermarket most days after 5.45pm and pick up drastically reduced food that can be frozen. I've seen sandwiches for 9p and they'd be fine for lunch the next day. I have started doing it now in semi-retirement and I often come home with several carrier bags of food for under a fiver.

    My daughter has worked in central London for 6 years on about the same as she would earn as a teacher and she budget shops several times per week, calling in at several supermarkets each time and rarely buying anything at full price. Her freezer is full and she has a very healthy savings accounts which will represent a good deposit on a London flat or a 50% down payment on a 3 bed house in the Northwest!

    You should also claim all the tax reliefs that you are entitled to.
    If you pay Union subs, a proportion can be offset against tax. It's 90% of ATL subs, two thirds of NUT subs and 100% od some other subs (if there is no political levy). You can back claim for 4 tax years if you haven't claimed in the past.

    If you teach PE at any point in the week or have to provide specialist clothing for other teaching (Food technology , Science lab coat etc) you may be eligible for a Uniform allowance of £60 per year. The ruling is that you are eligible if you have to maintain (launder and/or repair) clothing and footwear used solely for work purposes ... and your employer does not provide the necessary laundry facilities. The £60 allowance reduces your tax by £12 per year if you are a 20% taxpayer and by £24 per yearif you are a 40% taxpayer.
    Again, you can backclaim for 4 tax years if you have failed to claim it in the past.
    I claimed it successfully as a supply teacher who probably taught PE for 10 hours per year! I kept a track suit, T shirt and trainers in the boot for such eventualities.
     
    pepper5 and GLsghost like this.
  14. jubilee

    jubilee Star commenter

    If you have a spare room (or are prepared to turn a lounge into a bedroom temporarily) you can earn tax free money from a lodger nder the Governments Rent-A-Room scheme.
    The current tax free allowanc eis £4250 per year but it will increase from April 6th to over £7k per year.
    Youwould need permission from a landlord or mortgage lender and should also inform your house/contents insurer.
     
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  15. pepper5

    pepper5 Star commenter

    Hi jubilee

    All excellent ideas for saving money.

    We also save by buying the drastically reduced food at supermarkets and eat things we would never otherwise be able to afford. My husband has come back with things that cost £4.00 or more marked to 1/10th of their original price. Another way we have saved on our food shopping is to stop eating meat at every meal: we now eat four vegetarian meals per week, two fish meals and one meat dish. I estimate we are saving £80 per month.

    In addition to the looking at things like spending on entertainment, alcohol, takeaways, another place to look at saving is mobile phones. Get a mobile phone on a sim only deal and try to pay around £10 per month. Look at utilities as well and ensure that you are on the cheapest deal. Get rid of Sky TV or any other cable TV package.

    For ladies who are looking for makeup, there are many drug store brands just as good as high end products. I use Makeup Academy now for some items and some things I still use Clinique. Makeup Academy eye shadows are as little as £1 for a single shadow whereas you will pay about £16 for a duo from Clinique. A big savings. A compact with translucent powder will set you back £22 from Clinique whereas a translucent powder from MUA will be £1.00.

    Go to Poundland and buy toiletries.

    Charity shops are excellent places for picking up clothes. My husband buys shirts at Cats Protection League charity shops for £1.00 - shirts that originally came from high street shops and costs many times more than that.

    Never buy a car with a loan. Always buy a second hand car and pay cash for it. Our car is 16 years old and just passed its MOT. We had to pay about £100 for repairs but it will keep us on the road for another year. Originally we paid about £500 for it and have spent some money on it to have it repaired but nothing like having a car payment and spending thousands on a car payment.

    As I said earlier in my post, when the OP does get to the point where they are in a position to buy a house, they should be very careful to consider having a buffer of savings as well so to ensure they can make their mortgage payment should the worst happen.
     
    GLsghost likes this.
  16. wanet

    wanet Star commenter

    It's a long time ago now, but I recall from a long time ago meeting a teacher on a course who had been forced to get a second job, working in a pub, if I remeber correctly.

    This was due to interest rises on their mortgage. Their salary was needed to pay the mortgage, so the second job was needed for extras like food.
     
    pepper5 likes this.
  17. peakster

    peakster Star commenter

    Some great money saving tips here.

    We used to go supermarket shopping with a list and a calculator (I know....), anyway we totted up all the items and never exceeded our agreed limit. We still buy lots of stuff from the reduced section (it's become second nature) and I'm also a devotee of poundland.

    We're a little better off now then we were a couple of years ago but are saving for a car for my daughter and then....who knows.

    Having said all that I hate Aldi.
     
    pepper5 likes this.
  18. jubilee

    jubilee Star commenter

    I have a GiffGaff sim card for my mobile. I pay £10 every 3 months and that gives me free calls and texts to other GiffGaff users (my husband, son, daughter and one of my tenants so far). I am always still in credit when the next £10 is due!

    I have loyalty cards for all the supermarkets and a few other shops too. In the past my Tesco points went to Airmiles and we've had two free return flights to Chicago, two return flights to Madrid and two return flights to Australia. When the scheme changed, I reverted to getting Tesco vouchers and I now use them for 4 times their value at restaurants

    At Sainsbury's my Nectar points (collected in other places too like Homebase and, until recently, British Gas) are used to pay for most of my Xmas food shop.

    With all the supermarkets I scan the shelves for those products being offered with extra points.

    I am registered (free) with TopCashBack (.co.uk) and have had over £200 paid into my bank account in the last three years, all from things like insurance and hotel bookings that I would have had to spend the same on outside the cashback scheme.
    My latest bargain was car insurance. I found the best 2 providers on the 'meerkat' site then came out of that site and went into TopCashBack. One of the two providers was offering £40-40 cashback so I entered their site via TCB and bought the policy for £156. I'll then get £40-40 in my account when 14 days have elapsed and I haven't cancelled the policy. It will have saved me £130 on my previous provider's renewal quote. next year I'll probably go back to Aviva if they are still offering over £60 on TCB for taking out a new policy!
    Mr jubilee has earned obver £500 on TCB in the last 4 years as he books more of the things like holidays as well as his car insurance.

    I recently recommended a friend for TCB and will get £10 when she registers. She will get a £5 Amazon voucher. She is then going to recommend her husband and her two adult children and will get £30 in her account!
     
    pepper5 likes this.
  19. lapinrose

    lapinrose Lead commenter

    Food shopping, never buy prepped veg, unless it's vastly reduced! It's cheaper to buy a whole chicken and joint it yourself, Delia's website will show you how but if you haven't got a proper heavy chefs knife use kitchen scissors. I always cut down each side of the backbone, then use that and other bits to make chicken stock which can be frozen.
    Always buy mince when reduced, so many ways to use it. Reduced tomatoes are often over-ripe but use to make sauce or soup, bulk out with lentils or beans.
    When I was working f/t I used to cook huge quantities of bolognaise sauce and bag in 2 portions for the freezer.
    Any ideas for food or recipes you can find us foodies on the cookery forum.
     
    pepper5 and GLsghost like this.
  20. pepper5

    pepper5 Star commenter

    In addition to all the excellent money saving advice above, I would add that when the OP gets to the giddy heights of being able to buy their house, they buy everything they can for the house with cash and do not buy new when they can buy second hand.
     

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