Your take home pay, known as net pay, is the money left after taxes and deductions are taken out. This is the amount that's paid into your bank account.
Before you start to think about budgeting, it's important to know how much you've got coming in each month. Consider any money taken from your income before it lands in your account.
You’ll find calculators and tools online to help you work this out. Please select your jurisdiction for more information:
This is where a percentage of your pay goes straight into a pension scheme each month. Your employer might contribute too and you might get tax relief from your government.
Jersey Government - Pension contributions and tax relief
States of Guernsey - Tax on Pensions
With these schemes, you agree with your employer to give up part of your salary in exchange for benefits. These benefits may include pension contributions, health insurance or life insurance.
As you are giving up part of your salary, your wages will be lower. The benefit is your income tax and social security payments will also be lower.
Check with your employer to see whether any salary sacrifice schemes are available.
Now you know how much you've got coming in each month, see how budgeting could help you manage your money. This could help you find ways to save on your household bills and other monthly outgoings.
