I decided to break down a copy of one of my previous payslips and see what it all means. Hopefully this will help you better understand your own payslip.
Shown as 23597.00, this is my monthly pay before any tax or deductions are applied.
Shown as 37.5, this shows the total numbers of I worked during a working week.
Shown as 1150L CUMUL - ‘Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension’ www.gov.uk
Also know as income tax, totalling £236.20, this is the amount of tax paid on £23597.00, Used by the government to pay for public services.......
National Insurance, total £201.56 is the amount taken from my monthly pay to ‘qualify’ for state or government pension. At the time of writing, national insurance is only taken from your pay if you meet the following criteria:
Total amount £219.45, this is the amount I contribute towards my company pension plan. This is separate from the state pension which is shown as NI A. If I wanted, I could opt out of this plan and set-up a private pension fund with another company. Every person should block off a date and time to make sure they fully understand their pension plan.
Shown as £162.95, this is the total amount of hours I worked over the monthly pay period.
Shown as £12.0679, this is the amount of money paid for every hour worked.
The NHS pay a supplement known as High Cost Area (HCA) pay. This is paid to staff working in inner and outer London. The amount of HCA paid is based on your basic pay and which London zone your company is based in. For me, this totals £393.28
Like most students, I borrowed in order to fund my degree and living costs. For this payslip, £79.00 was deducted and put towards the repayment of my student loan.
How I found Yolt?
Somewhere between Aug-Sep 2016 I was looking for one app to help track and view my spending across the multiple bank accounts and credit cards I used daily. Yolt was no where to be found on the Google Play Store search list, so I went through roughly three or four apps - all of them failing to do what I wanted, and read through a bunch of online articles before I found Yolt.
What was I looking for?
The problem I had with the other apps was the need to manually enter every purchase I made.
I was moving money around frequently between my accounts and spending across many credit cards for different reasons, some personal spend, some business spend, sometimes money loaned to family, basically it wasn’t easy to keep track of the movement of money between all my accounts.
To find out what I had purchased for any given day, I would have to login into four different banking apps, look through my transactions, make a note of the date, what category the purchase belonged too, log out of the banking app, login into the money tracking app, and re-enter my spending. This was far too much work. These apps worked pretty much like an excel spreadsheet. And again, this is not what I was looking for.
What were my initial impressions of Yolt?
A useful feature, which I did not take notice of at first, was the 3 month spending average for each of my spending categories. This feature provided a visual spending pattern for some spending categories, which meant I was able to create a spending plan which worked for me and was tailored to my typical spending.
How could the app be improved?
In contrast to other apps I'm currently using, Yolt doesn’t easily show where you spending goes within a broad category. This is the reason I use other apps in addition to Yolt, with other spending tracker apps I’m able to label and create very specific spending categories, for example – ‘Bills’ can be separated into: broadband, mobile phone, groceries, fuel/petrol, council tax or rent. With Yolt, you are not able to do this. For me, this lack of customization is a major drawback of using Yolt. At the time of writing, Yolt only allowed me to add one out of two current accounts I have with Bank of Scotland. Which was also the case for Lloyds bank. ‘Currently we can only support one set of credentials for bank of Scotland’. However it looked like this applied only to the two banks mentioned.
How do I use Yolt day to day?
I’ve ended up using Yolt as a way to view my bank (5 in total) and credit balances (more than 5 accounts) within 5 seconds,
When you first login, right at the top of the app, you see the title ‘Total balance’, Press your thumb on ‘Total balance’, and you are shown all the individual balances for every account and credit account you have linked.
Yolt is quick, easy to use, looks amazing and if you decide to use, will help you track your spending. I only wish the app allowed more customisation in regards to the spending categories.