Is maintainance fund that big an issue?

Hi,
I always had this question in my mind.....
My questions is why do we struggle for maintaince fund. If we are working full time or as contractors why do we struggle to have money in our account. Even if we work three months we can easily have around 15,000 in case a contractor or 7000 case full time (just a wild guess).
Why do we keep asking how much for to maintian for one dependent two dependent and so on.

I have been reading posts people getting rejected on maintainence funds. Just curious to know is it that difficult to have couple of thousands in the bank account.

People have been working for 12 months still asking for how much is required for maintainence funds.
For example if we have 20,000 thousand in our account, can we not take a letter from the bank that i ve maintained 20,000 for the last three months. Why worry if we have been in the uk for one year or less than a year, one dependent or two dependends, that will pretty much solve everything. Problem solved.

Please correct me if am wrong.

Cannot agree more, but not so long ago the earning thresholds were a lot lower and those people are still applying for extensions. On the latest thresholds, it should not be much of an issue as it is quite easy to make up the maintenance funds with those earnings.

Not many earn (read save) 7000 in 3 months from a permanent position on this board (read Tier1 migrant in UK). Thats why they ask questions. In this world of cuts, outsourcing and 'supply beating demand' has brought salary to a very low slab. The major part of net pay goes into paying rent.

coolsats wrote:Hi,
Even if we work three months we can easily have around 15,000 in case a contractor or 7000 case full time (just a wild guess).
Why do we keep asking how much for to maintian for one dependent two dependent and so on.

coolsats wrote:Hi,
I always had this question in my mind.....
My questions is why do we struggle for maintaince fund. If we are working full time or as contractors why do we struggle to have money in our account. Even if we work three months we can easily have around 15,000 in case a contractor or 7000 case full time (just a wild guess).
.

You are right. This is the wildest guess I have ever come across. 7000/3=2333. Assuming an average spend of 1500 per month, this leads to £3800 net earning which is roughly equal to £67K /annum . Do you think this is some kind of average salary?

Btw, 15,000 for cotractor is even more outrageous..

coolsats wrote:Hi,
I always had this question in my mind.....
My questions is why do we struggle for maintaince fund. If we are working full time or as contractors why do we struggle to have money in our account. Even if we work three months we can easily have around 15,000 in case a contractor or 7000 case full time (just a wild guess).
Why do we keep asking how much for to maintian for one dependent two dependent and so on.

Because if you are really that "Highly Skilled", why you will be "wasting" extra money in your account.

@Akash
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Dont mind, but maybe you are in some kind of menial job or doing stuff that is not really regarded as highly skilled, and thats the reason my salary quotes are looking outrageous to you.
Just for your information am on 650 a day for one of the top bank, and I know tons of guys who works with me and earn above 500 and so 15000 for three months is definitely justified. Anyways i can understand your ignorance.

@Aryan:
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U ve got better idea on investment, cos i got loads of money into my account, and i dont think its getting wasted

This post is kinda weird to me . I guess this question comes from a mind who follows the 'debit' style of living which is more common in Middleeast or East. In West majority live on Credit. That is to say even before your salary hits the account , your loans , mortgages , credits instalments , bills etc etc takes huge chunk of it , so basically you may be super high earner but all the money is already spent.

HO wants to ensure if you get busted on your income for some reason , your loans doesn't kill you instantly and you have something to survive for a month or two.

ps : ah I saw your point now. You are basically saying you are on 650 pd. well , you knowbetter than me what the risks of contractual job is . Besides ,lets assume that you are life time contractor , even then depends on your life style. You may have chosen to live like us common people , perhpas that's why you can save so much

you could only save 1200-1400 on a above average paid permanent job....3*13 is 3900 which is not sufficient if you have 2 dependents and you are in UK for less than 12 months...........................also people do have commitments like support family back home and regular investments for future..........and don't equate skill to pay..........it is naive to think that just because someone is paid better than you does not mean someone is Highly skilled than you............it depends on the industry, demand, etc............like may things in life...........it is not black and white as you think...........

After reading this thread, I think the comments from Coolsats and mulderpf are rather naive and short sighted.

Much as I admire your earning ability and the fact that you even have a 'job'(which can only be in IT), I think you should keep your comments to yourself.

Everyone's circumstance is different and it is irresponsible of you to have a go at people who just want to keep the minimum amount of maintenance funds.

The overall cost of the application itself is outrageous and for a majority of people; it places a huge amount of financial and psychological pressure. Think about a typical applicant with a wife and kid(some have 2 kids) spending well over £4000 in maintenance funds and application fees.

I mean, people pay for other outgoings like rent,feeding,CT and utility bills including child care.

I earn £40000 and even with a kid, I still struggle because the Mrs doesn't hold a full time job. I also have outstanding debts to pay after 5 months of unemployment.

I mean, I can see from your posts in this forum that you were once unemployed so I fail to see what your point is about people struggling with the maintenance funds. A bit of ego I guess.

I am glad I have a job and can even pay my bills; however I will not look down on people who claim to be on a 'highly skilled visa' but do menial jobs.

I honestly wish you well in your employment but will also hope that those searching will find a job soon and so that they too can earn big bucks like you

beecharmer1800bc wrote:After reading this thread, I think the comments from Coolsats and mulderpf are rather naive and short sighted.

Much as I admire your earning ability and the fact that you even have a 'job'(which can only be in IT), I think you should keep your comments to yourself.

Everyone's circumstance is different and it is irresponsible of you to have a go at people who just want to keep the minimum amount of maintenance funds.

The overall cost of the application itself is outrageous and for a majority of people; it places a huge amount of financial and psychological pressure. Think about a typical applicant with a wife and kid(some have 2 kids) spending well over £4000 in maintenance funds and application fees.

I mean, people pay for other outgoings like rent,feeding,CT and utility bills including child care.

I earn £40000 and even with a kid, I still struggle because the Mrs doesn't hold a full time job. I also have outstanding debts to pay after 5 months of unemployment.

I mean, I can see from your posts in this forum that you were once unemployed so I fail to see what your point is about people struggling with the maintenance funds. A bit of ego I guess.

I am glad I have a job and can even pay my bills; however I will not look down on people who claim to be on a 'highly skilled visa' but do menial jobs.

I honestly wish you well in your employment but will also hope that those searching will find a job soon and so that they too can earn big bucks like you

Why am I included in your blanket statement? I'm just agreeing that people should keep more than simply the bare minimum required in a maintenance fund and at the latest earnings thresholds, it should not be impossible to do.

I didn't have a go at anyone and simply agree that people should keep more than the minimum amount required in fund.

In terms of unemployment - yes, I was also unemployed but that's what I brought my maintenance fund with me for.

Anyhow - I realise that maybe my comment can't be read in the spirit it was intended as it was by no means a show off in terms of ego - I think coolsats' "guestimates" at figures were a bit inflated, but he admitted he was guessing...

coolsats wrote: @Aryan:
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U ve got better idea on investment, cos i got loads of money into my account, and i dont think its getting wasted

You need to start looking into wealth management, asset management or may be even into hedge fund.

Google is the best place to start.

beecharmer1800bc wrote:After reading this thread, I think the comments from Coolsats and mulderpf are rather naive and short sighted.

I agree and I'd like to add that no matter where you are in the "Food Chain", other's will be always up and down the chain.

If you really want to satisfy your ego, please look at the people, who are up the chain.

mulderpf wrote: Anyhow - I realise that maybe my comment can't be read in the spirit it was intended as it was by no means a show off in terms of ego - I think coolsats' "guestimates" at figures were a bit inflated, but he admitted he was guessing...

Well, if you say so!

Hey ~Guys,

My post was not meant to look down upon people with less pay. When I came here for the first time, spent everything, no job for months, struggled with my rent, so I had my bad days as well. It was just a query in my mind and i wanted to share it across with you guys.

I owe everything to this beautiful forum, so was putting across my thoughts in here.
Please guys, there is no ego factor involved anywhere pls do not mis judge. Maybe i should ve explained it better.

Well definitely if we consider dependents then it does gets a little difficult.
But neways, lets lock this up now
Good luck to everybody and am sure we all will climb the ladder of success, its just a matter of time.

Regards..

coolsats wrote:Hey ~Guys,

My post was not meant to look down upon people with less pay. When I came here for the first time, spent everything, no job for months, struggled with my rent, so I had my bad days as well. It was just a query in my mind and i wanted to share it across with you guys.

I owe everything to this beautiful forum, so was putting across my thoughts in here.
Please guys, there is no ego factor involved anywhere pls do not mis judge. Maybe i should ve explained it better.

Well definitely if we consider dependents then it does gets a little difficult.
But neways, lets lock this up now
Good luck to everybody and am sure we all will climb the ladder of success, its just a matter of time.

Regards..

No probs mate.

Just felt I had to reply you because it was like you were referring to me....LOL!

Yeah, it's good to make your point quite clear to avoid assumptions and in my line of work; it is absolutely necessary to avoid ambiguity.

Just out of sheer curiosity, what do you do? Was I right that you work in IT maybe as a developer or systems architect?

@beecharmer1800bc

Nai Problem mate,

Yes ur rite, Work as a develper with one of the banks in central london.
Been into IT for six years and came to uk two years back on Tier 1 after giving up my boaring job ( wld always sleep in office, and was dragging myself to work everyday). The only difference being, i long to get back to work as soon as am home

Cheers Mate:

coolsats wrote:@beecharmer1800bc

Nai Problem mate,

Yes ur rite, Work as a develper with one of the banks in central london.
Been into IT for six years and came to uk two years back on Tier 1 after giving up my boaring job ( wld always sleep in office, and was dragging myself to work everyday). The only difference being, i long to get back to work as soon as am home

Cheers Mate:

Well done to you.

I work as an IT Business Analyst so I kinda know what the going rate is for most parts of the UK having searched extensively when I was unemployed.

I am salaried and I honestly prefer the 9-5(actually 9-4:30 most times) with no pressures. But £500/day is very tempting

I will PM you later because I want to widen my skill set and wouldn't mind borrowing some of your insight.

Hope you don't mind?

Cheers