Making the most of your money

What is my take home pay?

Making sense of your salary

Before you can start to think about budgeting, it's important to know how much you've got coming in each month and understand any deductions from your wage packet before it lands in your current account. We can help you make sense of your salary.

What is my take home pay?

Chances are you’ll already know what your gross salary is, the total amount you’re paid for the work you do each year. Your take home pay, otherwise known as net pay, is the amount you receive each month after any deductions which have to be made, like Income Tax and National Insurance.

How much tax and insurance will I pay?

You’ll find calculators and tools online to help you work this out. Gov.co.uk has tools to use whether you pay tax and insurance through your employer or you're self employed.

Changes to working life

The coronavirus outbreak has meant changes to working life for many of us. If you've been affected by changes at work, we've put together some information you might find useful.

See where your money goes with Spending

Our Mobile Banking app now comes with Spending, a handy feature that automatically puts your current account transactions into categories to give you a detailed picture of where your money goes each month. It also comes with a budgeting feature that lets you add a budget to your Spending categories, so you're in control of what you spend and where.

Download the app

Downloading the Royal Bank of Scotland app couldn't be easier, follow these three simple steps below.

1.   On your mobile or tablet, go to the App Store if using Apple or Google Play if using Android

2.   Search for 'Royal Bank of Scotland'

3.   Tap to download the app 

Get the app

Experience the quickest way to manage your money.

Get the app

Experience the quickest way to manage your money.

Other examples of salary deductions

Here are some of the other deductions you might see on your wage slip.

Pension contributions

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 the government.

Student Loan payments

If you've taken out a Student Loan, you'll start to pay it back automatically through your monthly salary once you start earning a certain amount.

Salary sacrifice schemes

Lots of employers offer salary sacrifice schemes, where part of your pay packet automatically goes towards childcare vouchers or other benefits like the bike to work scheme.

Ready to look at your budget?

Now you know how much you've got coming in each month, see how budgeting could help you manage your money and find ways to save on your household bills and other monthly outgoings. 

Reward bank accounts

Earn monthly Rewards for Direct Debits and logging into our mobile app.

To apply, you need to be 18+ and a UK resident. To hold this account, you need to pay in £1,250 to an eligible Royal Bank of Scotland account every month. £2 monthly fee.

Something else we can help with?