2018: What's considered a decent wage within reason?

[adam cool dude]

We are on combined 50k and think we are above average for our area. One child, couple of holidays a year with enough for our hobbies. No debt apart from 70k left on the mortgage. This is East Midlands though.

It all depends on your lifestyle and what you spend your money on. None of us drink or smoke. We normally entertain at home as we both cook. I will do most jobs myself. For example I refitted the bathroom a couple of years back. I have some higher management worse off than me and I am more mid level but you can guarantee they are out on the lash every weekend and very poor with their money.

 

[Dan103]

how long is a piece of string

 

[IC3]

We are on combined 50k and think we are above average for our area. One child, couple of holidays a year with enough for our hobbies. No debt apart from 70k left on the mortgage. This is East Midlands though.

It all depends on your lifestyle and what you spend your money on. None of us drink or smoke. We normally entertain at home as we both cook. I will do most jobs myself. For example I refitted the bathroom a couple of years back. I have some higher management worse off than me and I am more mid level but you can guarantee they are out on the lash every weekend and very poor with their money.

I don't smoke, drink or go out, I generally hate crowded places. My hobby/interests are expensive though... all my money went towards it.

 

[adam cool dude]

I don't smoke, drink or go out, I generally hate crowded places. My hobby/interests are expensive though... all my money went towards it.

Me too track days and Motorsport. I quite happily sink 600 notes for a weekend at the Goodwood festival of speed. 1 day track day is quite easily 300 notes. Then again we very rarely eat out which is normally when family come over.

 

[IC3]

Me too track days and Motorsport. I quite happily sink 600 notes for a weekend at the Goodwood festival of speed. 1 day track day is quite easily 300 notes.

Motorsports in general aren't the cheapest hobbies, not sure if not the most expensive.

After my last operation, I'm thinking about trackdays or offroading. I'm leaning towards the second option, as it works out cheaper and I'll be able to afford more seat time. UK is so expensive when it comes to trackdays compared to other countries in Europe...

 

[413x]

We can clear the debt in just over a year whilst still having a life, and in 10 months if we live poverty-like, plus we have £150k equity in the flat. No worries here.

Impressive. But yeah I wouldn' bbe worried about debts I could clear in a year

 

[A2Z]

Looking at how prices of everything are going up drastically, the wages aren't really catching up and the gap just gets bigger every year?

Today they released February RPI, 3.6% which means I am getting a nice 3.85% pay rise from next month. Been getting RPI each year for the last 4 years, big thank you to my union. I am sure I am in the minority thought.

As for the question, here in London if you are single you ideally need £30k to be able to rent somewhere decent and save a bit too.

I earn more than that but spend all my money on holidays Got 5 trips already booked for rest of this year and another 2 still to book. Probably why I won't be buying a house any time soon.

 

[IC3]

Today they released February RPI, 3.6% which means I am getting a nice 3.85% pay rise from next month. Been getting RPI each year for the last 4 years, big thank you to my union. I am sure I am in the minority thought.

As for the question, here in London if you are single you ideally need £30k to be able to rent somewhere decent and save a bit too.

I earn more than that but spend all my money on holidays Got 5 trips already booked for rest of this year and another 2 still to book. Probably why I won't be buying a house any time soon.

I'm jelly, you can always get a house later, I mean living your life thinking about making it easier for someone else is stupid. If you can, travel as much as you want!

 

[Fusion]

30k for a single person outside of London/SE is a good place to start.

 

[craptakular]

for me it is at least 60k in SE - no kids, no loans, need company car and a bonus scheme, good pension scheme

 

[Nutty_Death]

Combined income of 50k with no kids and about 150k mortgage felt comfortable, in the North.

Now have combined of 110k in same house with 2 kids. If anything frivolous spending has reduced, obviously have some extra outgoings with kids but the rest just goes towards paying off the mortgage and savings. Still driving the first Yaris we bought close to 10 years ago. Both early 30s.

 

[Fusion]

Now have combined of 110k in same house with 2 kids. If anything frivolous spending has reduced, obviously have some extra outgoings with kids but the rest just goes towards paying off the mortgage and savings. Still driving the first Yaris we bought close to 10 years ago. Both early 30s.

Top marks for frugality there!

 

[Nugsy88]

I live in Glasgow, just moved up from Cornwall, i'm an engineer and my wife works part time at a supermarket while studying uni.

We have a combined income of around 31k pre tax, 84k Mortgage (£400 pm). 8k debt due to doing the house up and 2 cars (both need replacing). I spent 6 years in the forces as an aircraft mechanic and earnt around 30k a year but unfortunately you don't get qualifications worth much in there so having to start a new career now earning 21k.

We are comfortable in the sense we both feel so fortunate to be in the position we are in, how many people live in such poverty and here I am able to have my own house and not worry about where my next meal comes from or how to pay the electricity bill. At the same time I feel the struggle, worry about how I am going to afford to replace my car, not had an actual holiday abroad for almost 6 years.

 

[Telecaster]

Ok...

You're single with no kids or partner, want your own place, car, be able to go on holiday at least 1-2 a year and be able to have savings in your account. Outside of London

Just a quick example

38 Single no kids, £21k basic (about £25k with OT) , rent a nice 2 bed/2 bath apartment, no debt, no car but get use of company vehicle. I have enough to save and if I wanted to (not my thing) could have 2-3 holidays a year if I chose to.

Not much compared to most especially at my age, but I'm very comfortable and don't have to worry about money, I never look at what's in my account before buying something nor do I budget for things.

You can live comfortably on not a great wage if you want to, you just have to be realistic. I don't buy expensive clothes or the latest phones, no cranked up Sky/Virgin packages, 10 grand telly etc as none of those things interest me.

 

[IC3]

38 Single no kids, £21k basic (about £25k with OT) , rent a nice 2 bed/2 bath apartment, no debt, no car but get use of company vehicle. I have enough to save and if I wanted to (not my thing) could have 2-3 holidays a year if I chose to.

Not much compared to most especially at my age, but I'm very comfortable and don't have to worry about money, I never look at what's in my account before buying something nor do I budget for things.

You can live comfortably on not a great wage if you want to, you just have to be realistic. I don't buy expensive clothes or the latest phones, no cranked up Sky/Virgin packages, 10 grand telly etc as none of those things interest me.

I see we think a like, but no matter how much money I've, I still look at the prices and try to buy cheaper.

 

[crinkleshoes]

If single, with detached house, reasonable but not too expensive car, 1-2 holidays per year... I don't think I could do that for less than about £60k/year...

Downgrade to unfavourable options such as semi/flat and the costs can come down a bit.

Even with more than that and wifeys salary too, the expendable income doesn't last very long... but I have expensive tastes.

 

[tamzzy]

is this net or gross pay?

 

[Telecaster]

TBH I'd happily downgrade from even my meagre earnings so long as I could remain debt free, can't emphasise enough how nice it is to not have to see all your money get drip fed out of your account every month on repayments.

 

[Calpol]

Interesting thread and provides quite valuable context.
In many way I am fortunate albeit at 47 I now am slightly pre-occupied with achieving an early retirement at say 56.
Our income is in the region of £120k. Mrs has worked part time in the NHS while the 2 children have been growing up. That's the last 15 years. She has just increased her hours in a new job albeit still NHS so hardly overpaid. We live in the same house we bought before we got married and will be debt free this year. My job is increasingly stressful and with 50-60 hours a week which leaves not enough time or energy for the things I like doing!
We live a sensible working class lifestyle - the odd holiday but I try not to waste money - we sure could do better though.
If i could earn half what I do now for 30 hours a week I'd do it tomorrow.
While I last in this job my plan is to use the current tax breaks on pensions to save towards that early retirement plan. I have DB scheme pension which will be ok at 65. Better to have the time than the money.

 

[terley]

Combined income of 50k with no kids and about 150k mortgage felt comfortable, in the North.

Now have combined of 110k in same house with 2 kids. If anything frivolous spending has reduced, obviously have some extra outgoings with kids but the rest just goes towards paying off the mortgage and savings. Still driving the first Yaris we bought close to 10 years ago. Both early 30s.

Remember though, you don't remember the money you have in the bank on your death-bed.. Life is for living, go live it.