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

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

They're early 30s, hardly likely to clock it anytime soon :p

Probably want to put themselves on the best possible footing for later on, by which time they'll be well ahead of similar families who have redecorated and kitted the house out three times over but have little in savings.

Of course, some kind of balance is probably best overall. Being asset rich is very powerful though, many people under estimate it!
 
Fusion said:
Being asset rich is very powerful though, many people under estimate it!
Click to expand...

Indeed, it gives you a certain amount of control back and a bit less to 'the man'.

Only thing I'd give my left nut for would be less hours, I don't get paid for 10 hours a week so my basic hours are actually 50 not 40, so with OT I'm regularly well into 60-70 hours, which for £25k is a bit ****.
 
Telecaster said:
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.
Click to expand...

But surely you are the one who go into that debt in the first place?
 
Telecaster said:
Only thing I'd give my left nut for would be less hours, I don't get paid for 10 hours a week so my basic hours are actually 50 not 40, so with OT I'm regularly well into 60-70 hours, which for £25k is a bit ****.
Click to expand...

That can’t be far off minimum wage when you work it out is it?
 
Fusion said:
They're early 30s, hardly likely to clock it anytime soon :p

Probably want to put themselves on the best possible footing for later on, by which time they'll be well ahead of similar families who have redecorated and kitted the house out three times over but have little in savings.

Of course, some kind of balance is probably best overall. Being asset rich is very powerful though, many people under estimate it!
Click to expand...

Exactly.
We do treat ourselves but we don't spend money just because we have more of it. I also don't want to grow old with an increasing pile of money not enjoying it but I do want to live debt free and be able to support my children when they need it.

There's lots of things I'd like to have like a Volvo XC60. But I don't need it and that money would be better spent in reducing the mortgage.
 
Moses said:
Depends how regularly he's into 60/70 hours, and if the £25k includes overtime... but yeah, £25k for 65/week is £7.40/hour, so below the national living wage (minimum wage for 25+). And soon to be just about minimum wage for 21-24.
Click to expand...

£21k is my basic and a flat week is 50 hours.
 
Telecaster said:
I don't get you point?

My point was I would be happy to earn less so long as I'm not relying on loans and CCs.
Click to expand...

But surely if you are earning more and despite that, you are relying on loans and credit cards... that means that by earning less... you would be more reliant on such credit sources?

By earning more, you would be less likely to need such credit sources and as such, you made the conscious choice, without necessity... to take out the credit that is depleting your monthly balance on a regular basis.

IE... you're complaining about your own mistake and somehow are misinterpreting the solution to your predicament.
 
Also depends if the person has student loans, in particular the £9k a year ones. If someone is on say £30k without the loans they will be about £800 a year better off than someone with the loans (or additional tax as it would be better known). That’s a fag packet calculation btw - but I’m sure it is approx 1 holidays worth of money a year after tax.
 
crinkleshoes said:
But surely if you are earning more and despite that, you are relying on loans and credit cards... that means that by earning less... you would be more reliant on such credit sources?

By earning more, you would be less likely to need such credit sources and as such, you made the conscious choice, without necessity... to take out the credit that is depleting your monthly balance on a regular basis.

IE... you're complaining about your own mistake and somehow are misinterpreting the solution to your predicament.
Click to expand...

I think you've waded in without reading earlier posts. I don't have any debt whatsoever.

What I was trying to say was that even though I don't earn much, I am debt free, and yet would still be happy to earn less so long as it means I can keep a debt free lifestyle.
 
IC3 said:
Edit:

Just a quick example

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
Click to expand...
I’d say 30-35k, if you are renting your own place, having your own car, a generally comfy lifestyle AND want to be saving. You can live quite comfortably on a bit less but you probably won’t be saving a huge amount. Well, I wouldn’t be.

Life becomes a lot cheaper when living expenses are shared.

I am hilariously awful with money... well, maybe. I think your spending habits just change as you earn more. There is always something you’ll want to buy, whether it’s a new TV, new shoes, a new car, a holiday, new plus towels, nice whisky, a new camera, a new phone, gifts for others... whatever it is.
 
We've found that you grow into a bigger income, and hopefully you make prudent choices so it doesn't all go on pools and new cars. DP's numbers, barring childcare and medical insurance, are in a similar ballpark to where my family is right now but that's really irrelevant - there's no such thing as a decent wage within reason because that's such a broad brushstroke as to be meaningless.
 
bloodiedathame said:
I'm in the same boat, would do it in a heartbeat if the wife would let me. :D
Click to expand...

I'm from Wales originally and a few of my pals who did London in their 20s and 30s have moved back with little or no mortgage having cashed in in London. My problem is I love where I live and travel almost every week so London airports are a godsend.
 
We're pretty comfortable - professional earning couple under 50 and 40 years old, no mortgage or other debts.

Nitefly said:
I am hilariously awful with money... well, maybe. I think your spending habits just change as you earn more. There is always something you’ll want to buy, whether it’s a new TV, new shoes, a new car, a holiday, new plus towels, nice whisky, a new camera, a new phone, gifts for others... whatever it is.
Click to expand...

Part of the reason we're comfortable is enforced discipline. Ideally I'd like a new camera, iMac and motorbike every year, so have to consciously push back against rampant consumerism. We pool our money in a joint account every month and out of that pay ourselves an equal individual allowance. Everything else goes on a few Direct Debits and every scrap of surplus gets saved. I'm sure there are many methods of achieving the same outcome, but this one works for us.
 
When I graduated and moved to Central London from the suburbs in 2006, my salary was £17,500 and I paid £410 per month for a bedroom in a flat share in Fulham/Parsons Green. My experience was slightly different insofar as I worked a minimum of 12 hours a day, and rarely ventured out to spend any money at all. My earnings were supplemented by commissions, which I ultimately saved. I remember one of my colleagues moving to a place paying £750 per month - sharing a two bed flat with a friend - and I thought it was outrageous at the time. Nowadays, looking back on it, I think it would have been doable to live in Zone 2 on £25,000 salary. Seems like great value now.

Nowadays, I've got several friends on £40,000-£50,000 salary living centrally, and they all struggle. They have no dependents or responsibilities, but the cost of keeping up or remaining independently social in London is/can be significant. Most of them aren't very responsible with their money, so I'd say a £35,000 salary in or around London would be sufficient, with £25,000 in other parts of the country being doable too.

My wife and I have £450,000 left on the mortgage, but when split every month it comes out as £750 each, which is a damn sight better value than renting in London. She's on about £50,000, including a 10% bonus. We've no kids... yet. Both have paid off our student loans, and have no other debt (inc. car). Looking to move back to West London in the next year or so, which will see our mortgage debt sky rocket I imagine.
 
Living in the north east I get by on £25k. Have my own 2 bedroom flat in a good area - mortgage of about £98k. Have a car through work lease (NHS) and have about 1 foreign holiday per year. I am able to save each month however I live very cheaply.

I would say having an income of 30k would be the sweet spot for me - I’m very poorly paid for what I do however that doesn’t look like it’s going to change any time soon!
 
You must log in or register to reply here.
Back
Top Bottom