comfortable salary

HardwareGeek · 25 Jan 2011 at 18:14

I think it also depends on what type of person you are, if you are careful with money or it just slips through your fingers.

I've known people who can have £500 in their wallet 1 day and be asking to borrow a tenner 2 days later with nothing to show for it when you ask where all the cash went.

Also when i worked a low paid call centre job people there used to spend £5 a day on lunch and didn't seem to realise that was 13.5% of their gross annual income gone, spent on crap etc.

ps. i know you might not think £5 a day is a lot on lunch but this was a low paid job we were working back then so it all adds up.

cymatty · 25 Jan 2011 at 18:18

Probably 2k a month after tax for a single person, up north. Probably 3k a month after tax for a couple.

AceTK · 25 Jan 2011 at 18:21

vonhelmet said:
Exactly.

Once I hit £40k I'll find it very hard to care about working any harder or progressing any further, as I'll have all I need and plenty more besides.

I actually know people who told their employer not to give them a payrise as they would be worse off in the higher tax bracket. They also refused a company car for the same reason.

Nitefly · 25 Jan 2011 at 18:24

[TW]Fox;18309575 said:
The notion that it would seem most of the UK are not comfortable because they live in a semi detached house, only go on one foreign holiday a year and own a 4 year old Ford Focus is frankly completely pathetic and reflects quite badly on those with such opinions.

150k to be comfortable, just lol.

Bang on Sir.

I've had one foreign holiday (over 3 days) in 4 years

Nitefly · 25 Jan 2011 at 18:25

AceTK said:
I actually know people who told their employer not to give them a payrise as they would be worse off in the higher tax bracket.

Errrm, they clearly don't understand tax

Jono8 · 25 Jan 2011 at 18:26

AceTK said:
I actually know people who told their employer not to give them a payrise as they would be worse off in the higher tax bracket. They also refused a company car for the same reason.

Haircut · 25 Jan 2011 at 18:28

AceTK said:
I actually know people who told their employer not to give them a payrise as they would be worse off in the higher tax bracket. They also refused a company car for the same reason.

If they actually said that then they're stupid enough not to deserve a pay rise anyway.

[TW]Fox · 25 Jan 2011 at 18:30

AceTK said:
I actually know people who told their employer not to give them a payrise as they would be worse off in the higher tax bracket. They also refused a company car for the same reason.

No, you don't.

G-MAN2004 · 25 Jan 2011 at 18:32

Nitefly said:
Errrm, they clearly don't understand tax

So many people misunderstand tax, despite it being so simple.

[TW]Fox;18309575 said:
The notion that it would seem most of the UK are not comfortable because they live in a semi detached house, only go on one foreign holiday a year and own a 4 year old Ford Focus is frankly completely pathetic and reflects quite badly on those with such opinions.

150k to be comfortable, just lol.

Forgive people for needing more than that to feel happy in their lives..

[TW]Fox · 25 Jan 2011 at 18:36

G-MAN2004 said:
Forgive people for needing more than that to feel happy in their lives..

I dont think thats the point. Being financially comfortable is about not having to worry about where the money is coming from for the mortgage, or the food, or whatever. It isn't about flying business class 4 times a year.

Having enough money to fill your life with extravagancies is more than just being comfortable, its about being wealthy.

Nitefly · 25 Jan 2011 at 18:36

G-MAN2004 said:
So many people misunderstand tax, despite it being so simple.

From my own experiences of it, I find some of it fairly tricky, particuarly when there is a load of things to deal with (exemptions, exceptions, special rates, dividends, capital gains, business exemptions / share selling joopyjoopyjoob).

But yes, many people do seem to misundestand the basic principle of income tax, which for those still wondering is that you only pay the higher rate of tax on money recieved above that tax threshold.

G-MAN2004 · 25 Jan 2011 at 18:40

[TW]Fox;18313136 said:
I dont think thats the point. Being financially comfortable is about not having to worry about where the money is coming from for the mortgage, or the food, or whatever. It isn't about flying business class 4 times a year.

Having enough money to fill your life with extravagancies is more than just being comfortable, its about being wealthy.

Then surely that differs with what house you have, what food you choose, etc. Someone with a small mortgage who enjoys a Tesco Value weekly shop whilst wearing their clothes from Primark is most likely going to say a smaller figure, for example.

Vonhelmet · 25 Jan 2011 at 18:41

I've got 3 letters after my name that say tax isn't simple

semi-pro waster · 25 Jan 2011 at 18:53

vonhelmet said:
I've got 3 letters after my name that say tax isn't simple

You're just pretending it's difficult to keep your job. If the tax man asks then you earn under £6,475 per year regardless of actual income*.

Comfortable as has been said is relative, some people have low outgoings and relatively few wants so need not buy expensive things to feel satisfied. Others will find that their outgoings will expand to always match their salary, neither approach is wrong but one is going to find themselves vastly more comfortable at most levels of income. I suspect I could live fairly comfortably on £40k in London but then I've got relatively few outgoings at the moment, I'd still have to be slightly careful with my money on that salary level but it wouldn't be denying myself huge amounts either.

*I shouldn't have to put this down but this is not recommended advice in any way.

Wicksta · 25 Jan 2011 at 19:07

G-MAN2004 said:
So many people misunderstand tax, despite it being so simple.

The funniest is when you get people here pretending to be in the 40% tax bracket and moaning about paying that amount.

cymatty · 25 Jan 2011 at 19:10

G-MAN2004 said:
So many people misunderstand tax, despite it being so simple.

PAYE is fairly simple until you start adding tax free deductions, NI, pension contributions etc.

Tax in general is anything other than simple.

alx · 25 Jan 2011 at 19:12

AceTK said:
I actually know people who told their employer not to give them a payrise as they would be worse off in the higher tax bracket. They also refused a company car for the same reason.

You're talking outside of your backside, you're never worse off via income tax by being in a higher tax band.

G-MAN2004 · 25 Jan 2011 at 19:12

cymatty said:
PAYE is fairly simple until you start adding tax free deductions, NI, pension contributions etc.

Tax in general is anything other than simple.

I suppose I should have added in that I was mainly referring to the basics of it, such as the thresholds.

Vonhelmet · 25 Jan 2011 at 19:14

G-MAN2004 said:
Forgive people for needing more than that to feel happy in their lives..

People in the western world are losing sight of the concept of comfort versus luxury. We are incredibly lucky to live the lives we do, with absolutely minimal adversity, but people aren't happy without the latest this, that and the other. Everyone feels entitled to loads of fancy gear, and feels embarrassed without it. You only have to look at advertising to see that.

No one needs a 60" tv to be happy.

cymatty · 25 Jan 2011 at 19:15

G-MAN2004 said:
I suppose I should have added in that I was mainly referring to the basics of it, such as the thresholds.

Agreed that part is fairly simple.