If you had to quote a good salary in current UK what is it and why?
OP is asking for a 'good salary'
National Living Wage approx £22,000
UK Average approx £33,000 (I think mega high earners may skew results)
I'd say enough to be able to put down a deposit and pay for mortgage on a 'decent house' whilst being able to afford a holiday once a year.
Can only go on my area in the Midlands. You don't get much for under £200k, between £250-£300 gets you something ok, yet far from luxury. I've just looked at holidays for next year, my god, they aren't cheap either.
Taking that into account plus the cost of living, food, petrol, utilities etc etc
House £275,000 less 10% = £247,500
10% deposit = £27,500
Save £764 for 3yrs for your deposit (that's between two people, £382)
25yr Mortgage = £1,624
I'm going to assume you will be married or have a partner and running one car, so will half everything where possible, mortgage for one person then is £812 a month etc
£225 food (5 week month)
£150 gas/elec
£812 mortgage (should be no more than 30/40% of post tax income)
£80 council tax
£50 sky/bb
£28 water
£7 tv
life insurance £7
house insurance £6
car insurance £40
car loan maybe or a loan of some kind (£20k over 5yrs /2) £194
fuel £150 (£300 / 2 - subjective i know)
phone £10
savings for a holiday £125
+ general savings/buffer ????
£1,877
Salary of £30,000 less 5% pension = a monthly take home of £1,956.00 (£79 left)
Salary of £40,000 less 5% pension = a monthly take home of £2,489.33 (£612 left)
Salary of £50,000 less 5% pension = a monthly take home of £3,022.67 (£1145 left)
I'm going to say a good salary would be around £40k to have a decent standard of living? Now....if these two decide to have kids, that's when things change massively. Not only costs in raising them, but usually one parent goes part-time and/or has childcare costs. £40k doesn't get you a luxury life-style, even if both are earning the same which is not usually the case. Lots of relationships have one earning quite a bit more than the other.
Unexpected curve balls (illness, redundancy, relationship breakdown, child maintenance) can have a devastating impact. Then there are people who like to live in coffee shops, spend lots on social events, eating out, clubs/gym so they will need a bit more left at the end of the month.