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Can somebody with an income between 40-50 grand PA please answer some questions for me?

(36 Posts)
OddshoesOddsocks Thu 01-Feb-18 22:19:04


Long story short, DP has been offered a job with a salary between 40 and 50 thousand a year. It would require relocation so the exact figure would be dependant on the package they decide on.

I will not be relocating, our children are settled here, our families are here and he is not expecting me to move, he is hoping to negotiate a scenario where he can split his time fairly evenly which he is told is likely.

We have never earned this much money before, the last few years we have really struggled through so I'm so proud of him for being offered this HOWEVER I am a little worried.

What are we looking at in terms of take home roughly? I doubt we'll get any tax credits but will still get child benefit so will lose out that way but would it be worth it because we'd gain so much more?

If you earn that much, do you find it easy to live a comfortable life? Will it be feasible to pay 2 lots of rent?

I'm very aware that it seems an awful lot of money to us but in reality might not be. We earn approx 20 grand a year between us (he is self employed and I have 2 part time jobs that fit around the children) and are subsidised by tax credits, child benefit and the benefit of a lower tax band.

I have 3 close friends who all have a household income of 60 thousand + a year which seems an insane amount of money but they still have money worries like we do (maybe not to the same extent but they still have to watch the pennies none the less)

Am I being silly?

SwanVests Thu 01-Feb-18 22:22:45

It’s a pretty average household income if two adults are working and earning 25k a year. There’s no way we could pay two lots of rent on that but it depend entirely on where you live, lifestyle etc.

Toomanycats99 Thu 01-Feb-18 22:23:25

A lot of it depends on where you live. London : southeast it wouldn't go very far!

You probably won't lose child benefit - it's starts at about 50 and tapers anyway. It's also only counted after pension deductions if you will have those.

DerelictWreck Thu 01-Feb-18 22:24:13

Hi OP - have you tried using a salary calculator?

I just popped in you DPs salary (45k) and assumed he was paying pension contributions, and it spat back an after-tax take home pay of £2673.

Hope this helps.

HundredMilesAnHour Thu 01-Feb-18 22:26:57

Use this salary calculator so you can work out the actual figures:

Paying 2 lots of rent will be very challenging unless your rent is low.

travailtotravel Thu 01-Feb-18 22:28:56

It's not as much as it should be. When looking at costs for midweeking, you can get an idea from things like spare room. Don't forget to factor in fuel costs for travel and wear and tear on your car - which will also need to be pretty reliable.

CardsforKittens Thu 01-Feb-18 22:31:45

Depends on so many factors. Would your DH be able to find a cheap one-bedroom flat (assuming you won't be visiting much)? Will he cook cheaply for himself while he's away? What about his travel costs back and forth? Would you need to reduce your hours to cover any childcare he currently does?

I suspect you might find your financial situation about the same as at present although distributed differently. But it's hard to say. Would there be long term gains like a better pension?

You probably need to look closely at your current budget and compare it to a projected budget if your DH takes the new job. So you need to do some research into travel costs, average rents etc.

trilbydoll Thu 01-Feb-18 22:35:49

I have a few colleagues who stay away Mon-Fri. They tend to use Air BnB or lodge in a house with a reduced rent for only being in the week. Generally they reckon about £100 a week (SE) maybe less if you only do 3 or 4 nights a week.

PotatoesOfTheCarribean Thu 01-Feb-18 22:38:09

WitchesHatRim Thu 01-Feb-18 22:38:10

What are we looking at in terms of take home roughly? I doubt we'll get any tax credits

Neither should you tbf

madamy Thu 01-Feb-18 22:41:42

I earn just over 40k and take home around 2300 per month after tax, NI and NHS pension if that helps.

GreenSeededGrape Thu 01-Feb-18 22:43:17

Where is the job and would dh be taking other accommodation?

We are on a very good household income with a very small mortgage with 2 dc and I was just thinking the other day we should be saving double what we are, and I'm pretty frugal.

But we live in London and I feel like the cost of living has gone up massively in the past year.

AndNoneForGretchenWieners Thu 01-Feb-18 22:46:18

I earn in that region, DH is on long term sick and no longer being paid by his employer. We manage comfortably, but we live in the Midlands with a tiny mortgage and no longer have to pay for our car because he has a motability car, so just need to fill it with fuel. If we had a higher mortgage, or had been used to both salaries to make ends meet, things may have been different, but I have only been on this salary for a short while so my additional income is bridging the gap left by his wages not being paid.

UndomesticHousewife Thu 01-Feb-18 23:20:56

Look at an online tax calculator. Out in 60,000 and it will give you your take home pay for weekly and monthly etc

BrieAndChilli Thu 01-Feb-18 23:30:02

Our household income is about 50k and we have 3 kids. No way could we pay 2 lots of rent/mortgage, extra travelling, 2 lots of bills, etc plus food costs will be higher as DH won’t be eating with the family so him making himself his own meal and you making a meal will cost more than if he was just having a portion of yours.

To be honest only you know what your current outgoings are and where he is relocating to as to how expensive living there will be.

Changednamejustincase Thu 01-Feb-18 23:42:01

Don't forget to add your current earnings to his projected ones in your calculations unless you are no longer going to be getting them.

Canyouguess Fri 02-Feb-18 12:48:59

As a single woman 9 years ago I was certainly not “flush” on £50k a year renting one shared flat with two others.

London though.

MessySurfaces Sat 03-Feb-18 14:28:06

@Canyouguess horses for courses- as a single woman living in London 9 years ago I was sharing with one other and feeling pretty flush on 25k or thereabouts!

ScarfAndGlassesgirl Sat 03-Feb-18 14:34:34

We earn over 50k as a household one dc and small Mortgage-no way could we run two houses on that. We manage a very comfortable life earning this amount (new cars holidays each year no credit card or 'debts' etc) but come the last week of the month were on our last £20-30
Were in NW England

BeyondThePage Sat 03-Feb-18 14:39:32

What is your ACTUAL joint take home now, what will it be based on the joint salary calculator - if it is anywhere near double, then yes it should be easy.

Nanna50 Sat 03-Feb-18 14:59:19

No one can answer that question it depends where you live how many DCs, where he will be etc. So add up your current net income from earnings and benefits. Then use the salary calculator and turn2us calculator to estimate your future net income. You can then compare how much you will have for extra living costs.

Canyouguess Sat 03-Feb-18 17:11:55


You say you have a very comfortable life
But for the last week of the month, so 25% of your life, you have £20-£30. With a small mortgage and one DC.

Wow! If that was me, I’d be cutting back on those precious 3 weeks!

OddshoesOddsocks Sat 03-Feb-18 18:34:58

Thanks for your replies, everyone.

We are currently in the midlands with v cheap (compared to private rent) housing association rent, 2 dcs plus 1 more of his from a past relationship that he pays above average maintenance for.

The job is Kent way although I'm unsure of the exact area, I don't know that part of the country very well. I assume there's 2 ends of the spectrum rent wise.

We live a very frugal life at present, our take home is less than 20k per year between us, less important bills go unpaid frequently, we shop at Aldi, minimal days out etc.

I wasn't saying I expected tax credits with that income, I meant that the loss of them would have to be taken into account. At the moment they are part of our income and we'd be lost without them so losing them may be a shock to dp who won't think of that kind of thing.

I am quite happy living frugally with regards to every day things however obviously the unpaid bills are a constant worry. Dp would quite happily live in a bedsit and survive on noodles if it saved some pennies!

MessySurfaces Sat 03-Feb-18 19:59:51

Private rent in Kent is going to be pretty steep compared to housing association rent in the midlands- have a look on rightmove and air b&b to get a sense of what his options would be.
Presumably you have to make a decision fairly quickly, good luck!

ScarfAndGlassesgirl Sat 03-Feb-18 20:06:11

canyouguess haha Its worth it for the lifestyle I live... to have one Weekend where I need to stay in in a whole month when I'm out spending what I like for the others... I defiantly don't have it hard one bit- and bearing in mind that's AFTER bills etc Inc food and petrol paid... literally £20-30 spending money

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