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What gross income per year per household do you think is "enough"?

(314 Posts)
dinosaur Tue 24-May-05 14:19:41

In the light of all the recent discussions we've had recently about staying at home, working, working part-time, etc etc etc I wondered about the following:

What do you all think is the MINIMUM gross income per household that you can manage on and have a reasonably comfortable standard of living?

By that I mean e.g. pay rent or mortgage on a house or flat that is big enough for your family, shop without having to count every single penny, run one car, have one family holiday a year, send children to state schools.

I would have thought about £50k - just to get the ball rolling!

Fimbo Tue 24-May-05 14:22:54

Yes I would say 50K as well.

koalabear Tue 24-May-05 14:23:17

i think it depends upon where you live in the country as some areas are more expensive

we are actually thinking of moving as our area is expensive and we would like a bigger house, but certainly can't afford it where we live

£50k would be more than enough in some areas, and a struggle in others

Lizzylou Tue 24-May-05 14:23:27

Agree £50k

jampots Tue 24-May-05 14:23:55

obviously depends on where you live but I would think without being over the top probably 50-60k

NomDePlume Tue 24-May-05 14:25:20

In my case & area, guestimating, I'd say ummm £45k - £50k, that's working on buying the cheaper 4 bed houses in my area and running one mid-range car. Not the minimum we could bring in to pay our current mortgage and run our current primary car (we have 2)

PrettyCandles Tue 24-May-05 14:29:57

We have less than £50k per year and the lifestyle that dinosaur describes and we're in London. Admittedly we have very little mortgage because we bought in the mid-90s so got lucky with the house-price slump at that time. But we're looking at moving and could afford to pay a mortgage on our salary.

Perhaps we don't spend as much as others? How often would you expect to go to cinemas/restaurants, buy new clothes for yourselves, etc?

bossykate Tue 24-May-05 14:32:57

prettycandles, i expect it is because you have a low mortgage. £50 - £60k feels instinctively "right" to me - until i considered mortgage costs. e.g. there's no way our family could be first time buyers and get the space we need on that amount. so i think how much you need depends on how much equity or not you have in your house. we could however afford to rent the space we need on that income - i think.

rickman Tue 24-May-05 14:33:59

Message withdrawn

fairydust Tue 24-May-05 14:35:52

it depends on we're you live - we're i live the chances of ever easrning that much even in a mangerial role are pipe dreams

NomDePlume Tue 24-May-05 14:38:06

FWIW, we have an income significantly above the estimates here and though our mortgage isn't small, it isn't gargantuan either (£185k). We don't live in London, we don't buy new clothes with alarming regularity (maybe 1 or 2 'high st' items every couple of months) and we don't go out for expensive (£100+) nights out with any regularity either, maybe once every 2/3 months. Although we do run 2 cars, neither are bangers. We still don't have a massive amount of disposable income etc left over

NomDePlume Tue 24-May-05 14:39:29

I suppose, we could buy a slightly smaller house and have the kids share a room, that would shave a bit off too.

Toothache Tue 24-May-05 14:42:09

Does totally depend on the area. I would have said about £35k. At the moment we have a joint income of about £30k.

tarantula Tue 24-May-05 14:43:49

wish I had 50k a year. In fact wish I had 30 a year even I could live quite happily on that 9and yes I am in London)

pinkmama Tue 24-May-05 14:46:27

I am ashamed at fact that £50K isnt enough for us. Its our mortgage that cripples us. Only moved to south east 3 years ago, so even though we had owned houses in north, we were low down on the property ladder once we moved. Our house is standard terrace, 3 bed, rooms all quite small, tiny garden, but nice area, dh has a lease car from work, so outgoings on that small, we go camping in uk if we holiday at all, very rarely buy clothes, very very rarely go out. Seem to spend a lot on food £400 pm. We struggle to get to end of everymonth.

teeavee Tue 24-May-05 14:47:35

how many kids, pinkmama?

NomDePlume Tue 24-May-05 14:48:42

I have to say that we also pay maintenance to DH's ex-wife for the DSs which takes a sizeable chunk out too.

Ameriscot2005 Tue 24-May-05 14:48:48

20% more than we have

pinkmama Tue 24-May-05 14:49:18

only 2 (another due july). When we lived in York our annual income was less, but we did have more disposable income. I am quite embarrassed by our crap finances actually

Toothache Tue 24-May-05 14:50:24

Ameriscot2005 - Great answer!! Sooooo true.

pinkmama Tue 24-May-05 14:51:27

lol Americscott, think whatever we earnt that answer would always be true!

Lizzylou Tue 24-May-05 14:53:07

I firmly believe that there is no such thing as "enough"...my friend is pregnant and said she was worried about her crap maternity pay and that she couldn't afford to quit work....her DH earns well in excess of £150K!!!!! She lives in the north, too!

Ameriscot2005 Tue 24-May-05 14:53:21

I think it is "officially" true for most people - someone has done the research.

"Just a little bit more and I'll be happy."

janinlondon Tue 24-May-05 14:54:03

Dinosaur I would think this depends very much on the outlook of the family. ie: are you paying into a pension scheme, do you have insurance policies etc. Our insurance (house, contents, two cars, annual travel policy, life insurance x2) alone comes to a small fortune, but I'm sure lots of people simply don't bother with it?

Pruni Tue 24-May-05 14:54:52

Message withdrawn

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