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Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

High earners - how do you spend your salary?

988 replies

Citygirly · 21/05/2022 10:03

DH and I earn just under £140k combined.

We do maximum pension payments (his is 9% as NHS) and we also give about 10% a month to charity.

Other than that, we plan to start overpaying the mortgage. We invest £1k a month (so £500 each) and save £1k for holidays. We of course do general/specific savings but then have a good chunk left over for disposable income.

AIBU to ask other high earning households how they tend to allocate their money? Just want to see if we could be using it better or this is about right for comparables.

OP posts:
DeedlessIndeed · 22/05/2022 18:53

Mortgage overpayments and renovation costs on a big, listed house. Literally that is it. It is a money pit!

Lovemyheathershimmer · 22/05/2022 18:53

OMG12
thank you for that! Love it 😂😂

qtpa2t · 22/05/2022 18:49

Agreed. We're one £180k combined before bonuses and shares etc and in central london with a second baby on the way it feels pretty normal. Some savings, some pension, some holidays, a LOT of rent and nursery (saving for deposit)

lancsgirl85 · 22/05/2022 18:49

@OMG12 you've just made my evening. Thank you. I'm bored at home with the DC you see, while DP works a night shift in his mediocre 30k a year job.... 😬😂

BellePeppa · 22/05/2022 18:48

Citygirly · 22/05/2022 18:40

Thank you. A question to you and all who pay private school fees. In what ways do you think it is much better than outstanding state schools? What is offered above and beyond state schools and do you think you get value for money? Asking as I didn't and go and my friends don't yet have children.

Show quote history

If you have an outstanding state school then you might as well go for that. My kids only went to private school as there was only one state school and it was terrible. The teaching at the private didn’t really seem any better but their pastoral care and lack of bullying was worth the money alone. Due to personal stuff the fees ended up being one almighty headache causing me sleepless nights so make sure you have every contingency covered for when life throws you a curveball.

lancsgirl85 · 22/05/2022 18:47

OMG12 · 22/05/2022 18:42

Well Tarquin is 5 now so we have just had to shell out for his own Butler, Penelope will only wear designer now she’s 18months.

quite a lot goes on weekend shoots in grouse season.

in fact we struggle so much some months I’ve had to start making my own jam.

cost of living increases are a nightmare. In fact my DH (with his very important job) is considering having to give up one of his mistresses which he’s concerned about as he might actually have to do the hobby he’s been saying he’s been doing for the past 10 years!

😂😂😂

Mumofbear0411 · 22/05/2022 18:44

Private school. Burns a lot of cash 😬

Howmuchwood · 22/05/2022 18:44

The private schools near us have much smaller class sizes, more clubs, nicer classrooms, better equipment and better sports facilities. To live in the catchment area for the best state school in my area a house would have been £100k+ more than what we bought for.

OMG12 · 22/05/2022 18:42

Well Tarquin is 5 now so we have just had to shell out for his own Butler, Penelope will only wear designer now she’s 18months.

quite a lot goes on weekend shoots in grouse season.

in fact we struggle so much some months I’ve had to start making my own jam.

cost of living increases are a nightmare. In fact my DH (with his very important job) is considering having to give up one of his mistresses which he’s concerned about as he might actually have to do the hobby he’s been saying he’s been doing for the past 10 years!

Original poster
Citygirly · 22/05/2022 18:40

Spaceshiphaslanded · 22/05/2022 18:34

School fees

Thank you. A question to you and all who pay private school fees. In what ways do you think it is much better than outstanding state schools? What is offered above and beyond state schools and do you think you get value for money? Asking as I didn't and go and my friends don't yet have children.

OP posts:
Original poster
Citygirly · 22/05/2022 18:37

NeedAHoliday2021 · 22/05/2022 18:25

I always read these threads and wonder if people are totally oblivious that people earn less than £100k and live in London? The “it won’t go far in London” comments referring to £150k are mad… goes a darn sight further than £40k!

dh and I earn £100k between us and live very comfortably. Are we millionaires? No, but we’re not poor. What an odd thread. Nhs pensions are also set so not sure how you’re “over paying” and none of the bands are 9% so that’s bs. What do people get from lying on mnet?

Clearly you have poor comprehension skills. Where in my OP did I say we "overpay" our pensions? Please direct me there as I'm unable to see that.

Further, have you read through all my posts? Your post would suggest not.

OP posts:
Spaceshiphaslanded · 22/05/2022 18:34

School fees

BellePeppa · 22/05/2022 18:33

CockSpadget · 22/05/2022 14:41

Only on MN do you see people declaring that £150k a year isn't a high earning income.

Show quote history

People think if they deny their good income it makes them look virtuous and humble. 🙄

NazMedusa · 22/05/2022 18:31

Nice cars, high end makeup and skincare, pensions, investments, good food, eat out regularly in nice restaurants, regular days out, nice clothes for the whole family (we have 3 kids). Also saving towards buying another property for rental purposes.

Lovemyheathershimmer · 22/05/2022 18:31

Sizzer40 · Today 18:27
I apologise if your taking the pi**

Lovemyheathershimmer · 22/05/2022 18:30

Sizzer40 · Today 18:27
I’m single and live alone and I’d really struggle to get by on £140k a year, I don’t know how you’re managing that as a couple. But you’re doing the right thing by asking for advice given the current climate, you must be struggling. Have you tried Martin’s money tips? Good banks?

haha good try! 😊 another embarrassing post!

lancsgirl85 · 22/05/2022 18:30

@Sizzer40

I assume that's sarcasm!? I can't tell. 😂

BellePeppa · 22/05/2022 18:30

BruisedPlum · 21/05/2022 12:24

What a depressing thread.

Not really reading the room is it?🤔

Sizzer40 · 22/05/2022 18:27

I’m single and live alone and I’d really struggle to get by on £140k a year, I don’t know how you’re managing that as a couple. But you’re doing the right thing by asking for advice given the current climate, you must be struggling. Have you tried Martin’s money tips? Good banks?

MangshorJhol · 22/05/2022 18:27

So I earn roughly 140K in USD…DH earns about 3 times that.
We live in a VERY expensive US city.
We now pay school fees (kids were in public school till the pandemic). Roughly 70K a year for 2 kids.
Mortgage mostly paid off.

Dh has also paid off his student loans.
DH’s parents moved in from the MidWest to live with us so there are 4 adults and 2 kids in our house. I also send money home to my family in India.
Pensions.
The big one: gold plated health insurance for all of us (including my in laws).

We invest a little bit more.
We have two bog standard cars.
We have a cleaner twice a week (it was once a week before the in laws moved in).

No mega holidays- lots of road trips/hiking/national parks etc.

We buy a lot of books. That is basically our sole indulgence. And we buy good quality produce to cook with.

Muminthewoods19 · 22/05/2022 18:25

Technically high earning but with 2 under 3 it all goes on mortgage, childcare and the weekly shop, we're running out of money by the end of the month and jointly earn 120kish but live in Kebt

NeedAHoliday2021 · 22/05/2022 18:25

I always read these threads and wonder if people are totally oblivious that people earn less than £100k and live in London? The “it won’t go far in London” comments referring to £150k are mad… goes a darn sight further than £40k!

dh and I earn £100k between us and live very comfortably. Are we millionaires? No, but we’re not poor. What an odd thread. Nhs pensions are also set so not sure how you’re “over paying” and none of the bands are 9% so that’s bs. What do people get from lying on mnet?

Wonderfulstuff · 22/05/2022 18:17

JenniferPlantain · 21/05/2022 12:21

We buy poor people and once a month we release them into a field and hunt them for thrills.

My favourite post.

NoFitStateMum · 22/05/2022 18:10

Howmuchwood · 22/05/2022 14:01

Whether you feel wealthy or not is all relative isn't it. We earn in the top 5% nationally but we spend a lot too:
Childcare £2500 per month
Mortgage £1200 per month
Council tax and utilities £750 per month
Kids activities £200 per month
Food £800 per month

And thats before kids clothes, shoes, saving for holidays etc. We chose a big house and full time expensive childcare to maintain our careers while our DC are still young. Hoping it'll pay off in the next 5 years once they are all at school, although if we choose private schools we'll probably be spending even more than current childcare costs!

What is the top 5% nationally? I've no idea where we stand with all that.

LoveLifeBeHappy · 22/05/2022 17:44

In this order:

  • Mortgage
  • Child
  • Car
  • Gym (Personal Trainer)
  • Personal Chef, food
  • Physio/Massages
  • Clothes (mainly shoes and jackets)
  • Gadgets
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