High earners - how do you spend your salary?

@Merryclaire Did they go on an austerity post and moan about it being depressing, though? You're being a bully.

Why are people so bothered by this? Knowing how other people spend their money is massively important for social mobility, otherwise you end up in a situation where the rich stay rich for generations and the poor may get rich for one then it's gone.

Personally we spend about 2/3 of our money on childcare, mortgage, savings into s+s isas, overpaying the mortgage (this varies based on childcare, we couldn't do this with 2 in full time). The other £2k ish goes on not worrying about food, eating out, and savings for the less regular costs like council tax and car insurance as well as some towards a rental mortgage.

We try to make sure we save as much as possible because we've both grown up in families with relatively recent experience of poverty. I'm aware we could make more by risking more but, for me, it's not worth it.

@orwellwasright 🤣🤣🤣

As an arguably not-wealthy person (average UK income, renting a terraced in a cheaper area of Eng) I don't think the vitriolic comments on this thread are justified. I assume these posters must spit on every luxury car that passes in the street, simply throwing their wealth in our faces when we can't afford petrol.
Title clearly shows what discussion is, fair warning if anyone is struggling and this kind of talk would be a bit soul-destroying for them.

I clicked on it as I'm nosy, and want to know what wealthy people actually spend their money on because I just think 'oh, investments or property'.

I draw out around a thousand each week in £50 notes then burn them in front of poor people.

Sorry op, Don't you know that anyone who isn't desperately paddling to keep their head above water isn't allowed to say anything on MN? I'm a single parent, FT teacher but have 0 left each month. I'm not offended by this thread. If you are, don't click on it. It's reality that actually not everyone is struggling to make ends meet and it's ridiculous to suggest those who are doing well should be ashamed of it and be quiet.

Lovely thread this morning when I don't have enough money to buy bread today

Getting cross about this thread is a bit like saying there shouldn’t be any threads about activities to do that with the DC, because some are struggling with infertility.

It’s a legitimate question to ask, if it upsets you that some people earn a lot then scroll on.

How useful are other peoples answers?! Surely it depends on your personal situation.

The faux ‘oh it’s so interesting to see what other people do’ is really 🙄

Sorry all the ghastly poor people on Mumsnet are bringing you down with their austerity posts.

We stash a fair bit away so, once the crotch goblins have grown and left home, we can spend our days eating out and getting well and truly shitfaced in our old age.

It's a different world, but I do have a high earning relative that I am close to and she supports her elderly parents ( in their 80's, scrimped and saved to send her through uni for 8 years including pulling down their pensions early, lower earners) . She is basically set for life but her greatest joy is that her her mum and dad can live without financial worry.

We earn around thst much and we can't save 1k a month for holidays - god knows where we are going wrong (x 3 kids no nursery feees (just paid last invoice ever))

mortgage 1,500
pension a few hundred goes in

Not very post on MN has to be dedicated to austerity.

OP is perfectly entitled to ask this question.

IVF!

Pension
save into S&S ISA so can retire early
overpay mortgage
holidays

Same as most people I expect
Mortgage
Bills
Childcare
Pension
Essential work expenses
Taxes/NI etc
Holidays/clothes/home improvements

Apart from opera, not much. Everything's paid for and the dc are grown up. Oh wait, half of ds's forthcoming wedding reception.

Still both working full time because we like work. There is nothing we need or want particularly so the money just gets reinvested.

And todays insensitive goady post award goes to.........

Good grief. You do realise that is give or take well over 4x the average persons salary.

I think some on here live in la la land sometimes.

We give more like 15% to charity. We also take on more wider family costs, e.g., my siblings are younger, so if we want to go on holiday together I tend to pay the big-ticket accommodation cost, while my sibs take care of food and incidentals (which works well for us from a time and planning perspective, too, because we have 3 young DCs and they have none!).

We’ve shaved 7 years off the mortgage ahead of schedule, and contribute the max allowable pension contribution each year where we live, while also saving (a bit) for the DCs’ future university costs.

We have our nanny more hours than we technically need her, because we have no family nearby to help in emergency childcare situations (kid off sick from school or daycare… which seems to be 40% of the time… it’s relentless!)

We probably eat out a bit more than average.

When my best friend of many years lost her job early in the pandemic alongside a major health scare, I chipped in 50% of her rent for a few months to take a little bit of the pressure off her until she got back on her feet.

Beyond that, though, we really try to avoid too much lifestyle inflation or excess consumerism. A large portion of my kids’ toys and clothes are second hand. We eat a fair number of vegetarian meals. We buy groceries at our local equivalent of Asad. We live in a lower-middle-class neighbourhood and the DCs go to the local state school (which we adore!). We’ll only go on a “big” holiday (on a plane) every couple of years; otherwise we rent AirBnBs a 2-3 hour drive into the countryside.

What a boastful thread and rather insensitive given the current financial situation a lot of people are facing. Why don’t you just go and pay a financial advisor to tell you what to do with your bloated salaries instead of bragging on mumsnet?

Good grief. What a truly unpleasant thread. At least there aren't any comments about 'giving back' and charitable donations. Then I might puke.

@TomatoorChips

Well yes. Or that.

Or people just lie- particularly about earnings