What makes an adequate/comfortable/well off/extravagant lifestyle?

[DieAntword]

Just because I know there’s a wide diversity of incomes and lifestyles on this site, how would you personally see the minimum requirements for each category of lifestyle? What would be adequate to you? What would be comfortable? What would it take to feel “well off”? And what is the minimum you’d describe as extravagant?

Adequate - bills paid but nothing left over
Comfortable - bills all paid with money to spare for treats like nights out and short haul holidays
Well off - bills paid, perhaps mortgage free, lots of spare cash, long haul holidays
Extravagant - designer labels, travelling first class, ‘best of everything’ fancy cars etc

I’d describe myself as comfortable

For me

Adequate- rent or mortgage paid, household bills and food all paid for but nothing left over

Comfortable- The above paid but having some money left over for you to have a treat (dc to cinema that type of thing) and a holiday once a year

Well off- Mortgage paid off, all bills paid on time, lots of spare cash, going shopping and being able to pop what you like on the food shop trolley, nice clothes, nice car, holidays when you fancy

Extravagant- use of a private jet, diamond encrusted shoes

I’d say I was well off

Heh but couldn’t you say bills could cover rent on a hovel right up to a mortgage on a 4 bedroom in Kensington?

It's all relative.

I go on more than one holiday a year and I buy what I want at the supermarket but my income is only £21k a year so I wouldn't call myself well off! It's just because I live in a cheap area and only have one child.

Hmm I'm not sure I'd say having enough to pay bills, but no spare money for anything else is adequate. I'd say that was a different catagory- struggling.

I would say I'm comfortable. Income of just under 100k with around £1000 a month disposable. We have a lot to pay off in students debts, season ticket, mortgage.

In a couple of years when the student loan is paid off and I'm earning again, I'm hoping to feel more well off.

this is interesting

i would say comfortable i suppose

mortgage free,buy what i want in supermarket,never have to scrimp on the kids (clubs,clothes etc)heating on when i want.

but my income is approx £18k benefit but im good with money and seem to budget well

think its because no mortgage but then you have the upkeep and insurance but i think its not having the mortgage that makes the differrence in my case

I would say we are well off but our mortgage isn't paid off just yet. It is something we hope will happen in the next 5 years in time for DH to retire.

I would say to have a comfortable lifestyle in my mind it would be to have enough money to pay for bills,run a car each,go on holidays,eat out if you want,buy my daughter the latest trends which at the moment she's into anything that is Adidas 😆. Buy what you want food wise,not have to look at the price tags of things and not worry about paying for things. Going all out for Christmas and knowing that you haven't put yourself into debt for it,or for birthdays etc. We are comfortable at the moment. We have no mortgage and my husband brings in a good salary which helps,we also both have savings.But you never know when your circumstances could change,so am always mindful of that. It would be so nice to be in the extravagant bracket and not have a care in the world. Although money can't buy you happiness it certainly helps to makes things easier.

This is interesting... I’d describe my lifestyle as adequate but by the other two it’s comfortable.
Pay for my mortgage/bills and go out on the beers with DP 1/2 times a week and go away a couple of times a year (usually short haul)
I used to be on nearly double what I am now so maybe that’s why I feel broke

Extravagant- use of a private jet, diamond encrusted shoes

Diamond encrusted shoes, especially if they're the ones which cropped up in the papers today are not extravigant...they are obscene and completely lacking in taste

To be well off I'd say someone needs to have longer term wealth such as investments or property and be able to live the lifestyle they want- holidays, maybe private schools, buy more or less what they want.
I'd say we're comfortable: we have a large mortgage but also have a reasonable car each, at least two holidays a year ( short haul, occasionally UK), we can have a meal out or go to the theatre without really thinking about it

Adequate is just about meeting bills with maybe the odd treat but having to be careful.

It's interesting. We're probably well into what could be deemed wealthy but as we accrued most of it by work/saving/investing, so we live comfortably. I'd not be happy splashing/wasting cash. Rather have financial freedom.

assuming a 2 child family and decent money/budget management in each scenario

Poverty - inadequate/damp/unstable housing something has to suffer in order to eat, eg late paying gas bill. This is pretty consistent. Emergencies leave you utterly screwed.

Poor - basic housing (rented) everything is just about covered but it takes masses of knowledge and effort. No savings and very little hope of building up savings. Emergencies mean getting a loan/credit or other outside help and could potentially leave you screwed

Adequate - basic 2 or 3 bed house (rented or owned) everything is covered and a small amount left for saving each month for emergencies

Comfortable - larger/nicer 3 or 4+ bed house, everything is covered, plus nice holidays and savings for fun as well as emergencies

Well off - More than one nice property owned, everything is covered, nice holidays, savings, investments, privately educated kids without worrying about affording it.

Extravagant - Footballer type wealth

It’s not that simple.

I have a very expensive “hobby”, nice car, big mortgage, eat nice food. Just moved house so savings are gone.
I am flat broke once everything paid each month-if I had a cheaper car, no horse and smaller mortgage I’d be very comfortable.
For context we live outside London/SEast, no DC. Combined income circe £85k

Adequate- necessities are paid but not much left at the end of the month. Kids can do maybe one activity but I private piano lessons for example. Budget holiday that is well saved for and planned for in advance. This is how I grew up.

Comfortable- the above plus no great strian on finances and if the boiler/car breaks down it can be covered. Holiday abroad. Occasional meals out. New things bought when needed without much thought.

Well off- all of the above and a greater disposable income. So expensive hobbies, more travel, nicer clothes. Not having to make choices you can have both/all the things! Holiday home. Ski holidays. Private education.

Extravagant- no financial worries, a substantial portfolio, savings. Lots of overseas travel. Land ownership and multiple homes.

Adequate - bills paid but nothing left over. Don't have to make essential choices ( e.g. you can heat and eat), Kids don't go hungry but get basic presents at xmas or birthdays. Childcare may be a stretch and may cause sacrifices if full time. Both parent work Full time.

Comfortable - bills all paid with money to spare for a sunny holiday each year, kids able to do activities, run 1 basic but reliable car per adult, have to save for xmas but not go without , pension contributions through work, both adults working, childcare costs not worrying, small amount saved each month

Well off - comfortable plus a couple of spare grand per month to either enhance the above or save more. Might be able to have a stay at home parent if you chose to make the sacrifice in lifestyle as a family and weren't worried about career.

Extravagant - lottery win. Never have to work again

We're well off off those definitions.

I'm not sure what I am. After bills and all clubs etc me and dh have about £500 each to do with what we want but this does cover the kids clothes etc. But we don't really have any savings and save for a holiday each year. But we also don't have any debt apart from car finance and mortgage. We are never overdrawn but just can't seem to build up savings before something needs fixing/paying for etc.

Should say that £500 is literally what we have to use day to day so does disappear by the end of the month

So reading this I’m floating between poverty, adequate and comfortable

Interesting thread OP!

Adequate- managing to cover all the bills including fuel, groceries every month and having money to purchase decent food and reasonably good condition/quality used clothes, home items etc as needed.Not much spare for leisure activities etc though.
Living in a home just about big enough to meet requirements.

Comfortable- Able to afford all the above but all new and quality maybe designer clothes, home items etc if desired
Probably living in at least a bought 3 bedroom semi in decent area
Spare money for getting regular hair treatments (not just basic cut) and beauty treatments clubs or leisure activities such as gym membership, having services such as a cleaner, holidays or short breaks afew times a year at home or abroad
Newish cars but maybe mid- range brands

Luxurious- Able to afford all the above but top/designer brands of everything without any problems, multiple holidays abroad or expensive UK ones each year
Children in private schools (or could be if desired)
Staff such as cleaners and au pair or nanny if desired
Larger than necessary home
New more expensive brand flagship model cars

Extravagant
All the above
Sports cars, multiple holidays far away (if desired) to indulgent places
5 plus bedroom mansion
Staff such as cooks, butlers
Only shop designer

The thing is that once you can afford the basics we all make different choices. So we have 1 car that we will run into the ground and have only had 1 foreign holiday since the eldest DC was born. But we have a large house and substantial savings. I'd rather have that than 2 cars and lots of holidays. Likewise we could afford private education for our 3 kids but it would take up an entire salary and I don't think it's worth that much. So are we comfortable or well off? I'd describe us as comfortable but am very aware that only families with incomes well above average describe themselves that way.

Adequate - in employment, housing suitable for family, food on table, not in debt
Comfortable - enough money for hobbies/holidays/social life in addition to above
Well off - same as above but with big detached house and more disposable income
Extravagant - rich enough to splash out on luxury items without having to think about whether you can afford it or not (eg. flash cars, long haul holidays, designer clothes, private school)

Adequate- everything paid for with a budget for a holiday, presents, decent clothes, odd day out and small amount of savings. Not many choices.
Comfortable- like above but extra disposable income to save and spend on more holidays, bigger house, better car etc.
Well off- after everything is paid for and all wants and desires met there is money available for investments, savings, large property, second home, pensions and to help out the next generation.
Extravagant- Many income streams.
No money worries whatsoever, oodles of cash available, life of Riley.

I think a lot of the descriptions are affected by where you live and choices. So for example I’ve got a massive mortgage and I’m choosing to put spare money into overpayments, pension and investments for private schooling later on. On the surface I’m not meeting some of the criteria others have picked around cleaners, holidays etc but I could if I wanted to. Before children and before taking on the mortgage we could have been pretty extravagant but largely saved instead. People that had more outwardly ‘spendy’ lifestyles haven’t accumulated the same wealth that we have.

Also housing costs will vary hugely. I’ve known people have amazing lives in the north because their salaries were high compared to housing costs. In the south they’d have no where near as much financial freedom.

Being able to eat and pay the bills without worrying is adequate.
Having some money left over to spend how you want is moderately well off.
All the above but with savings and holidays is comfortable.
Rich is not only being well off but being able to buy cars and houses for your adult kids.