What do you consider to be well off?

[Namechangestimes100]

What do you consider to be well off, for ease let’s say outside of London?

DH and I (early 30s) combined earn 85k base salaries (we get annual bonuses but as these aren’t a given and vary, can’t really include) We are most certainly not rolling in it. When I started working, 85k combined seemed like a lot, but with the increases in the cost of living, I do find myself worrying about money often, esp when i go back to work and we’ll have 2 kids in childcare . The 30 free hrs, doesn’t amount to a lot at all when split over the year with food+ nappies on top.

so i think well off probably over £100k a year?

what do you consider well off? For me it’s no money worries, you don’t worry about money.

( just because MN this is in no way a ‘brag’ post)

I got into loads of debt a few years ago and have just finished paying it off, so I'll be £500 better off each month. Just ay the right time, thank God. So I don't earn nearly as much as you but feel more well off than I have for a looong time.

People never think their own income is high, do they!

imo around 50k is a good salary.

i would say that being well off gives you options eg gym membership, private health care, buying what you want at shops, etc.

not being well off means watching what you buy, not having many if any luxuries, making do, no subscription services like Netflix

I consider you well off, with that salary you are in the top 10% of earners. The average salary in the UK is around £27,000. Me and my partner earn around £38,000 between us and I consider us well off compared to a lot of people I know. Yes I know it’s all relative and everyone has different outgoings etc but people are really really struggling right now. Anyone with a salary over £50,000 is pretty wealthy and out of touch if they think that’s not a lot!

Mine never is 😄

We have around £40k coming in. DH is retired and has a small pension - he will get state pension this year - and I work full time. We are better off than we have ever been weirdly, mainly because our monthly mortgage is tiny - under £300 a month. 3 dc, 2 left home and one with two years to go.
It sounds insane that on such a small amount we are 'well off' but it really is relative. With two salaries but a mortgage three times what we're paying now, we struggled, but now with a few savings (under 25 though) and less to spend out (well, student dc and grandkids but...!) we actually feel ok for the first time ever.

We have a household income of around £150K (sometimes more depending on bonuses). I'd say we are "well off" (we don't have to worry about bills, shopping, etc, we have holidays and can save for pensions and kids' futures) but we are not "very well off" - we can't afford private education for the children, which is quite unusual in the village we live in (we didn't realise what a wealthy area it was/is when we moved here).

We also drive old shit cars because it isn't a priority for us at all.

Haha!

im just putting it out there before it happens.

2 households and a child who needed (touch wood deliberate use of past tense) additional medical care that due to lockdown and the nhs pressures could only be provided privately

I earn around 35k and struggle. Its rent and electric/gas that's causing it. I'm a lone parent though so no sharing of bills. I don't have debt other than my car which I need to do my job. I only have a corsa so nothing flash.

Interesting to do the ifs comparison.

Salaries aren't a great determinant of whether you a "well off" or not any more. That's the reality. Especially in the SE where housing is expensive. Amount of inherited wealth/parental help with housing has a bigger influence on lifestyle for most people than salary. I know so many people on very average/low salaries who have a very nice lifestyle thanks to inheriting enough to never need a mortgage/pay off the mortgage when young

We have a combined income of £120k gross (me £76k and DH £45k). I considered us to be comfortable which I suppose others would call 'well off'. We live just outside of London so house prices and cost of living are still high - I work in London so have travel costs.

We no longer have FT childcare which makes a massive difference and no desire for a bigger house- we have a 3 bed detached in a nice area- or brand new cars every 3 years. Like a PP said we don't worry about heating and I don't check prices in the supermarket. We used to save around £1500 a month but now we save £1000 because of increased outgoings. I don't underestimate how lucky we are- it's not always been the case.

Similar, except swap the spade and trowel for running shoes!!

Completely agree with this!

Interesting question.

As others have said, so dependent on your outgoings. We earn £95k between us with me working part-time (0.75). We have 2 kids in independent school and a big mortgage, although we do have a lot of equity in the house (approx £500k).

We are currently living in our overdraft for about half of the month and have other debts. I worry about money now in a way that I didn’t 10 years ago when we earnt less and spent less.

I read the thread the other day about the lady with £7 left until the end of the week and was sympathetic but she actually had significantly more in the bank than I did at that point in time!

I am about to go back to work full time which should sort out cash flow out hopefully.

That does sound like the essence of well off though to be able to pay for private healthcare when the NHS can’t help. I’m in no way criticising though, I’m sure you work hard for your money and as @Ops1 said it does seem that everyone cuts their cloth to suit their means and thusly don’t always feel as well off as others would see them as because their struggles are unique to them.

Well off to me;
Can buy whatever they want, whenever they want it.
Can afford holidays, days out and treats without having to budget.
Can afford extra curricular activities and private education & healthcare for the children.
Don’t have to check the bank to ensure there’s money in for bills
Can afford to save a lot for a very comfortable retirement

I feel very well off with a combined salary of £63,000. We can buy a few luxuries, can save money, can go on holiday etc. We don't have the best cars or the biggest house but we do pay for childcare 3 days a week. I don't feel anxious about money though.

Well off is £2Ok pa more than whatever you earn now.

I'd consider 85k well off,
DH and I earn roughly 40k combined and live comfortably but we cut back a lot when I was on mat leave and we live within our means. I also think it depends on where you live, our rent would be probably near double if we were an hour down the road so we wouldn't be able to get by as easily.

Well, you have a household income that is more than twice the average so you have twice what most people have. Sorry it is not enough. Maybe you should have more.

You'd need a salary well over £300k to tick every box on your list! That rich Not 'well off'!

Wow, that’s brilliant ☺️

Well off to me Can buy whatever they want, whenever they want it. Can afford holidays, days out and treats without having to budget. Can afford extra curricular activities and private education & healthcare for the children.Don’t have to check the bank to ensure there’s money in for bills Can afford to save a lot for a very comfortable retirement

You easily need 300k for that these days.

Well, you have a household income that is more than twice the average so you have twice what most people have. Sorry it is not enough. Maybe you should have more.

Don't forget the importance of wealth though. I have an income of 5 x my neighbour but she paid 30k for her home & has a holiday home, far more wealth then me.