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)

We'd fall into 'well off'. Joint income of 95k, no chilcare, teeny mortgage. We've worked up through the years, so still live like we earn 55k to be honest. I think that helps to keep us feeling flush as our outgoings are based on a much smaller income.

I would say 85k is a lot and comfortable but it depends where you live for example as its all relative. If you live closer to London, houses are more, food prices, nursery etc. As OP didn't give a breakdown of expenses I feel we can only say yes or no to the question really. Things are tough for everyone atm with the increase in utilities thats for sure :(

ah I’d love you earn your Salary! What is it you do?

i actually bought a pair of m&s jeans a few weeks back and I do like the fit, so even when I’m on the big bucks, they’re staying haha!

It’s relative…to debt in particular!

i would say with no debt £100-120k combined is needed in the south east of England to be ‘well off’. Without debt we would be comfortable but not be able to be frivolous on about 70-80.

I work in finance. My colleagues who are well off are in the £200k salary bracket. No idea what their partners earn.

it’s easier for couples - each is only responsible for half the mortgage and bills.

Oh me too! Although I imagine you are several notches or career bands above me! I’d imagine on 200k you coming close to C level?

what area are you in? Banking? Insurance? Advice? As we’re all anonymous here, truthfully I’m finding it quite hard to progress not helped by 2 babies in 2 years which pretty much has meant 4 years not progressing. Sigh

We have combined about the same but still renting due to debts. So I don't feel well off

Well off would be owning property outright or having a fairly small mortgage due to a large down-payment. Weekly shop to include luxuries without checking the amount. Running two cars. Decent foreign holiday every year and a few UK breaks on top, paid cash not credit. Able to put the kids in whatever activities they wanted and child care. Able to buy all our clothes and presents new. Decent amount into savings monthly. Extra into pension monthly.

Not sure the numerical value of that but prob around £80-85 I reckon

When you dint know what's in your account nor worry about if you have enough before spending

I think it’s about not worrying about money. Dh and I collectively make maybe 100k a year ish (Dh self employed so no set salary, but on average year to year). Sometimes we forget to put the money in the right account and go into overdraft, but we never worry about running out of money at the end of the month. We don’t have dc in private school. We don’t usually go on a foreign family holiday every year (though Dh and I do travel individually a bit). But we have a lovely big home and a lovely lifestyle and we almost never worry about money. I would consider that ‘well off’ given so many people have to struggle just to cover basic essentials. I think we’re quite fortunate.

Imo it doesn't matter what your salary is, it depends on how much disposable income you have every month.
You can have a mortgage free house but if you can't afford some extras you aren't well off. You can earn 300K and after outgoings scrimp and save.
Imo wealthy is having a lot of disposable income - enough not to worry about necessities and enough to buy non necessities (within reason) e.g. travel a couple of times a year without saving up for it.

That sounds more like being well off but very bad at financial management.

Anyone who earns 300K and then spouts off about not being well off would sound ignorant to me.

nb I am talking about 'normal' life, before anyone mentions extreme events like having to pay a ransom or needing to airlift themselves off a mountain having no insurance which wiped them out.

It doesn’t have to be extreme events.
People on a high salary will buy more expensive houses, get bigger bills, get newer cars, send kids to private school as that is what most around the area they have chosen will be doing.
Few people on 300K will live in an undesirable area where houses are cheaper and where they can accumulate their wealth.

The more people have the more they spend.
Add to that contributing to the care of an elderly parent or having bad health themselves or a sudden redundancy and things can spiral downwards very quickly.

The remainder after outgoings are what determines well off - financially at least. .

Keeping the roof over my head, Utility bills paid and not hungry 😳

We are a high income household but it doesn’t match the lifestyle I’d have expected at the salary. This isn’t a woe is me post at all but reflective of high cost of living. Firstly a lot goes into pensions. That is absolutely a choice (albeit influenced by tax regime) and will be a benefit later on but we don’t get to see it in the now. Secondly childcare. It really worries me how people earning more normal wages can manage if we really notice it. We don’t get access to tax free childcare or the 15 extra hours and hopefully that makes a difference for many families but I think there should be more subsidies or more and more women will drop out of work. Once the nursery bill goes we will feel a massive difference.

We've also reached the point where the stress of us both working doesn’t feel like the right balance but don’t feel confident to drop to one salary.

*People on a high salary will buy more expensive houses, get bigger bills, get newer cars, send kids to private school as that is what most around the area they have chosen will be doing.
Few people on 300K will live in an undesirable area where houses are cheaper and where they can accumulate their wealth.

The more people have the more they spend.*

Well by that definition, maybe only people like, I don't know, the Queen are well off.
The person on a 300K salary CHOOSES to live in an affluent area, send kids to private school, get fancy cars. If they then don't have the disposable income to go on holiday or go out to eat then they can't complain.

I find it quite distasteful actually.

Yes of course it’s choices but the question is what constitutes well off. Well off is when you have disposable income after outgoings whether those outgoings are school fees or nursing home fees for an elderly parent, it is still less money.
Worrying about money is stressful. Disposable income means options. School fees/pension/mortgage/travel - a nicer lifestyle but still stressed about money.
Well off is having those things without stress and many people do have that lifestyle. Not m sadly!
Rich is different again - imo rich means the money pours in without you ever having to consider costs.

Yes of course it’s choices but the question is what constitutes well off. Well off is when you have disposable income after outgoings whether those outgoings are school fees or nursing home fees for an elderly parent, it is still less money.
Worrying about money is stressful. Disposable income means options. School fees/pension/mortgage/travel - a nicer lifestyle but still stressed about money.
Well off is having those things without stress and many people do have that lifestyle. Not m sadly!
Rich is different again - imo rich means the money pours in without you ever having to consider costs.

Yes of course it’s choices but the question is what constitutes well off. Well off is when you have disposable income after outgoings whether those outgoings are school fees or nursing home fees for an elderly parent, it is still less money.
Worrying about money is stressful. Disposable income means options. School fees/pension/mortgage/travel - a nicer lifestyle but still stressed about money.
Well off is having those things without stress and many people do have that lifestyle. Not m sadly!
Rich is different again - imo rich means the money pours in without you ever having to consider costs.

Yes of course it’s choices but the question is what constitutes well off. Well off is when you have disposable income after outgoings whether those outgoings are school fees or nursing home fees for an elderly parent, it is still less money.
Worrying about money is stressful. Disposable income means options. School fees/pension/mortgage/travel - a nicer lifestyle but still stressed about money.
Well off is having those things without stress and many people do have that lifestyle. Not m sadly!
Rich is different again - imo rich means the money pours in without you ever having to consider costs.

Yes of course it’s choices but the question is what constitutes well off. Well off is when you have disposable income after outgoings whether those outgoings are school fees or nursing home fees for an elderly parent, it is still less money.
Worrying about money is stressful. Disposable income means options. School fees/pension/mortgage/travel - a nicer lifestyle but still stressed about money.
Well off is having those things without stress and many people do have that lifestyle. Not m sadly!
Rich is different again - imo rich means the money pours in without you ever having to consider costs.

Well off is having those things without stress and many people do have that lifestyle.

But the lifestyle you are describing includes a large mortgage and school fees.
If someone tells me they earn 300K and don't feel well off because they've got a huge mortgage and send their kids to private school, I'm afraid I would have no sympathy for their financial stresses.

I think we will just have to disagree as I think we're coming at it from quite different angles.

Yes of course it’s choices but the question is what constitutes well off. Well off is when you have disposable income after outgoings whether those outgoings are school fees or nursing home fees for an elderly parent, it is still less money.
Worrying about money is stressful. Disposable income means options. School fees/pension/mortgage/travel - a nicer lifestyle but still stressed about money.
Well off is having those things without stress and many people do have that lifestyle. Not me sadly!
Rich is different again - imo rich means the money pours in without you ever having to consider costs.

North England. Previous to this post I consider us to be comfortable but now I realise we may be well off because:

• Joint salary of £103K
• company cars
• able to save for only child to go to private school
• I have a horse
• we have some modest shares/investments but only a few K, nothing amazing

BUT modest 3 bed semi and no plans to upgrade yet as due to pay mortgage off at 50yrs old (we may upside once mortgage paid off). Also if husband lost his job then we would struggle as I earn circa 31K so most of income is from his salary. We don't splash the cash on eating out much and the 2 holidays this year are in UK although admittedly previous years have been 2 foreign holidays per year. We aren't in debt apart from mortgage and credit card is pretty much paid off the month we put anything on it however we don't buy many clothes/luxury items and we hardly ever go overdrawn on our accounts. I do feel we are extremely lucky to be in this position but we still worry about the security of employment and try to save for a rainy day. When we were younger I always thought of 70K joint income as the aim to be able to live without worrying too much about money and that has definitely been the case.