In thinking 40k income really isn't a fortune??

[mummymacbeth]

Yes, a thread about a thread kind of. And I am fairly sure it has been done before but still!

I really don't think a forty grand gross income is a fortune. Our income with two kids is currently a bit less than that, though has been that in the fairly recent past. It is - and was - a bit of a struggle. We are not in the south east, we do not have a huge mortgage, expensive cars, kids are at state school and we don't manage to get abroad every year. We are living from month to month. A "fortune" it ain't!! (ref the post about someone wondering whether to have a fourth child)

It's shared ownership,considering how sought after shared ownership properties are in this neck of the woods I would have thought there would be a waiting list.I'd also have concerns re re-sell value.It's a new development.I'd want to do an awful lot more research.

only one item on margerys list is true essential in terms of worldwide criteria

Actually having scanned the thread, I think owning and running a Jaguar is a shocking waste of money - but I'm not going to criticise somebody for chosing to spend what they earn how they wish.

Well this is an interesting thread. Whether or not £40,00o is a fortune depends on your outgoings surely. For a single person or a couple with a small mortgage and minimal travel costs it would be quite good. But for a couple with three or four children, two cars, and a big mortgage it might not be enough. I don't know how people manage a family and mortgage and two cars on £19,000 a year.

Rightmove links won't work from their mobile site, annoyingly. I haven't found £150k 3 bed houses in Surrey but there's a 3 bed in Farnham for £165k

3 bed Aldershot, £170k

They aren't really pretty (possibly ex-council) and the schools might not be great (haven't looked), I expect those who are denying this sort of property exists are effectively dismissing these sort of houses as not good enough for them. Which is fine, we all have our standards (mine is to only live in a city centre - so we can afford a 2 bed flat when our salary would get us a huge 6 bed detached if we moved to the sticks).

Dorking is nice in parts. Without looking at particular property though if you had to commute into London your looking at £3k commute costs a year for one person if they needed to commute. Add that to extra childcare costs if commute is longer than before and it could add up to a lot. Also does the property have central heating? Double glazing? All of this could lead to extra costs! What about having to get a new mortgage? Would people get as good a mortgage deal as before?

My point is again, it's all relative. Moving to an area with cheaper house prices doesn't mean more money or better standard of living.

A £150K house in Dorking is £150K for a reason.

Dp's parents live in a teeny cottage in that area and it's worth a huge amount more than that.

I did not know this. I've known many people that have au pairs as full time child minders. Not much point in them then if it's just for an hour after school.

I agree Margery. It really varies as to what people consider to be "essential". I spend about 200 a year on clothes, nothing on make up (usually get some as presents - family sending hints??), about 30 on a once-yearly haircut, never buy jewellery or perfume, don't travel except to visit family, don't have a gym membership (though this will change a few months after DC2 arrives, I really need it!), about 100 every 3 years on glasses - no contacts, no alcohol, cigarettes or gambling, second hand/hand me down baby stuff (mostly), and only very small gifts at Christmas/birthdays. But that's not a hardship as I don't enjoy spending money. For others I realise foregoing a lot of that stuff would be very hard, and I don't think there's any point in depriving yourself if you can manage to afford small luxuries. I suppose it's only when you're really stretching yourself to afford things that you do have to start being quite strict with yourself.

I was basing my opinion on gross income not net income.

which one is the affuenza? amazon has 3 one by oliver james(if its the quack im thinking about he needs a kick in the head and yep i do know him personally hes a tosser) so cant buy it on principle

or is it one of the others?

These houses do exist though! It's silly to say they don't. They just don't match a very strict criteria. I'm not saying everyone is silly with money but to be earning over 40k and struggling you are doing something wrong.

We live in a shit area which cost £135k at the height of the market so we are in negative equity. Only have 2 bed terrace. We have very few of what is on the list above by Margery. I get my hair cut with groupon vouchers about 3 times per year etc. Haven't been to the dentist in 4 years.

As others have pointed out, it's impossible to compare incomes without looking at fixed outgoings.

I earn quite a bit more than 40k but it's barely enough to live on because:

• I live in London
• I am a lone parent but earn too much to get any sort of benefits
• my childcare is over 1000 per month and I can't reduce the cost (no family to help, i work long hours)
• my mortgage is about 2000 on a tiny horrible house
• if I moved out of London I would find it very hard to find a new job

Marriedinwhite it's actually a monthly jaguar. I throw the old one out at the end of the month to make way for a new one. I like that new car smell.

Just seem its shared ownership. This would concern me. Friends bought shared ownership - it turned out to be a bad time to do it. Lots of others in their block have defaulted meaning the properties there are ten a penny. They have a large mortgage and are now in negative equity. If they want to start a family they will struggle due to space.

Other friends are just buying a shared ownership property. They've been on the waiting list for years. It's a 2 bed and admittedly is zone 2 so perhaps more expensive but one of them will save on commute costs. Total value of property is 500k. It's a 2 bed. They are buying 40% - rent plus mortgage on bit they are buying will be about £1600. It has no parking so they will have to fork out extra for a parking space or garage as one of them has a company car which is needed for work. The prices seem complete madness to me but then I rent at the moment and have no chance of buying for The forseeable future. They've chosen to take this risk as it's a way of getting on the housing ladder and I really hope it pays off for them.

krumbum you make an awful lot of assumptions. We had four au-pairs and it was a marvellous arrangement. The children were 6 and 9 when we started. The au-pair could work for 25 hours a week (ours probably only did 20), she looked after the children from 3.30 - 6 (with the odd slightly later evening), cooked their tea, played with dd and ds although ds was quickly doing his own thing as he got bigger). They went to language classes in the day time, did some light housework, made friends and it was generally very good. The biggest benefit was that the children spent the hours after school in their own home and teas with other children and after school activities could continue which is often difficult with a childminder.

It isn't an arrangement for children who aren't at school but is great for older children or to help a mother who works a bit from home. It also isn't working for buttons. As well as pocket money of about £90 pw now, they get a bedroom, bathroom, all their food, two return flights home, and 1-1/2 terms of language classes with us.

The last time this came up during the CB thing several people posted the disposable income between somebody on £40K and somebody on benefits-shockingly there wasn't a lot in it.

That Krum is why the op is struggling.

The price of houses in London gives me the sweats!

affluenza is bumptious ojames rubbish
I won't be lectured by an affluent oxbridge horah

Ps agree with scottishmummy that Affluenza by Oliver James is a terrible book! The man is incredibly annoying and wrong on many things.

You can get a 3 bed semi for £155k in Abbey Wood, London.

Me to Calin! We are unlikely to buy here.

That house in Thamesmead is pretty far out though and isn't it an awful area, or am I imagining it?

Any mumsnetters care to comment how nice Thamesmead is for £155k??

The guideprice is 155-180 so you probably wouldn't get it for 155.