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)

Well over £5k pa to get into London to work. £££ on suits and £60/month to get the buggers dry cleaned.

I think it's a low income. In London it would be difficult to survive on that and have a decent standard of living.

Even 90k, in London, is just comfortable. By the time taxes have been deducted, insurance against redundancy, provision for a good pension and healthcare, it doesn't leave a great deal. As said earlier, perception is part of it all. If you aware of others who are partners in firms who are earning over £600k a year, having a good holiday every few months, then your opinion becomes skewed. When a terraced house in SW London is over a million and you know that there are houses worth over £1.5 in street after street in those areas, you realise that although you are certainly not poor, you're not in the very top percentile either.

At the other end of the extreme, some of the people who are living comfortably on that sort of income might be living in welfare funded accomodation - whether that is a council flat or house or renting a flat where the landlord is paid by the council. They don't have to worry so much about paying a mortgage, financing how the roof will be fixed or rewiring the house as much of the maintenance will be out of their hands and paid for, ultimately by the taxpayer. Unfortunately, there is always a group of people in the latter category subletting of council accomodation and taking cash in hand payments while accepting benefits. Their money goes further than someone attempting to work in an admin/managerial/teaching job on £40k and paying for commuting costs on top of that.

TalkinPeace2, of course some of those commuters are on a lower wage.

I personally know them.

But Talkin - people on those lower wages are therefore not needing these more expensive clothes.

Spuddy if those suits and shoes last 10 years I shall eat my hat. DH had three suits made with two pairs of trousers just before DS was born (to stock up because we knew expensive years were coming). DS was born in 1994 - DD was born in 1998 and by then they were very very worn indeed - well we were too)

what on earth do the chaps do to the shoes to make them look dreadfull or fall apart?

is it possible you got faulty pairs,if this was recently try taking them back just incase. they should last longer than that.because thats just bad (of the manufacturer not you unless they i dont know cook them)

my last husband owned 3 pairs of shoes all barrets or the other simmerler shoe shop and only those 3 for the entire 8 years i knew him.

Dita, if you are living on 16k, how much are you paying on rent or mortgage and on childcare?

Dita.

Ditto, we do too. In fairness though it would be hard without the FTC and cb.
We don't have mortgage anymore which is a huge bonus but this is only pretty recent and we managed ok before.
People do find it hard to understand that it is quite acceptable to be in this position. We have 2 older dcs and when they were little there was no FTC/ WTC/ childcare subsidy and we also managed on one minimum wage.
I agree with others, you cut your cloth accordingly.

'NONE of those people are on anything LIKE below the median wage ; it does not EXIST at commuter stations at 7pm'

OF COURSE THEY ARE!

Ok we never paid into private healthcare or pensions (we did for life insurance though), so there's another reason we were comfortable living in wandsworth in London with a mortgage (2bed flat) on £45k

I don't disbelieve you ditavonted. But I can't see how it is possible. I'm not sure how much tax credits it would be. But can't see how it can be done assuming it's a family of four.

How do you think people start out! Lots of those commuting in will be on £19k - £25 before tax and have to get the look without the cash!

Ok
mortgage £237 - very good interest rate and made a profit from our flat that we bought from plans. nice 3 bed terrace does need some work though.
food £300
Bills £300 ish
petrol £50
swimming £40
Sky £55
pet food £40
clothes and shoes and other sundries 100
overdraft 100
credit card 100
total 1322
dhs income 1122
plus tax credit about £400
cb £130
leaving us about £300 for spending and saving towards xmas/ hols.
can be tight if something unexpected but generally we do alright. :)

Mortgage of £237?!?!! I'd be laughing too!

bergamot why did the comment about social housing need to have a crime/fraud coment tacked on?

perhaps people on any benefits inc cb/ctc/childcare element could also include those amounts in the total income,no need to say there benefits just concider it total income. it may very well help reduce a few myths

married you are probably right about the shoes! but i think the suits should last, one he's had for 3 years and it still looks new. I do make sure they are dry cleaned and rotated and I suppose with a dress down Friday and days now working from home they are seeing less wear. He now has to brief quite important clients and the US state dept, so he wouldn't want to wear anything cheaper (confidence i suppose). But 3 years ago when he bought the first one he was on 27k. Clothes are important in some professions. I, on the other hand, can wear a smart pair of trousers and shoes from new look.

reinds me why we left our good jobs in London :) we pay less for our family home than I paid for a room in a scary house share in camberwell.

lynette - I did my breakdown earlier in thread of all my direct debits.Easy to live on that much imo

Dita.
Yours is pretty similar to us without the mortgage, we were paying £280 per month.
However, our income has gone down this year and will be more like £14k but FTC has gone up so all relative.
I know we will manage and are quite lucky that all the family have been brought up on the attitude of what do we need not what do we want. As parents we felt this was the best life lesson.
It may not be a standard of life that everyone would consider but it is possible. I'm sure we will still go on holiday next year.

Spuddy when DH and I married his inside leg and waist measurement were the same - it did't last for 10 years.

Dita, my mortgage alone is all your outgoings put together!!!! If I was paying £237 a month on a mortgage I would also think £40k was a huge amount of money! Plus your house is bigger than mine.

it also helps that our idea of a good day out is ikea for the £1 breakfast, play at their fun bits and buy some lovely lovely tea lights, then we have lovely romantic night with said lovely tea lights which counts as our night out ;)

Haha! yes you are probably right there married altho his waist has never been the same as his leg as long as i've known him! We are battling to try to get it back to a 38 atm.

Thanks for he phone info Cailin and sock :)

bling, bloody hell move up north, its lovely and not nearly as rainy as people say.