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)

I think if somebody is an SAHM then their partner should be able to claim their tax allowance. Years ago there was a married man's allowance. I think this should be resurrected and partners should be able to claim the tax allowance of the other person if they don't work. This would also free up some jobs if people would rather stay at home than work.

When we moved to Ireland we looked at buying a three bedroomed house. A fairly bog standard one in Cork was ?330k at (in 2006). We kept renting. The same houses are lucky to fetch ?170k now . Talk about dodging a bullet! So many poor sods in massive negative equity, including my friend who bought a two bed flat in a small village outside Cork for 270k, she would be very lucky not to get 100k for it. A large mortgage can be a real trap alright!

very lucky now

Do you think prices will fall any further in Ireland. I didn't know they had gone down by so much. That's dreadful.

Viviennemary, yes I think they will fall some more. The country is in a terrible state, over 14% unemployment, massive emigration, a huge deficit, and the goverment is bringing in a new property tax. We're planning to leave the country next year. There is little point in buying a cheap house if the rest of the country is completely banjaxed!

It is all relative. Generally the higher your income the higher your outgoings.

DP and I have a much higher combined income than £40k and we would probably struggle on such a reduction.

A sahm whose income is £9,000 - £20,000 may think that is a huge amount of money.

It depends wether you live within your means or not.