to think a 40K salary is not enough???

[slippytoes]

I've been offered a permanent full time job earning 40K, which at first sight looks great but....

I just realised this will stop all child tax credits!!! Then we wont have nearly enough to rent a 1 bed (let alone a 2 bed flat) in our current area.

We live in zone 2 (very expensive!) and moving is not an option since DD goes to school in the area and is well settled in... I dont want her to lose her friends and change schools!

Also, because the new job is full time I will need childcare, which also means extra costs! I was thinking of getting an au pair but we just cant afford it!

I am a single parent. I really want this job, it's a great opportunity. 40K is a decent salary!!! AIBU? How do people make it in London? Should I ask my new employer to pay me less? And how can I make this work? :(

GinAndIt That is MASSIVE!!!!!! Seriously, I would laugh like a crazy woman with all that space!!! And the garden looks fantastic, almost like a forest!!!! I'm getting really excited about this... but surely good schools catchment areas must be tiny!

thanks the ArticFunky, what is shared ownership? Buying with other people?

Don't live in London. That salary is more that enough if you don't choose to live in someone that is incredibly expensive. I don't move to the expensive part of my town and then claim that my salary isn't enough. 40k is a lot of money and seriously more than enough for two people. You can have a lot of luxuries too!

No it's part rent part mortgage.

However on looking at right move you might not even need to do that. A 2 bed modern house in Basingstoke is around £180k. If you go for a flat you could get even cheaper. Basingstoke is on the line to Waterloo.

I would definitely move out as you have the best of both worlds you can the buzz of London on the occasional night out after work but live somewhere that you gives you the opportunity to own your own home rather than paying a fortune to landlords.

Loads of industry in Basingstoke if you ever wanted to work more locally.

Ask for more money first. £40k sounds a lot but your prospective employers will know it doesn't go far in London. Take a deep breath and do it -- plenty of men regard the salary as an initial offer in a negotiation. See what you can do.

Then don't be afraid to ask about childcare vouchers. They can't exactly withdraw the offer on the basis that you've got a child. Though you might want to find out what Nigella's experience was first. At any rate, if it's vouchers of turning down the job, you've got nothing to lose.

Thants - Most people who can earn £40k in London, can not earn the same amount outside of it. Wages vary regionally, unless you work for an national organisation that pays the same everywhere.

Should also add that the train from Basingstoke to Waterloo is under an hour.

Have a look at the all the towns that have direct routes into Waterloo and that it from there.

You're getting a lot of encouragement to move, but you said your DD was well settled and happy at school, and I happen to think this is a very important consideration.

slippytoes, please go and do the maths thoroughly. I just don't think you've done your numbers enough. You say you're rubbish at budgeting - don't be rubbish this time, go and work it out fully before making this decision. It will only take you an hour or two, but it will take you that time to do the maths right.

Incidentally, you can live in a 1-bed in West Hampstead for £1500pcm. There are some 2-beds at that price as well, and W Hampstead is a pretty expensive part of Zone 2. A lot more than Kilburn, where that money would get you rather larger 2-beds.

we live in London on less than that. at one point we were paying well over 50% of earnings, now it is less. we have managed fine, it is nite a life of luxury but can afford to go for the occasional meal and drink.

twickenham is only 15 mins to waterloo, best schools in London and plenty of green space.

Thanks HomeHelpMeGawd.

I think I will accept the offer and then work things out around that. It would be very good, however, to have financial advice and help working out my real costs. Do you know of any charity/organisation that provides advice, or do you think I should getting an accountant? Needless to say, apart from my natural ineptitude I find the English system especially complicated, so I really think I need help.

Don't know if this service might help.
www.moneyadviceservice.org.uk/en

Perhaps you could try the Citizens Advice Bereau.

I am assuming you are currently in work - if so,I would give thought to staying put and keeping your DD in a stable situation.

If you aren't in work,I think you should take the job,and see how it all pans out with living where you are,and whether you can come to reciprocal agreements with friends to help with childcare etc.

Agree with others that you should think very carefully about moving if you and your dd are happy and have a good network where you are. However, as a displaced North West Londoner myself, I came to Hither Green 12 years ago and couldn't be happier. Connections are brilliant, it's a wonderful, inclusive and friendly community with fantastic schools (5 of our 6 nearest primaries are outstanding), and I can't imagine uprooting now even if I could afford to live in North London, much as I still love it there. We live just the 'wrong' side of the tracks from the Lee Conservation area, and dd goes to a lovely primary school. If you do decide to move (you can get a lovely 2 bed for £1200 pcm or less around here) then feel free to PM if you'd like chat.

Incidentally, I am on 40K and I get the full complement of CC vouchers, as does my husband, who earns similar. They are a fantastic benefit - when I stopped them briefly over the summer I was shocked to see that the £243 in vouchers translated to less than £170 cash, which really adds up.

i totally appreciate that £40k is a struggle in London even if it does sound like a good salary. Good luck whatever you decide.

Thanks!! Grennie I'm looking at their beginners guide now.

Thanks booksshoescats. Sounds like you are really happy in Hither Greens!

Yes, try money advice first. Should be good enough. You don't need an accountant

Give them a call on 0300 500 5000.

Explain what you're trying to do (work out new net income when you take this job) and ask for their help to get the sums right!

Move south of the river but still zone 2 or serviced by overground rather than tube so it will be a bit cheaper. Or even the next area away from where you are presently. Or Bromley, Blackheath,Sidcup all have got links to London Bridge so not far from the new work place.

www.hmrc.gov.uk/taxcredits/index.htm

www.moneysavingexpert.com/deals/special-offers/

I don't know many people on more than £40,000 a year.
And the people I know in the main seem to manage quite well
It's strange that people on that amount of money are on benefits.

It's strange that people on that amount of money are on benefits.

No doubt I'll be shot down in flames for saying it but there has to be something wrong with a society that pays benefits to someone on more than £40k. Benefits (which are collected as taxes from people often earning much less) should be available only to those who cannot earn an average living wage, and not to subsidise someone who choses to live in an expensive area with an inflated cost of living.

But if the OP takes the 40k job she will lose her benefits caruthers and Sallying. People earning 40k don't get benefits (except CB) so I'm not sure what your point is?

I thought the point was very clear. Benefits should only be paid to augment low salaries, and many people (apparently including the OP) consider £40k to be a good salary.

But you don't get benefits on £40k Sallying.

Your point is not clear to me!

Exactly Sallyingforth life's is unfair for a lot of people and whichever way you look at it £40,000 a year is a lot of money.

Myself and Mrs Caruthers don't earn that with both our wages.

And even with one wage coming in we recieved no help.