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Original poster

Cant live on 50k? (article)

159 replies

BlancheBlue · 26/08/2016 11:48

I know these sort of things are designed to annoy and are probably twisted but families with £50k + income complaining about "no foreign holidays" and "oh my god I buy clothes in supermarkets" need to realise they are pretty lucky Angry

www.dailymail.co.uk/femail/article-3759081/Why-families-earning-50-000-broke-end-month-figures-say-couldn-t-pay-unexpected-bill-500-four-explain-money-goes.html

OP posts:
MargaretCavendish · 26/08/2016 13:50

I also don't believe the first family when they say they spend absolutely nothing on takeaways/going out. They might not be having date nights, but neither of them ever, ever meet a friend over a coffee? When they go on their 'holidays' to see his parents there's no chance of grabbing lunch when they're out?

This is another problem: people tend to massively underestimate what they spend on these kind of little, creeping costs. Again, when we had less money than we were used to and so actually sat down and went through every single outgoing I was absolutely shocked at what I spent on 'quick drinks'. If you had asked me I would have told you, believing this to be entirely honest, that it was half that.

SandyPantz · 26/08/2016 13:53

We had 7 family birthdays this month, mostly nieces and nephews who we are expected to put £20 in a card for (adults have to make do with kids crafts at the mo cause we can't afford "real" presents)

A cheap local hall and DIY food and entertainment kids party costs us about £100 but now that they're bigger they don't want that, they want activity birthdays - go ape type stuff, that's a lot more per head

Heres the killer: Their wealthy cousins don't have to spend nearly as much on their kids birthday parties, because they have large gardens to put gazebos and tents in and room for sports or teenage tent sleepovers. We can barely swing a cat let alone 7 ten year olds! so birthdays cost us much more.

Then there's the £5 a pop presents for school friends.

We tend to use birthdays to buy the big things the kids need anyway like bikes, but it's still an expense

If the couples in the article are saving monthly to spread out birthday expenses, I think that's quite sensible

MargaretCavendish · 26/08/2016 13:54

If you cannot afford or cannot be arsed to put a tenner a month aside for property maintenance, then you should stick to renting.

A tenner a month?! How far do you think that would get you? At that rate it would take you over a decade to build up enough savings to cover the cost of a new boiler!

SandyPantz · 26/08/2016 13:55

This is another problem: people tend to massively underestimate what they spend on these kind of little, creeping costs.
I agree, coffees out add up to one of our most significant expenses, but so long as we can scrape by I have my limits, we cut back on so much, it's the last thing left to cut back on.

SandyPantz · 26/08/2016 13:57

If you cannot afford or cannot be arsed to put a tenner a month aside for property maintenance, then you should stick to renting.

PMSL, that would only cover two call out fees, before any repairs or parts!

Artandco · 26/08/2016 13:58

I can understand £50k being ' not enough' yet not living in any way a 'good life with plenty of cash spare'

As an example 2 years ago we had two children in childcare:

Nursery £80 per child, per day. £400 each per week (£800 for two), = £3200 per month for full time London childcare for two.

Our rent on one bed flat is £1750 a month.

= £4950 just on accomadation and childcare. That's without food and bills and anything else

Lucky for us we didn't need both children in childcare full time so paid less as less days/ hours. But that's what the fees were and many at the nursery did need full time childcare

To afford almost £5000 a month in just childcare and a one bed flat you would need a take home pay of £60,000 after tax ( around £90,000 annual before tax) Of course you also need to pay bills and eat, and children clothed etc. So that's £100,000 easily to live a lifestyle of two parents working full time, full time childcare, and a small flat, plus bills and food

MargaretCavendish · 26/08/2016 13:58

Sandy I've forced myself to stop buying takeaway coffee, but still buy coffee either with a friend or to sit and read/work in a coffee shop. I think £3 is too much money to spend on just a coffee, but actually quite cheap for a leisure activity.

Artandco · 26/08/2016 13:59

£10 a month? That's £120 a year. What property maintainace is that? A new boiler is £££,

Artandco · 26/08/2016 14:00

What if you need a new fridge? You can't buy a fridge for £10 a month saving

CremeEggThief · 26/08/2016 14:00

Just5 and anyone else who gets a kick out of being frugal or budget aware, you would be welcome to join us on the Frugaleers threads in the Credit Crunch section.

SandyPantz · 26/08/2016 14:01

And maybe it's just me, but I only ever need an emergency plumber on bank holidays when the call out is hiked up because most won't even answer their phones!

BuffyFan · 26/08/2016 14:02

I was definitely guilty of underestimating the small, creeping spends. I've completely cut out take away coffee, and only rarely buy lunch at work rather than making. But previously a coffee a week had turned into two, had turned into every day and a Costa loyalty card. It's so easily done, and I'm embarrassed by how much I was spending.

We all have things that we can't understand other people spending on. For me I couldn't justify Sky TV when Netflix is less than £8 a month. But then I was blithely spending the value of a sky subscription on coffee every month...

BarbaraofSeville · 26/08/2016 14:03

We had 7 family birthdays this month, mostly nieces and nephews who we are expected to put £20 in a card for

Says who?? If you can't afford it, say so. If they do the same for you too, all you end up doing is exchanging £20 notes and if there is an imbalance between numbers of DCs or affordability, someone always loses out.

So put a stop to it and spend an affordable amount treating your own DCs only. The parents of the nieces and nephews can buy their own DCs presents or top up their savings as appropriate.

RebelandaStunner · 26/08/2016 14:04

I can't feel sorry for people who can only afford to holiday in the UK.
We all used to holiday this way and have a fab time ffs. Why expect pity?

I also think that good incomes are only good if you live within your means and don't get into debt. Otherwise whatever figure you choose £25k/£50k/£100k is just meaningless if you're spending more.

CremeEggThief · 26/08/2016 14:06

Sandy, I agree with adult clothing that if you can afford the initial outlay, it often makes sense to pay for the most expensive items that are more likely to last for a long time, but when it comes to growing children, there's no point in buying anything other than Primark or supermarket stuff, with maybe the odd item from Next or Gap for a special occasion.

MargaretCavendish · 26/08/2016 14:06

We all have things that we can't understand other people spending on.

Absolutely. For me it's smoking: I have never, ever felt like I could afford to smoke. When I was a PhD student one of my housemates smoked heavily, and I just couldn't work out how he was finding the money on our stipends. But I'm sure I was spending money of lots of things he wasn't, and which he would find profligate (at a guess, I think he never bought new clothes and spent £5 on his haircuts). It's much easier to see how other people are wasting their money than it is to spot your own extravagance...

SandyPantz · 26/08/2016 14:08

It's not about expecting pity for UK holidays, which can be lovely, it's about how being on an above average income in the UK doesn't comfortably allow families to save for the odd luxury like a non UK holiday.

they are MILES above UK average, and if all they have left to cut back on is a gym membership and some coffees, then something's wrong with our cost of living. THAT. is the point. Not expecting pity for UK holidays.

CremeEggThief · 26/08/2016 14:09

Also, I think holidays in the UK can be more expensive than abroad. I paid £700 for 11 nights in Crete on a bed and breakfast deal for my 13 year old and I in July. It would have cost that much or more for a cottage in Cornwall.

SandyPantz · 26/08/2016 14:10

Sandy, I agree with adult clothing that if you can afford the initial outlay, it often makes sense to pay for the most expensive items that are more likely to last for a long time, but when it comes to growing children, there's no point in buying anything other than Primark or supermarket stuff, with maybe the odd item from Next or Gap for a special occasion

I'ld disagree there too, if you can afford it, Jules etc can last multiple hand me downs and still look brand new. Cheap teeshirts look scruffy after being worn by one child for one summer!

We have some very expensive hand me downs that we got from relatives for our first and they're the only hand me downs that are still going strong on my youngest. The cheapo bits I added in bit the dust long ago.

QueenLizIII · 26/08/2016 14:11

All of those people had enough money to do the things they wanted to do and eat and pay for shelter and a car. Lucky IMO.

One couple had £90 for gym membership and £50 for the wifes yoga classes per month. Nearly £150 a month just on that.

Just5minswithDacre · 26/08/2016 14:11

TY Creme I might just do that Smile

SandyPantz · 26/08/2016 14:13

One couple had £90 for gym membership and £50 for the wifes yoga classes per month. Nearly £150 a month just on that.

I'll keep defending this!

Considering we'll have to work well into our 70s to draw a full pension, if such a thing still exists, it's a false economy to cut back on what keeps you physically and mentally well.

SandyPantz · 26/08/2016 14:14

being off work with pain/fatigue/stress costs a lot more than yoga class

MargaretCavendish · 26/08/2016 14:15

The person spending £50 a month on yoga says she's training to be a yoga teacher to make some extra money so that's a fairly non-negotiable expense!

whywonthedgehogssharethehedge · 26/08/2016 14:16

It's all relative. 50k in London is like 20k further north due to the insane rent and prices of food etc.

All anyone can all do is make the best of what they have and seek to better their situation. Some will be able to and some won't but all we can do is try and be the best we can be.

If you are doing your best then that's all anyone can ask. It's not place to judge someone who says 50k a year is useless. They are either a twat or living in London. Either way it's fuck all to do with me. This journalism is just a way to generate judging