6 figure incomes and can't afford a load of bread?

[LemonyFresh]

Is it just me or has there been a influx of posts about household incomes of over 100k or similar and complaining or wondering how they're skint at the end of the month and struggling? Is it a stealth boast or do these people actually struggle?

Am I really in the minority with a household income of less than half of this?!

I know we tend to spend to our means but even when DP and I are having a flush month I don't see the point in over spending for the sake of it.

That was me I think dArt.

What I meant wasn't too suggest that someone like that works more than your DH, it's that often when you're earning at that level and working your tail off, and you know that in practice it doesn't really matter if you're not on the best Sky, gas, whatever plan, you can let it slide because, well, it doesn't matter if you spend an extra £500 p/m on stuff like that. Whereas if you have to watch the pennies, whether you're zonked out from a nightshift or not, you still need to spend time sorting stuff like that out, because you don't have the cash to just say, "Oh, so what. We overpay. I'll sort it when I have a chance." Stuff like that adds up.

I was in that situation - earned an awkward amount that put me just below the top tax threshold, and had a BTL that took me over, and for months I "just couldn't" find five minutes to apply the financial advice I'd been given to save £6000ish in tax a year.

*to. ffs

It's ok I weren't having a go at you just about the premise in general.

I think if people on high earnings such as that shouldn't have the audacity to complain if they can't be bothered to sit down and realise they are overpaying on things. It's just ridiculous.

Even if I were on a six figure sum I'm pretty sure I'd be sensible enough to say what can I afford and what disposable income would I like each month and base everything else around that. There's no need for people to buy expensive cars, property etc and then have nowt left over.

I think if people on high earnings such as that shouldn't have the audacity to complain if they can't be bothered to sit down and realise they are overpaying on things.

Yup, I agree.

What is lost on so many people is that when you are lower income you quite often get assistance with the big ticket items such as housing and childcare.
We are on a joint income of £38k and get no help whatsoever, and no family help, inheritances, company car or anything else. You are wrong. You are very well off.

I do think the MN user base has a disproportionately middle class, high earning demographic.

I have seen threads about what is considered a 'good' income, how much money do you have saved up, etc which are quite eye opening. Even in the South East, supposedly one of the richer areas of the country, among working class families £20k is considered a good income, particularly for someone in the early stages of their careers, and most people struggle to save any money at all. So to see people saying they're struggling/just about managing when their household incomes are over £50k would actually be quite unbelievable for a large portion of the population.

People take their lifestyles for granted and some people who are supposedly struggling, are likely just struggling to afford their desired lifestyle - an expensive pram for their baby, regular manicures, meals out, regular family holidays etc. Meanwhile you may find families on half the income who buy everything second hand, only eat packed lunches and home cooked meals, drive cheap used cars etc and they wouldn't necessarily say they're struggling.

brasty that's not a particularly low income.

What posts, I haven't seen a single one

When people say they are skint doesn't mean they actually are.
Do people send kids to private school but end up using a foodbank? Not really

Yes some people seem to have absolutely no reality of what being skint actually is.

We struggle on what we have but we are not skint just can't afford luxuries and have the basics and I'm sure we are a lot better off than some. Me and dh have lived on 7k a year between us and I'd say that was being skint, it wasn't very nice.

When people say they are skint, they just mean they've spent all their cash, not that they never had any. If they never had any, they would describe themselves as impoverished, or destitute...

what posts, I haven't seen a single one

Because they are stealth posts - so difficult to see because they are carefully camouflaged

Even on low incomes, you don't really get a lot of help. Our income has recently gone down from £18000 to just under £15000 (minimum wage).

There's me, DP and DS and we get child benefit and around £200 in child tax and that's it. Once they process the lower wage we should get an extra £20 or so, but not much more.

And at £18000 we don't get free dental etc. as our income is considered too high.
So sadly there isn't a lot of help.

We just about manage.

When people say they are skint, they just mean they've spent all their cash, not that they never had any. If they never had any, they would describe themselves as impoverished, or destitute...

Plenty of such people. Complain how they are 'starving' meanwhile sneering at anyone with much lower income 'how dare they go on holiday'

I look at people personal finances all day long and I can tell you this is quite standard

Wine club,
Club memberships
Magazine subs
2 new cars,
Ski hols
Weekend with kids
Out for dinner with sitter required every weekend, often twice
Hair
Clothes
Xmas
Family holiday
Cleaner
Ironing
Gardener
Window cleaner
Lawn treatment
Family gifts at a certain level
Professional memberships
Gym
Boys weekend away
Girls spa weekend
Lunches out

That lot ^^ is 'normal'. You need 100k at least for that.

That hasn't even upped the anti to:
Gambling habit
Shooting weekend
School fees
Personal trainer
Life coach

Oh and maybe a mortgage

If you pay school fees on 100k you'd be hard pressed.

I think a 'lifestyle' starts at different points for different people.

I'm fairly astounded at this thread

Joint income 15k. Both have degrees and other qualifications. No benefits except child benefit. One DC. We run one car and have a tent for cheap camping holidays. Saving for a mortgage deposit - that's the tricky part. Sometimes things are tight, but we're always ok. We have a nice house by the sea, small but big garden, long term secure rental. DD has violin lessons, Scouts and swimming. We would definitely appreciate a few grand more, mainly because our savings are small and I'd like more. Mind you, we've already saved enough in the child trust fund for DD to have driving lessons and to buy herself a banger when she turns 18.

I consider us to have a normal happy life most of the time, and I don't consider us poor. I don't know what else we could possibly want (except aforementioned mortgage deposit and savings, but we'll have that eventually anyway, it just takes longer on our salary)

I bought a subscription to National Geographic today, it was on offer for £19 and I felt very decadent and excited about it. I suppose we're lucky in that we don't really crave "stuff" and we don't care about shiny cars and houses. We spend a lot of our free time outside in our garden or up the mountains so it wouldn't do us much good.

I'm glad I've stayed in my rural backwater home. It seems that London/big city life is the problem. You can earn more, but you end up spending it on inflated mortgages etc. And you're miles and miles from a field or beach.

What on earth is a life coach?

A life coach is like a paid mentor who can help you with choices and direction and achieving your goals.... I think!

I fairness I have a friend who is a career coach and she is amazing. Having a conversation with her just seems to clarify my thinking. I'm sure someone to help with life would help take your money

I haven't seen any threads like this

Are you a researcher/journalist, OP?

Peterrabbitpie
If your joint income is 15k with one child you can claim £63 to £87 a week in tax credits (depending on how many hours you work)

I only feel poor when I read MN. It's very illuminating. I also don't understand how you can't manage on 6 figures but I suppose it must be what you're used to. So if you went to private school, it seems natural to send your own kids to private school for example. Also I don't get a lot of things other people conside 'essential' like for example haircuts, gym membership, eating meat or having a car (I get that some places you'd need a car but if you never had one, then you make your choice re where you live with this in mind IYSWIM). So I guess you just get used to what you have and if it changes (goes down/doesn't stretch as far) you feel worse off is my point I suppose.

Struggling to see how the 'cons' of life on 100K+ balance the 'cons' of living on 27K which is average income in the UK or for the 7 deciles who live on significantly less than average income.

Those figures are completely pointless without some idea of people's housing situations, though. Not to mention number of kids. People just have such vastly different housing costs depending on age, area of country, whether they managed to get in before the boom. Frankly I'd rather be on 27k in SH or having bought in 1999 in the north than be on 100k joint privately renting with kids in London. If you've paid the mortgage off and are earning 27k for a one person household, or even couple, that'll do you nicely. Of course, the people who find it really hard are the ones who are in the south east, on 27k and privately renting.

I fail to see how people with a 6 figure income can say they are "struggling".....unless they have a gigantic mortgage and a ton of debt hmm

Really? I totally can, if they have childcare costs, are in the south east and didn't buy a house pre 2005ish. Granted, I'd expect to be able to afford bread on that income even with those expenses, but I can see how there'd be sod all left at the end of the month.

Not seen anything about that but I think some people are quite poor in how they manage their money. For example they will rather buy cigarettes than bread or milk and wonder why they are left with nothing at the end of the week. I know it's nice to treat yourself but when it comes to buying cigarettes and alcohol, often, they can surely buy their gas for a week. I know this because I have had people often at my door in this situation 🙄

I only feel poor when I read MN

Me too goingonabearhunt. There was a thread a while back asking what everyone's income was. Every reply was 75K, 100K, and some even higher. Made me

I might be poor but I am happy.