To think a combined salary of 60k is really comfortable?

[BathedInLavender]

OUTSIDE of London. But still in the South East. This isn't a conversation about London because that obviously won't go very far there full stop.

AIBU to think a combined salary of 60k is actually comfortable and not 'meh' at all.

DH earns 30k, I earn the same but I'm part time so it's less because of pro rata. We aren't struggling by any means. If I returned to FT we would have a lot more spare cash, and we have a fair bit now. We don't have cheap housing costs, £900per month just on that.

I spend a lot of money on ridiculous crap and we holiday every year with DC.

It's not bad money if you're not paying out for an excessive mortgage or rental costs, I'd say.

@Miljea

I'm impressed by people who can list their monthly expenditure!

I tried to do ours but there were so many variables.

However, I know we are fortunate in that it's an academic exercise for the time being as we live well within our means, we don't impulse buy, we don't have expensive hobbies. Only a £3500 fortnight holiday once a year. And no mortgage.

DH's job (£68k) appears pretty secure during Covid and I'm PT NHS with a lot of overtime opportunities (£28k).

However, I am mystified at how much 'stuff' so many people seem to buy! I mean, listing 'going shopping' as a hobby; and now endless clicking online. And £6 on coffee per day.

Each to their own, I guess!

I'm also shocked by the amount of 'stuff' people buy. Just because you can afford it, doesn't mean you need to buy it. I like nice clothes, bags and shoes, but I don't always rush out to buy the latest style just because it's in the shops. I'm always surprised by the amount of friends that seem to think just because I can afford something I should buy it.

I'd rather have the money in my bank and buy it when or if I want it.

I'm impressed by people who can list their monthly expenditure

I think it is very easy.

Things like council tax and water rates (not in a meter), tv licence, car tax discs, insurances, mortgage, food, gas and electric are pretty set in stone. Eg you know if your car insurance is £360 per year you need to budget £30 per month to be able to pay the next years bill

I agree @Oliversmumsarmy. It’s simple & if you don’t do it, how’re you going to know what you’ve got to spend? We have a joint account that all joint monthly & household expenses got out of as well as individual accounts & we transfer money into it on our paydays. I want to know just how much I’ve got in my personal account before I go on any personal shop.

But, my food, water, gas, electric and petrol bill are entirely dependent on how many people live under my roof, aren't they?

In Sept 18, DS1 went to uni (additional expenditure to us- who knows how much? It's a little understood fact that better off parents are expected to make up the loan shortfall, and even that expects a student to work, PT!).

So, from March 20 I've had DH WFH.
DS1 (uni Y2) WFH
DS2 (college) WFH

From June, I've had DH WFH
DS1 and DS2 living at home, no income apart from DS2's Sunday job (MW), for the summer.

In July 20, DS1 started his 'year in industry', Y3 uni (computing) WFH. At least paying me a nominal amount, board and lodging. (Which he'll get back from me in final year, Y4, uni...😊).

Last week DS2, who'd spent the summer gaming- went to uni. (London). Us picking up the shortfall.

So, can you see why it's not that easy working out what those bills are, and what our expenditure is, extrapolated down to the two of us?

Make a budget.

@Rightthen24

I dont really understand the point of this thread 🙈 all responses from OP are 'showy and look at me'

This

@bogoffmda

OP - I earn a lot! ( think above 300K per annum) However, as one of my best friends who earns a tenth of what I do said - designer income with second hand shopping, whilst she is designer tastes on bones of the arse income!

Whilst, I am not a second hand shopper, I do not waste my monies, I budget, look for bargains and do not buy loads of clothes, drive an average car, have no cleaner ( seriously!) in a small terraced house I do not need it, I am a single Mum who has worked her arse off and brought up 2 DCS with a dead beat absent father. I did not always earn this ( last few years) and I learned to not waste monies in the early years. A habit I can not shake even now.

Well off is a relative thing - if you feel well off then you are - it is as much a state of mind as it is the actual number once you are over a certain amount. i stated to feel safe when I hit 40K and after that I started working out how long I could last if made redundant and saved for a years worth of salary.

Enjoy your contentment and ignore the Mehs aound here - 60K is a lot of monies even in London, all depends what you want out of life.

Can I ask what you for a living?

DH and I earn approx. 50k before tax between us and we’re definitely comfortable. No kids yet, but my parents had a lot less when they had kids. We have a nice holiday and often a short city break too every year. We have spent a lot on home improvements over the last few years, and in non-covid times we’d often eat out once a week. We don’t have massive savings, but we know we could adjust our lifestyle or sell off quite a lot of our hobby stuff if we found ourselves desperate. I have a very secure job though (nhs) and I am the higher earner, so we’re not worried.

Most of our relatives have lower household incomes and get along just fine. We are north/midlands so not London area, and I appreciate money doesn’t go as far there...but I have known people have a decent standard of living in Greater London on less than we earn.

I dont get the point of the thread.. While 60k income isn't bad no.. You seem to be at pains to point out how well off you are. Has someone made a comment that has made you feel insecure? Its all relative. I personally wouldn't think its loads of money and really comfortable tbh. I would say 10k coming in a month after tax is v comfortable.

Well, I think it's tonnes! We live on just under 25k, one child, live up north. It's not exactly easy but I would say we live comfortably. We eat really well (rarely out or takeaways but we love cooking) we can afford to have a drink at the weekend, we can afford days out, I get my hair cut a few times a year. We own, it is a flat but we could have afforded a house in a slightly different but still nice area. We don't need private school because we researched schools before we bought and the local primary has results that rival some of the great schools round here. I do suppose it's about expectations though, both DH and I grew up in similar financial situations and so we're completely used to the whole idea of budgeting, meal planning and holidays in the UK! It does genuinely amaze me when people talk about what they see as being a comfortable income. I mean, I would love a bit more and we're expecting to improve our income over the next few years for various reasons so hoping to be able to upgrade to a house in a few years but we cope very well. I mean, it's not like we're alone, most of the population can't afford private school so I think we're pretty normal.

I’d say it’s maybe a little below average in many parts of the south if I’m honest... but certainly enough to be comfortable

@Tigger03

I think you can live comfortably, but it’s probably not a ‘wow’ lifestyle. Where I am (expensive part of NW) a family home is about £400k at a minimum so even assuming you had large amount of equity per month I can see how you’d need a lot coming in:

Mortgage: £1500
Bills: £350
Clothes: £50
Car / petrol: £200
Transport: £200
Food: £400
Childcare (wraparound for 2 kids, not full time nursery): £600
After school activities: £200?
Holidays: £300
Xmas savings / birthday: £50
Household savings e.g. boiler breaking: £50

That gets £4K per month without any long term savings or ad hoc expenditure / disposable income.

To be fair that’s a high mortgage and you have childcare costs x2 . I would cut after school activities out personally.

It depends on your outgoings and lifestyle, what’s fixed and what isn’t. If you live in a large house costs are higher and the heating thread was interesting - and dependent on size and structure of property. Likewise community charge - dependent on authority and property value. Then insurances (home, life, car, health), car capital and maintenance costs, phones, internet, commuting, pets, sports subs, cleaning, house maintenance and decorating, haircuts and work clothes, children’s clothes and activities, birthdays and Christmas, etc, oh, and food and it always amazes me how little Mnetters spend on food.

Then add in choices like holidays, luxury cars, eating out, opera, theatre, gyms, good furniture, school fees, etc.

Expenditure can be vastly different for two families who live in adjoining three bed semi’s and so can income.

Impossible to generalise except that the right side of the Micawber principle results in happiness.

that's 1800 for everything else. That's a lot, isn't it? shock

I agree it’s a good amount. You mentioned that you travel through out the year also which is good.

People obsess over what you earn it’s what you spend that is the problem!

In comparison to what ?

Depends on outgoings entirely

I think its pretty good when I have 1600 per month.

Mine and DP salaries combined is about £65k, I'd say we are comfortable but not well off and we are both early 30s so I'd hope our income goes up within the next 10 years. We are North east so cost of living a lot less

It's all so dependent on your surroundings. If you have a good salary then you most likely work with others on good and better salaries. It genuinely amazes me that anyone with a combined salary of anything around 60k could possibly think they aren't 'well off' but of course if you only tend to spend time with others in similar circumstances then I suppose it may feel like that. It definitely depends on area too but 60k ish in most of the country is definitely 'well off'.'

No it's not a lot. Not for a mortgage, childcare, after school education eg swimming lessons and two cars. It's not very much at all.

You don't have a combined salary of £60K though do you. Your hubby earns £30 and you are pro rata so not £30....

What matters is can you pay your bills and live the way you want/need, not what is ok/comparable to others.

Mortgage
Council tax
Utility including water
Life insurance
House insurance
Car insurance
Pet insurance
Petrol/mot/service/tax/tyres etc
A random loan to pay off (car/kitchen)
5 people to clothe
5 animals to care for including food
House/garden maintenance (gutter clearing/chimney sweep/brown bin)
Kids activities-DoE, music, random STEM stuff

To cover that outside London but SE is a lot of money

Hahah forgot the food and general groceries 🤣

Like everything, it depends on what your outgoings are. For example, my monthly mortgage payment is £3k so £60k wouldn’t get me far.