To ask how much money you would need to live comfortably

[PaddleBoardingMomma]

Imagine you get £x amount deposited into your bank every year, no questions asked, tax free, you don't have to do anything for it and it will always be there without fail until you pass away.

How much would you need to live the life you want to? You could work if you wanted, or not. Put some into savings or spend it all knowing the next lot will always be there.

So what's your personal magic amount?

(Try not to be toooo greedy, I'd like to hear about peoples every day wants and needs that would be covered and no longer a stress to them, along with a few luxuries or holidays etc)

I think mine would be about £50k a year. I'd be happy with that and we wouldn't want for anything.

Feel a bit humbled on those saying they could live off 18k etc. We have about 4-5k coming out in direct debits on the first of every month.

We could live very well on 36k tax free a year especially if it rose with inflation.

Feel a bit humbled on those saying they could live off 18k etc. We have about 4-5k coming out in direct debits on the first of every month.

Wow. How does that break down?

Tax free I could live very nicely on £30kpa

@WhyYesYABU

Feel a bit humbled on those saying they could live off 18k etc. We have about 4-5k coming out in direct debits on the first of every month.

But a lot of that must be mortgage or school fees?

My net incomings are £8k per month, but £5-£6k of that goes straight back out in mortgage/savings/pensions. Wouldn’t need that if other money was just coming in forever.

@Matilda1981

My mortgage is £80k a year so I’d defo need at least £110 - would love to have £30k a year without having to work!

80k a year! £6.5k a month on mortgage Do you live in a castle?

oh wait. I was continuing to save for retirement - silly me. Then I only need 50k. I'll be happy then.

I can't even imagine 80k a year mortgage, and I've paid 36k a year and thought it was enormous! Show us your house please :) so that we can drool over it.

£60k would be ideal. To keep current lifestyle for both DH and I to give up work it would be £36k

£35000 per year would be ok as we live in a rather affordable part of the world.
I think we would set our own business to keep us busy, and buy a plot in the countryside to design and build our own house.

@JaninaDuszejko

Isn't there a salary which gives optimal happiness? Above that you don't get any happier? It's much higher than the average salary so into the 'not having to worry about money' stage. From memory I think it's about £70-80K.

It’s £33,864 in 2020.

About £50k would do it for me too op.

About £100k PA maybe inc mortgage and bills, £10k pcm to really not worry about anything

£60k would be ideal. To keep current lifestyle for both DH and I to give up work it would be £36k

“Me”.

I am staggered at some of the amounts mentioned here. What are you all buying??

£50k a year, after tax.

Now I guess about £60k, which is similar to our take home but if we need to account for inflation for rest of our lives I would imagine double that or a bit more with us investing/saving the extra for later.

£3k a month would be enough for me to pay bills and not work, so £36k

£100k p.a until then school fees are done and mortgage paid off, then about half that would be ample.

Around 20k a year, based on ultities covered, then a bit left over for different situational items.

I'm not greedy but the vendors in my former home town that I'd love to live in are! It was a reasonably priced place when I lived there, but now for reasons to outing to state the prices have shot up! Admittedly I rented when I lived there, but I know how much the sale prices have gone up.

I still have close friends that live there but they bought before prices shot up many years, well decades ago.

Now it's pools/lottery/long lost millionaire relative territory!

So after all that the reality is I would need

£1m approx to buy a small cottage (yep really! talking 2 bedrooms here)

Enough money to maintain the property, furnish it etc

But after that point I'm cheap!

I could still get pip (non means tested) and I could get a motability car (looking into this at the moment)

I don't smoke, drink, go on nights out, I'm happy with basic groceries, not one for buying loads of clothes etc...

So other than the house it'd be same as now which is about £1500 a month

I don't want much

£40k would work for me. My mortgage is small so that would allow me to live, run a car, have two holidays a year and keep DS quite happily.

Back in the real world, anything extra would be lovely!

Oh yes!

I'd go for £100k a year. We earn nowhere near that but I'm quite spendy even on day to day stuff so it would be nice to not worry and just buy sushi everyday

I'd also like to send my son to private school so that would cover that too.

I need £24K a year just to pay the mortgage, plus another £1K a month for bills and DC clubs/ lessons. I reckon about £70K a year net would be enough ( I want lovely holidays, theatre, meals out etc, plus money for necessary maintenance for the house and car).

£40,000 would be more than enough to pay the mortgage, bills and allow us to go on holidays etc. We don't have kids though

£100K. Our household income is currently £65K so that extra £35K would do nicely!