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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much money you would need to live comfortably

144 replies

PaddleBoardingMomma · 26/01/2022 20:13

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.

OP posts:
KohlaParasaurus · 26/01/2022 23:02

Just under £40,000 a year would give DH and me enough to live comfortably with some holidays and small luxuries and to maintain our current level of giving gifts to our adult children. We're close to retirement age and are managing on a little less than that at present as a trial of getting by on pensions and savings.

DrGoogleSaysSo · 26/01/2022 23:04

I would be very happy with 30k

RussianSpy101 · 26/01/2022 23:05

@Blossomtoes ah sorry, I’m with you now!!

BurntO · 26/01/2022 23:05

Aw nice question. We earn an average wage between us. An extra 5k PM/60k per year is enough for me to not feel greedy. It would go towards savings and holidays. Something we can’t currently afford. And nice bits like meals out and family trips

IMissSunnyDays · 26/01/2022 23:07

Probably around 120k, there are 5 of us and we are moving to a bigger house with a much bigger mortgage. It's amazing how money at the moment just doesn't seem to go far. 10k a month would cover a chunky mortgage, children's endless activities and allow us an extra winter holiday skiing. Would also allow us to save plenty. We seem to be saving far less at the moment with the cost of living increasing. Bad news all round.

Blinkingbatshit · 26/01/2022 23:08

If it was just me 20k would pretty much do - I could def manage ok. Add in the kids we’re talking £150……add in the other half….well, more😬

Blossomtoes · 26/01/2022 23:10

@IMissSunnyDays

Probably around 120k, there are 5 of us and we are moving to a bigger house with a much bigger mortgage. It's amazing how money at the moment just doesn't seem to go far. 10k a month would cover a chunky mortgage, children's endless activities and allow us an extra winter holiday skiing. Would also allow us to save plenty. We seem to be saving far less at the moment with the cost of living increasing. Bad news all round.
Why would you need to save? The money arrives in your account without fail until the day you die.
NeedAHoliday2021 · 26/01/2022 23:12

I think 70k. We currently have £65k take home but aren’t saving as much as I’d like as house needs stuff like a new kitchen and decorating etc so the extra 5k would be a boost without being too greedy. There’s 5 of us in the house. We could live on less if needed though - about £30k but dc would do less clubs and I’d cancel my gym membership etc (not that I’ve been since October Blush) less meals out and holidays/day trips.

ThuMuClu · 26/01/2022 23:14

Old age care is a good point. My grandmother’s care home costs £1100 a week and it’s wonderful. You can’t predict what will happen to you in old age.

Alysskea · 26/01/2022 23:17

We have a household income of about 30k and I feel like we are kind of just below comfortable. I think to truly relax I'd want at least 50.

Ilovetommycat · 26/01/2022 23:23

£36k would be amazing for us, just me and dh.
Tiny mortgage and lowish bills so we could have nice holidays and eat out a couple of times a month. Don't really buy 'stuff'.

tillyandmilly · 26/01/2022 23:23

Would love to be able to not worry about bills, debts - buying something new as opposed to second hand - I would be happy to have £25,000 per year !

IMissSunnyDays · 26/01/2022 23:23

@blossomtoes I'd want to save house deposits for my children, I have 3 children and by the time they are buying houses they'll probably be looking at 400k min to get on the property ladder, a 30% deposit plus fees is over 120k x 3. Even on 120k a year you'd still have to save over a few years to save up 360k! So I'd have to save. We are comfortable now but they'll have to save for their own houses, like we did.

Susurrar · 26/01/2022 23:29

£50-60k a year, assuming it’s tax free and forever, would be great. We would both keep working I think, just a lot less and I’d take time to requalify. We would have fabulous holidays a couple of times a year and I would spend a lot more time just reading and pottering about. We’re financially ok but I feel I’m very time poor, so to speak. Extra cash would buy me time off.

FreedomFaith · 26/01/2022 23:37

What we get at the moment, roughly 55k. That covers all bills, hobbies and some left over for saving towards holidays or whatever.

ILoveAnOwl · 26/01/2022 23:37

65k.

The 40 I currently earn, plus extra for school fees and a nice holiday each year please!

Blossomtoes · 26/01/2022 23:52

Wow. House deposits for three kids. It’s a different world.

Enzbear · 26/01/2022 23:53

To cover bills and a reasonable lifestyle for us and our pets, four holidays abroad, afford a new campervan, run a small car, maintain 3 houses without mortgages (2 are rentals), buy clothes, shoes, house goods when needed about £4/5k a month.

Thelnebriati · 26/01/2022 23:58

Assuming no inflation then £20,000 a year would give me a huge improvement in my standard of living for about 10 years, but wouldn't be enough for later on as I'll need increasing levels of care.

NotebookAddict · 26/01/2022 23:59

@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!
Where do you live - Windsor Castle?

Our three-bedroom detached house only cost £172k to buy outright!

User310 · 27/01/2022 00:10

Probably about 80k

My husband and I both said last month that to live the life we’d really like we’d need 7k a month.

blueshoes · 27/01/2022 00:12

No mortgage, no dcs to pay for? Without those twin financial cliff faces, dh and I would not need much, maybe about £80,000. If it is just me, probably about £30,000.

RobertsRadio · 27/01/2022 00:25

£35,000 pa would do me nicely.

DukeofEarlGrey · 27/01/2022 00:26

I’m Concerned that some posters are not embracing this fantasy enough. We don’t need to worry about adjusting for inflation because it isn’t real. We don’t need to worry about pension contributions because OP said this would be forever. Like all good tales, the only warning is not to be too greedy (presumably money disappears in a puff of smoke if we are!).

I would like about £65K. I think this isn’t the threshold a pp mentioned after which it won’t make you much happier. On £65K I could live well, own my own modest house over time, not worry about bills and enjoy life without working. Bliss!

Catch32 · 27/01/2022 00:37

Pre kids I had a job earning 72k, and it was a perfect amount of money for me, always felt like I had enough to cover all bills and lots left over to save, go for regular lunches out, go on great holiday etc. Before I left, it went up to just over 80k and tbh, the extra amount didn't make a whole lot of difference, so I think whoever said up thread that 70k is the perfect amount was right. I hasten to add this was a very stressful job with long hours, I don't think I'd physically be able to do it now and prefer a work life balance with less money. But given OPs original question.... yes 72k will do nicely