High earners - how do you spend your salary?

[Citygirly]

DH and I earn just under £140k combined.

We do maximum pension payments (his is 9% as NHS) and we also give about 10% a month to charity.

Other than that, we plan to start overpaying the mortgage. We invest £1k a month (so £500 each) and save £1k for holidays. We of course do general/specific savings but then have a good chunk left over for disposable income.

AIBU to ask other high earning households how they tend to allocate their money? Just want to see if we could be using it better or this is about right for comparables.

Save your money and stop buying Lilly’s, they are poisonous if ingested by dogs!

@Jmaho you're not supposed to actively insult or personally attack anyone. It is against talk guidelines.

I am the person you called a snob unless I've read you wrong - Because I gave a list of advantages of private schools commonly cited in school prospectuses, including a safer learning environment.

FYI I wanted my child to go to a state school so he would be around all types of people, I am now reconsidering as I say due to the class size but also because both my niece and nephew have had difficult issues recently where they were physically attacked, albeit in different schools and it's made me concerned for later years. I don't recall children behaving like that at Prep.

As @Howmuchwood aptly put it - in state schools well mannered children can get overlooked when the teacher has to spend all their time dealing with the 5 or more disruptors.

Please bear in mind people are largely not like your brother in law and that any angst you have on account of his behaviour should be directed towards him. If your nephews are spoilt and poorly behaved it is likely a reflection of said obnoxious BiL, rather than their education.

Omg I’d this for real or a wind up … oh my days!

Btw @Jmaho didn't see you answer @Mummybud

Genuine question: if your children (who sound brilliant) grow up with the potential to have “high flying careers and salaries” but in order to make
those careers work they need to send their kids to private school because they wouldn’t be “able to attend every school event, help with homework and eat dinner together around the table at night” - would you want them to do it? Or forego their
ambition and earning potential to be (in you view) more “present”?

Because a lot of us are those kids.

DH earns a bit less than £140k which pays for DD Uni rent and 2 DS School-fees and the rest is good food holidays. And my coffee.😋

Fresh semen - mostly from well known dressage horses.

Also, fitted saddles, horse massages, trainer, lorries, entry fees and away show stable hire. But all of this is just pennies compared to the semen and getting the semen where it needs to be !

Caviar and champagne dahlings 🤣. I can't decide if this thread is taking the piss.

We don’t spend it all, or have a formal allocation for all of it.

We have a joint account for household spending into which we put £3,500 each, and then each of us does what we want with the rest. I’ve a budget that I try to stick to for cars and motorbikes each year, and then everything else tends to get swept into my investments.

Graduates in banking, law or a couple of other areas can start on £50-60k per year, and progress relatively rapidly from there.

OP could easily be on double that amount by 27 if they were doing well in one of these professions.

How do you manage to fund your pensions? Very, very high earners are only allowed to put £4,000 per year into them.

'I'd love to know how OP earns £85k at 27 years old
Reported for the background check.'

@Overthewine 'reported' 🤣🤣🤣
Love some people's thinking: 'I don't live like this, so it can't be true'.

I'm on slightly more although I'm a bit older. But lots of younger colleagues in my team on the same money.
We work in data.

If you have a STEM job then it's not that difficult to earn well.

Not what you asked but I'd be saving for an early retirement.

It’s £40,000 @SlightlyGeordieJohn . DH puts that much in every March.

Some of the top law firms pay NQ solicitors six figures now.

This post just shows that latching on to a man seems to be the best solution for financial security - 'we, we, we, we, we... dh, dh, dh'... very rarely the use of 'I' quoted in people's statements about their income.

@Waferbiscuit

Might be something in that. I was curious where we fell so I just used the online calculator for mine and DP's income together, ie our current to household income (circa 80k) and it tells me we are "in the top fifth" of UK incomes (higher than 83% of the population). I then calculated as though I lived alone and I'm suddenly "in the squeezed middle" (higher than 63% of the population).

I earn 50k, and as a single person I'd be in the "squeezed middle"!

That's blown my mind a bit tbh.

And the man I've "latched onto" actually earns less than I do. But still worth keeping him when you look at those calculations 🤣

Actually, @SlightlyGeordieJohn is right. Once your earnings top £240k the annual pension allowance tapers down to just £4k. It's a bit of a shame, but I think it's probably right that very high earners don't benefit from the tax relief.

Of course I am. Money saving tips on £140k a year. Come on!?
The original post is ridiculous. Shame high earners can’t use some of their income to pay for tact and humility.

As for how we spend our disposable income, we have joint income of 170k (but we are old, in our early 40s,

Christ, I'm 37 so will I soon be "old", too?! Early 40s is not old. Who knew this thread could be offensive in more ways than one. 😫

@lancsgirl85 okay apology bad choice of word, though definitely old compared to 27

It’s dog food, unless you’re being funny but didn’t put an emoji to show it?

Best comment!
Currently hiding from the local elite

What an insensitive thread given the cost of living crisis...

This thread is making me think I need to save more…I don’t seem to put as much away relative to my earnings as many here. Although my horses account for a lot of that!!

Public school? You mean like Eton? Or do you mean state school?