To ask what you think a reasonable lifestyle is for this income?

[Momeymoney]

They have a DS (11) and a DD (8). Mum and Dad both work full time and when combined their income is £155,000 before taxes. What is a reasonable lifestyle for them to live? How much can they afford to spend on cars, can they afford private school, holidays, etc?

Yes exactly, pretty much said the same thing!

Well we earn less than that but over £100k with 2 kids and manage mortgage on 4 bed detached house, 2 cars, 1-2 foreign holidays a year and the kids do a couple of (not very expensive) activities. If we had £155k we'd probably spend a bit more on our cars, add a foreign holiday and pay more down on the mortgage. We have an excellent secondary school in walking distance so wouldn't pursue private school.

It sounds like lots of income but from experience (we probably have similar) I’d say it might not give a lavish lifestyle. Our food costs are high with 3 kids, hubby commutes to work which is expensive and we bought an old house which is expensive to maintain and heat. We own our cars outright so no car costs. We rarely holiday. No way we’d manage private school fees. I budget to the penny and we all get what we need but definitely no major frills. I’m curious why anyone would be asking this question about another couple?

Good updating and general joining in from the OP.

hard to say without knowing why your mortgage is.

I would say they would be lying bout £2k on housing costs, then £1k on other living costs. Maybe more if there is an expensive car payment in there.

depending on childcare costs they should have a nice lifestyle - overseas holiday and weekends away. I don’t see them easily stretching to private school though.

We earn less then half of that between us.....we have a large 3bed semi detached house in a nice area, have holiday abroad n weekends away, have 2 kids and my husband pays maintenance to his ex wife, we have 2 cars, not brand new but decent and we live a decent life....we don't go without

We're on a similar income after tax and live in the south with two kids, one at nursery. Mortgage recently increased by over 50% so over 2k now for a very modest semi-detached 3 bed. By far the smallest house on the street. No way we could afford private school but as we live in a decent area, local school is very good. Since we're not spending on private school, we have enough to instead pay for extra curriculars both in and out of school, so learning to play instruments, beavers, football, swimming, tennis. I'm happy with that compromise! Can by no means afford regular holidays but are going on a two week all inclusive next year for 5k. That will be our first proper holiday in 5 years. Have been to things like Butlins in the meanwhile though. Our children don't go without, they just don't go on anywhere near as many holidays as their friends. My kids are ok with that though, I guess they're young enough that they don't compare themselves to others in the same way! And hopefully once oldest starts school we'll have a bit more money to put aside for more regular holidays. Time will tell!

Oh and we drive a new mid-range car on PCP.

I earn this as the sole breadwinner for a family of 4 but take home is lower than 2 people combined earning this (around £6.5k).
We have a 3 bedroom house, £1,700k mortgage, kids on local comp, not much savings, nice holiday x2 every year, old cars, takeaway once or twice a month, gym membership.

As others have said, without knowing income after tax, housing costs and any other debt, it’s impossible to answer.

Assuming low mortgage and no debt, and a relatively frugal mindset then yes to private school, but you’d probably need to choose between luxury cars or luxury holidays.

Ridiculous. Most of my crowd are graduates over 20 years into a career and very few earn 50k. You're just showing off and making the rest of us feel bad.

Most of my crowd are graduates over 20 years into a career and very few earn 50k
I don’t know any earning under 50k.

Strange question if it's not about yourself

20 years experience post graduate = 40 to 50 age bracket

Average for that age 35k
Premium for being graduate 10k

So most graduates after 20 years are not on over 50k

What you see is your peer group - where to live and what industry you are in / you should not generalise from that

It could get you a very comfortable life with choices around where to spend your money.

You couldn't easily have it all - ie massive house, savings, private education, great cars and luxury lifestyle. You have to pick your priorities.

That kind of income allows us

• A pleasant but small 2/3 bed house with a £1-2k mortgage which we are overpaying on to clear mortgage sooner
• 2 average cars
• a lovely lifestyle with a few holidays a year, weekends away and a general ability to spend and not think about it.

If we wanted private education for 2 kids or a huge house it would really play into our current lifestyle which pretty much allows us to be stress free about money and take a fair amount of time off work. You might choose different priorities though.

Also should have said the location factors in hugely for housing and other costs. The lifestyle I mentioned is in a particularly pricey area.

Utter bollocks of course you do.

How much do you think the cleaner at your work earns? The receptionist?

The people who work in the shops and restaurants you frequent? People who deliver anything to you.

Most teachers, nurses, school and hospital support staff, etc etc.

What a ridiculous question!! I'm curious, if it's not you why it's any of your business and why it matters what a bunch of strangers think!!

I think @PackBacker meant she doesn’t have any graduate friends who earn under £50k.

I have a group do about ten friends who are all graduates - the men all earn well over £50k but only a few of the women do. That is because of choice though. Time out for kids, career changes etc.

No idea. Depends. Some people have a massive income and live a relatively frugal lifestyle. Depends on a lot of things. Private school fees would be a struggle. Cost of mortgage, expensive cars holidays and so on.

Bloody hate it when people make a post and don’t update or respond to a solitary question. Wind up merchants 🤣

At first I thought you were getting a hard time on this thread, but then I saw this.

With respect, you’re 31. A £120k salary at 31 is a good salary. Even in London.

Also you say ‘DH’ so you really should be thinking about your joint income with your husband, not just your income.

Supposing he is on a similar salary, together you should be able to comfortably afford childcare costs, mortgage on a house, a holiday etc.

Echo what everyone else says about where you live. My friends have over £200k household income and bought a fixer upper in Colchester. They have a massive mortgage and ran out of money to continue renovations. Their DS going to private school but they unexpectedly had another child, so now they really want him to pass 11+ for the local grammar because they can’t afford school fees for two. They drive two older, bog standard cars and have one glamping holiday a year. They do spend a lot of money on food and wine, though.

With an income of £155k a decent lifestyle should be manageable but of course it depends on their decisions and how financially capable they are.

another massive factor is where they live in the country. We live in a 5 bedroom house in a lovely, sought after area. Large front and back gardens, not overlooked. 8 car driveway and our house was £200k (2015). In the south of England it would cost more like a million quid.

soooo many variables.

My husband earns about 250k (lots goes on tax) and I earn about 25k.
We live in an ex LA house which we have extended.
We don't have a particularly luxurious life. But we do have a new car and holidays 3x year. I still buy second hand clothes occasionally and I'm not particularly spendy. I work very part though.
We couldn't comfortable afford private school for our two children and still have the lifestyle we have.