To not feel that well off with a household income of £100k?

[phalendrina]

Live in London. Both of us are on £50k. We work 9am-7pm. Sometimes longer. Can’t afford to buy yet.

When I was younger I always thought a household on £100k would feel well off. We don’t. Obviously we are fortunate to afford food and rent etc, but we can’t afford long haul holidays or nice clothes.

That's for a single person earning £100k. If the OP and partner are earning £50k each the take home will be nearer to £6300, which is plenty to live on in London and have a good standard of living.

Question to add context

1. What's household take home pay?
2. What are your monthly expenses?
3. Any loans?
4. What cash or other assets do you own?

I think people should give the OP a break - why can't they post about their combined salary without this being seen as tone deaf? Whether they're struggling due to the COL in London, or letting the money from through their fingers, this thread could still be helpful to them and to others as well.

This has to be a wind up/joke thread - don't feed it.

It’s not well off at all in London but I’m not sure what you’re hoping to get out of this thread?

I know how you feel, when we bought our house in London and we could only get a tiny little one for an exorbitant amount I was shocked as I’d grown up thinking that houses that cost that much would be mansions.

However, I don’t know why you are posting about it on here, you’ll always piss people off and you don’t seem to be asking a question so what’s the point?

Did you have a mortgage or where you renting? Nursery fees to pay? I'm not saying 50k isn't a decent salary. Of course it is. But rent and nursery fees alone could conceivably make 50k not feel like you could be stress free about money.

Yeah I agree but there's really no point posting that here.

What job pays 14k pa?

Goodspeed OP. These threads never, ever go well.

We have a high income, much higher than I ever dreamt of when I was younger. We live in the Frozen Wastelands of The North which according to MN should allow us to live like kings in a castle costing 2 shillings.

The realities are a mix of: life is extremely expensive everywhere especially with children, your outgoings stretch to meet your income pretty much no matter what, you get used to certain choices that then become the norm so you no longer 'feel' rich in making those choices. Also here in Scotland we have the added Mcbenefit of extra tax on high earnings.

I saved enough to buy a hardhat so I'll pop that on just now.

Seriously? Are you a Boomer?

Are you talking about people on benefits? As the minimum wage full time salary is £18,964 not £14k

we are on 120,000 ish and feel well off. We save each month, we go on little holidays in the UK, can afford treats and nice food. I think it's about lifestyle; we moved out of London where our rent was £2000. We now pay a mortgage of half that for a big four bed house with garden, right by fantastic woods and walks.
My husband negotiated wfh with his company so only goes into London a few times a month which means commuting isn't that much

On a 40 hour week that's £6.70 an hour? What's minimum wage

Many people who work hard can't afford long haul holidays or nice clothes. Many learn to be happy without them. Some might say that feeling a need for these things is a placebo for not enjoying your life as much as you think you should (14 hour days would be gruelling for anyone). Is it time to rethink your life purpose and plans OP?

100k is not that much in London, especially if you rent and are saving to buy. It’s certainly not starving, and you shouldn’t be in debt from normal day to day living (broadly) but it doesn’t leave much to allow you to get ahead or build a life here.

My husband and I are on £140k joint and don’t feel financially secure enough to start a family yet. We live in a flat but the mortgage is high and it’s small. In my line of work 30 years ago, I’d be expecting to have had children and be considering private schools as an option. That just isn’t feasible for us

There really needs to be a branch of mumsnet for people who have high income money worries.

I don't think that people such as the OP should be roundly berated for posting OPs like this, but on the other hand, it's got to be galling for those who are struggling on a quarter of that monthly income, especially if they too, live in London.

Some people are intolerant to some of the chemicals in tap water. Also, people with liver issues are not supposed to drink tap water due to the chemicals in it. I don't see why you'd be pissed off at people who medically cannot drink tap water? It's not their fault and it does not impact on you whatsoever.

Some figures on here are off. I’m on 50k and take home £2,749 a month after pension, tax, ni. Dh brings in £3100. With 3 dc and some debt to pay off (interest free but need to pay off before feb to avoid interest) we are comfortable but not living like you’d expect.

we have an average 4 bed home in the town (can’t afford village locations) And our cars are old fords, nothing flash there. 3dc who are teens and eat adult portions, so some clubs like dance and theatre clubs, horse riding and a musical instrument (different clubs for different dc). School seems to always want money for something too. We rarely eat out.

we used to be able to afford to live on one salary but over the last 3 years our costs have really increased. Partially col, partially ages of dc and partially the debt that was essential work on the house.

In my experience (over recent years - obviously inflation changes this regularly), you only start to feel well-off in London once you hit 6 figures. That's based on my friends' and my own experience. People can tell you all you want that you're wrong but this is about how something feels, and that's how it felt to me and how it feels to others I know. (And I don't live in a gold plated mansion, I live in a one bed flat in one of the cheaper parts of the city.)

At £50k in London I stopped feeling actively stressed about money, was able to properly pay into a pension etc. At £100k I started to feel how I thought £50k would feel!

Ultimately, when you're in a city where you're paying over £1000 each in rent or mortgage, and where everyday treats are expensive (good luck getting a main course in a casual pub for under £18), the £2800k or so you take home after pension deductions on a £50k salary goes very fast. Less if you have a student loan. You don't feel well-off! If you're also saving to buy a home, then you really won't have much cash at all.

London also has lifestyle creep baked in. When everyone lives 45 mins apart, the only way to conveniently see friends is to meet up somewhere in the middle for drinks or food (or coffee and a walk at the weekend, which does help keep costs down), and so you end up spending so much money. The alternative is to miss out on seeing friends and the city feels very lonely if you live that way.

Seriously? Are you ageist?

That’s not necessary true at all. Many many jobs either only exist or are plentiful enough to get in larger cities. And even so, you’re salary would deplete to give you the same financial problem.

Mine and my husband’s jobs don’t exist outside cities. And we are not in the sand or in niche areas.

If "ageist" is noticing a gulf of opportunity between the older generations and everyone else when it comes to housing, pay, educational access, and NHS access, I certainly am.

So. Every person born into a demographic has had exactly the same life chances, wealth and opportunities? How come Boris Johnson is richer than me then?
Nonsense.

What exactly are you spending?
Two adults sharing a 1 bed flat will have different outgoings to a family with toddler twins for example.

I'm interested to know what the "nice clothes" are that you can't afford?

(Single mum of 3, £24k)