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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Is this lifestyle attainable?

52 replies

khlomoney · 26/10/2023 06:22

I am 26 on £40k. I’m still not comfortable, is this a good salary? I have friends my age with full house renovations, all the bells and whistles and wonder what I’m doing wrong. Feel like a bit of a failure! Do I have unrealistic expectations of life?

My salary used to just cover my bills, so I don’t have any savings. Now, 70% of my take home pay covers bills…

I don’t have much left over with nothing to show for it. If I were to buy anything that costs over a few hundred like furniture or a weekend away, I’d still have to split it over a few months or save up or buy on credit? I still buy the cheapest and minimum groceries. I can’t really afford to buy clothes or shoes or anything that’s more of a “treat” (eg have a friend’s wedding coming up).

Aibu to think my salary should give me more breathing space or is this just normal life?

OP posts:
TheresaOfAvila · 26/10/2023 06:27

I think at the moment it is normal life, sadly. It didn’t always used be like that.

i no longer live in the UK, and have started to see -in effect- economic migrants coming here to stop needing a second job (These are qualified professionals) and the relief they express within a couple of months is extraordinary when the financial pressure lifts a bit.

ThedaBara · 26/10/2023 06:32

There are a few threads on at the moment of people or really very good wages shocked that their lifestyle doesn't match. There's usually a pile on from people on lower wages but yes, the fact is money doesn't go far at all these days. Our household is on a good combined wage but after nursery and all other bills there is nothing left. Half of my clothes are from the supermarket, our parents help us have a family holiday every year, etc. And sadly I don't see it getting better any time soon

Sconehenge · 26/10/2023 06:35

40k at 26 is a good salary and you now just need to plan your next career moves to increase your salary. Not many people are rolling in it at 26 as a single person. Probably your friends buying furniture etc have partners? Life is a lot easier financially if you’re able to split costs like accomodation.

You’re only at the start of your career, and already doing really well! Take a look at the next step for you career wise, what do the job adverts say and what skills do you need. Think about industry as well, some industries like finance just pay better generally for the same roles - so if you’re in something like HR, you can earn more doing the same thing simply by being in a different industry. Map it out and you can double your income in a few years by making strategic moves.

SoftandQuiet · 26/10/2023 06:42

It all depends on the persons life story. I’m 46 and just achieved £37000 pa. So lovely to be able to buy whatever groceries I want without counting the pennies and have my first holiday abroad.

Original poster
khlomoney · 26/10/2023 06:42

thank you, I actually found job with a closing date of today to apply for - any push to prevent procrastination is appreciated!

OP posts:
Original poster
khlomoney · 26/10/2023 06:49

@Sconehenge thank you for your lovely and pragmatic post, your words really uplifted me 🙂

@SoftandQuiet congratulations, where you going on holiday?

OP posts:
MinnieMountain · 26/10/2023 06:51

It depends where you live too.

Seymour5 · 26/10/2023 06:52

MinnieMountain · 26/10/2023 06:51

It depends where you live too.

It definitely does!

needtonamechangeagain · 26/10/2023 06:52

That's a great salary and congratulations for getting there so quickly. Your peers are most likely borrowing and living a life on debit. Or have partners so more income.

Just for context my DH is 52 and earns around 50k that's his maximum for his industry, so to me your salary is really amazing.

Fingers crossed fur the job application.

NatMoz · 26/10/2023 06:53

Are you in London? Are you single and therefore bills are 100% your responsibility rather than split with someone else?

These are all factors that make things challenging regardless of salary.

I'm comfortable on a part time wage of £25.5k but also have a husband earning £50k plus and rental income on top. I'm also in the North. My salary alone wouldn't get me very far and I'd have to consider full time plus some overtime to match your current salary if living solo to have any treats at all

HomeatRoseCottage · 26/10/2023 06:54

It’s not your fault. The cost of living is just astronomical. For people on a single salary in particular it’s incredibly hard.

malificent7 · 26/10/2023 07:08

Bills have doubled. Yanbu.

Original poster
khlomoney · 26/10/2023 07:09

I am single. I live in Midlands. I used to live in London but moved due to cost of living, I feel like I’ll never earn “enough” to go back!

OP posts:
Girasoli · 26/10/2023 07:14

I think it depends on where you live and if you are living by yourself.

You are doing really well to earn 40k at 26 though, so I'm sure things will get easier as you get promotions/payrises in future.

On the furniture point, Have you looked around to see if any of the charity shops have a furniture shop near you?

WonderingWanda · 26/10/2023 07:15

I think it's incredibly difficult for people to get on the property ladder these days. I would be surprised if your friends at a similar age were single homeowners at 26. You are in a really good position now, if you meet someone in the next 5 years and decide to settle down you can pool your resource and would be able to save loads. It's just not feasible to do it on your own at the moment but at your age I doubt I could've bought a house on my own (20 years ago when houses and the cost of living was cheaper too). Just enjoy the perks of not owning a money pit for a bit longer, no hidden costs of rising damp, new boilers, new roof, blocked drains and so on. As soon as I owned a property all my spare cash went on maintaining it. Then I had kids and it has taken till my mid 40's to have any spare cash to spend on what I want.

LadyBird1973 · 26/10/2023 07:16

Being single is definitely more expensive. My DS earns around what you do and being solely responsible for mortgage, bills all furniture costs does wipe out a lot. What helped him to buy a flat was being able to live at home and save for a deposit for nearly 2 years. I think if your friends have had the advantage of being able to save, with minimal living costs, that's a huge advantage because not only does it enable them to get on the property ladder, but they will be borrowing less and paying back less. You may not have that so it isn't fair to compare yourself to all other people who are the same age and working full time.

MargotBamborough · 26/10/2023 07:18

These threads always risk turning into the four Yorkshiremen sketch with people telling you how much better your salary is than theirs and how you should be grateful.

The truth is, as always, it depends.

Whether 40k is a good salary or not depends very much on how many years you've been doing it for, what job you do, what salaries are normal in your sector and whether you expect to see big pay rises in the future or not. Whether you can have a good lifestyle on 40k or not depends on which part of the country you live in and whether you're single and living alone, living with a partner, living in a house share, living with parents etc.

At your age I was on 34k, renting a room in a shared flat in a fairly expensive city (not London) and I was able to have a reasonable quality of life and save. I could see people around me doing things I couldn't afford, like going on big holidays and buying properties (I assume they had family help for the latter) but I knew my salary would increase significantly in the next few years, which it did. Staying on that salary long term would have been hard though.

I'm more than 10 years older than you and it's entirely possible that 40k now is a worse salary than 34k was when I was your age, especially with the cost of living crisis.

Angryappendix · 26/10/2023 07:19

It’s hard for a single salary as you’re not splitting the most expensive costs for bills and rent/mortgage. It also massively depends on where you live.

DP and I are on less than what you earn individually but have a combined income of £65kish We live in a cheap area of the country and have lots of money left over for holidays and treats, savings and that’s after a mortgage and childcare.
We also have a good amount of combined savings because we had a child in our 30s so saved lots before that.

7Worfs · 26/10/2023 07:25

Hi OP, at 26 I was new to the UK, having arrived with poor English, my grand total life savings of £800, and a first job in a pub (part time min wage).

At approaching 40 I’m in a senior professional role making just under £100k.

26 is nothing in the career stakes just yet - lots you will still do in terms of qualifications, new marketable skills and yes, some job hopping and greasy elbows. The money starts coming in very fast after a certain level. Keep pushing.

BarbaraofSeville · 26/10/2023 07:45

£40k at 26 is a really good salary and you should be able to have a reasonable lifestyle in the Midlands but there will be some element of cloth cutting as in you will probably have to compromise on housing size/area, you won't be able to afford a flash car, designer clothes, high end tech, endless beauty treatments, expensive hobbies, nights out/cocktails, ,multiple holidays etc etc. If you have spendy expectations, you're going to run out of money before the wants stop.

You'll take home around £2-2.5k depending on pension and student loan costs, so how much is your rent? Do you have a car on finance? Your other bills should be fairly low so you should be able to afford the basics and have a chunk leftover for fun.

You say that 70% of your take home goes on bills. Does this include food? How much are you spending on 'the minimum basic food'? Do you buy lunch/coffee or take your own?

Good luck with the new job but also review your finances and be really honest about wants/needs and what's important to you. Also question every cost and look for ways to get the same or similar for less. It's quite normal to need to spread the cost of larger purchases, especially if you live alone, so aim to save at least £2/300 pm that you can use for weddings, weekends away etc.

AnaisMae · 26/10/2023 07:46

Is it just you you're funding? Or kids too?

Depends on things like your mortgage. It's take home around £2600 a month. If your mortgage is say £1300 then there's the issue.

FindingMeno · 26/10/2023 07:49

I think you're doing great given the economic situation at the moment.
Maybe friends are getting into a whole lot of debt. Doesn't take much for that house of cards to come crashing down.
If you can stay out of debt (and even save a bit- however little- for emergencies) I say you're a winner.

LongLiveGoblingKing · 26/10/2023 07:52

It's a great salary for your age. Living alone is very expensive though. I'd imagine your friends doing house renos have partners so are duel income?

Also don't underestimate how much help people get. Most people I know including myself had parents help in getting on the housing ladder.

NeedToChangeName · 26/10/2023 07:56

I'd say that's a good salary, especially at your age

It's expensive to live on your own. At your age, I had lodgers / flatmates, and spent holidays travelling around the UK to visit relatives

aswarmofmidges · 26/10/2023 08:01

How much is your rent/mortgage?
Are you wanting everything you see others have rather than what you need to make you happy

Dd is on far less than you ( less than 30k) but still manages lots of trips away as well as nights out and the like - she moved to a cheaper flat share