"We're on good money"

[FunionsRFun]

When a poster says they are on good money or a good salary, what figure comes into your head? For me it's £70k for an individual, and £100k for a household.
For what it's worth I am not on good money!

I tend to assume the phrase when posted on here is used by people who aren’t particularly high earners but earn a bit more than the statistical mean.

Really depend on the outgoings. We are a 3 person 👪 family, with a combined annual income of approximately 98k, mortgage paid off. Our monthly outgoings is about 2300/month. This includes the usual bills, food, eating/days out, after school clubs and activities, holidays, birthdays and saving for the 8 year old. I don't feel we are on good money as I still need to budget monthly and keep tabs on our spending, bring pack lunch to work and make the most of offers when buying groceries.

I think it’s relative too. I’m on 55k in the north west little towns where housing is relatively cheap. Live with a partner on 40k so by some people’s standards it’s “good money.”

In order to earn what we do though, we work long hours (45-50 hours typically) and so rely heavily on childcare which for wraparound for two kids is costing 550 in a typical month. Plus the kids aren’t my partners so while we split bills and food etc equally, I cover all of the uniform, childcare, school trips etc.

we live in a nice but just “normal” theee bed house that cost us 260k but our mortgage recently increased by 25%. I’m also STILL paying off student loans at 37. I also contribute to a pension scheme so my take home is about 2850.

once my kids are in high school and my student loan pays off, I will likely have an extra 700 a month, so my 55k might feel like good money then but just now it feels like ok and managing money.

Depends where they live.

The north i’d agree.

London, probably not

It's all relative. I earn 30-40k but barely spend a third of that on outgoings. Northern town, mortgage almost done, no childcare. I have friends whose mortgages are half that.

For me to say "good money" I'd say both incomes to be around £60k.

I do think it depends. Eg 70k with 1 lots of childcare could be tough. Or living in London.

I tend to think it's 'good enough' money for the poster's lifestyle.

£98k is a take home of over £5k a month. If all your outgoings are £2300 then you have like +£2700 a month disposable cash. That’s huge by any stretch of the imagination

I posted above my situation (single parent and I earn £95k) but I have huge outgoings cos I have a mortgage and kids at uni. I have a few hundred disposable a month after all my outgoings. I can also see how having a few hundred left at the end of the month would be a massive massive blessing to a huge number of families who have nothing or less than nothing at the end of the month.

just goes to show how the definition of ‘earning good money’ can have very different meanings depending on your outgoings ❤️

Depends who's saying it and the area of the country.
I'm north west. I'd say 60k plus. I've come to realise though that people will say 'good money' for 40k (especially if it's a woman earning it) These days, 40k to 60k is 'decent money' But its not going to give you a higher earner lifestyle anymore, unfortunately.

It's completely relative depending on where they live. Someone living in London on 50k is going to struggle more than someone on 50k in Durham.

I'm on roughly the same and after tax, pension and student loan payment I get about £400 take home more my husband who is on a hell of a lot less than me (and a hell of a lot less stress).. we earn around £70,000 household.

£35-40k minimum

I think different people say this and probably mean hugely different things 😄. So it's not a particularly informative phrase.

It also depends on overall household income and number of dependents etc. It's worth noting that a couple on £50k each will have a higher income than a couple with one person earning £100k.

I think full time NMW is about £35k.

I take it as meaning someone who earns comparatively more that others that live in the same area. I've only had it said to me once by someone in a bragging kind of way, found it a bit cringe.

£30 grand plus is good money to me

@GeneCity Full time NMW for over 23 is about £22k.

I think outgoings are irrelevant. If you earn 200k but spend 199k a year that doesn't change the fact you're on good money, it just means you're spending a lot too.

I think it's very area dependent. We have a household income of 80k but we also bought our 3 bed semi for only £163k, it's a lovely little area but miles cheaper than somewhere like the SE. Wages are obviously cheaper here in comparison to down south but for our area we're on a very good wage.

Oh, how did I get this so wrong 🧐

Minimum wage is currently £10.45 per hour. So full time, at 40hrs a week is £21,673 a year. The average UK earnings are £35k a year

Where you live matters. I used to work for a huge organisation where all first level management were on roughly same salary which was pretty good for the time - about £45k in early 90s. Many of my SE colleagues had second jobs (bar work, cleaning etc) whereas I felt I was loaded (West of Scotland).

More recently, I've found our "disposable income" has rocketed since our DCs left home 😃

Sorry *£10.42ph not £10.45

Oh, I've confused the NMW with the average earnings - I watched a podcast recently which included this figure. Apologies!

Similar to you op. Admittedly it's a bit down to where you live, £80k household is good in many places