175k salary and all gone

[175allgone]

This will ruffle some feathers, but after tax, mortgage , childcare, living expenses….there doesn’t seem much left. SE London, commuting, wrap around care. Whilst I appreciate I’m not having to watch my bills I’m hardly living an extravagant lifestyle.

Why shouldn’t people be able to live in London and have a mortgage and children?

She is living in London, with a mortgage and children and by her own admission not struggling to pay her bills. She just doesn't have as much left over for luxuries as she would like.

I think all the accusations of "envy" and "bitterness" are a bit lazy and simplistic. I know plenty of people who could earn more if they wanted to but they have instead prioritised work/life balance, the freedom to travel, caring for DC's or other things that they deem more important than being in the top 1% of earners. Not everyone wants the life OP has got, although I'm sure many who are genuinely struggling to pay their bills and keep a roof over their heads would happily trade places with her. I think the reason OP is perhaps getting a hard time is because she seems surprised that choosing to live in one of the most expensive areas of one of the most expensive cities in the world is...well, expensive!! Living in Islington is a choice. Having two children close together is also a choice, unless she's had twins which is rare. OP is asking how people "manage" on 175k and the answer is that they make different choices, or they have made similar choices and are consequently in a similar financial position, which is still "managing" very well by many people's standards.

OP is long gone

London property particularly flats has been outperformed by the rest of the UK for 8 yrs or so. Affordability is an issue because so much of the recent prices was funded by equity gains as there aren’t enough earning high wages.

I suspect they live in their imagination.

The location blunder probably didn’t help

I said not high for central London.

Anyway I have some questions over this.

OP has said a few times she's in Islington yet anyone who knows Islington knows it's N1 not SE London.

Islington is North London and the home of smashed avocados.
SE London is south of the river and a different kettle of fish - jellied eels.

I smell a rat as well.

If you're not having to watch your bills you are living an extravagant lifestyle.

We live on less than half your salary OP but I get it. We are all the same boat here, albeit scaled differently.

I for one thinks it's terrifying that earning more doest necessarily bring you security and comfort.
The system is completely broken.

N?

my child is at N and it is honestly the best best choice I have made. Our nursery is truly wonderful and I would sacrifice savings or holidays to send her there.

Yep and why is anyone posting at 2am UK time over this?

I'd be exhausted with that lifestyle and need my kip.

This is kind of what I'm getting at when I say you calibrate to your means/settings. The average UK take home salary is apparently £2,200, so £2,500 on a mortgage would be unaffordable for most people (even in families with two average earners if they have any significant childcare costs). I can see that it's probably quite modest in some circles, though!

Would a nanny make more sense? Sounds like they would be a bit cheaper?

@neverbeenskiing i accused one poster of being bitter because they were angry at the poster for saying things they didn’t say.

I think the reason OP is perhaps getting a hard time is because she seems surprised that choosing to live in one of the most expensive areas of one of the most expensive cities in the world is...well, expensive!! Living in Islington is a choice. Having two children close together is also a choice, unless she's had twins which is rare. OP is asking how people "manage" on 175k and the answer is that they make different choices, or they have made similar choices and are consequently in a similar financial position, which is still "managing" very well by many people's standards.

Whereas I have dc close together, earn less than OP, work p/t, have a house that would cost more than 2.5k mortgage but my mortgage is less. I didn’t make any different choices, I just had family help and I’m a bit older.

It's true. My mum actually cried with laughter when I told her we'd be stretching too far for our comfort to buy a house in Zone 2 SE London. But that's what's happened!

This is only a temporary problem for you. Once your children are in school you’re going to be at 4k up leaving you with 5k a month disposable income.

it’s astonishing that someone who can command such a high salary is failing to understand this very basic point.

you chose to have children close together and presumably knew childcare would be expensive given you are in zone 2 in London.

@PickledMumion but there’s huge wealth disparity with housing with often isn’t related to income. My in laws have never had a 2500 mortgage, probably never earned that but their house would sell for 1.8m plus.

Your “left over” money each month is more than my entire monthly salary after tax.

If you don’t know what you’re spending money on, how can you save money.
With respect how does someone who earns so much be so stupid.

They live within their means. If you are struggling, despite you’re salary, it is because you are not living within your means

People manage by living in cheaper houses with smaller mortgages and lower council tax bands, with cheaper commutes and creative childcare arrangements. And making sacrifices and priorities in general. Ideas of what constitutes an extravagant lifestyle obviously differ.

Well they don’t spend £4k a month on childcare and £2.5k a month on a mortgage. It’s really as simple as that.

it astonishes me how lacking in critical thinking the rich people are on Mumsnet who always come on here to ask these things. How do they attract such large salaries with such inabilities to imagine other scenarios, or think critically?

They also aren’t able to pack hundreds or perhaps thousands away each month into their lovely big fat pension pots like you do, so your also much, much richer at the other end OP.

You're earning a huge salary, and choosing to spend the money on expensive lifestyle choices.

If you want to save more, then live somewhere cheaper, use cheaper childcare etc.

I think you've somehow convinced yourself these expenses aren't choices.

The cost of living crisis hits everyone! If I had your salary I'd be a bit miffed I couldn't spend willy nilly!

Just imagine what you'll be able to spend that 4k a month on though! I'd be having monthly spa days!

Childcare is ridiculous. Wouldn’t it be more cost effective to hire a nanny full time?

Whilst I appreciate I’m not having to watch my bills

Maybe start watching your bills?