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.

I don’t think Hegelian materialist dialectics is going to work on Billy Big Bollocks Banker here. Would be way too smart to go for it.

Well they could be described as doctors, nurses, paramedics, teachers, dentists ect ect. In my experience there are many disposable high earners that offer absolutely nothing but money to the country, planet or often even their own family. Others contribute in other ways and are not compensated for their efforts.

On your income, does the tax you pay cover all public services you and your family use?

Can you not read? Absolutely nowhere have I said that the OP's childcare bill is extravagant. It's actually pretty normal if she isn't getting free hours.

If the OP wants to go out to work full-time she will have to pay at least this. And I certainly don't care if high earners don't get subsidised child care. Why should other tax payers on lower incomes subsidise high earners? Free hours often enable mothers on lower incomes to return to work so that they are more self-sufficient and contribute to the economy. Surely that is what we need?

Poor you.

My family income does, yes.

@80smonster Yes - London, if separated from the rest of UK, would become the richest country in the world. Frankly reading through the comments, you can see why some people aren’t able to contribute, they don’t have the intellectual capacity.

If you say so, dear. I have reams of academic qualifications, so I don't need you to tell me I don't have the "intellectual capacity." You're the person who is so financially inept that you can't manage your budget on a whopping salary.

But you are managing! You are paying all outgoings and still have £1000 leftover. What’s your complaint?

for childcare are you using a private nanny? Or a childminder? Or a nursery? It would seem to be quite easy, even in London, to reduce that cost.

are you a two salary family? A single parent? Hard to judge when you provide little detail but based on what you have said you are doing just fine.

N1? (Or N5 or N7)

Almost everyone I know in Islington who has managed to buy have had to buy outside of N1 (cheaper)

So, going by your so-called logic, the disabled are disenfranchised, lazy and unable. So are the chronically ill. So are those who can't work because they are caring for others. So are those whose job opportunities are constrained by natural limitations to their intelligence or ability.

Yeah, I won't be buying into your so-called value system any time soon.

You do realise that according to your 'logic' a lot of people who do the jobs many people (and probably you) think they're too good for, are 'disenfranchised, lazy and unable' simply because their jobs don't pay well? Would you like them all to stop doing their jobs overnight and all become City bankers overnight, because y'know, anyone who's not a high earner just isn't trying/working hard enough? Even if that were possible, I'm sure you'd be the first to complain when your surroundings were dirty or there were no nurses to care for you if you got ill, to name just a couple of examples.

If the system in this country is so unacceptable to you, there are plenty of other places in the world to live.

I think there’s a huge gulf between London and the rest of the UK especially if you are a “high earner” and have moved for a “good job”.

It’s a bit like a video game, you slog to get the job, work hard get the small living place, then you find out there’s a whole other set of levels you had no idea about. Living in London with children without wider family support and without very flexible work is a bit like rowing up a waterfall. Sure there are some heroes who have managed it but for the rest of us it’s v v tough.

Show me a political party who will encourage work and betterment, make it less financially crippling to earn over the tax threshold, and I’ll vote for them. Right now we are all hanging on waiting for the next hit.

And to those who want to bash this view because they feel it’s entitled, great. I’m not bashing you - but there will be a huge brain drain in the coming years for those who worked bloody hard to pull themselves up and likely moved to London to do it and are wondering what’s the bloody point.

Childcare, wraparound costs more than rent/mortgage, salaries aren’t going up to match living costs, no Deliveroo or Uber eats or avocado toast in this house either.

We are all just shattered all of the time.

Love that we’ve rediscovered eugenics from first principles here.

What would your response be if a wave of Londoners took your advice and moved to the place you live, pushing up the house prices in the process>

”You just spend too much and clearly are living an extravagent lifestyle. Your choice, get real.”

Those were your words. But the bulk of OP’s income is spent on childcare. And where did I mention people on lower incomes subsidising hire earners? OP is paying £70k tax and national insurance so I don’t think anyone is subsidising her. As it happens I think we should have universal low cost childcare for all like most other European countries. The average cost in Germany is 250 euros per child.

Yeah sorry I have little sympathy.

You still have £1000 left after everything's paid. That's plenty.

You have two children in nursery - either you chose that or you have twins - either way, this part of life won't last long. And when you're out of it you'll be £4k up every month as well as any payrises you get in the interim.

Sorry you thought that having children as a very higher earner exempted you from having to cut your cloth. Obviously it doesn't. But it's short term pain for long term gain unless you think moving, or changing your job, or quitting your job, or getting a different form of childcare will help.

But yeah, limited sympathy. Small children and luxury living rarely go hand in hand.

Absolutely shattered, working 50 hour weeks. And for what? Nah - you’re alright mate, as we say in London.

"How does everyone else manage" you continue to focus on "oh I suppose I should just have not had children then" but the childcare fees are temporary. You've not answered any questions about your mortgage so we're going to assume you've chosen to live someplace expensive and don't want to address that.

"Everyone else" is living someplace smaller, less desirable, and probably eating out less/ going on fewer holidays/ etc. You are still massively better off than the majority of the country. Well done you. Once you're past the childcare years you can go back to your scheduled wealth accumulation.

@175allgone well no one else is going to step into your life and cut the cloth another way to enable you get more of what you want out of life - you're going to have a dispassionate look at what you really want and what decisions you can make to get your life closer to how you want it - it's all possible. I wouldn't be living anywhere near London - why are you paying £2.5k pcm - have you not had the income previously to enable you to pay off more of the capital or have you recently increased it? How important is a pile of bricks to your quality of life? I paid my mortgage off at 42 and got it out of the way - maybe you just don't know enough people who live their lives along totally different lines to you - you seem to put up a barrier straight away when you said about paying £50k in stamp duty to move - is that a fact? Have you looked into it - maybe it's a price worth paying. You're not in an actual straight jacket - you can take control of your life and future by making decisions - you just have to be open minded.

It will be even harder for you OP once Labour get in. Buckle up!

I agree and there are cheaper options for definite.

Why does anyone need to live in London and pay extortionate housing costs to crooked Russian property owners?

Why does anyone need private schooling?

Have you thought about living in a normal home and sending children to a normal school like everyone else?

@shuggles LOL you are very unaware of life in the south.

Buying your home doesn't involve crooked Russians.

Let me tell you something. Anywhere within a 45 min commute of London has seen house prices go through the roof with the London family-exodus.

So now, the only people who CAN afford to buy here (as new buyers) have to work in London because they need 2 x £6 -figure income to pay the mortgage, fares, parking and a car.

You can't get much as a 3-bed semi/ family home near a station for under £600K.

Car parks by the stations are full by 7am. Locals (not early morning commuters) can't get a space. Premium parking which ensures a space is £3K a year.

Would it not be cheaper to hire a nanny?

Spoiler: I’m not the OP.

Sorry, shattered after a 50 hour week? Are you one of these people who cries after breaking a nail when opening a can of Diet Coke?

... Yes, I know. I was responding to your suggesting that some of us are lacking in intellectual capacity.