To ask what your life would look like on 60k

[Thecherryhotel]

What do you think your life would look like if you and your partner earned around 30k each per annum? Would you both work full time or would one of you be able to go part time? Would this be enough to support you and the children you have? Would it be impossible? How would you feel?

Mortgage, bills and childcare would be paid, but no treats or holidays (not even a hoseasons staycation) No spare money for any treats

I spend more than £4k a month just on childcare.

So our lives would look vastly different…!

We are lucky to have a fairly small mortgage (£800pcm) so we could do it, but I wouldn't have had DC4. Frankly I'd have been much more stressed about DTwins (DC2&3). Childcare is a big cost to us at the moment (3 under school age, one at primary school), so on £30K each I'd definitely be better off working less or not at all.

I'm in South East and earn under 20 k a year. So that would make me feel much richer However I don't feel as though I'm missing out on anything at the moment either

Would have to move house, move children's schools, start eating different food, stop most trips abroad, and DH would have to give up main hobby.

On the plus side, one of us would (assuming still the same people with same qualifications) not be working and the other would be very part-time.

How much do you owe on a mortgage that size?!

It would be a huge cut for us, it would mean our mortgage would be a huge chunk of our income (so would both be working full time, but we choose to do that now anyway). I don't think we'd have to move though, our other outgoings are relatively low but we do like to spend a good chunk on holidays and things like eating out, so it would be a huge reduction in the quality of our lifestyle. Liveable though. We were on that kind of income for a few years and when we had childcare too actually, but our mortgage was lower (and our expectations!)

We would have to downsize and make some significant lifestyle changes.

Mortgage is 2k and childcare is 3k (2kids)

so we’d be fucked

It would completely depend on what area you lived in, though it seems like enough to have a modest mortgage, afford bills, good food shop and run a modest car. Not much room for luxuries without some dedicated savings. I think paying for childcare on that income would be extremely difficult, so I’d imagine living near family would be a must if both partners had to work full time to make that £60k.

I live in London and was earning about £26k when I met my DH. I had my own (ex council and tiny) house and car and was doing ok with no dependents. Interesting if he had earned about £34k - Gosh our life would have been different (he earned A LOT more than that).
He had an ex who got more than £60k/year alimony, so no idea what she'd have had. His kids were both at private school and he paid maintenance plus all expenses (one lived with us full time). We had a big house in a very nice area (zone 3).
So, no private schools obviously (and one stepson met his wife at school so that wouldn't have happened), I would not have been able to give up work after I had my kids, we would not have been able to live where we did. But most significantly, and of course his £34k job may have been equally stressful so not changed anything, but I wonder if my DH wouldn't have had the heart attack that killed him at 50? Now that really would have been something.

Our mortgage is that much a month. It’s for around £600k ish.

We’d have to move- couldn’t afford our house. So that would be pretty crap.

It would be a significant cut for us, and we’d need to adapt accordingly. We could survive, but there wouldn’t be as many extra curricular activities for our child (spend about £200 a month on those at the moment) or holidays (4 holidays this year)

I’d live very very nicely on 30k. But I don’t have a mortgage, so it’s all relative.

I’m a single Mum to 4 children on 60k with a hefty mortgage. Things for me feel tight and I have to watch my pennies - most of my wages go on the mortgage, household bills, transport and food. I’m moving to a smaller, cheaper house and can’t wait.

If my partner and I started to earn £30k each, I’d be devastated. Our income is far beyond £60k joint, I wouldn’t be able to holiday, afford the house, ski / triathlon is no longer my hobby. God, just thinking of the food choices that are suddenly out of reach, I’d die!

We'd be about the same but wouldn't have bought a money pit house to do up due to my emotional attachment to it Holidays would be more budget friendly. Cars would be older and cheaper to run.
No mortgage. Highlands.

60k would make a massive difference to us. I would throw most of it at the mortgage. It would also mean we could pay more than the minimum to our pension pots which has been nigh on impossible on our current £35k.

You wouldn’t die 🙄.

Probably the same as now, but nothing extra to put into savings

But it's such a poorly defined question.

Would the people who currently have outgoings based on an income of £260k still be expected to meet them if their income was reduced to £60k for example. They could be left unable to meet mortgage and childcare payments, let alone anything else.

I think she’s being sarcastic!

My husbands on that but I still work. We would be ok but no real luxuries.

I'm on 32 p/r as a single person with a huge dog to feed. I don't know what my actual income is without working it out, as I also own 3 BTLswith a business partner.
£60k would mean I could have a lot more and a larger house. I am looking for better paid jobs currently. But at the moment I can afford some luxuries, I go out a lot, I have nice things. It's enough.