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?

I'm the sole earner in our family, so we'd be better off if both of us were on 30k instead of me earning 58k.

I'm absolutely NOT complaining in the slightest, mind. My partner has just retrained and is eventually going to be self-employed and we might get to the stage where I could go part-time if needed, but we aren't there yet.

We're a 63k & 37k household.

We have enough money to do our hobbies and camping trips, but we aren't rolling around in wads of cash. If i earned less (went part time), i'd have to give up everything i love and that's not living, that's existing. We don't share money, i pay the lions share of household as i earn more but that's as far as sharing goes.

We all live to our means - the more you earn, you end up spending more on the whole and that becomes the norm for you!

I would genuinely feel loaded.

Why are you asking? I'm unsure whether you think this is a lot, or not?

DH and I earn a lot more than that, the kids have left home, and our mortgage is tiny. I guess we would save less and take less holidays?

For everyone the main thing is what are outgoings.

What are your housing costs?

And what are your childcare costs?

Those two variables significantly affect what is needed.

If someone is a stay at home parent then they won't have the second and thus will need to earn less as a household.

We'd be fine. Currently on a bit less, one person on £35k full time, one £18k part time. 3 kids. Only 1 in childcare years now and just 2 days a week.
We manage to overpay our mortgage by a few hundred each month, save maybe another 10-12k a year. 1 holiday a year self catered. We don't spend a lot on day to day life, commuting costs low, we go to the woods/park/beach a lot rather than expensive days out. No takeaways. But that's all choices we'd make even if we were on more.

It’s an eye opener seeing how many people saying they would struggle on 60k a year? 60k is a lot of money!

School fees would take half of it.

This is our income. One salary (I'm a SAHM until my child goes to primary school).

We have a take home pay of around £3200 plus £100 in CB each month.

After bills, we have a disposable income of around £450per week for all food, petrol and anything else that comes up.

Parents on both sides help us with big bills like a car service/vet bills. Without them, we'd struggle a lot more. We're very lucky.

For most people my age on a state pension, it would mean luxury

I earn £66K. I am so busy I am exhausted all the time though. It might sound a lot where I live but it soon vanishes. I spend it on holidays and mini-breaks. I usually buy clothes, shoes, make up and stuff like that without thinking. I also have two cars. I should rein my spending in I think and save a bit more. I pay into a very good pension scheme however. I'm so busy I don't get a chance to do up the house which is what I have been planning to do since the start of 2022.

Yes, this.
Domestic and commercial landlords, retired.
Life on 60+K isn't a fairytale, as some seem to perceive.

True but life isn't worth it if I can't do what I enjoy, or eat what I love!

I'm on 30k and DH almost £70k and I have to do a second job as we can't manage! So on 60k we'd be screwed.

We'd have to give up quite a lot tbh

We'd struggle. We would have to make huge changes to our lifestyles. We could afford our mortgage and day to day expenses, but holidays would be cut back and we would have to stop paying our Dc's rent for Uni accommodation. The student loan isn't enough to cover rent in the University city so the Dc would have to defer a year /years and delay graduating.

We earn around that already, so not much would change. We manage but don’t have a lot to spend on clothes, days out etc. We will be doing a lot better when our daughter leaves nursery at the end of August.

Good grief another one of these "how come some people are wealthier than others" nonsense threads.
I'd feel poor. Does that help OP? Some people have shitloads, others have fuck all. It's the way of capitalism and apparently of all humankind. I didn't vote for this, it's not fair, but that's how it is.

Well that's 3 times our income so live the life of luxury probably get a butler and a maid

I don’t think you’d find many butlers or maids willing to work for approx £17k per year!

Single adult earning just over that (although I'll have less net pay than 2 people combined would due to tax free allowance). I have a small mortgage (just under £600 a month) and put money aside into my pension and savings every month but I wouldn't say I live a luxurious lifestyle - i shop at Aldi, my clothes are supermarket and M&S type labels, and my car is paid for and 8 years old. I can't imagine supporting another adult and kids on my income. There definitely wouldn't be much in the way of treats or holidays.

60k is more than 3 times what I'm on now. Would be amazing!

£60k total? It’s be a drastic change for the worse. Especially if that’s gross, not net. The kids would have no extra curriculars except guiding as it’s cheap, and there’d be no fun spending or holidays. Diet would be a lot worse too.

We got the tent second hand, things like sleeping kit were used for Scouts and sleepovers, torches in case of blackouts, so not bought just for a holiday. Most people on £60k would have a car, unless in London.

It would be less than we currently earn combined so not ideal. It would mean we wouldn't be able to save anything and would have to cut back massively on food shop and any extracurriculars.