AIBU to ask how much you earn if you feel comfortably off?

[Bananabuttons]

Just that really! I’m trying to gauge how much money we’d need to earn as a family of 5 (both parents earning) to feel like we were comfortable. I’m going through a bit if a (mid/life??!) identity crisis and really need to change how we’re living but I just feel like finances are trapping me in my current situation.

So as not to drip feed too much…

By comfortable I mean:
Household of 2 adults and 3 preteen/teenagers 1 dog.
Being able to spend £120 ish on food each week
Possibly able to save £200 ish per month
Run one family sized car, not new but new enough not to be constantly breaking down!
1 family holiday 10 days ish abroad (Europe) each year- budget flights/ posh camping or self catering villa
1 UK 3-4 night break- cottage in wales or similar
Mortgage repayment of approx £1000 pcm

Thanks if you’ve got this far!

DP doesn’t work (he’s DS’s carer) and I earn £45k. We get £70pw carers allowance and £600 a month in child benefit/DLA for DS. We are comfortable but only because DP is in his mid 40s and bought his first flat at 18 up North so now our mortgage is tiny (<£350 a month).

We have one car between us (I work from home so easily manageable), DP doesn’t really enjoying travelling so we tend to have one family holiday a year in the UK at a Haven site, and then one foreign holiday a year just me and DS.

This literally looks like my life (although I only have 1 child but have 2 dog). We have a combined income before tax of £150-160k. Our mortgage is a little higher at £1300 per month. We feel comfortable but aren't off on expensive holidays and the car is over 10 years old.

Still recovering from the years paying £1000's for nursery (we were earning half what we are now) so accumulated some debt and at the time we had no money to fix problems in the house and we have a backlog which is where spare income goes atm. So you may find you need less than that if you don't have those issues.

That's my life! Except only 2 children and a dog. We have one 10yr old car. Mortgage is approx £1k pm. We have a foreign holiday every year. We both earn approx the same amount which comes to combined total of £85k. We save around £600pm for 'future' eg not earmarked for holidays or anything the saving is long term. We don't have to worry about the cost of food, school trips, bills, clothes etc etc so in that sense we're 'comfortable' ISH but worry about paying off the mortgage, having enough in our pensions etc etc

We have one child living with us, and one living mostly with her Mum, and usually do every other year holidays and a combined salary of around £70k was very comfortable. It's now closer to £55k and that feels a bit tight but will hopefully change soon.

I suppose for 3 kids you'd be looking at maybe £80k-ish between you. Your mortgage is also a little higher and you holiday more, so I'd say £90k would get you the lifestyle you want.

I'd describe 2 holidays a year and 3 kids as more than comfortable though tbh.

Pretty much identical in terms of dog, car, food, holidays though we just have 1 child and we save/invest a lot on about 130k combined. Could probably reduce by 40k to cut that saving right down but then there's more kids to pay for...

Can I ask what your current income is and have you got any debts / loans etc that would be currently hindering you feeling comfortable.

Asking because if your current income is say 100k plus it’s no good others saying they earn 75K and already are comfortably affording what you’ve listed, if you can’t manage it on say 100K .

I would say £80-90k between you. And you would be able to save a bit more that £200. I'm assuming you're out of the heavy childcare years.

No debts or loans. My husband and I share profits from a business (both self employed) of about £25k each, he has a main job that earns him profits of approx £35-40k and I have a side hustle that makes about £20k so I guess combined we earn about £100k. My husband is currently doing another masters degree to allow him to diversify his career. It will involve 2 year p/t masters and another year on the job affiliation but he should be able to earn about £75k after that- it’s costing £10k to get the degree.

i am working ridiculously long hours to run a business that we used to run together. Due to interest rates, increased COL, changes to tax rules etc it’s less profitable and so I have to do it all on my own. I am limited in what I can do for work, partly because of having to run this business myself from home and partly because my eldest child is in complete autistic burnout and needs me at home to care for him, facilitate tutoring which is currently costing about £500 per month. (I’m in the process of going down EHCP route, hoping for EOTAS and awaiting a DLA claim which should take a bit of financial pressure off but will still mean I have to be home.

We live in an isolated area and I’m chained to the house. I’m feeling very lonely and bored. I want to move but a comparable house in my preferred area, closer to school and with a community/friends within walking distance would cost 30-50% more. We can’t really downsize much as we need 4 bedrooms really. All the kids are ND and sharing bedrooms is extremely difficult for them. Our business is tied to the house (holiday lets) and so we’d lose this income.

Sorry, that’s quite a lot of info!