To think people who live paycheck to paycheck on high salaries are just bad with money?

[QuirkyOchreOP]

If you’re making £50k+ and still struggling, isn’t that just a budgeting issue?

Best of luck OP but inevitably everyone is going to tell you that £50k isn't a high salary.

How many of these threads ranting about £50k salary millionaires do we neeeeeeeed?

It would really depend on your outgoings wouldn’t it.

I wouldn’t expect someone to live comfortably on anything under £96k to be fair

Oh nonsense. It’s all relative to your outgoings.

It very much depends, doesn't it. Single person with a mortgage and nursery-aged kids probably won't even be able to cover outgoings on 50k.i am on 48k and manage just fine but I have no nursery fees. Seeing that I can only save about £400 a month (and I don't have any high outgoings aside from a mortgage), I clearly would very much struggle to afford to pay for nursery which, in my area is £980 a month including free 15h

Some people on £50k can be worse off than those on £35k they might have a bigger mortgage, credit card bills and child care fees. Someone else may have none of those .

£50k is more like £30k due to tax etc

Its also relative a single person raising kids alone in London £50k will feel different to a northerner in a couple earning jointly £50k

50k is nothing if you live in an expensive, or even average, area and have a mortgage.

I feel like so many people are propped up by UC and various concessions/benefits, that they're out of touch with how expensive life is when you have to pay for everything yourself.

Depends what your outgoings are really.

£50k after tax is £3k.

You could easily be spending that on a mortgage round here.

You’re also looking at £2k a month per child for nursery locally to me.

So your mortgage and a nursery places might be costing you £5k+ a month.

@Randomease are you based in London ? I'm not , but can't imagine being on that salary , that's a lot for where I live !

It depends on so many things. You might know someone’s income but you can’t possibly know all the commitments they have. Mind your own bloody business. Your own finances are the only ones that need concern you.

It's all relative isn't it. If you're a single parent earning 50k but live in London with a family requiring childcare and a mortgage, you probably don't have much disposable income! But you do have a valuable asset so in that sense you're good with money I guess.

It all depends on your housing costs.

It shows how extreme the cost of living difference is across the UK doesn’t it.

£50k is £3k a month after tax. Two thirds of that pays for one nursery place round here!

It's not a budgeting issue for us. We've just got too much going out, still paying mortgage, school fees, trying to save a bit now and then, decorating, a holiday once a year, after school clubs.
Me and my husband hardly buy any new clothes for ourselves. I generally shop for myself on Vinted. The children have new clothes, but when needed, not just because. We don't have much of a social life. I feel we are not frivolous at all.

An example

50k per annum =

3200 take home each month

1000 mortgage / rent
1000 childcare
250 car
800 bills gas electric petrol food misc

It doesn’t go far 🤷‍♀️

High salaries yes I agree with you, but £50K isn't that.

Well who knows when you don’t know their outgoings. A large mortgage (normal if you’re in the south east plus childcare (or other end, uni costs as parents expected to make up the student loan when on 50k). My rent alone is £1400, that’s a bit chunk of my salary. I’m paying almost £400 in pension contributions (that’s the minimum, i’m not paying an extra to avoid tax). I am trying to save what I can too as hoping to buy next year, but I am certainly not well off on my 66k salary. Not in Surrey. Next year I am moving north and things will improve vastly. Waiting until youngest goes to uni.

What are you talking about OP?
£50k a year wouldn't keep me in tights and lipstick

A lot of people who manage on less have help like family doing childcare which is worth a 5 figure sum per year.

See, to my mind, school fees is a bit living high on the hog. That's for posh people. You can't really send your kids to private school and then bleat about the cost of living.

It depends on your outgoings the more you earn the more you tend to spend. Also pay loads of tax.

50k is not high! Lower salaries are often topped up by government help.

£50k could be a couple each earning NMW. Unless they have a very big deposit a couple of £50k wouldn't be able to buy a 1 bedroom flat where I live. Which means unless they have a council flat (average 8 year wait in my town) they'll be paying at least £1200 rent for a 1 bed flat. £1500 for 2 beds. Nursery is £90 a day. Wrap around £20 a day.

However, I am surprised about the amount of people I know who have car finance deals, especially couples who have two cars but don't really need them, then moan they are skint........