How much is an adequate amount to earn?

[Pinkdreams]

I earn 1,800 pm should I be looking to improve this?

There are so many variables. Round here that wouldn't cover rent/mortgage for a small house but other parts of the country you could probably have an okay standard of living. It depends on what you want out of life really - maybe you earn that in a low stress job you love and, if you can afford bills etc, there's no point increasing it 'just because.'

It depends on where in the UK you live ? and what your housing situation is?

Do you own your house outright? Rent or have a mortgage?

depends on your circs... our mortgage is higher than that so we certainly couldn't
But if we had stayed living in our old place we'd be mortgage free and 1.8k would be fine!

Surely it depends on life stage and situation. If you're early 20s living at home with no kids then that's fine for now. If you're older with a house and kids to pay for then IMO you'd need to earn more than that.

Too many other things in play to answer that question. Kids? Dependants? Location? Lifestyle expectations? Mortgage or not? Inheritances received or expected? Pension situation? Health, disability?

I could manage fine on that but I have a number of privileges that others don’t. Plus very low cost lifestyle that I’ve chosen and am very happy with

Why would you NOT want to improve?

I earn around this (28,000) before tax. I live in a houseshare and have to budget quick strictly to pay for any luxuries (holidays/ savings) but I'm not struggling. My only dependent is a cat (insured don't worry)

I earn less, and I manage very well

No one can tell you an exact figure you need to be earning, so many variables

Ive house paid, Ive done my partying, I live a quiet life and I have an excellent work life balance so I really don't want to nor need to increase

I still don’t understand the question surely we should all be trying to improve and increase our earnings.

Why "should we"? If that's your goal fine.

Why? I turn down promotions regularly because the jobs don't interest me and I don't want the additional stress. There is more to life than money.

OP that sounds like a wage you could live on in a cheaper area of the country or as part of a couple. Could you get a mortgage on it?

But you would take my money to do the job you’re doing now yes?

Ridiculous question

I don't give a fiddlers for what you are earning or doing

I earn enough to pay my way and have a great work life balance and have a decent quality of life

Im happy, I have no worries financially , I still get food on the table, still have a roof and be warm and take holidays and buy what I need/want ( ok so maybe the luxury car won't be on the drive, but the car I do have is none too shabby)

So who actually really cares what you earn doing whatever?

Meant to say more money 🤣🤣🤣total typo @suki1964

you would take more money… not my money 🤣🤣

I agree with this.

But why though?

At some point you get to the stage where you have more money than you'll spend in a lifetime, or at at least financially independent or stable and if you're not constantly chasing 'stuff' or spending for the sake of then it's not an impossibly large number.

When you get to that stage you can decide to work less or at least not worry about chasing more money.

For example my salary is poor for what I do but there are many other advantages and there's not much I can do about my pay without making major changes to my life such as moving house or giving up a very secure income with excellent pension and sick pay entitlement, which I've never really used, but it's comforting to know its there especially as you get older. A bird in the hand and all that.

But for the OP obviously it depends on circumstances as no-one can say if you should be looking to improve this without more details.

If you take home £1800 pm for working 2 days a week and you're a mortgage free 50 something, with a decent pension lined up, you're living the dream.

If you're a single renter in a high cost area, underpaid for your role and you're hoping to buy your own home, then yes, you should be looking to earn more.

I earn the same amount
and doing absolutely fine.
no children. low mortgage.

It all depends on circumstances, outgoings, expectations and ambitions. Also depends on career choices. I can’t ask for pay rises etc it’s public sector. i wait for the goverment to sort them!

Im on around £31k. It’s plenty for me. We have a small mortgage left, no kids so no nursery fees etc. Live in the north. Neither of us are particularly materialistic. We prefer to live and experience life so that’s where a chunk of our cash goes: days out/holidays/travel etc.

I’m from a very working class background and never had huge anoints of money but right now i’ve savings and secure. Maybe if you are used to lower earnings it’s absolutely fine!! Not everyone chooses to progress up a ladder. Sometimes the ladder isn’t available in all jobs!! The pay difference for me to progress was absolutley not worth the added stress. No thank you.

No, @Housebuy1 we shouldn't.

People have different needs, they are at different stages of their lives.

At 21 I gave up a well-paying part time job to concentrate on my finals. They were a higher priority.

This year I took the lower paying of two job offers because, post-cancer, I choose to reduce stress over earning the maximum. I have a much shorter commute which gives me time to exercise more, and to spend more time with my child.

When my mortgage is paid in 18 months, I'll stop work altogether.

OP, if your salary meets your financial needs comfortably today, and allows you to save a little for tomorrow, then whether you try to earn more is entirely your choice.

As others have said it depends on your circumstances I think and your other life choices such as DC, where you live, size of your property, whether you run a car, whether you take holidays.

When DH and I were younger we took home roughly that, we had a very cheap rented home at the time, no DC, no animals and no holidays because they didn’t interest us, low regular outgoings and we lived a great lifestyle always out, plenty of money for meals out, clothes etc.

Now we take home almost double that and our circumstances have completely changed and we struggle to get through the month.

Depends on too many variables. I earn that in my part time job to pay for luxuries. My BIL is able support his family on it (wife and one DC)

It depends, if you are happy in your job and have enough to live on then no.

Adequate depends on what you want from life and what your costs are. For me £1800 would not be adequate as I live in an expensive area. It would barely cover rent on a small house. Adequate for me would be £2500 each in a couple or £4500 joint income