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Original poster

Please tell me how you spend £100-150k Incomes

156 replies

AkaWho · 17/02/2024 17:38

I know I am in a very fortunate position to be in this band with my income.
At the moment I basically put anything over £100k in pension, but the increase in living costs is meaning I am spending most of my monthly post-tax income on just living:
Mortgage, bills, petrol and car costs, DC hobbies, gym and pt, the bloody grocery shop! Oh and holidays just seem to be more expensive too. I do have some savings and a DH who also earns/contributes but we were planning on private school for DC in a couple of years and sure we can afford it I just hate the thought of the amount of tax I lose for every £1 over £100k which means for a £20k a year school I could basically have put £50k in my pension.
Do I just have to get over this if I decide on the school fees being worth it? Is there any better way of doing things? Do others with the same salary also feel squeezed? Agreement with DH is my excess income (where exists) goes to school fees and his goes to overpaying the mortgage.
Please don't crucify me, I know I am in a fortunate position and also that there are state school options if I really can't stomach it. I just never thought I would be in a position where I need such a high salary (mainly big mortgage plus the interest rate increase, but also don't deny my family or myself anything)

OP posts:
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Sunshinemoonsea · 24/02/2024 13:52

AkaWho · 17/02/2024 17:38

I know I am in a very fortunate position to be in this band with my income.
At the moment I basically put anything over £100k in pension, but the increase in living costs is meaning I am spending most of my monthly post-tax income on just living:
Mortgage, bills, petrol and car costs, DC hobbies, gym and pt, the bloody grocery shop! Oh and holidays just seem to be more expensive too. I do have some savings and a DH who also earns/contributes but we were planning on private school for DC in a couple of years and sure we can afford it I just hate the thought of the amount of tax I lose for every £1 over £100k which means for a £20k a year school I could basically have put £50k in my pension.
Do I just have to get over this if I decide on the school fees being worth it? Is there any better way of doing things? Do others with the same salary also feel squeezed? Agreement with DH is my excess income (where exists) goes to school fees and his goes to overpaying the mortgage.
Please don't crucify me, I know I am in a fortunate position and also that there are state school options if I really can't stomach it. I just never thought I would be in a position where I need such a high salary (mainly big mortgage plus the interest rate increase, but also don't deny my family or myself anything)

Realistically it is only around 65k after taxes and NIC; so same as you bills, mortgage, groceries, car, holidays, children stuff, house repairs and decorations if needed, cleaner once per week, tutoring, gardeners 3 times per year.It doesn’t take much to be honest.

We don’t live a luxurious life but spend a bit on holidays and visiting family overseas; we mainly do self catering, occasionally eating out or take away (once per month maybe)

I guess cleaner, gardening, tutoring and holidays, clubs are not necessary but the rest is.

RedPinkPeach · 25/02/2024 20:41

happyfishcoco · 24/02/2024 08:05

so after tax would be £5600 + £2000 = 7600
and the mortgage is only £1300....
that would be appreciated if you could tell us where to spend £6300, and feel could not afford private school?
I am too poor and cannot imagine. 😭
I remember another day an op thinking send her DC to a private school, while her income is 35K.....

Show quote history

My DH pays about £900 pcm in tax for his company car and fuel (which is a joke because his car is integral to his role and the fuel use is directly related to it…).

I said upthread if you’re interested that we have about £1500 pcm left, childcare is £1k a month so that pretty much wipes out my wage. When that stops we’ll have £2,500 pcm disposable but that still isn’t enough to put two kids in private school. Then there’d be no holidays etc.

RedPinkPeach · 25/02/2024 20:43

Also @happyfishcoco i did expressly say I feel fortunate - your post feels like a thinly veiled dig.

BingoMarieHeeler · 25/02/2024 20:45

CAN you afford private school though, if you’re questioning it? We’re in same financial position and luckily aren’t interested in private school but if we were, it wouldn’t be possible.

trekking1 · 26/02/2024 17:24

I have it on good authority that mumsnetters who make 100k paypal those of us who work noble jobs like SEN TA for a pittance. It's like giving to charity 😂

RedPinkPeach · 29/02/2024 07:35

trekking1 · 26/02/2024 17:24

I have it on good authority that mumsnetters who make 100k paypal those of us who work noble jobs like SEN TA for a pittance. It's like giving to charity 😂

Say that again?

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