If you earn £2550 how do you feel financially?

[redboxerclub]

This is me. Husband earns the same and we half cost. We live in a cheap part of the UK.

I feel like I have nice life but nothing fancy and feel guilt for spending on nice things. So hair and make up and nice clothes. Going out and activities. I’m dressed in primark and Matalan! I’ve started treating myself more but need a hair tool but I can’t bring myself to by one as they are expensive (I have a cheap revlon one step). Very rarely go out or buy coffee out not take away, take lunch to work.

I do have a new car on lease and new iPhone (bought in cash not contract). I have no debts and 5k emergency fund and bits saved for holidays and things I’m saving spaces.

I’m an experienced professionals and do 4 days plus some extra work that is casual for about £250 per month but it is not guaranteed. I use this for holidays. My job is hard.

I get no benefits and never have. I could go for a promotion and earn more but the stress would make me ill an I’ve had enough of toxic work culture.

So I’m not sure if I should feel ok about spending more on myself? I could do with going to a physio and having some treatment and have just been told I need to have a crown for £500.

Im not sure i understand your question Is this 2550 a month? Its all relative because thats how much i contribute to my household bills and have seperate money for holidays, nights out, treats etc but some people may earn 2550 a month and be skint with no savings, its yiur individual circumstances that matter

if i needed a crown id be getting it and not feeling at all guilty about looking after myself, i dont see dental treatment or physio as a treat they are necessary for health and well being, and if you have disposable income after paying bills and savings why are you not treating yourself?

A month? One off? What?

If it’s a month it’s about the same as DH and it’s a low to average salary isn’t it? My salary is £3500 and I’m ok with it. I buy clothes from Hush, Boden etc. I don’t have lots of holidays, We have a couple of drinks at the weekend. Have a decent house that’s about £575000. I’m not particularly interested in expensive cosmetics and beauty crap.

"I do have a new car on lease"

Why?

Me and my bf earn about £5k between us so similar to you as a couple. We feel well off. We can save each month, we can afford holidays and pets, we buy ourselves nice things. Try to keep costs down where we can for example we rarely get takeaways. I also work 4 days and I’m not interested in working more to make more money.

I would go to physio as priorities should always be health

I don’t think that how you feel about splashing out on yourself / buying yourself something because you are worth it has anything much to do with what you earn

some people prefer the security of savings behind them - often a response to being very poor at some point and recognising that can hit at any time

you should do what makes you happy

I earn around this a month (Dh earns slightly less). We rent, have 2nd cars, we have holidays, treatments, clothes, etc. I have some savings.

I’m an experienced nurse and the job is hard and should pay more for what I do but I don’t feel hard done by. I spend and save what I can afford, no debts. Obviously I would like more but for where we live it’s not bad.

We no longer have dc at home which makes a huge difference.

I know it’s not a race to the bottom but, I live on far less, so I’d be happy with your income, especially when you factor in that you’re part of a household and your partner brings in money too. I think you need to learn to prioritise yourself more: physiotherapy and dental work are healthcare priorities, not indulgences. £5k emergency fund is pretty good going all things considered.

Similar shared income, I’m self employed so some months I have more after tax etc and some months less.

I feel ok. We have a mid priced home for our area (not cheap, the opposite). The nursery years were hard and kids clubs still take a lot of our income.

we’ve stopped holidaying abroad but that’s for a range of reasons, not just money - health and other responsibilities. We have a 20 year old car, I don’t care about it but it probably won’t pass the MOT soon so that will have to be replaced.

I worry about our retirements. A lot. We are not young parents and our private workplace pensions over the years have been poor contributors (to say the least)

I think spend more on yourself. You've got savings and I'm guessing money left over after bills?
Like us all you may have to prioritise. I'm guessing no children as you don't mention them? So as long as you're not going into debt and can afford your bills/commitments, then you also have the ability to work more or ad hoc it you wanted something big£££

As a family x3 kids our household income is less than what you and your partner bring in. We don't feel flush but we get by.

If I was taking home that amount, I’d definitely not have a new car. I would prioritise other things over that.

Maybe you need to re prioritise so you don’t feel you are missing out on what you really want?

but how much is your disposable income?

If I was bring in £2.5k a month net then I would feel ok as my disposable income is very low, extremely low by average standards. I don't pay rent, or nursery fees, I have a phone contract

If my disposable income was 75% of that £2.5k then id feel I have enough money. If my disposable income was 25% then i'd feel poor

This is all so interesting. Yes it’s all relative which is why i specified the income. No kids in heartbreaking circumstances.

i think it’s psychological rather than caahflow or budgets.

I think @itsthetea hit the nail on the head with “how you feel about splashing is not related to what you earn”

After mortgage, house hold bills (electric, gas, water, tax and broadband, insurance) and supermarket shop and dog food i have £1200 left. This to cover my personal expenses such as clothes, entertainment, beauty, health, car (intense and petrol), union, phone, travel, Christmas and subs to Amazon, ring and apple, cheap phone contract (£8), a council swim membership and my contribution to household maintenance and purchases, garden, dog, fuelwood, birthdays.

I also have £3300 saved in various spaces and allocated for future spending.

What job do you do if you don't mind sharing you said you're professional so I thought your salary would be a lot more.

honestly…I take home 3100-3400, my dh takes home 4100-4400. 2550 would pay our mortgage and food only.

We earn similar, our take home is around £5200, split quite evenly depending on his shift pattern.

We are very comfortable on this and manage to save around £3kpm. This is because our mortgage is cheap at £500pm and we have no car finance. I pay as much as possible annually like insurances in order to reduce monthly outgoings. We shop at Lidl, Aldi and B&M. I try to buy the best quality at the best price, this is tricky to know what is marketing and what is actually worth the extra spend. I'm using Vinted instead of Primark and Shein for clothes which has been great.

Definitely things like the crown are important to do. The rest it would seem to me £1200 as fun money is a lot, ie non non essentials, could come down. Then you could spend the say £800, save £400. Eventually buy a car in cash, so you could stop the car lease.
Definitely prioritise pension and rainy day fund. Then you'd not feel as guilty spending what's left.

Average income per working person in my area.

If that's per month then that's the same take home as me however my rent is £1050 per month. It is a struggle some months. And I have zero savings so no emergency fund

If you have any excess at the end of the month put it away in a separate account so you're starting with your take home pay every month. When you fancy something new then check out this pot. It should be guilt free as it's just spare money 😉

I would think 2 people, no kids on £5k take home combined that there would be more savings, even if your mortgage was £2k a month you'd have £3k for bills and savings, how much is the mortgage and lease car?

I earn exactly this and am a single parent to 2 children. It’s not easy and I don’t have a lot of disposable income after all bills and kids clubs etc but I am glad I can pay for clubs for them.

Your car payment is using up a lot of money I’d imagine, your savings are low for your joint income. If it were me I’d look at reducing spending (£1200 is loads) and increase savings so you can buy a car without loans etc