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Work

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Original poster

anyone live on an income of £20000 a year?

89 replies

helsi · 03/01/2006 12:50

Hello. My salary is just under £20000 per year and dh is on a basic of £14500 plus any commission. He has only been there since September but has been called in to see the big boss tomorrow and so I am now feeling sick that something is wrong and he will be finished. If that does happen then I a going to advise that he works part time or evenings as he has not had much luck with jobs in the last few years and I am sick of the uncertainty. My job is muc more secure so after i have had this baby it would be better for me to come back full time.
Does anyone else live on a small wage like that? how do you cope?

OP posts:

DingDongMaloryTowersCalling · 03/01/2006 12:53

This reply has been deleted

Message withdrawn at poster's request.

HRHQueenOfQuelNoel · 03/01/2006 12:55

£20k - small???

Mind you I suppose like MT says depends on size of mortgage/debts.

compo · 03/01/2006 12:55

Yep, my dh is on 20K. I have a small part imte job of 4 hours a week which doesn't add up to much. But there will be people on here who earn less

misdee · 03/01/2006 12:56

20k small?? perfectly do-able.

compo · 03/01/2006 12:56

HRHQueenOfQuelNoel - if your household income is 20k in the South East it is impossible to get a mortgage

compo · 03/01/2006 12:57

you see it's do-able if you already have a house etc and aren't trying to get on the property ladder

Gingerbear · 03/01/2006 13:01

do the moneysavingexpert.com budget calculator to work out if you can afford to live on that amount.
download here

Original poster

helsi · 03/01/2006 13:13

mortgage is £560 per month. credit card bill is £2500 at about £70 a month on 0% as I keep changing them. Then there are other bills like council tax and everythig else. Mortgage protection, buildings and contents, life insurance. How do I buy for a new baby if he does lose job and it will literally be hand to mouth. God what on earth could be wrong?

OP posts:

coppertop · 03/01/2006 13:17

Don't forget to factor in that if your income is reduced you will also get an increase in tax credits. Obviously it won't be as much as your dh is earning now but it may help to take some of the sting out of it. You would probably also qualify for the SureStart grant (if you don't already?) which will give you extra money to buy things for the baby. Is is £500 now, does anyone know?

Fingers crossed for you that your dh's job is safe. xx

chjlly · 03/01/2006 13:17

Why does something have to be wrong to see the boss - maybe they are doing appraisals or payrises?

santasweetdreamer · 03/01/2006 13:18

20K would be great.

we live on 14k.

you just tighten your belt and get on with it.

Original poster

helsi · 03/01/2006 13:21

His appraisal was at the beginning of December. Dh was worried about some increase in targets that he didn't think he wuld manage but being new he asked for advice and they said they would support him. this is what he told me anyway. He also told me that money wise he wasa doing really well. I just hope he hasn't lied and done something major that is sackable!

OP posts:

Original poster

helsi · 03/01/2006 13:22

santasweetdreamer - how do you just get on with it? what do you do to cut back. I just really need advice. most things seem to be things I HAVE to pay out.

OP posts:

trace2 · 03/01/2006 13:22

what i dont work dh gets 13.5 per year

twirlingaroundthechristmastree · 03/01/2006 13:24

Do you have high transport/ car costs?

compo · 03/01/2006 13:25

meal planning, cutting up credit cards, telling people you can't afford to buy presents. Why do you need to buy lots of stuff for a new baby?
Coppertop - I'm pretty sure 20K doesn't qualify for Surestart unless you live in a designated Surestart area (I think)

SwimmingUpHillThroughCustard · 03/01/2006 13:25

been there.'doing that' and its not working out for us anyway.
can you/would you down size house?, i know its a hit but the biggest saving you can make..speak to credit card company 'IF' he is being made redundant and ask about payments..your insurances may cover your maortgage payments for a period anyway.good luck

mumfor1sttime · 03/01/2006 13:26

Sure start grant!! lol I dont think so!! You have to be on every benefit going to get this.

We are living on £19k a year, but we dont have a mortgage, couldnt afford one at the moment. We get by ok, and we have 2 cars running. Only benefit we can get is child tax credits (not wtc).

compo · 03/01/2006 13:26

even if he is made redundant hopeful he won't be long out of job. What sector does he work in?

SwimmingUpHillThroughCustard · 03/01/2006 13:27

we live in north of england dp gets 12500 a year and i dont!..mortgage is biggest change you can make, we went the other way and now have to step back downagain!

coppertop · 03/01/2006 13:29

Ooops. Sorry about getting it wrong about SureStart.

santasweetdreamer · 03/01/2006 13:30

helsi, we don't have holidays, a couple of nights out a year, kids don't have lessons in eg. swimming, we teach them, kids wear a lot of hand me downs, house hasn't been done up in 8 years, buy big things on interest free credit, haircut for me twice a year, do my own colour.

we live in a house too small for us but can't afford a bigger mortgage.

no insurance above life cover for the mortgage.

probably loads more I'll think of later.

what I meant was that I find if you haven't got the money you can't spend it. If your mortgage is really high can you move to a smaller house/flat> if you can give up the car and take the bus.

HTH

Jasnem · 03/01/2006 13:30

We live on less than 15k - mortgage is less than yours, but it's pretty much hand to mouth.

Surestart grant is £500, and it is not like other surestart things. It's national, and eligability depends on Child tax Credit levels. Wait til you know your income then apply (can apply after baby is born).

jambuttie · 03/01/2006 13:30

our joint income is 20,500 per annum.

yes it's tight but you learn to adjust

Original poster

helsi · 03/01/2006 13:31

funniliy enough I was looking at smaller houses the other day. there are some round me that are lovely and cheaper so would prob get some change out of buying one.

OP posts:

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