What is a good salary?

[oldius]

Jesus that's a lot mate for a 25yr old, my lad is only 19, he's got a Polo and we pay just over 1200 fully comp with no black box fitted, he's only got 1yr no claims so far. I have noticed that some cars and not ones you'd expect are disproportionately more expensive to insure however. We were going to get him a Fiesta (only 1.0 Zetec), it was £300 more to insure than the Polo which actually has a more powerful engine.

She only passed her test a year ago.
Of course, where you live also has an impact. The poster suggested £30 a month insurance, which was really why I questioned it.

 

[Oyster28catcher]

Been running on a negative net balance for 12 months straight now. Like my job but it doesn't support the household. Grim.

 

[KearsleyBlue]

Some great replies in this thread, thanks.

For background, I have a decent job with a good career path but most of my colleagues are silver spoon merchants propped up by wealthy parents. Therefore, I don't have many peers to discuss such matters with.

Me and the Mrs won't see a penny from our families as they are very working class, and it will be us helping them to survive in the not so distant future. Her parents have never been able to afford their own home. We are both early 30s and come to the conclusion that it's looking very unlikely we will be able to have a family as we don't want to bring anyone into this world that we can't give a good life to, or at least give more than what we got as kids. Love doesn't always win, you need a good start in life in an ever-inflating world. Plus you are obviously against the clock in terms of a window for childbirth as my Mrs get further into her 30s.

We travel a lot which has definitely hindered us getting on the housing ladder. Our collective view changed during the pandemic and we didn't really get to go anywhere as kids, so we like to see the world while we are young and able, and we know we wouldn't get to see these places if we had kids. We are still renting but it's a lovely property in a convenient location, we have lived in some real dumps and bad areas previously when money wasn't so good. We will have our own place in the next 2 years, I'm sure of it. It'll take a bit more cutting of our cloth and doing well at work.

I'm very grateful for everything I have in life, especially as everything I own is paid for in full by my own work. It's great to see other people's outlook on this topic as we don't have suitable family or peers to discuss these topics with and weren't taught anything around finances in school.

Mostly agree with your points. But people really need to lose this idea of not being able to do anything or go anywhere with kids. Ours have been everywhere with us and it makes the experience even better.

 

[inbetween]

Everyone views this question relatively to their current situation which is why it doesn't make sense. If you earn £30k and think you'd be comfortable on £80k then yes you would be more comfortable but only if you carried on in your current situation.

Nobody does that though because if you struggle to put food on the table and one day treble your salary then you won't carry on struggling. Instead you will spend and you will get a nice car, have a few holidays and a few better meals in your belly but then you'll be comparatively poor again and moan that it's not enough. Because of this in the long run nothing changes, it's because a greater income doesn't make us happier or more comfortable.

The only thing I'm interested in is more free time. If someone said you could compact your working week into 20hrs a week for the same income then I'd absolutely bite their hand off!! Absolutely nobody would turn that down. This never happens though, we're more likely to work overtime and there is definitely no such thing as undertime!

Just think there are 168 hours in a week, you spend 60 or so of those sleeping and you spend 37-40 of them working. So less than half of the time you get in a week is free time that enables you to do whatever you want. This ignores the fact that you have to physically be in work so you can't go away and do other things around work time.

Basically we're prisoners. How time is spent is what separates really rich people from the working/middle class who are never comfortable because of money and the need to work. The richest and most comfortable people are those who have found a way to work less or even better not work at all.

 

[CarlosTevez'sEnglishTutor]

Mostly agree with your points. But people really need to lose this idea of not being able to do anything or go anywhere with kids. Ours have been everywhere with us and it makes the experience even better.

I suppose there is an element of suck it and see. I'd like to be able to provide financially first and foremost so we can have these opportunities.

 

[KearsleyBlue]

I suppose there is an element of suck it and see. I'd like to be able to provide financially first and foremost so we can have these opportunities.

Yeah I see your point about the money aspect. I think when you have kids it's just a sense of fear that you'll never be able to do 'grown up' stuff. But it kinda figures itself out along the way.

 

[Kompany Car]

Some great replies in this thread, thanks.

For background, I have a decent job with a good career path but most of my colleagues are silver spoon merchants propped up by wealthy parents. Therefore, I don't have many peers to discuss such matters with.

Me and the Mrs won't see a penny from our families as they are very working class, and it will be us helping them to survive in the not so distant future. Her parents have never been able to afford their own home. We are both early 30s and come to the conclusion that it's looking very unlikely we will be able to have a family as we don't want to bring anyone into this world that we can't give a good life to, or at least give more than what we got as kids. Love doesn't always win, you need a good start in life in an ever-inflating world. Plus you are obviously against the clock in terms of a window for childbirth as my Mrs get further into her 30s.

We travel a lot which has definitely hindered us getting on the housing ladder. Our collective view changed during the pandemic and we didn't really get to go anywhere as kids, so we like to see the world while we are young and able, and we know we wouldn't get to see these places if we had kids. We are still renting but it's a lovely property in a convenient location, we have lived in some real dumps and bad areas previously when money wasn't so good. We will have our own place in the next 2 years, I'm sure of it. It'll take a bit more cutting of our cloth and doing well at work.

I'm very grateful for everything I have in life, especially as everything I own is paid for in full by my own work. It's great to see other people's outlook on this topic as we don't have suitable family or peers to discuss these topics with and weren't taught anything around finances in school.

Good luck to you mate, I cant imagine how difficult that must be. Whilst Im from a very working class background my parents were pretty savvy and managed to eek out an OK living.

Its strange you should mention the silver spoon brigade. The biggest challenge I have found after working my way up is imposter syndrome. Whilst big companies talk a lot about making leadership teams and boards being more reflective of the general population and they have done this to some extent regarding the ethnic and gender make up. One thing they haven't tackled is the issue of class, its still riddled with people from middle-class backgrounds, who are privately educated and seem to come from a very narrow set of Universities. Its hard to relate to people who spent their gap year in Borneo or skiing in Whistler whilst you spent your breaks from uni working on a building site as a sparkys mate.

 

[Deleted member 77198]

Some great replies in this thread, thanks.

For background, I have a decent job with a good career path but most of my colleagues are silver spoon merchants propped up by wealthy parents. Therefore, I don't have many peers to discuss such matters with.

Me and the Mrs won't see a penny from our families as they are very working class, and it will be us helping them to survive in the not so distant future. Her parents have never been able to afford their own home. We are both early 30s and come to the conclusion that it's looking very unlikely we will be able to have a family as we don't want to bring anyone into this world that we can't give a good life to, or at least give more than what we got as kids. Love doesn't always win, you need a good start in life in an ever-inflating world. Plus you are obviously against the clock in terms of a window for childbirth as my Mrs get further into her 30s.

We travel a lot which has definitely hindered us getting on the housing ladder. Our collective view changed during the pandemic and we didn't really get to go anywhere as kids, so we like to see the world while we are young and able, and we know we wouldn't get to see these places if we had kids. We are still renting but it's a lovely property in a convenient location, we have lived in some real dumps and bad areas previously when money wasn't so good. We will have our own place in the next 2 years, I'm sure of it. It'll take a bit more cutting of our cloth and doing well at work.

I'm very grateful for everything I have in life, especially as everything I own is paid for in full by my own work. It's great to see other people's outlook on this topic as we don't have suitable family or peers to discuss these topics with and weren't taught anything around finances in school.

I don’t have kids because I don’t earn enough money to raise them and still have the life I lead doing the things I want to do.

 

[halfmist]

Everyone views this question relatively to their current situation which is why it doesn't make sense. If you earn £30k and think you'd be comfortable on £80k then yes you would be more comfortable but only if you carried on in your current situation.

Nobody does that though because if you struggle to put food on the table and one day treble your salary then you won't carry on struggling. Instead you will spend and you will get a nice car, have a few holidays and a few better meals in your belly but then you'll be comparatively poor again and moan that it's not enough. Because of this in the long run nothing changes, it's because a greater income doesn't make us happier or more comfortable.

The only thing I'm interested in is more free time. If someone said you could compact your working week into 20hrs a week for the same income then I'd absolutely bite their hand off!! Absolutely nobody would turn that down. This never happens though, we're more likely to work overtime and there is definitely no such thing as undertime!

Just think there are 168 hours in a week, you spend 60 or so of those sleeping and you spend 37-40 of them working. So less than half of the time you get in a week is free time that enables you to do whatever you want. This ignores the fact that you have to physically be in work so you can't go away and do other things around work time.

Basically we're prisoners. How time is spent is what separates really rich people from the working/middle class who are never comfortable because of money and the need to work. The richest and most comfortable people are those who have found a way to work less or even better not work at all.

You have summed up work life balance in a nutshell.
You will know when you have enough when you can afford to trade work for time off

 

[halfmist]

Good luck to you mate, I cant imagine how difficult that must be. Whilst Im from a very working class background my parents were pretty savvy and managed to eek out an OK living.

Its strange you should mention the silver spoon brigade. The biggest challenge I have found after working my way up is imposter syndrome. Whilst big companies talk a lot about making leadership teams and boards being more reflective of the general population and they have done this to some extent regarding the ethnic and gender make up. One thing they haven't tackled is the issue of class, its still riddled with people from middle-class backgrounds, who are privately educated and seem to come from a very narrow set of Universities. Its hard to relate to people who spent their gap year in Borneo or skiing in Whistler whilst you spent your breaks from uni working on a building site as a sparkys mate.

I had them kids at Uni. There were about 6 of them that were golf crazy and they used to offer silly money to anyone who would caddy for them on a Wednesday afternoon. I would never lower myself even if it was about 3 nights beer money. Funnily enough for some it was the first time they had any control over their own lives and just didn’t turn up for lectures and were kicked off the course. I suppose it didn’t matter really because they already had jobs lined up through their parents contacts

 

[halfmist]

Yeah I see your point about the money aspect. I think when you have kids it's just a sense of fear that you'll never be able to do 'grown up' stuff. But it kinda figures itself out along the way.

I suppose the biggest fear for some parents nowadays is getting lumbered with their own children’s kids just as they are coming up to retirement and looking forward to winding down.

 

[halfmist]

Half an hour a pint, so probably only need to be earning just above minimum wage to reach that level of earnings!

There was no such thing as minimum wage when I first agreed the concept. My drink of choice is Peronni and my Local seems to put it up almost weekly.It now costs £6.40 a pint the robbing gits as opposed to 75p a tin of Kronenberg when I drink at home.

 

[RabidCity]

That is simply the average cost of a home in the UK.
My daughter pays 1700 a month for a flat in Ancoats.
The average UK rent is £1180 a month.
£100 a month on transport?
Insurance £30?
Utilities 100 a month?

I was referring to home insurance, I didn't even add car insurance, nor the cost of owning a car. I think your figures are hugely out, unless you want a house share.

The cheapest insurance policy for young people is about a grand. My daughter, 25, had just insured a Renault Clio 1.2 and without a black-box, the cheapest insurance was 1200. With one, 900.

Simply the average cost of a home in the UK is not relevant to a sole salary though is it.
If car insurance is too expensive, cycle to work (as I did for first year of a new job, until I could afford a moped).

You're taking average costs to over-inflate the situation, but it's just not a realistic comparison.

 

[MCFC Wirral]

I’ve done some stupid things in my life but cash buying my flat with profits from a family owned home sale was about the wisest thing I’ve ever done with money. Yes, it’s small and not in the best area but I’m in it.

 

[Goaters]

Like already mentioned your salary and what’s deemed a comfortable life varies greatly on your personal situation with regards to kids and wife etc.

I personally do okay and make north of 100k, but due to being an idiot and getting lease cars and overspending, plus the cost of childcare etc it means there isn’t much savings and I wouldn’t say I’m particularly well off.

Im genuinely amazed how people on the basic 20k incomes can afford to have a few kids with the cost of living the way it is.

As you get older though you realise happiness isn’t based on wealth but the ones you share and create memories with.

 

[MCFC_ Phil]

Mostly agree with your points. But people really need to lose this idea of not being able to do anything or go anywhere with kids. Ours have been everywhere with us and it makes the experience even better.

Love my kids, but they do limit the experience you have. Do the young shit early then have the kids.

 

[MCFC_ Phil]

Like already mentioned your salary and what’s deemed a comfortable life varies greatly on your personal situation with regards to kids and wife etc.

I personally do okay and make north of 100k, but due to being an idiot and getting lease cars and overspending, plus the cost of childcare etc it means there isn’t much savings and I wouldn’t say I’m particularly well off.

Im genuinely amazed how people on the basic 20k incomes can afford to have a few kids with the cost of living the way it is.

As you get older though you realise happiness isn’t based on wealth but the ones you share and create memories with.

And there it is I earn south of 50k. Have 1 kid but no mortgage and run a paid for Ford Mondeo

 

[MCFC_ Phil]

I suppose the biggest fear for some parents nowadays is getting lumbered with their own children’s kids just as they are coming up to retirement and looking forward to winding down.

No my fear is getting lumbered with my own daughter as I'm coming up to retirement. I'm 57 and shes 13

 

[halfmist]

No my fear is getting lumbered with my own daughter as I'm coming up to retirement. I'm 57 and shes 13

Eek.!. You cannot even say that’s your Carer sorted out, nowadays.!

 

[metalblue]

No matter how bad your boss treats you spare a thought for some workers at York Uni who have received a £0.004 per hour pay rise as a result of minimum wage increases

Colleagues currently on point 12 of the university’s pay spine previously received £11.996 per hour, but the increase has meant staff will receive a raise of 0.004 pence per hour.

You’d surely think they’d just be too embarrassed to actually do this.