What do you consider a 'decent' salary (non-London)

jojo90_2

What does the expenditure of someone spending say £10,000 per year look like? My mortgage is pretty much equal to that for starters hence wanting to move home. If I look to rent a room somewhere that's like £350 just to start with or £4,000 p.c.m. I think this country is just too expensive .

I want to retire by 40 and figure I need £750,000 - £1,000,000 in assets to generate £28,000 pre-tax accounting for inflation. Right now with current income that's just pie in the sky. Just seems to me like things work against those wanting to escape early.

Googlewhacker

jojo90 wrote: »

What does the expenditure of someone spending say £10,000 per year look like? My mortgage is pretty much equal to that for starters hence wanting to move home. If I look to rent a room somewhere that's like £350 just to start with or £4,000 p.c.m. I think this country is just too expensive .

Do a statement of affairs and post it on here and people will tell you where to save money. You earn decent money so you should enjoy some of it, however it sounds like you need to get a hold of budgeting

Daisy-May*

well how the hell do you think those on a "non decent wage" survive in this country that you say is too expensive....I think you need to look at your spending habbits if you are saying you cant live off of £50k a year....seriously you have it made I would kill to have a wage like that at any time in my life which I know wont happen.

GEEGEE8

50k a year and you want to move back home?! Are you having a laugh..?

Try being an adult, looking at your income and outgoings and then cut down! It's not hard...

PasturesNew

£1k takehome per month, for somebody living alone in a random town in the UK might look like:
- £400 rent on a studio
- £110 basic bills (elec/£40; water/£15; TV License/£12; Phone/£13; Broadband/£15; Contents Ins/£15)
- £80 Council tax
- £100 travel to work
- £100 food and household
- £25 work clothes/shoes
- £30 towards birthdays/Xmas across the year
====
£845

Leaving £155 for everything else (holidays, socialising, clubs, hobbies, the unexpected, things that pack up, PC, newspapers/magazines, works Xmas meal, clothes for everyday life, haircuts, dentist, prescriptions)

Person_one

jojo90 wrote: »

What does the expenditure of someone spending say £10,000 per year look like? My mortgage is pretty much equal to that for starters hence wanting to move home. If I look to rent a room somewhere that's like £350 just to start with or £4,000 p.c.m. I think this country is just too expensive .

I want to retire by 40 and figure I need £750,000 - £1,000,000 in assets to generate £28,000 pre-tax accounting for inflation. Right now with current income that's just pie in the sky. Just seems to me like things work against those wanting to escape early.

Where in the country do you live that renting a room costs 4000 a month? You said you weren't in London, if you're anywhere near Manchester I've found you a 4 bed penthouse in the city centre for half that:

http://www.rightmove.co.uk/property-to-rent/property-16162122.html

GEEGEE8

PasturesNew wrote: »

£1k takehome per month, for somebody living alone in a random town in the UK might look like:
- £400 rent on a studio
- £110 basic bills (elec/£40; water/£15; TV License/£12; Phone/£13; Broadband/£15; Contents Ins/£15)
- £80 Council tax
- £100 travel to work
- £100 food and household
- £25 work clothes/shoes
- £30 towards birthdays/Xmas across the year
====
£845

Leaving £155 for everything else (holidays, socialising, clubs, hobbies, the unexpected, things that pack up, PC, newspapers/magazines, works Xmas meal, clothes for everyday life, haircuts, dentist, prescriptions)

Yup - that was me.. (before I got made redundant)..

At 50k, do you get taxed 40% ? which would mean the OP is more likely on about 30k take home pay.. ?

PasturesNew

OP's SOA (Feb): http://forums.moneysavingexpert.com/showpost.html?p=30133137&postcount=1

jojo90_2

Thanks for the responses... looking through my statement this is about right before taking into account hobbies/toys etc which can easily add up:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2721
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 450
Total monthly income.................... 3171

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 16.5
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 15
Satellite/Cable TV...................... 30
Internet Services....................... 30
Groceries etc. ......................... 150
Clothing................................ 150
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 65
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 35
Entertainment........................... 300
Holiday................................. 500
Emergency fund.......................... 0
Total monthly expenses.................. 2646.5



Monthly Budget Summary
Total monthly income.................... 3,171
Expenses (including HP & secured debts). 2,646.5
Available for debt repayments........... 524.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 524.5

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

jojo90_2

PasturesNew wrote: »

OP's SOA (Feb): http://forums.moneysavingexpert.com/showpost.html?p=30133137&postcount=1

Things have changed slightly since then and I just don't seem able to stick to the revised one. For example now have a payrise but work related expenses have increased. Equally my cheap car died so bought a safe volvo for commuting but that costs more to run etc etc. Always some hidden expense in there .

I just think that renting my place and moving home will kill off so much expenditure...