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

mitchaa

Original poster is attention seeking. Almost as if he is wanting well done, OMG look at your income kind of posts.

I'm 27 and earn more than what you do but not significantly more (£5-10k max). I have a £1500pm mortgage each month and around £70k worth of shiny metal sitting on my driveway. I have a child that costs £700pm alone in nursery fees. I am not skint as you claim to be.

We have a 22yr old who earned £62k last year. Big deal, get over it. £50k is a decent salary, but plenty people earn a fair bit more. Not quite sure why this warranted a thread to tell us how much you earn though?

Talk of moving back in with parents, get real.

Beast

It's a pretty easy trap to fall into, as your salary increases your lifestyle will tend to match. I earn a little bit more than you but have learnt recently to be as careful with it as the days when I was earning a quarter of that. On payday £2,000 goes into savings and the rest is then my budget for the month.

The result is that we still get nice holidays, have a nice car, do all the things we want and have a backup fund for emergencies without being right on the limits of our finances every month.

I think you just need to scale back your lifestyle slightly - I believe you could even do it in such a way that you're not really going to notice to be honest.

Kate78

I think this is all a question of expectations.

OP needs to look at what are WANTS and what are NEEDS.

Sometimes the more you have the more you want.

mitchaa

Beast wrote: »

It's a pretty easy trap to fall into, as your salary increases your lifestyle will tend to match. I earn a little bit more than you but have learnt recently to be as careful with it as the days when I was earning a quarter of that. On payday £2,000 goes into savings and the rest is then my budget for the month.

The result is that we still get nice holidays, have a nice car, do all the things we want and have a backup fund for emergencies without being right on the limits of our finances every month.

I think you just need to scale back your lifestyle slightly - I believe you could even do it in such a way that you're not really going to notice to be honest.

Age has a lot to do with it.

You could be in your 50's and mortgage free or at least paying peanuts for your mortgage/rent. Not everyone is able to save as you are doing even with similar incomes due to extortionate housing costs.

Would you for example still be able to save your £2k pm if you were servicing a £250k mortgage?

It is all relative, the younger generation, i.e sub 35's have it quite hard due to the massive housing boom. Those that had property pre 2003/4 will be quids in, those who did not, well, they are going to pay the price for a long time to come.

Beast

I'm 27 and servicing an amount of rent which is comparable to a 250k mortgage

Clearly the catch here is that my other half earns reasonably good money too so the load is shared so no, if it was me on my own I doubt I'd be able to save £2,000 every month.... I think I'd still be far from skint though!

mitchaa

Beast wrote: »

I'm 27 and servicing an amount of rent which is comparable to a 250k mortgage

Clearly the catch here is that my other half earns reasonably good money too so the load is shared so no, if it was me on my own I doubt I'd be able to save £2,000 every month.... I think I'd still be far from skint though!

Likewise, it certainly helps having a dual income.

bodmil

Troll threads are so booooooooring!

jojo90_2

OK so I'm getting a better picture here. If I had started maybe 5 years earlier it is likely I would be sitting in a large house right now rather than a 2 bedroom flat (for the same mortgage). Could have more lodgers in there as well and be better off overall.

I guess I look at my 40+ neighbours, they live in a £350,000 house, have 2 cars, kids etc and probably earn the same as me. I think they were just lucky to be born when they were and my generation seems to be picking up the tab.

Not getting married would also have saved me a fortune.

It's nice to hear that others in my situation feel somewhat the same as I do.. !

jojo90_2

mitchaa wrote: »

Original poster is attention seeking. Almost as if he is wanting well done, OMG look at your income kind of posts.

I'm 27 and earn more than what you do but not significantly more (£5-10k max). I have a £1500pm mortgage each month and around £70k worth of shiny metal sitting on my driveway. I have a child that costs £700pm alone in nursery fees. I am not skint as you claim to be.

We have a 22yr old who earned £62k last year. Big deal, get over it. £50k is a decent salary, but plenty people earn a fair bit more. Not quite sure why this warranted a thread to tell us how much you earn though?

Talk of moving back in with parents, get real.

So how do you manage it then? How did you acquire £70k in cars and enough capital for a mortgage by 27? I'm guessing it's taken time to get to £55k? What does your budget look like to enable this to happen?

I'm guessing you have a £250k mortgage which is what, £50k deposit? £70k of cars is a total of £120k capital. Your take home at £55k is (assuming student loan) £36k. So did you save and live like a hermit for 4-5 years or is it all finance? Rich parents? Inheritance? Partner's income?

Many of my friends are lucky enough to have rich parents that give them £50k-£150k up front to get their life started. This meant purchasing houses earlier... one friend made £80k just from that.

And I'm serious about moving back home to build up assets to generate me additional income long term. The earlier you acquire these assets the better off you are in the long run.

jojo90_2

bodmil wrote: »

Troll threads are so booooooooring!

None of my friends know my financial details and I don't know anyone on here personally.

Sorry, but I though this was a forum to come and get advice, opinions, and perspective on financial worries? A zero balance each month is a worry to me if not to you.