How much do I need to earn?

dopolous

Hi all,
I am in the situation of no job, I do get a pension though. My wife and I are splitting up. I have 2 children 8 & 5. I will be able to buy a 2 bed flat with my share of equity,so will be mortgage free. My pension is £12200 annually of which I net £920 pcm. I am looking for a job at the moment but feel that a minimum wage one thats pays £12k per year will still not be enough as I will need to pay maintainence, gas/elec, food,water, insurance, plus any travel to work. Can anyone give me a ballpark figure of what I need to net each month?
Thanks for the help.

innovate

What you need is almost entirely down to what sort of lifestyle you want to have, now and in the future.

You can use this link to get an idea of how much you are likely to need: http://www.stoozing.com/calculator/soa.php

dr_adidas01

dopolous wrote: »

Hi all,
I am in the situation of no job, I do get a pension though. My wife and I are splitting up. I have 2 children 8 & 5. I will be able to buy a 2 bed flat with my share of equity,so will be mortgage free. My pension is £12200 annually of which I net £920 pcm. I am looking for a job at the moment but feel that a minimum wage one thats pays £12k per year will still not be enough as I will need to pay maintainence, gas/elec, food,water, insurance, plus any travel to work. Can anyone give me a ballpark figure of what I need to net each month?
Thanks for the help.

Depends on what lifestyle you want, there are plenty of people out there who live on the minimum wage.

Perhaps you need to look at your lifestyle and look at where you can cut back and make savings. £12k a year could be ok to live on and you also have your pension too of £950pm so in theory if you got a job that paid you £12k per year then you would have about in theory about £1,700 per month coming in or a bit less depending on tax.

If you can't live on that then you must live an extravagant lifestyle and will now need to look at your priorities and cut back where necessary.