Worried about low income

geg1992

Hello, I've started a career in the shipping industry but I am worried about the low pay.

I have just been promoted to a higher role with more opportunities but I still don't see my salary ever exceeding 25K P/A. I've been told by the time I'm 24 it should be 21-22K but I feel like I may have chosen the wrong industry. I done well at school and my friends who didn't do so well seem to be doing better off than me!

Would 25K Per year be a good salary in East of England? I just see the average being 27.5K and it makes me feel like I'm underachieving and brings me down.

I worked out that me and my girlfriend would split costs and with a mortgage it would work out at about £850 each, which includes everything. (house, food, water, car, insurance etc) so in theory I'd have a good chunk of money left over.

But then I see people saying this is a lousy salary! I have great GCSE's and a couple of A levels and wondering if I should move career.

Thanks for any advice.

Babbawah

I'm just guessing here, but I bet one of those 'A's weren't Eng Lang or Eng Lit !

At this stage of your life you should either be totally 'focused' on becoming what you want to be, or free an easy about what you might like to be.

Take some time out to discover what you want to be. I think you might not yet know what you want to be.

mustang121

It depends on how skilled a job is to the salary. You say your friends are earning more than you, but if turns out your friends are Brain surgeons, Doctors and the like then I would kind of expect it. Then again maybe your friends are just flash and living a life on debt.


Try searching for similar job roles and comparing salary to your current employer.


My advise is that you should live life to your needs and not worry what others may or may not be earning. Don't fall in the pit traps of using finance to try show off a life you cannot afford, like buying a car on finance.


People generally start at the bottom and though experience and education will start to gain more responsibility and increase in salary.


I'm 26 and only £19,000 and my girlfriend is on £13,500, but we managed to have a mortgage on a three bedroomed house. Money is on a budget, but we still manage to have holidays and breakaways.

geg1992

mustang121 wrote: »

It depends on how skilled a job is to the salary. You say your friends are earning more than you, but if turns out your friends are Brain surgeons, Doctors and the like then I would kind of expect it. Then again maybe your friends are just flash and living a life on debt.


Try searching for similar job roles and comparing salary to your current employer.


My advise is that you should live life to your needs and not worry what others may or may not be earning. Don't fall in the pit traps of using finance to try show off a life you cannot afford, like buying a car on finance.


People generally start at the bottom and though experience and education will start to gain more responsibility and increase in salary.


I'm 26 and only £19,000 and my girlfriend is on £13,500, but we managed to have a mortgage on a three bedroomed house. Money is on a budget, but we still manage to have holidays and breakaways.

Thank you for the re-assurance! Which part of the UK are you from? It's made me a lot more positive knowing you can afford holidays and get a mortgage with those salaries!

I guess the "National Average" Isn't quite what we think. I don't know many people under 30 on over 23Kish. I guess it's about job satisfaction too - I enjoy my job, whereas people on salaries higher than mine may not enjoy theirs.

Thanks

gettingready

geg1992 wrote: »

I guess the "National Average" Isn't quite what we think.

No it is not. Imagine one person on 12k per year and another on 120k per year - the average would be 66k.

National average is just that - an average.

getmore4less

Median is a probably a better measure

you have to be careful you are using the right data.

do you include part timers, unemployed, do you include benefits income.

Anyway

What is stopping the salary progression in your chosen industry.
What do you need to do to breakthrough the barrier, is it qualifications, or training for a different roll.

You say shipping, Captains get paid well so it is not the industry that is the problem.

mustang121

geg1992 wrote: »

Thank you for the re-assurance! Which part of the UK are you from? It's made me a lot more positive knowing you can afford holidays and get a mortgage with those salaries!

I guess the "National Average" Isn't quite what we think. I don't know many people under 30 on over 23Kish. I guess it's about job satisfaction too - I enjoy my job, whereas people on salaries higher than mine may not enjoy theirs.

Thanks

Yorkshire area. You live to your means and no one else's.

Just stop trying to be flash or keeping up with the jones's and enjoy what you have. We just shop around and save.

PenguinJim

£1700 monthly outgoings for a couple with a mortgage in the UK isn't bad, and is about equivalent to your salary, so you should be saving the equivalent of her income every month.

But you could be doing better, I'm sure. Do you have an economical car rather than a flashy gas-guzzler? Do you really need a car? Have you got a water meter installed? Studied your local supermarkets to work out the most efficient way to feed yourselves, e.g. what time they discount which fresh products, etc? Used MSE advice to get the best utilities suppliers? Making the best use of 5% interest bank accounts?

Look at the Savings and Investments forum here for the best advice on where to put that extra cash each month, too. Financial independence is a fantastic goal and good motivation.

trailingspouse

Is their a career progression within your part of the shipping industry? I'm guessing that there will be some sort of supervisor/line manager/manager structure? So you need to know where you are on the ladder, and then find out what you would need to do to get to the next rung. And then do it. People don't just 'happen' to be on higher salaries - you have to work for it.

Gavin83

I think it depends on where you are in the country. I'd say disposable income after the essential bills are paid are a better indicator.

I'm a few years older than you and probably couldn't survive on that salary but I live in London. Your rent/mortgage is likely to be several times less than mine.

I wouldn't really worry what others think, if your happy with your salary then all is good, otherwise look at ways to increase it.

I_Can_Haz_Job?

I used to be on £32k working in the online gambling industry and was permanently stressed out and miserable. Now I work in the charity sector and am only now getting up to £26k having been on £22k for 9 months as this industry is notoriously poorly paid for obvious reasons - the thing is I adore my job and I'm deliriously happy. I live in London so this is income is even lower than my peers in other parts of the UK but I live within my means. The status of having megabucks is quite shallow and I've never understood the need to have a flashy car and designer clothes. Hence, I was so miserable in the gambling industry. Personal happiness is way more important to me these days - if that means shopping in the pound shops, so be it.