50% 35% 15% ?

thegentleway

MaxiRobriguez said:

thegentleway said:

MaxiRobriguez said:

I'm at roughly: 35% household and bills / 10% self / 55% investments

Nice! I'm similar: roughly 40% bills and myself / 10% charity / 50% savings/investments. I think I earn less than you though if you are well into 40% bracket.

You may earn more, my definition of "well" actually correlates to earnings that start with a 6.

Gross or net? One is more the other is less 🤣
I assumed you were further into 40% bracket than me as I normally stay just below threshold with pension and charity contribution.

thegentleway

YellowStarling said:

MaxiRobriguez said:

thegentleway said:

MaxiRobriguez said:

I'm at roughly: 35% household and bills / 10% self / 55% investments

Nice! I'm similar: roughly 40% bills and myself / 10% charity / 50% savings/investments. I think I earn less than you though if you are well into 40% bracket.

You may earn more, my definition of "well" actually correlates to earnings that start with a 6.

(of course, I'd like to think I could grow this as I grow more comfortable in securing my own future funds).

Likewise 🤙
I’ve always aimed to save 50% (doesn’t always happen), not sure where I got the target from but I’m glad that’s been my aim 😁

MaxiRobriguez

thegentleway said:

MaxiRobriguez said:

thegentleway said:

MaxiRobriguez said:

I'm at roughly: 35% household and bills / 10% self / 55% investments

Nice! I'm similar: roughly 40% bills and myself / 10% charity / 50% savings/investments. I think I earn less than you though if you are well into 40% bracket.

You may earn more, my definition of "well" actually correlates to earnings that start with a 6.

Gross or net? One is more the other is less 🤣
I assumed you were further into 40% bracket than me as I normally stay just below threshold with pension and charity contribution.

Gross. Net and after pension sacrifice takes me well under the 40% bracket.

ratechaser

Well, I'm nowhere near that split... which goes to show how pointless these financial generalisations can often be. Bit like the 'you can have a comfortable retirement on £xx' articles - that requires a lot of assumptions on what 'comfortable' means...

Steve182

maxsteam said:

Steve182 said:

In some parts of the UK it's possible to eat well, have a car and children and still save a little on minimum wage.

Presumably rent or a mortgage also has to be paid?
I'm interested to know where that is as I could live like a king there on say a £50K pension. 
If the weather is also OK I may revisit my plan on retiring to Madeira.

If you mean £50k savings, you would struggle to live off that anywhere in Europe. If you mean £50k p.a., then you are spoilt for choice, as long as you don't mean "live like a king" literally. £50k p.a. would only get you a cook, a chauffeur and a gardener with nothing left for a car or food.

I did mean P.A, and that was £50K household income for a couple and including two full S.P.'s

The point I really wanted to make was I don't know of anywhere in the UK where it's possible to eat well, have a car and children and still save a little on minimum wage.

Expectations differ from person to person of course....

Steve182

TheAble said:

You'd probably be aiming for a paid-off house by the time you retired in any case. That in place, not sure what you'd need to spend 50k a year on.

I will have a lot more free time in which to spend money! Plan a second home somewhere warm and hopefully a boat too.

marlot

[Deleted User] said:

I don't think such a thing exists, you pay your bills and burn or save the rest, in different sums. I certainly would not like to be paying more than 45% on bills/mortgage.

When mortgage rates peaked in the early 1990s, I was spending 100% of my takehome on the mortgage.  Tough times.

maxsteam

Steve182 said:

The point I really wanted to make was I don't know of anywhere in the UK where it's possible to eat well, have a car and children and still save a little on minimum wage.

Expectations differ from person to person of course....

There are many cities where you can rent a two bedroomed terraced house for £400 - £500 per month, less if you're not so bothered about the area. Have a browse on Rightmove.

Cheese1990

maxsteam said:

Steve182 said:

The point I really wanted to make was I don't know of anywhere in the UK where it's possible to eat well, have a car and children and still save a little on minimum wage.

Expectations differ from person to person of course....

There are many cities where you can rent a two bedroomed terraced house for £400 - £500 per month, less if you're not so bothered about the area. Have a browse on Rightmove.

I don't think you're being realistic as to what minimum wage entails typically before any deductions for someone 25+ it equals 1500 before any deductions based on a 40hr week. So after deductions is about 1250 let's take rent at 500+ other essential bills excluding food= £800. So now you have 450 left to try feed yourself which a reasonably healthy diet let's say £50 a week So over a month that equals £220.

Now you may say well see they've got 230 left but I haven't accounted for any socialising no kids and not added in a car. The figures are even worse if you're 21-24 and you basically can't live away from home under the age of 21 on minimum wage