Income required to live this sort of life in london

Ybe

Appreciate this is a how long is a piece of string question but roughly, what income does one need to live the below example lifestyle in london (living in the outer zones 4-6), living on their own with no dependents. 

- Standard grocery shopping (nothing fancy) 
- Going out 2-3 times a week (standard pubs, restaurants). 

- Going out on the weekend (standard pubs, restaurants, occasional events/festivals/gigs - mainly in summer). 
- Mortgage of £1300 p/m with all maintenance costs for 1 bed flat. Service charge £2400 a year. 

- 2-3 holidays a year (mostly domestic or short haul short trips 1 week or less duration, occasional long haul every 2-3 years 2 weeks duration)

- Saving for pension and rainy days. 
- Travel into central london for commute. 

daveyjp

£80-100k a year.

MultiFuelBurner

daveyjp said:

£80-100k a year.

Agree with this👍

Slinky

I'd say more than that with all the going out/eating out and £1300 a month mortgage. Would you really be eating out pub/restaurant 3-4 times a week?

Ybe

Slinky said:

I'd say more than that with all the going out/eating out and £1300 a month mortgage. Would you really be eating out pub/restaurant 3-4 times a week?

Not necessarily eating out 3-4 times a week. Maybe a 1-3 drinks. 

Ybe

MultiFuelBurner said:

daveyjp said:

£80-100k a year.

Agree with this👍

Wow london is expensive. 

CSI_Yorkshire

Ybe said:

MultiFuelBurner said:

daveyjp said:

£80-100k a year.

Agree with this👍

Wow london is expensive. 

Correct.  

Slinky

Ybe said:

Slinky said:

I'd say more than that with all the going out/eating out and £1300 a month mortgage. Would you really be eating out pub/restaurant 3-4 times a week?

Not necessarily eating out 3-4 times a week. Maybe a 1-3 drinks. 

But pub drinks aren't cheap, especially not in London.

mark_cycling00

Lots of people in London are doing most of this on a £50k or less salary 

But they are skipping the pension and saving part for sure 
also cycling to work saves a lot of money

One thing with London is that you can do the most amazing things midweek for free (even free drinks if you're lucky) but weekends are for visitors to pay top wack for everything so lots of young people don't do much at the weekend or do day trips out to the country (or £30 easyJet flights to Europe)

It's really easy to get free tickets to fashion launch parties, TV shows, book launches etc. But also easy to buy 4 £15 glasses of champagne after work because that's what your colleagues do. You have yo have discipline.

As a country we're incredibly lucky to have such a major city on our doorstep and you should massively desire to take advantage of it.
You have the most dynamic startups in Europe that you can work for, the best music and arts scene, the best film and TV companies etc. You might be a millionaire at 25 or have zero savings at 35 but you'll have amassed huge social capital and experience that you can't get anywhere else 

user1977

Ybe said:

Slinky said:

I'd say more than that with all the going out/eating out and £1300 a month mortgage. Would you really be eating out pub/restaurant 3-4 times a week?

Not necessarily eating out 3-4 times a week. Maybe a 1-3 drinks. 

Even so, are you saying you want to budget to go out for food and/or drinks 50% of nights?

"Saving for pension" is a string of infinite length...

dimbo61

London is up there with the most expensive cities in the world.
Rental prices have gone through the roof and please don't blame greedy landlords.
Huge demand from Students, Immigration, lack of building new homes and for me the number of million pound EMPTY houses owned by overseas owners means a huge shortage of affordable housing.
Now that also means properties for sale are overpriced