Income required to live this sort of life in london

lika_86

You've asked very similar questions before https://forums.moneysavingexpert.com/discussion/6398651/is-a-60k-salary-in-london-ok-to-get-by/p1. I gave you a breakdown of a £60k salary in response to that thread, which you seemed to refuse to accept as being reasonable.

I maintain that £60k minimum would not be unreasonable for the lifestyle you mention.

theoretica

The cost of some things (eg holidays, saving) won't be different for living in London, or little different (eg groceries).  Rent/mortgage you have already put a number to.  Transport/commuting you can look up a season ticket cost.  Which leaves how much you choose to spend going out a week x 52...

[Deleted User]

It's say at least 6 digits too. Inflation is still high and until you get to that level, wages tend not to keep up.

RelievedSheff

We live in the East Midlands which is cheaper than London both with housing and the cost of general living.

We earn £80k between us.

Our mortgage is £1300pcm due to a short term.

Even up here where the cost of living is cheaper we can't afford to be eating out 3 or 4 times a week and at weekends. 

Granted we have a motorhome so we can get away as and when we want and have as many holidays as time off work allows.

If you really want that lifestyle in London you will be wanting a salary upwards of £100k. 

Ybe

RelievedSheff said:

We live in the East Midlands which is cheaper than London both with housing and the cost of general living.

We earn £80k between us.

Our mortgage is £1300pcm due to a short term.

Even up here where the cost of living is cheaper we can't afford to be eating out 3 or 4 times a week and at weekends. 

Granted we have a motorhome so we can get away as and when we want and have as many holidays as time off work allows.

If you really want that lifestyle in London you will be wanting a salary upwards of £100k. 

What if you cut the eating out to once or less a week. 

Emmia

For that type of lifestyle (you've not factored in costs like a gym membership, lunch at work for example) I think you need a household income of £100k as a sole person. Less than that will eat into Savings / Pensions saving opportunities. 

As a couple the marginal extras (given housing etc. is covered) is probably another £15k - £20k - so two people on more modest salaries will find London more do'able...

Dating, (if you're doing that) is an expensive business too.

I'd probably also look to move in from zones 4-6 if possible (depending on whether you're north or south of the river)

RedFraggle

I'd also say £80k plus. Expect to pay £6+ a pint and £8+ a large glass of wine unless you want to drink in spoons. Groceries are also 10 to 15% more expensive ime and I'm referring to Tesco superstore prices not high end. 

rach_k

RedFraggle said:

I'd also say £80k plus. Expect to pay £6+ a pint and £8+ a large glass of wine unless you want to drink in spoons. Groceries are also 10 to 15% more expensive ime and I'm referring to Tesco superstore prices not high end. 

I would agree with £80K plus, but I don't think groceries are any more expensive in the big supermarkets unless you are shopping at their smaller local/express type shops.  I'm in zone 4 and have all of the big shops within an easy drive and most of them are only a bus ride away.  

lookstraightahead

Ybe said:

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. 

I'd live closer to London to reduce wasted money on commuting and time commuting. I'd find cheap ways to enjoy London (museums, join a gym, libraries, spoons 😂, sitting in Hyde park listening to the gigs), I'd get a 2 bed and a lodger. I'd not eat out in the week (or at least I'd go to a street market and sit on the steps somewhere). 

I lived in zone 5 for years and found I was neither in nor out of London. I would either live central ish where you're not worried about the trains, or way out of it.

Slinky

rach_k said:

RedFraggle said:

I'd also say £80k plus. Expect to pay £6+ a pint and £8+ a large glass of wine unless you want to drink in spoons. Groceries are also 10 to 15% more expensive ime and I'm referring to Tesco superstore prices not high end. 

I would agree with £80K plus, but I don't think groceries are any more expensive in the big supermarkets unless you are shopping at their smaller local/express type shops.  I'm in zone 4 and have all of the big shops within an easy drive and most of them are only a bus ride away.  

OP has said nothing about factoring a car into the equation, and somehow I get them impression they are more likely to be shopping in the smaller convenience stores than lugging bags of groceries on the bus. Not that they will need to be buying many groceries given the number of times they will be eating out.