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A good wage

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Im not asking what people earn here, but what do you think is a good wage nowadays.

I think to have a good wage, you need to be earning at least £40k

Discuss... :thumb:
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Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Depends on your circumstances.

    Living where I live, as one half of a couple, I'd be utterly minted on £40k, but one of my single friends lives alone in London, earns more than that and struggles.

    I think a good wage is one that gives you more than 300 quid a month disposable income.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I understand what your saying, thats very true, i live in London so i would like to earn at least 40k

    I have around 300 disposable at the end of the month but i try to save at least 200, even then to get a mortgage will take so long to save for that even if i earned more i wouldnt see it as it would go to savings as well.

    I hate paying £900 on rent, i feel like thats being thrown down the drain every month, shame.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    We're on a combined wage of £35k and we get by just fine. Money at the end of the month to save/spend.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I don't know the ammount but I think you need to be able to afford to rent a flat, pay the bills without having to sit in the cold, buy food and other essentials, run a car and be able to go out and have some form of a social life (restaurant, cinema, drink in a pub) or hobby.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    London is cripplingly expensive though I get by pretty well and manage to save a good whack every month. Still, the prospect of buying in London really scares me.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    London is cripplingly expensive though I get by pretty well and manage to save a good whack every month. Still, the prospect of buying in London really scares me.

    I second that :shocking:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    JanePerson wrote: »
    I don't know the ammount but I think you need to be able to afford to rent a flat, pay the bills without having to sit in the cold, buy food and other essentials, run a car and be able to go out and have some form of a social life (restaurant, cinema, drink in a pub) or hobby.

    I agree up until car and eating out. I see them both for a lot of people as unnecessary luxuries (admittedly some people need their car for their job, but that's job dependent).

    I think £40k is a good median salary, I said to myself several years ago when I retired I wanted in real terms to be aiming for around £80k in real terms, although no doubt for most of my life I would be on less than that. I reckoned that kind of scaling would allow me to be able to afford to travel, live in a nice area and send my kids to a good school. It's fairly arbitrary, but it's my target.

    With the income disparity though, I think only the top 5% of earners in this country are actually getting richer. Everyone else, in real terms, is getting poorer year by year thanks to the amount of debt going up and up (in terms of mortgages, and so on).

    As long as you can eek out a comfortable life for yourself by your own yard sticks, you can't really complain.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    I agree up until car and eating out. I see them both for a lot of people as unnecessary luxuries (admittedly some people need their car for their job, but that's job dependent).

    I think £40k is a good median salary, I said to myself several years ago when I retired I wanted in real terms to be aiming for around £80k in real terms, although no doubt for most of my life I would be on less than that. I reckoned that kind of scaling would allow me to be able to afford to travel, live in a nice area and send my kids to a good school. It's fairly arbitrary, but it's my target.

    With the income disparity though, I think only the top 5% of earners in this country are actually getting richer. Everyone else, in real terms, is getting poorer year by year thanks to the amount of debt going up and up (in terms of mortgages, and so on).

    As long as you can eek out a comfortable life for yourself by your own yard sticks, you can't really complain.

    I agree (especially in London) a car is mostly unnessecery and a furthur drain on your wages, thats why i dont drive, i got a liscence but i just dont need a car until i move furthur out or when i start earning say 10k more than what im on, then ill preberly decide to get one, as a luxury!

    I dont think you need to be in the top 5% to be getting richer, people are still working their way up, i recently got a big pay increase and role change within my company, plus i do freelance web design so even the under 40k'ers can get richer and step up.

    You will only get poorer if you stay in exactly the position your in and make no improvements to your situation, then with everything rising you will lose out.

    You need a dream and you need the drive and you can do it.


    ShyBoy wrote: »
    As long as you can eek out a comfortable life for yourself by your own yard sticks, you can't really complain.
    True
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    £28k however my food and accomodation gets deducted before I see any of the money in my account. I try and often manage to save a fair bit.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I was happy on £15k before I lost my job. That works out at £1k/month take-home pay. After food, bills and mortgage, I had £200 in disposable income.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    One miiiilion dollars

    I wish. But I am in the higher tax band. Which blows, obviously.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    G wrote: »
    £28k however my food and accomodation gets deducted before I see any of the money in my account. I try and often manage to save a fair bit.

    Out of interest, why did your employer deduct accomadationa nd food money, where was you working?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    He's a squaddie innit.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    He's a squaddie innit.

    as a couple our income is about 35k and we get on fine, always spend what we have but thats because we are stupid lol or spoil our son.

    i'd obviously love more as any girl but hum ho, i only work 21hours a week so i cant complain.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    A Squaddie ay... i never realised they had to pay for food and accomadation, that takes the piss!

    Ghostgirl, thats great you three are getting on fine, thats what is important, happiness, but you should start channeling a little into a savings account :thumb:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    sepumseeme wrote: »
    I agree (especially in London) a car is mostly unnessecery and a furthur drain on your wages, thats why i dont drive, i got a liscence but i just dont need a car until i move furthur out or when i start earning say 10k more than what im on, then ill preberly decide to get one, as a luxury!

    I dont think you need to be in the top 5% to be getting richer, people are still working their way up, i recently got a big pay increase and role change within my company, plus i do freelance web design so even the under 40k'ers can get richer and step up.

    You will only get poorer if you stay in exactly the position your in and make no improvements to your situation, then with everything rising you will lose out.

    Statistically, we /are/ getting poorer. This is because at the rate of inflation (e.g. everything in the country, divided by all the money - essentially the price of things) is devaluing things, but the increases in income because of the increased wealth go mainly to the top earners. Consider that pretty much everyone pays as much as they possibly can to get a mortgage - the interest goes into a bank's profits - whose shareholders would be the richer fellows.

    The fact that wealth accumulates at the top shouldn't in itself be a cause for concern, because it's a natural process. But the fact that it has been increasingly happening and the divide between the poor and the rich has been getting bigger and bigger. But oh well. :p
    You need a dream and you need the drive and you can do it.

    Never a truer word spoken.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I see what you mean, the rich sure know how to stay rich, im sure they learn all that in Eton, while common folk are learning the alphabet.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    sepumseeme wrote: »
    A Squaddie ay... i never realised they had to pay for food and accomadation, that takes the piss!

    Ghostgirl, thats great you three are getting on fine, thats what is important, happiness, but you should start channeling a little into a savings account :thumb:

    thats the plan, once we move house :p
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Kinda worried now since I've just accepted a job in London on £24,000 and thought I'd be ok! Will be house sharing which I guess helps, but after seeing someone earns more than £40k and struggles?! Maybe I'm doing my sums wrong!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you're single and you're struggling on £40k, you're really doing something wrong.

    As long as you budget, try and stick to the principle of thirds, you should be fine. I shouldn't have to say don't buy stuff unless you can afford it, but the £1tn+ private sector debt in this country suggests otherwise...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    GhostGirl wrote: »
    thats the plan, once we move house :p

    Best of luck

    Kat_B Kinda worried now since I've just accepted a job in London on £24,000 and thought I'd be ok! Will be house sharing which I guess helps, but after seeing someone earns more than £40k and struggles?! Maybe I'm doing my sums wrong!


    That is definately enough you will be fine, theres plenty doing it on a lot less than you, £24 k is respectable amount, i get £25k from my employer and i pay full rent. Just be careful with your cash and see what you have left to play with after the essentials are taken care off :thumb:

    Thunderstruck If you're single and you're struggling on £40k, you're really doing something wrong.

    As long as you budget, try and stick to the principle of thirds, you should be fine. I shouldn't have to say don't buy stuff unless you can afford it, but the £1tn+ private sector debt in this country suggests otherwise...


    What was this "principle of thirds"? i hear you mention...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    One third of your income on rent, living expenses, essential travel etc.
    One third of your income on food, clothing, entertainment
    One third of your income into savings

    It's not easy, but if you're disciplined, you can make it work. Given the huge demographic shifts in this country, savings have never been more important.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    That's interesting... I save some each month but it's definitely not a third. And from the places I've seen so far in London I'll definitely spend more than a third on rent, bills and travel. But then, I really can't see me spending a third on entertainment.

    Definitely going to think about this though and see what I can change with regards to spending/saving. I always thought I spent too much on clothes etc but now I think about it, I think I spent too much on rent and travel.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Rent and travel is a bit of a bitch in London, but as I said, if you're disciplined, you really can make good savings every month, and it does all add up.

    Of course we'd all like to spend more on cool stuff - for instance, there's a sale at my favourite shirtmakers with my name on it: www.newandlingwood.co.uk, but I know that if I want to splurge, I'm going to have to wait a month or so, save up the cash and then do it, rather than just bleed my account dry every month.

    I know I sound like an advert, but saving has never been so important - we're all expected to live longer and the state pension is simply not enough given that there will be so many more people drawing it. Everyone needs to plan for the future.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    GhostGirl wrote: »
    as a couple our income is about 35k and we get on fine, always spend what we have but thats because we are stupid lol or spoil our son.

    i'd obviously love more as any girl but hum ho, i only work 21hours a week so i cant complain.

    have i missed something? are you and mrG a couple??? :chin:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Kat_B wrote: »
    Kinda worried now since I've just accepted a job in London on £24,000 and thought I'd be ok! Will be house sharing which I guess helps, but after seeing someone earns more than £40k and struggles?! Maybe I'm doing my sums wrong!
    Gosh, I would love to be on £24K, I could save a lot... I am on £19 and I work like a dog, find it hard to get time off and some days only have a 20-15 minute lunch break. :rolleyes: Can't wait to get a new job, I feel so underpaid for what I do. I'd rather be on a lower wage and feel like I have some more freedom. I mean like I work with a nice team, it's the institution which is an issue.

    However, on £19K I have a room in London and pay around £300 per month to my overdraft (which will be ended in March), have a £50 per month gym membership and manage to eat well and have a social life. If I were on around £15K and not paying off debt, I could still afford this lifestyle.

    It depends on your budgeting, your priorities, your living standards and what you consider a luxury. I don't drive, I never went on holiday often as a kid and these days don't feel the need to either (so I get a megabus or train to see friends and family in other cities) and I am not really in to fashion, videogames or expensive bars.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    I agree up until car and eating out. I see them both for a lot of people as unnecessary luxuries (admittedly some people need their car for their job, but that's job dependent).

    I used to think a car was a luxury until I moved back home to the suburbs and find that not having a car means I cant join in local activities or go to places to meet people because its too far to walk and there isn't suitable public transport. As for eating out, I know people that cant even afford to eat in Weatherspoons. I dont mean an expensive restaurant.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    @ ShyBoy: Put WV16 (Highley) into Google Maps then think again about whether you need a car or not :-)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    I agree up until car and eating out. I see them both for a lot of people as unnecessary luxuries.

    Possibly, but my definition of a good wage affords you unnecessary luxuries.

    If the question was 'what kind of wage do you need to live on', it'd be a hell of a lot less than £40k! My maternity pay works out somewhere in the region of £6k a year, and as part of a couple, it's easy enough to live on, as long as I budget strictly.
    Monserrat wrote:
    @ ShyBoy: Put WV16 (Highley) into Google Maps then think again about whether you need a car or not :-)

    Without a car, it'd take me 3 hours to get to work, and 6 hours to get home. It's only 10 miles away, but the public transport links don't link in the right places! If you live in a rural or semi-rural location, I think a car is a necessity.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    have i missed something? are you and mrG a couple??? :chin:

    i wondered what you were on about then but then i realised ha! i must have missed it tooo
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