Struggling on £40,000 a year?
30 November 2011, 10:22 PM
#33
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without being vulgar me and the mrs have a combined wage of 70k and we still just about get by.!! 160k new build house (1st time owners scheme) and the payments are just under 1k/month then there's the bills,food,fuel etc. we don't go out rarely buy clothes, no savings.,, it soon goes.
in my eyes, its gonna be a lot worse in the future for the younger generation in this country ( the sole reason we may not be having kids)
in my eyes, its gonna be a lot worse in the future for the younger generation in this country ( the sole reason we may not be having kids)
30 November 2011, 10:46 PM
#35
it obviously all depends on where you live.
40k in a remote village in scotland will get you a lot further than 40k in London/parts of the south east. If you were in London on 40k, you'd just about get by IMO, certainly nowhere near well off.
40k in a remote village in scotland will get you a lot further than 40k in London/parts of the south east. If you were in London on 40k, you'd just about get by IMO, certainly nowhere near well off.
30 November 2011, 10:53 PM
#36
Hamster on here lives on less than £10K per Year according to his submission to the CSA......... Maybe my taxes are paying for his tax avoidance ?..........................
Now I contact them every 2 years for an assessment. My last 3 years wages have been under 10k p.a (thanks to my accountant ) and my payments have been relevant to this. All parties have been happy so i'm hoping it stays that way til she's 16/18.
Now I contact them every 2 years for an assessment. My last 3 years wages have been under 10k p.a (thanks to my accountant ) and my payments have been relevant to this. All parties have been happy so i'm hoping it stays that way til she's 16/18.
30 November 2011, 10:59 PM
#37
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Well its complete bollocks and a grand example of why gordon Brown dropped us right in it.
If people had been sensible and realised you should only borrow 3x income we wouldn't have a stupid housing market and the stupid country in a right mess
But no,and look where we are.£40,000 is a bloody good income but it doesn't enable you to deal with the economy we (Gordon)have created
If people had been sensible and realised you should only borrow 3x income we wouldn't have a stupid housing market and the stupid country in a right mess
But no,and look where we are.£40,000 is a bloody good income but it doesn't enable you to deal with the economy we (Gordon)have created
Gordon Brown didn't decide that, he just f***ed up in other ways
£40,000 is a good income for one person, but add in a wife and a few nippers and the house to put them all in, 2 cars, 1 for you to get to work and one for the wife to ferry kids etc and it suddenly isn't so great.
(or ofc vice versa or £20k each)
30 November 2011, 11:38 PM
#40
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i dont know what i earn a yeah i work for my self finger's in a few pie's i do know that thanks to new government funding regulations my main income has been cut 75% !!!
01 December 2011, 12:28 AM
#43
without being vulgar me and the mrs have a combined wage of 70k and we still just about get by.!! 160k new build house (1st time owners scheme) and the payments are just under 1k/month then there's the bills,food,fuel etc. we don't go out rarely buy clothes, no savings.,, it soon goes.
in my eyes, its gonna be a lot worse in the future for the younger generation in this country ( the sole reason we may not be having kids)
in my eyes, its gonna be a lot worse in the future for the younger generation in this country ( the sole reason we may not be having kids)
Obviously I don't know your fuel bill, but even assuming it's fairly high, I still don't get how you are 'just getting by' on a wage like that.
01 December 2011, 12:52 AM
#45
+1. Two people with no kids, and a mortgage only just into 4 figures? I make that a minimum of £35K disposable income, and that's worked out using a 'worst-case scenario' of just one tax-free allowance between the two of them and all income over £42K taxed at higher rate. Since we're probably talking about 2 separate incomes, they'll be doing a fair bit better than that in reality.
01 December 2011, 01:25 AM
#46
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it is ridiculous how much everything costs nowadays, only had my scooby a month and drinks more than i was expectin (but not a mega issue), been keeping it off boost after puttin £60 of v-power in it and ill be lucky if i get 160 mile out out it,lol
as for houses etc, i was one of the lucky ones and bought mine nearly 5 yrs ago with a 3% deposit @ 112k, pay £500/month atm on standard rate. gf lives with me and pays towards bills and rent, so can afford stuff ok, but its no stroll in the park atm as saving for a wedding in just over 18 months time
total house income around 50-55k before tax dependant on how much overtime i do, my tax, ni is around 25% of my wage
as for houses etc, i was one of the lucky ones and bought mine nearly 5 yrs ago with a 3% deposit @ 112k, pay £500/month atm on standard rate. gf lives with me and pays towards bills and rent, so can afford stuff ok, but its no stroll in the park atm as saving for a wedding in just over 18 months time
total house income around 50-55k before tax dependant on how much overtime i do, my tax, ni is around 25% of my wage
01 December 2011, 02:17 AM
#47
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I suppose everybody's spending habits are different to the next persons, but i forgot to mention the petrol and train ticket to work each month for the Mrs is around £460 , 2 student loans for 5 years worth of education need paying,personal loans for cars,insurance costs,running costs (especially the scoob),granted, my monthly paintball addiction doesn't help but everybody's circumstances are different, maybe in 5 years time when finances are settled a little I can revive this thread and tell you we've been on holiday 5 times a year but until then, times can be hard for some folk starting off in life.
Oh.......and the price of crack 'round here is through the roof !!!!.......JOKING
Oh.......and the price of crack 'round here is through the roof !!!!.......JOKING
01 December 2011, 07:02 AM
#48
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01 December 2011, 07:46 AM
#49
I suppose everybody's spending habits are different to the next persons, but i forgot to mention the petrol and train ticket to work each month for the Mrs is around £460 , 2 student loans for 5 years worth of education need paying,personal loans for cars,insurance costs,running costs (especially the scoob),granted, my monthly paintball addiction doesn't help but everybody's circumstances are different, maybe in 5 years time when finances are settled a little I can revive this thread and tell you we've been on holiday 5 times a year but until then, times can be hard for some folk starting off in life.
Oh.......and the price of crack 'round here is through the roof !!!!.......JOKING
Oh.......and the price of crack 'round here is through the roof !!!!.......JOKING
Would buying a cheaper house been a good idea ?
Having a 70k income then saying things are tight is obscene..
01 December 2011, 08:25 AM
#52
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I know mate, and unless you can save 30-40k for a deposit whilst renting at 600/month It's the only viable way of getting on the property ladder. I did get carpets and all white goods in with the deal but i still say it was over priced..,,, as are all property's nowadays
01 December 2011, 08:41 AM
#55
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My parents paid 17k for their house in 1981, the mortgage was £90/month for 25 years. They told me it was a struggle at first but over those 25 years their wages increase nearly 5 fold doing the same job yet the mortgage payment was still 90 quid. I wonder if I'll be on 115k in 25 years time doing the same factory job.!!! I doubt it very much.
01 December 2011, 08:44 AM
#56
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My parents paid 17k for their house in 1981, the mortgage was £90/month for 25 years. They told me it was a struggle at first but over those 25 years their wages increase nearly 5 fold doing the same job yet the mortgage payment was still 90 quid. I wonder if I'll be on 115k in 25 years time doing the same factory job.!!! I doubt it very much.
This whole thread is circumstantial anyway. It all depends on where you live, how many dependants you have, how OLD your dependants are, etc....
01 December 2011, 08:54 AM
#57
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My initial post wad based on OUR personal circumstances, I don't really want to sell my scooby,default on our borrowing and eat beans on toast just do we can look at money in our bank account and boast how much money we've got..
01 December 2011, 09:10 AM
#58
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What is 40k a month in your pocket, incuding pensions contributions etc nowadays? 2k?
I can't see how a family of 4 could live comfortably on that.
I can't see how a family of 4 could live comfortably on that.
01 December 2011, 09:17 AM
#59
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That's actually not a lot for a family with students and a huge mortgage.
01 December 2011, 09:25 AM
#60
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You are quite correct. Also there is then the issue that you can't both go to work because the child care cost is so outrageously expensive it's unaffordable so you are stuck on that one income to support everyone.