What's your idea of a good salary?
Poll: What's your idea of a good salary?
Total Members Polled: 1067
Discussion
illmonkey said:
That's great, but if you're able to save that much, don't you ever just want to spend some of it? why not save £1500 and have sky sports and that slightly nicer car.
Everyone has different priorities though, not everyone wants shiny things, as people who like shiny things seem to believe.Why have sky sports when that payment could take a year off my mortgage? Add it all up and I've taken 15 years off it? Suddenly I'm not even going to need to work full time as I have hardly any outgoings by the time I'm 35?
illmonkey said:
That's great, but if you're able to save that much, don't you ever just want to spend some of it? why not save £1500 and have sky sports and that slightly nicer car.
I don't actually, no.There again I am not unrealistic and do build in enough fun money for going out into the bit I don't save, otherwise yes, I'd be dipping in!
OF course being where we are in the SE we need every penny as when we buy a house next year its going to be 750k so saving now will help then. Also I'll be well used to the mortgage payment given how much I don't spend now!
okgo said:
illmonkey said:
That's great, but if you're able to save that much, don't you ever just want to spend some of it? why not save £1500 and have sky sports and that slightly nicer car.
I don't actually, no.There again I am not unrealistic and do build in enough fun money for going out into the bit I don't save, otherwise yes, I'd be dipping in!
OF course being where we are in the SE we need every penny as when we buy a house next year its going to be 750k so saving now will help then. Also I'll be well used to the mortgage payment given how much I don't spend now!
Our spending hasnt really increased at all with our income. That now means we save approx 60% of our take home salaries each month.
As said, were in the SE too so most goes into property....
My Aunty and Uncle both earned very good money for most of their working lives. They saved every penny they could, living well within their means in an effort to enjoy retirement traveling the world together. They both became millionaires when they retired and cashed in their options etc.
6-months later my Aunty was dead.
It's all about balance. Spend some, waist some and save some. I'm by no means an expert, but this is something I do ponder over regularly myself.
6-months later my Aunty was dead.
It's all about balance. Spend some, waist some and save some. I'm by no means an expert, but this is something I do ponder over regularly myself.
AudiSport said:
My Aunty and Uncle both earned very good money for most of their working lives. They saved every penny they could, living well within their means in an effort to enjoy retirement traveling the world together. They both became millionaires when they retired and cashed in their options etc.
6-months later my Aunty was dead.
It's all about balance. Spend some, waist some and save some. I'm by no means an expert, but this is something I do ponder over regularly myself.
Definitely. I'm 28 and I spend pretty much everything I earn at the moment, I'm not prepared to miser away my money when I'm in the prime of my life. I'm not going to save to travel in my retirement I'm going to travel now whilst my health is there and I'm fully mobile. Saving heavily for a future that's not guaranteed to me is bonkers. 6-months later my Aunty was dead.
It's all about balance. Spend some, waist some and save some. I'm by no means an expert, but this is something I do ponder over regularly myself.
I'm not saying saving is silly of course it's not but there are people so obsessed with saving that they're actually not living, you only get one shot at life folks.
I work with a guy who saves religiously, he's a millionaire, a few times over I should imagine. Why? He's so used to saving he'll never spend it so all he's achieved is an estate to leave to next of kin that don't exist.
NerveAgent said:
liner33 said:
If you dont spend what you earn who else will ?
It doesn't "go off" ya know? I dont get that attitude , we have saved enough for my son to go to uni and probably put the deposit down on his first house and will sort him out a car etc but we plan to spend the money we earn and the money we saved , otherwise whats the point of working your so hard?
Someone once told me life is split into Health, Wealth and Time , in your youth you have Health and Time but no money, in your working life you have Health and Wealth but no time and in your retirement you have Wealth and Time but your health starts to fail.
NerveAgent said:
You dont have to spend what you earn, everyone keeps saying this but its nonsense!
For comparison my girlfriend and I have similar pay levels (a bit less though) to you and your wife but our mortgage is 3 times less! Everyone "expects" us to buy a bigger house, wonders why I drive a 7 year old focus etc. Ok I'm about to buy a new car but I don't have to just because I can afford too!
For comparison my girlfriend and I have similar pay levels (a bit less though) to you and your wife but our mortgage is 3 times less! Everyone "expects" us to buy a bigger house, wonders why I drive a 7 year old focus etc. Ok I'm about to buy a new car but I don't have to just because I can afford too!
My ex was telling me I should spend more the other day because I save £1k+ every month. She's got CC debt to the tune of £3k+. Just because I have a healthy salary doesn't mean I have to spend it all!liner33 said:
Better to leave it to your kids or the government then?
I dont get that attitude , we have saved enough for my son to go to uni and probably put the deposit down on his first house and will sort him out a car etc but we plan to spend the money we earn and the money we saved , otherwise whats the point of working your so hard?
Someone once told me life is split into Health, Wealth and Time , in your youth you have Health and Time but no money, in your working life you have Health and Wealth but no time and in your retirement you have Wealth and Time but your health starts to fail.
So just because I haven't increased my commitments to the maximum possible I am therefore never going to spend it?I dont get that attitude , we have saved enough for my son to go to uni and probably put the deposit down on his first house and will sort him out a car etc but we plan to spend the money we earn and the money we saved , otherwise whats the point of working your so hard?
Someone once told me life is split into Health, Wealth and Time , in your youth you have Health and Time but no money, in your working life you have Health and Wealth but no time and in your retirement you have Wealth and Time but your health starts to fail.
My point is its not digital, you don't have to buy the most expensive house/car you can as soon as possible. If you happen not to it doesn't mean you have to save all your money for ever like you seem to think?!
You said "you don't have to spend what you earn" but what you meant was you don't have to spend all you earn straight away
If you don't spend what you earn then someone else will have to
Saving for a rainy day , or for an end game is fine , saving for no reason is pointless you may end up like the previous posters auntie , or my 89yr old grandfather who spent his working life cycling to work and saving money and is now sat on £100,000s and no hope of spending it
It's about striking a balance
If you don't spend what you earn then someone else will have to
Saving for a rainy day , or for an end game is fine , saving for no reason is pointless you may end up like the previous posters auntie , or my 89yr old grandfather who spent his working life cycling to work and saving money and is now sat on £100,000s and no hope of spending it
It's about striking a balance
All relative as others have said. I voted 40K as I think that would be sensible and achievable for most professinals, however in reality it isn't enough in this country, where most of the jobs are.
I'm in the £40-50 bracket, as is my wife albeit @ 60% hours now we have a child. My house is a standard semi in the southeast (no garage; first world problems). With mortgage, 3 days a weeks nursery, one car there isn't much left over. Certainly not enough for anything better than a 3 star holiday in the costas.
Before kids we were very comfortable though.
I have noticed a lot of my peers have substantial financial help from parents to buy houses. In fact I don't know anyone out of 15 close acquaintance couples in their 30s who have bought a house without help, unlike us so all relative.
I'm in the £40-50 bracket, as is my wife albeit @ 60% hours now we have a child. My house is a standard semi in the southeast (no garage; first world problems). With mortgage, 3 days a weeks nursery, one car there isn't much left over. Certainly not enough for anything better than a 3 star holiday in the costas.
Before kids we were very comfortable though.
I have noticed a lot of my peers have substantial financial help from parents to buy houses. In fact I don't know anyone out of 15 close acquaintance couples in their 30s who have bought a house without help, unlike us so all relative.
liner33 said:
You said "you don't have to spend what you earn" but what you meant was you don't have to spend all you earn straight away
If you don't spend what you earn then someone else will have to
Saving for a rainy day , or for an end game is fine , saving for no reason is pointless you may end up like the previous posters auntie , or my 89yr old grandfather who spent his working life cycling to work and saving money and is now sat on £100,000s and no hope of spending it
It's about striking a balance
I would agree entirely, however we also shouldn't underestimate value of the comfort that comes from having a sizeable chunk sat in the bank or in safe investments.If you don't spend what you earn then someone else will have to
Saving for a rainy day , or for an end game is fine , saving for no reason is pointless you may end up like the previous posters auntie , or my 89yr old grandfather who spent his working life cycling to work and saving money and is now sat on £100,000s and no hope of spending it
It's about striking a balance
Knowing that if you were to lose your job you could comfortably live on savings for a year or more without changing your lifestyle or incurring any debt is probably as valuable to some people as the shiny trinkets are to others.
I like to think I have the balance quite well sorted but everyone has their own level at which they can sleep easy.
djc206 said:
AudiSport said:
My Aunty and Uncle both earned very good money for most of their working lives. They saved every penny they could, living well within their means in an effort to enjoy retirement traveling the world together. They both became millionaires when they retired and cashed in their options etc.
6-months later my Aunty was dead.
It's all about balance. Spend some, waist some and save some. I'm by no means an expert, but this is something I do ponder over regularly myself.
Definitely. I'm 28 and I spend pretty much everything I earn at the moment, I'm not prepared to miser away my money when I'm in the prime of my life. I'm not going to save to travel in my retirement I'm going to travel now whilst my health is there and I'm fully mobile. Saving heavily for a future that's not guaranteed to me is bonkers. 6-months later my Aunty was dead.
It's all about balance. Spend some, waist some and save some. I'm by no means an expert, but this is something I do ponder over regularly myself.
I'm not saying saving is silly of course it's not but there are people so obsessed with saving that they're actually not living, you only get one shot at life folks.
I work with a guy who saves religiously, he's a millionaire, a few times over I should imagine. Why? He's so used to saving he'll never spend it so all he's achieved is an estate to leave to next of kin that don't exist.
I've recently been diagnosed with a life long illness (arthritis) so I know that my old age probably isn't going to be all that much fun so I don't see the point of saving your whole life. I have a friend who is like the guy described above. He has at least £50k in savings if not more, but since leaving uni (he's 30 now) his life has been so so dull!
Going back to the topic I'm now on £38k plus a (small) bonus. I'm pretty happy with that and I don't see any reason for not being on £50 - £60k in five years from now (I work in insurance). I think I have a decent work life balance too but that came from moving from an (awful) large company to a much smaller, friendlier firm. I really do think anywhere between about 30 to 200 staff is the best size of company to work for.
Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff