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Is 50k gbp an excellent wage in London? Effectively, there is no such thing as a straightforward reply! On this article, I’ll share how a lot it prices to dwell in London nowadays and what you possibly can actually afford on 50k in London when it comes to way of life.
So… think about. You’ve been supplied 50K gbp a yr. Will you’ve got a snug way of life in London on 50k? The reply is: relies upon. Whether or not you reside alone or have a household (and, in fact, what wealthy means to you) – you’ll have a totally totally different degree of life in London.
Right here’s what you possibly can anticipate finding on this put up:
Which jobs pay 50K and extra in London?
There are many jobs that pay over 50K in London – as a result of the price of dwelling disaster, there was additionally a small improve in salaries within the final yr, therefore a few of the jobs, that have been beforehand paid worse, at the moment are paid at round 50k per yr.
I composed an enormous information to the common salaries in London by career and years of expertise, so when you’re curious, be happy to test it out right here! (Common wage in London in 2023 by career)
Will you be properly off on a 50k wage in London? Life-style you possibly can afford on 50k in London
In the event you’re questioning whether or not the 50K wage will make you properly off in London, properly, sadly not! London is an extremely costly metropolis. The truth is, London is among the most costly cities in Europe, and its property costs are among the many highest on this planet.
It doesn’t assist that a lot of wealthy individuals from all all over the world come to London to dwell completely or make it their second house. When you find yourself uncovered to the form of locations these individuals have a tendency to go to, you will get shocked! For the ultra-rich, it’s tremendous straightforward to spend your early wage in a day!
However anyway, let’s get again to the fact and discover the 50k yearly wage in London. How a lot is it per 30 days after taxes?
£50k a yr finally ends up (after paying all of the taxes and normal 3% pension contribution) being simply over £3,000 per 30 days. Which isn’t too unhealthy in any respect! For every other metropolis within the UK apart from London. Nonetheless, to know what sort of way of life you possibly can have on 50k wage in London, let’s take a look at 3 very totally different eventualities:
- You reside alone and don’t have any dependants
- You reside with a associate who additionally works full-time or part-time
- You will have a baby, and your associate is a keep at house guardian
After all, there are various extra eventualities (e.g. you’ve got 1-10 youngsters); you’ve got somebody who depends upon you and might’t work; you’re a single guardian, or your associate works and earns greater than you, nevertheless, I needed to particularly concentrate on these eventualities, as they’re most likely the commonest ones and gives you an understanding of what to anticipate from a life in London.
Situation 1: You’ve been supplied 50K gbp in London, and you reside alone
Alright, let’s think about the primary situation. You will have a wage of 50K gbp in London, and you reside alone.
You make £3,069 after paying all of the taxes and three% pension contribution.
You may positively afford a studio in an honest space of London (verify my article about the perfect locations to dwell in London for younger professionals) or a room with an en-suite in a way more central space. You may most likely afford a one-bedroom flat, however that will be round zones 4 and 5 and you’ll most likely find yourself spending fairly a bit on transport.
You could find a pleasant studio for £1,300-£1,700 relying on the world and the dimensions of the studio. A room in a shared flat with an en-suite would price round £1,000-1250 relying on the situation. After all, you can too discover less expensive rooms and studios when you actually wish to lower your expenses.
Don’t neglect concerning the payments: electrical energy, fuel, Web and council tax – on common, it will be further £150-300 per 30 days (fuel and electrical energy price so much in winter).
Most jobs observe a hybrid mannequin, which implies that you received’t have to commute to the workplace day by day. On this case, you’ll most likely spend £100-130 on the underground. Nonetheless, when you’re fortunate sufficient to dwell near the workplace, you would possibly cycle and save fairly some huge cash each month.
In the event you work from the workplace, you’ll, most likely, eat your lunch outdoors. You may spend something from £120-250 a month on lunches.
Groceries can price you something from £150 to £400 per 30 days relying on what and the place you purchase. Some shops are costlier than the others (e.g. Waitrose, WholeFoods are fairly pricy).
Subscriptions (telephone, Netflix, Spotify and so forth.) can price you an extra £50 per 30 days.
In spite of everything these spendings, you will discover your self with round £1200 in your pocket when you have been utilizing the decrease figures and simply £230 a month when you have been utilizing increased figures within the ranges supplied – left for anything: purchasing, going out, travelling, garments!
That exhibits that you may’t have a bougie way of life on 50k wage in London – it is advisable compromise on one thing, e.g. convey lunches from house, lease a room or a less expensive studio and purchase groceries in a less expensive grocery store. Nonetheless, fortunately, even on 50k, you possibly can nonetheless afford your individual place (even when it’s a studio).
Situation 2: You reside with a associate who additionally works and earns a wage
On this situation, you make £50K, and you reside with a associate who additionally works. Let’s think about your associate has a median wage – round £40K per yr. That’s further £2400 per 30 days after all of the taxes and contribution. So your mixed earnings is now over £5,4K.
On this case, you possibly can already afford a one-bedroom house in zones 2-3 for £2000-2200 in month together with payments (council tax, electrical energy, fuel).
Your grocery invoice, nevertheless, will improve and so will your transport prices. Nonetheless, after paying all of the payments and bills, you each will probably be left with round £2.2K in your accounts (mixed) that you may spend on something you need like travelling, going out, purchasing or just saving cash.
Situation 3: You’re the solely breadwinner in a household with one child
Lastly, let’s think about a situation the place 50K is barely sufficient to scrape by. That’s within the case if you’re the one breadwinner in a household with 1 child and your associate being a stay-at-home guardian.
On this case, you’ll most likely lease a really primary 2-bedroom flat in zones 3 – 6 of London or in a commuter city. You may solely pay as much as £1400-1500 for lease (£1750 together with all of the payments). Nonetheless, your transport payments will improve because of the distance to the town centre until you’re employed close by – be certain that to funds a minimum of £200 per 30 days on journey prices (until you do business from home more often than not). In the event you add Web, telephone, Netflix and different subscriptions, that’s one other £70 a month.
Your meals invoice will probably be round £350-500 a month.
That’s already £2500 per 30 days, which leaves you with simply £500 to spend on different purchases (from garments to high school prices to your youngsters), going out, saving and travelling.
As you possibly can see, £50K in London is sadly barely sufficient to outlive in case your associate doesn’t work and takes care of the kid. On this case, when you can, attempt to discover a distant job that will can help you dwell in one other metropolis and pay manner much less for renting a property and transport!
Another posts you would possibly discover fascinating:
We purchased our home (first-time consumers in London)
Is London value it? Professionals and cons of life in London
Price of dwelling in London – how a lot do it is advisable dwell in London
