Can't live on £50k a year

[MarillionFan]

Why are families earning £50,000 broke at the end of the month? | Daily Mail Online


I have to say 50k is a minimum on what I think is needed for a decent income each month, so I struggle to understand why they're all skint, but can sympathise.

First world problems.

[filthy1980]

£50k is about £3500 take a month, £2500 is probably mortgage & car repayments, add in gym memberships, sky TV, bills, insurances, shopping, 2-3 nights out per month, money quickly disappears

[The Plantswoman]

Why are families earning £50,000 broke at the end of the month? | Daily Mail Online


I have to say 50k is a minimum on what I think is needed for a decent income each month, so I struggle to understand why they're all skint, but can sympathise.

First world problems.

Without reading the article, I assume they are struggling to service the huge mortgage required by most families these days just to live in a modest home.

[VectraMan]

Surprisingly it's not the housing cost, but I think the £975 a month on a childminder might have something to do with it.

[MarillionFan]

Surprisingly it's not the housing cost, but I think the £975 a month on a childminder might have something to do with it.

The first had 1180 per month on utilities that seemed odd. All of them had kids, so cost of child minding was higher for some, which negates the 'headline' 50k.

What is does show, is that tax still takes a chunk. You'd thinkif you earned a grand a week, you'd be minted. But with kids, house etc, it's not worth much.

[bobspud]

If you take the five times multiplier for mortgage affordability, they would only get a 250k mortgage for whatever they lived in but even thats works out at around 1500 a month on its own. add another 200 for council tax and then add the travel fees and a car because everyone need one of those and god forbid they needed food + child care... I can see an easy 4k straight down the pan...

Startling as it is they would be better off making the state find them a home and feed them.

[The_Equalizer]

Startling as it is they would be better off making the state find them a home and feed them.

Save for the fact I would imagine it crushes the soul in the long run, but in numerical terms probably yes. At least earning gives you some choices in life.

[sal]

UTILITY BILLS (including gas, electric, home phone, mobile phones, broadband, insurance and council tax): £1,180

That's excluding car insurance as it was in a separate category. WTF

I log all our income and outgoings on a spreadsheet and spent an entire day recently contacting energy and insurance providers to find more competitive rates.

Doesn't look like she is doing a good job...

Financially, it doesn’t make a lot of sense for me to be working, but I wish to be a good role model to my children and don’t want Alex to shoulder all the burden.

This is the biggest problem, with 2 kids, for most mothers it makes no financial sense to work.

Edit:

This entire article seems made up to get to a 0 sum at the end - the last family:

CHRISTMAS AND BIRTHDAYS: £250.

that's £3k om x-mas and birthdays / year....

[meridian]

Doesn't look like she is doing a good job.....

£1180 per month?!?!

Even pricing it up high, £180 council tax, £80 for Sky to cover both broadband and home phone, £35 each for an unlimited mobile phone contract, £150 for gas and electric combined, £for home & contents, £200 for BUPA, still only comes to £680. What's the other £500 going on?

[OwlHoot]

£50k is about £3500 take a month, £2500 is probably mortgage & car repayments, add in gym memberships, sky TV, bills, insurances, shopping, 2-3 nights out per month, money quickly disappears

WHS, plus emergency repair bills, such as when the boiler goes caput or the jam jar needs expensive new parts.

I mean my last Jag service was nearly £2K (four new tyres, four new brake disks, pads, plus a few other bits and bobs, not forgetting 20% VAT!

The Rangerover service (in progress) is looking even worse, autocooler blown, fuel injection leak, EGR valve fault, etc. God, I'm looking at anything up to £3K!

Also, there's interest on loans. Probably most of us IT contractors and the like are OK in that respect, but I bet a fair proportion of the population is practically marching on the spot with loan repayments, even with the current low interest rates, and in the exceedingly unlikely event interest rates rose they would be well scuppered!