Is 100k an excellent wage in London & the UK? How far does it get you?

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On this article, I might love to debate whether or not 100k GBP is an efficient wage in London and the UK and the way far precisely does it get you.

Can you will have a luxurious life-style on 100k wage in London? Is 100k an excellent family revenue in London? How far does 100k stretch within the UK? I’ll attempt to reply these and lots of different questions on this article and supply examples of three totally different existence and family combos: life on 100k in London alone, with a working associate and with a SAHP (keep at house associate) and two children.

Right here’s what you may anticipate finding on this submit:

Is London an excellent place to dwell should you’re a excessive earner?

If you happen to’re a excessive earner or HENRY (excessive earner not wealthy but), London is a tremendously good place to dwell. It’s not shocking that plenty of billionaires have their second (and typically even first) houses in London – town has all of it. It has great protected and leafy districts in shut proximity to Central London (Hampstead, Highgate, Fulham), plenty of wonderful eating places, museums, theatres, concert events – you by no means get bored in London.

London could be irritating should you’re dwelling from wage to wage and don’t have any financial savings and household to depend on, nonetheless, should you’re a excessive earner, you may benefit from the metropolis so much!

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Jobs that pay 100K and extra in London

Despite the fact that London is an costly metropolis, there aren’t THAT many roles that pay 100k and extra. Common salaries in London are literally fairly reasonable, I composed a information to the typical salaries in London by occupation and years of expertise, so should you’re curious, be at liberty to test it out right here!

Therefore, should you had been provided 100k GBP, it’s nice, congratulations! You can be a lot better off that plenty of different Londoners. If you happen to’re looking for a job in London that pays over 100k, it’s often managerial jobs that pay a lot (e.g. Head of Individuals, Director of Gross sales), senior tech jobs (Senior Product Supervisor, Senior Software program Developer), Authorized and Medical jobs and, after all, Finance jobs (particularly people who pay a hefty fee).

How far does 100k GBP in London get you? Life-style you may afford

London could be very costly metropolis. In fact, plenty of cities within the US (and even Canada) are a distinct league, however in Europe, London is among the many most costly cities and its property costs are among the many highest on this planet.

So, think about, you’ve been provided 100k wage in London. That’s, after all, earlier than taxes, so let’s calculate, how a lot it will likely be after taxes. For wage calculations, I often use this calculator because it lets you add your pension contribution. Most firms, will subtract 3% out of your wage in your pension contribution, nonetheless, if you need, you may enhance it to five%. With 3% pension deductions, you’ll pay £250 a month to your pension pot.

After taxes, on a 100k wage within the UK, you’ll be left with £5437 GBP per 30 days. In London, that’s an excellent wage. Exterior London, it’s a tremendous wage and you’ll dwell very comfortably.

Nevertheless, to estimate the extent of consolation you might need and think about all of the spending (and glued prices), let’s take a look at three totally different situations:

  • You reside alone and don’t have anybody relying on you (not even a pet)
  • You reside with a associate who additionally works full-time
  • You’ve gotten two children, and your associate is a keep at house mother or father

In fact, everybody’s scenario is totally different, however on this article, I needed to particularly give attention to these three situations, as they’re most likely the commonest ones.

Empty Covent Garden, London. Covent Garden at sunset

Life-style 1: You earn 100k in London and dwell alone

Alright, let’s contemplate the primary life-style state of affairs, the place you reside alone on 100k in London. As we talked about earlier than, your after-tax wage is round £5440 a month.

With this revenue, you may dwell in a really good space. You possibly can lease a one-bedroom flat in a new-built home with a fitness center and swimming pool. It won’t be a mansion, however you may undoubtedly dwell someplace in Canary Wharf or Canning City or White Metropolis / Ealing space. That may price round £2100-2500 a month plus payments (one other £300-350 a month on fuel, electrical energy and council tax). New builds often are very effectively insulated, so that you received’t spend an excessive amount of on heating in winter, which is an enormous plus! If your own home additionally has a fitness center and swimming pool, it can save you on a fitness center membership. These can go as much as £250 a month in London (luxurious ones like Third House), so it’s an excellent saving!

Relying on what number of occasions per week you’ll commute to the workplace, you may spend between £80-200 a month on the underground. Nevertheless, should you’re fortunate sufficient to dwell near the workplace, you would possibly cycle there and spend nothing on transport.

Now, let’s discuss meals! If you happen to work from the workplace, you’ll, likely, eat your lunch outdoors until your workplace is catered. Every lunch prices round £10-12 lately until it’s an affordable sandwich for £6-7. You possibly can simply spend £150-200 per 30 days on lunches should you come to the workplace so much. Groceries will also be pricy. Nevertheless, the worth relies upon so much on the place you store – some outlets like Aldi and Lidl are fairly inexpensive. Another ones (Waitrose and Complete Meals) are tremendous pricy. On common, a single individual can spend between £150 and £400 a month on groceries. If you happen to like takeaways, add one other £150-300 to that.

Subscriptions (telephone, Netflix, Spotify and so forth.) can price you an extra £50 per 30 days.

Going out could be very pricy. Dinner for 2 in a classy restaurant with little or no alcohol prices round £80-120 in London (which is £40-60 per individual). Cocktails typically price £13 and extra. If you happen to exit twice per week and as soon as per week for drinks, that may simply be one other £500 a month!

Going out, nonetheless, if not important. Let’s calculate how a lot you will have left after mounted prices (residence, payments, groceries) – round £1800-2200 – you may spend that on going out, buying, travelling and saving for the longer term!

Life-style and scenario 2: You reside with a associate who additionally works and earns a wage

On this state of affairs, you make £100K, and you reside with a associate who additionally works. Let’s think about your associate earns round £50K. Your family revenue is now over £8,2K. It is a very robust family revenue and I don’t suppose you’ll battle in any respect. You possibly can lease a two-bedroom residence in a pleasant space. In fact, your meals prices, going out prices and transport prices will enhance, however not that a lot, so you’ll have some huge cash left in your financial institution!

You possibly can journey so much or get monetary savings to purchase your individual property!

Life-style 3: You’ve gotten two children and your associate is a SATP

Lastly, let’s contemplate the ultimate state of affairs – the one the place 100k is an efficient wage however your life received’t be that comfy. That might be the case when you will have two children and a associate who doesn’t work.

£5440 will allow you to lease a three-bedroom home outdoors town centre – in zones 3, 4 or 5 or in a commuter city like St. Albans or Stevenage, for instance. You’ll pay round £2400-2500 a month for the home, however the payments might be fairly excessive – one other £400-500 a month (heating this home might be costly).

Your transport can even be dearer, particularly if it is advisable use the trains. Trains within the UK are notoriously costly. It’s worthwhile to think about not less than £200-250 per 30 days on journey prices (until you work at home so much). If you happen to add Web, telephones, Netflix and different subscriptions, that’s one other £100 a month.

Your meals invoice might be round £500-600 a month until you’re tremendous savvy and know the place to avoid wasting so much on meals.

That’s already circa £3800 per 30 days. You’ll have round £1600 a month left on all of the buying, going out, college journeys and provides and touring, which isn’t that tight, however requires cautious planning.

Nevertheless, in case your associate begins working, you’ll most likely need to pay childcare, which prices some huge cash within the UK until your children already go to highschool. On this case, your associate’s revenue will assist so much!

As you may see, £100K in London is a good wage for a household with two children and a associate, who doesn’t work, nonetheless, it doesn’t stretch that far. Nevertheless, should you had been provided that and you reside outdoors London, it’s really a very good wage for a household of 4. You’ll spend not less than 30% much less on housing and transport and even going out might be cheaper!

Abstract: is 100k an excellent wage in London and the UK?

I attempted to interrupt down the wage of 100k into mounted spendings based mostly on the present price of dwelling in London in 2023. Whereas 100k lets you will have a really comfy life-style should you dwell alone and much more comfy life-style should you mix your revenue together with your associate’s revenue. Nevertheless, should you help a household, 100k received’t stretch too far and you’ll have to be very savvy to have an excellent life-style on that wage in London. Nevertheless, in any state of affairs, 100k is a tremendous wage outdoors London!

Another posts you would possibly discover fascinating:

Price of dwelling in London – how a lot do it is advisable dwell in London

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