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Is 50k gbp 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 stay in London as of late and what you possibly can actually afford on 50k in London when it comes to life-style.
So… think about. You’ve been provided 50K gbp a 12 months. Will you could have a cushty life-style in London on 50k? The reply is: relies upon. Whether or not you reside alone or have a household (and, after all, what wealthy means to you) – you’ll have a very totally different stage of life in London.
Right here’s what you possibly can anticipate finding on this submit:
Which jobs pay 50K and extra in London?
There are many jobs that pay over 50K in London – because of the price of residing disaster, there was additionally a small enhance in salaries within the final 12 months, therefore a number of the jobs, that had been beforehand paid worse, at the moment are paid at round 50k per 12 months.
I composed an enormous information to the common salaries in London by career and years of expertise, so when you’re curious, be at liberty 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
When 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. Actually, London is without doubt one of the most costly cities in Europe, and its property costs are among the many highest on the planet.
It doesn’t assist that a lot of wealthy individuals from all around the globe come to London to stay completely or make it their second dwelling. When you find yourself uncovered to the sort 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 truth and discover the 50k yearly wage in London. How a lot is it per thirty days after taxes?
£50k a 12 months finally ends up (after paying all of the taxes and customary 3% pension contribution) being simply over £3,000 per thirty days. Which isn’t too unhealthy in any respect! For another metropolis within the UK apart from London. Nonetheless, to grasp what sort of life-style you possibly can have on 50k wage in London, let’s take a look at 3 very totally different situations:
- You reside alone and don’t have any dependants
- You reside with a associate who additionally works full-time or part-time
- You might have a baby, and your associate is a keep at dwelling mum or dad
After all, there are a lot of extra situations (e.g. you could have 1-10 children); you could have somebody who will depend on you and may’t work; you’re a single mum or dad, or your associate works and earns greater than you, nonetheless, I wished to particularly deal with these situations, as they’re in all probability the most typical ones and will provide you with an understanding of what to anticipate from a life in London.
Situation 1: You’ve been provided 50K gbp in London, and you reside alone
Alright, let’s contemplate the primary situation. You might 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 possibly can positively afford a studio in an honest space of London (verify my article about the very best locations to stay in London for younger professionals) or a room with an en-suite in a way more central space. You possibly can in all probability afford a one-bedroom flat, however that will be round zones 4 and 5 and you’ll in all probability find yourself spending fairly a bit on transport.
Yow will discover a pleasant studio for £1,300-£1,700 relying on the realm and the dimensions of the studio. A room in a shared flat with an en-suite would value round £1,000-1250 relying on the situation. After all, you may also discover less expensive rooms and studios when you actually need to lower your expenses.
Don’t overlook concerning the payments: electrical energy, fuel, Web and council tax – on common, it could be additional £150-300 per thirty days (fuel and electrical energy value lots in winter).
Most jobs observe a hybrid mannequin, which implies that you gained’t have to commute to the workplace each day. On this case, you’ll in all probability spend £100-130 on the underground. Nonetheless, when you’re fortunate sufficient to stay near the workplace, you may cycle and save fairly some huge cash each month.
When you work from the workplace, you’ll, most likely, eat your lunch exterior. You possibly can spend something from £120-250 a month on lunches.
Groceries can value you something from £150 to £400 per thirty days relying on what and the place you purchase. Some shops are dearer than the others (e.g. Waitrose, WholeFoods are fairly pricy).
Subscriptions (telephone, Netflix, Spotify and so forth.) can value you an extra £50 per thirty days.
In spite of everything these spendings, you’ll find your self with round £1200 in your pocket when you had been utilizing the decrease figures and simply £230 a month when you had been utilizing increased figures within the ranges supplied – left for the rest: purchasing, going out, travelling, garments!
That reveals you could’t have a bougie life-style on 50k wage in London – it’s good to compromise on one thing, e.g. convey lunches from dwelling, hire 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 12 months. That’s additional £2400 per thirty 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 condominium in zones 2-3 for £2000-2200 in month together with payments (council tax, electrical energy, fuel).
Your grocery invoice, nonetheless, will enhance and so will your transport prices. Nonetheless, after paying all of the payments and bills, you each will likely be left with round £2.2K in your accounts (mixed) you could 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 contemplate a situation the place 50K is barely sufficient to scrape by. That’s within the case while you’re the one breadwinner in a household with 1 child and your associate being a stay-at-home mum or dad.
On this case, you’ll in all probability hire a really primary 2-bedroom flat in zones 3 – 6 of London or in a commuter city. You possibly can solely pay as much as £1400-1500 for hire (£1750 together with all of the payments). Nonetheless, your transport payments will enhance as a result of distance to town centre except you’re employed close by – be sure that to finances a minimum of £200 per thirty days on journey prices (except you earn a living from home more often than not). When you add Web, telephone, Netflix and different subscriptions, that’s one other £70 a month.
Your meals invoice will likely be round £350-500 a month.
That’s already £2500 per thirty days, which leaves you with simply £500 to spend on different purchases (from garments to high school expenses in your children), 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 permit you to stay in one other metropolis and pay approach much less for renting a property and transport!
Another posts you may discover attention-grabbing:
We purchased our home (first-time patrons in London)
Is London value it? Professionals and cons of life in London
Price of residing in London – how a lot do it’s good to stay in London