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Is 50k gbp wage in London? Properly, there isn’t a simple reply! On this article, I’ll share how a lot it prices to reside in London lately and what you’ll be able to actually afford on 50k in London when it comes to life-style.
So… think about. You’ve been supplied 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, in fact, what wealthy means to you) – you’ll have a totally completely different stage of life in London.
Right here’s what you’ll be able to look forward to finding on this publish:
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 residing disaster, there was additionally a small improve in salaries within the final 12 months, therefore a few of the jobs, that had been beforehand paid worse, are actually paid at round 50k per 12 months.
I composed an enormous information to the common salaries in London by occupation and years of expertise, so if you happen to’re curious, be happy to test it out right here! (Common wage in London in 2023 by occupation)
Will you be nicely off on a 50k wage in London? Life-style you’ll be able to afford on 50k in London
In case you’re questioning whether or not the 50K wage will make you nicely off in London, nicely, 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 numerous wealthy individuals from all world wide come to London to reside completely or make it their second house. When you find yourself uncovered to the sort of locations these individuals have a tendency to go to, you may get shocked! For the ultra-rich, it’s tremendous simple 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 monthly 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 monthly. Which isn’t too unhealthy in any respect! For every other metropolis within the UK aside from London. Nonetheless, to grasp what sort of life-style you’ll be able to have on 50k wage in London, let’s have a look at 3 very completely different eventualities:
- You reside alone and don’t have any dependants
- You reside with a accomplice who additionally works full-time or part-time
- You have got a toddler, and your accomplice is a keep at house guardian
After all, there are numerous extra eventualities (e.g. you could have 1-10 youngsters); you could have somebody who relies on you and might’t work; you’re a single guardian, or your accomplice works and earns greater than you, nonetheless, I needed to particularly deal with these eventualities, as they’re in all probability the commonest ones and provides you with 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 have got 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 (examine my article about one of the best locations to reside in London for younger professionals) or a room with an en-suite in a way more central space. You may 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.
You 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 can too discover less expensive rooms and studios if you happen to actually wish to get monetary savings.
Don’t overlook concerning the payments: electrical energy, gasoline, Web and council tax – on common, it could be additional £150-300 monthly (gasoline and electrical energy value quite a bit in winter).
Most jobs comply with a hybrid mannequin, which implies that you gained’t have to commute to the workplace on daily basis. On this case, you’ll in all probability spend £100-130 on the underground. Nonetheless, if you happen to’re fortunate sufficient to reside near the workplace, you may cycle and save fairly some huge cash each month.
In case you work from the workplace, you’ll, likely, eat your lunch outdoors. You may spend something from £120-250 a month on lunches.
Groceries can value you something from £150 to £400 monthly 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 monthly.
In spite of everything these spendings, you could find your self with round £1200 in your pocket if you happen to had been utilizing the decrease figures and simply £230 a month if you happen to had been utilizing greater figures within the ranges offered – left for the rest: purchasing, going out, travelling, garments!
That exhibits which you can’t have a bougie life-style on 50k wage in London – it’s worthwhile to compromise on one thing, e.g. convey lunches from house, hire a room or a less expensive studio and purchase groceries in a less expensive grocery store. Nonetheless, fortunately, even on 50k, you’ll be able to nonetheless afford your personal place (even when it’s a studio).
Situation 2: You reside with a accomplice who additionally works and earns a wage
On this situation, you make £50K, and you reside with a accomplice who additionally works. Let’s think about your accomplice has a mean wage – round £40K per 12 months. That’s additional £2400 monthly after all of the taxes and contribution. So your mixed earnings is now over £5,4K.
On this case, you’ll be able to already afford a one-bedroom house in zones 2-3 for £2000-2200 in month together with payments (council tax, electrical energy, gasoline).
Your grocery invoice, nonetheless, will improve 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) which you can spend on something you need like travelling, going out, purchasing or just saving cash.
Situation 3: You’re the solely breadwinne 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 whenever you’re the one breadwinner in a household with 1 child and your accomplice being a stay-at-home guardian.
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 may solely pay as much as £1400-1500 for hire (£1750 together with all of the payments). Nonetheless, your transport payments will improve as a result of distance to the town centre until you’re employed close by – ensure to price range at the least £200 monthly on journey prices (until you do business from home more often than not). In case 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 monthly, which leaves you with simply £500 to spend on different purchases (from garments to high school prices in your youngsters), going out, saving and travelling.
As you’ll be able to see, £50K in London is sadly barely sufficient to outlive in case your accomplice doesn’t work and takes care of the kid. On this case, if you happen to can, attempt to discover a distant job that will can help you reside in one other metropolis and pay method 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 worthwhile to reside in London