2007-05-16 14:27:29 · 7 answers · asked by Vicki H 2 in Business & Finance ➔ Personal Finance
We would be moving from the suburbs of Chicago. We've heard that the cost of living is much higher in London, and we don't want to sacrifice saving money or paying off our school debts. My husband income here is $130,000 and we have a pleasant life. We want to be sure that we won't be changing our finacial lifestyle too drastically. We have a 3 year old and 2 year old that will need private schooling. Thanks for all of the great input!
2007-05-17 00:06:33 · update #1
You'll live well.
Let's assume that 70,000/yr is the total package.
So 25% of 70,000, divided by 12 is 1,458.
Average rent depends on location, but for anywhere outside Central London, 1,458 is a very nice house. 500-800 would be average.
Save 25% leaves 35,000, divided by 12 is 2,916 a month for 4 people. 1000-1500 would be average
Drawbacks.
If you want your kids privately educated then you better start pricing that in, UK govt. schools are OK if your in a good area. Look up on web
Tax, if you are American then you'll be paying your American tax and your UK tax. Both of which are high for a world average. Look up on web.
When I was offered a chance back at head office, it didn't get to the salary stage, but I estimated that for a young family (one toddler), I wouldn't go back for less than 25,000. And wanted 35,000.
(I was born in UK but have been an expat brat nearly all my life. Visit the relatives every year though)
2007-05-16 15:08:41 · answer #1 · answered by Simon D 5 · 0⤊ 0⤋
You dont say where from and too but i think the average wage is somewhere in the region of 30/35k so 70k is a comfortable amount, unless your moving to the U.K. then you will find that house prices will be a little bit of a shocker.
2007-05-16 21:31:50 · answer #2 · answered by andyjh_uk 6 · 0⤊ 0⤋
If you're talking about English Sterling then yes: £70000 is adequate. I'm in a family of five with a household income of £50000, and one of us is at university too! £70000 is extremely comfortable. Congratulations!
2007-05-16 21:35:24 · answer #3 · answered by Ollie 5 · 0⤊ 0⤋
Depends on where you're living. With the pounds I'm assuming Britain, so probably anywhere outside of any major city you will be really set. If it's London, then you'll prob still be fine.
2007-05-16 21:30:26 · answer #4 · answered by scott a 2 · 0⤊ 0⤋
Hmm! Yep Ok in the UK £70,000 is a bit more than the average wage and family members don't count as to how much one gets!
2007-05-16 21:42:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Wow! The minimum wage in UK is about £5.50 per hour so what job will you get to pay £70000?
I worked all my life and ended up at £33000; it was OK!
2007-05-17 05:50:02 · answer #6 · answered by Davy B 6 · 0⤊ 0⤋
shoud be, presume you are talking about sterling.
2007-05-16 21:30:55 · answer #7 · answered by bee bee 6 · 0⤊ 0⤋