Comfortable you say. How much money do you need to be comfortable? Well, the cost of living a comfortable life in the UK means different things to different people. For now, we’re going to look at what’s needed to have a good standard of living. So, we’ll find out:
- What the minimum wage needs to be to have a decent lifestyle.
- Where the cheapest and most expensive places to live in the UK are.
- What you can do to live a more comfortable life.
How Much Do You Need to Earn to Have A Comfortable Life in the UK?
We know we’ve got things we must pay for, like rent or mortgage, living expenses, food, water, and transport to name a few. But we need to allow a bit extra on top to pay for other things like going out. This is all part of living a comfortable life. The question is, how much do we need to earn as a minimum to afford it?
Here are some figures to give you an idea.
- A single person with no children needs at least £1,400 a month to live on. This is an average yearly salary of £17,000 after tax.
- A couple with no children needs at least £2,100 a month. This is a joint average yearly salary of £25,000 after tax.
- A couple with 2 children in primary school needs at least £3,460 a month. This is a joint average yearly salary of £41,500 after tax.*
If you earn this amount of money, does it mean you’re living a comfortable life? With the cost of living in the UK going up and up, only you can decide if it’s enough for you or not. You may have debts like payday loans or a line of credit. If you do, you’d have to find more money each month to pay these off, or cut back on other things, which could then impact your quality of life.
Maybe you’re earning less than these amounts. Or perhaps you earn more but still don’t feel you’re living a comfortable life. How come? Well, where you live makes a difference on how far your money goes.
Where Are the Cheapest and Most Expensive Places to Live in the UK?
There are big differences between living in cities like London or Bristol instead of Bradford or Dundee. Rents are much higher in some places of the UK than others.
To give you an example, here are some costs of housing in different cities.
- Renting an apartment in London costs on average £2,100.69
- Renting an apartment in Bristol costs on average £1,135.63
- Renting an apartment in Dundee costs on average £636.43
- Renting an apartment in Bradford costs on average £527.95
You see? There’s a big difference in rent depending on where you live. So, if you live in one of the most expensive cities in the UK, you may want to consider other options or a cheaper city in the UK.
We’d all love to live a comfortable life but for most of us it means bringing in more money to do it. But there must be ways we can feel a little richer without having to move or earning extra cash. Let’s find out.
What You Can Do to Help Live a More Comfortable Life
We all want the good life but no matter how much money we’ve got coming in, it’s never quite enough is it. Well, there are ways to help us live the life that we want. We’ve got a few tips for you here.
- If you’re in need of a break but can’t afford a fancy hotel, try booking something different. Airbnb can offer great places to stay for less. The owners are likely to know the area and can tell you the best places to go. By taking a few short breaks instead of going on one long holiday you can save money. Plus, you’ll have more holidays to look forward to through the year.
- Get a spa treatment or haircut for less by visiting local colleges that run beauty courses. Students that are training need people to practise on. By booking in with them, you get the massage or beauty treatment you fancy for a lot less money.
- It’s much better not to use credit cards, payday loans or lines of credit. But if you have to, choose one that gives you something back. You can earn reward points or get cashback on some credit cards. Drafty’s line of credit gives you discount codes that you can use for all kinds of things, from retail shops to travel companies. Make the most of these offers to get what you want for less. But make sure you pay back what you borrow as quickly as you can.
In Summary
You get the picture, the cost of living comfortably can feel like it’s out of your reach. But there are things you can do to manage your money further. You can live a comfortable life if you’re willing to find new ways of getting what you want, without paying a fortune. Changing your spending habits can change your life, but in a good way.
*Figures taken from the Minimum Income website.
Disclaimer: We are not providing financial advice, these are just tips for informational purposes.
