What Is A Good Salary In London? (What You Need To Know)
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- เผยแพร่เมื่อ 12 มิ.ย. 2024
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Considering a move to London or already living in the heart of the UK and wondering if your salary is enough for a comfortable life?
Join Sammie from Up the Gains Money as he dives deep into London living, revealing the nuances of salaries, living expenses, and hidden costs of being a Londoner.
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Whats in this episode? 👇🏼
Sammie has spent nearly two decades in London and climbed his way from minimum wage to a high-paying director role in the hospitality industry. He offers a wealth of insight and personal experience that will equip you with the knowledge you need to navigate your financial journey in the capital.
Key Points:
🔷 Learn what a good salary in London looks like, from the average full-time salary to the top-paying roles.
🔷 Understand the UK tax system and its impact on your net income.
🔷 Discover the real costs of living in London, from rent and accommodation costs to everyday expenses, and the hidden costs you might not consider.
🔷 Learn strategies for evaluating your current salary and improving your financial status in London.
🔷 Find out what the top 10% of income earners in London make and what it takes to live comfortably in London at the lower end of the scale.
Along the way, Sammie provides in-depth infographics, references a study by TimeOut Magazine, and gives you the low-down on how to manage your finances in one of the world's busiest and most expensive cities.
Subscribe to our channel for more financial insights, tips, and guidance for city living.
Timestamps:
0:00 Intro
1:14 What is a good salary in London
3:37 Average Salary By Profession
4:41 Understanding the UK tax system
5:15 The Cost of Living In London
6:44 Could I live in London with my salary?
7:10 Conclusion
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#LivingInLondon #LondonSalaries #LifeInLondon #LondonExpenses #LondonLiving #FinancialPlanning #CityLife #LondonLifestyle
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57k is the money if you share the costs, by the way. A single person needs to have in the range of 70 - 80k to live off comfortably.
Interesting - everyone is different I suppose
Depends on your lifestyle and situation and position. 70k to 80k is wishful thinking. You can live comfortably with a salary lower than 70k in lomdy. A lot of people aren’t even earning 50k in london but they manage to get by by spending wisely. It’s a different story if you want everything nicer. Live within your means is the key. We can argue all day. But stop blaming everyone else because you cant have all your wants granted. There are things you can’t control so you have to adjust.
Totally agree with this. I am not where I want to be yet. But I think being able to live comfortably; save, travel, and be able to breathe each month- I'd say between 55k-65k.
Oh yeah for sure. To live comfortably in London with a holiday, some luxuries and still money to save or invest 50k is a minimum for me.
That’s not to say you can survive on less and people have different ideas of what comfortable are. This was just my perspective of it.
Still amazes me that I had a reasonable lifestyle on 24K per year in tech sales between 2006 and 09. Flat-shared in a decent maisonette in Camden and had a company car, whilst I managed to wrangle a bunch of personal travel on expenses by topping up Oyster cards with company card, would be much tougher now and yet the starting salary is probably the same.
100% it was very different for me growing up too! You could still get a 10p Freddo!
Thanks , this was good info.
Glad it was helpful!
Thx for the vid 🎉🎉🎉🎉🎉🎉🎉woohoo
Thank you for the support!
The best way to live comfortably is to work in london mon to Friday and outside of london. I work in london and live in Manchester. I stay in a cheap hotel 4 nights a week and travel home friday afternoons but earn double what i could in Manchester even with the train fares and hotel costs included.
Totally agree!
Would you recommend driving in and out of the city instead of train?
@@DK-sv7ys No it works out more in most cases mate and the traffic can be insane!
I work in the city go into office one day per week and have zero debt including house. Works for me.
That's fantastic! Pleased to hear to it!
You could be on £100k a year working full-time for a law firm but still be broke because you don't know what budgeting, forecasting and investing means as you live paycheck-to-paycheck and happily enjoy splashing your payslip on holidays, fine dining, gifts, alcohol and other non-essentials. I'm not implying you can't enjoy life and spend the money you've earned as you're an adult and have every right to, but there's a reason why so many people in this generation won't even think twice about upgrading to the newest iPhone, MacBook and ordering takeaway every night but still complain endlessly about cost of living, high rents and low salaries (yes, these are major issues that affect everyone too, but have they considered their own financial literacy?)
You are correct to some extent as a single person but not as a growing Family of 5 with rising rents in London UK
Yeah agreed. This isn’t based on that.
Gotta get a (better?) mic if you wanna grow the channel. Thanks for all the info!!!!!
Totally agree - got one pretty soon after this 🙏
I'm sure you get hit with the 40% tax rate if salary is Above 40k?
Hey mate - it’s £50,270 for the 40%.
As a lifelong Londoner, it's a slightly ridiculous question and depends as much on your personal situation as your wage. You can be comfortable on £40k or struggling on >£100k all depending on your taste and lifestyle... and also how lucky you have been with being able to get on the property ladder and/or housing situation.
And there's no way that you average Techie makes more than your average Lawyer. Techies range between 40-100k, need to be director level to get >130k, whereas solicitors can easily make >100k+ once qualified >200k at associate level and sky's the limit at partner level
100% it's all relative and individualistic
That's not relevant since law students are less likely to become solicitors than computer science students are to become software developers. Law is oversaturated.
Around ~£4,000 a month net in my experience. Anything below £3,000 net will be tight.
That's a big salary!
@@upthegainsmoney it really is. I live in a one bed and pay ~£1,900 all in. I just can’t see someone affording that on anything less unfortunately.
Hi! Could you give an estimate of how much someone would earn as a digital marketer or in the media industry?
It varies hugely by profession within the digital marketing space. I would checked Indeed or a relevant job board.
@upthegainsmoney I did. And the figures vary alot. However, could you perhaps give an estimate of how much an entry level digital marketer would make?
Oyster is zoned, I am zone 1 to 4 &the that costs £240 a month.
That's wild now it's that much a month! When did it go up for you?
@@upthegainsmoney It's been going up steadily since I was a kid. As an adult I remember paying £210 like 10 years ago.
The thing is when you earn big money like £80k+ you have to work like a dog. Best money for me was workin as a contractor outside ir35 £500pd-
Yeah I totally agree. In most cases the more you earn the more pressure you're under. I switched to consultancy and running my own businesses full time and it's given me a lot more freedom and earning power.
@@upthegainsmoney life is good. Glad you made the transition 🙏😀
I earn £82,000 and get a £10k bonus. Benefits are roughly £10k but I'm frugal and spend like I'm on £20k., no lifestyle creep for me. I start work at 9am and finish promptly at 5pm. I never work weekends
I am in tech & you have to work hard regardless of being entry level or more experienced & senior level. Our contracted working hours are 40 hours per week & the effort put in is quite stable regardless of seniority. Granted doctors work crazy hours but that's the nature of their work.
I don’t live in London but work remote for a London based global firm. I’m on £145k a year. This is a recent situation. I come from earning £65k a year. Even earning at 65k a year I kept my lifestyle affordable on 40k a year and still do the same thing now. I’ve not changed car, house etc. The stress of lifestyle inflation then suddenly losing a job freaks me out! You could financially ruin yourself
Im on 75k and live outside London and I do my shopping in Liddl 😊
Wow nice
Si bellissima ❤️
Grazi
Not realistic salaries. There are many shop workers cleaners restaurant workers etc. Who's on £32000. £50000? A politician are on a £44000 salary 😊
These are salaries taken from major job boards such as Indeed, Reed, CV Library and The Office of National Statistics. These are also average salaries so yes there will be people below this naturally as it's an average.
@@upthegainsmoney Understandable but I think you misunderstand the statistics a starting lawyer doesn't make £73k, law professionals make on average £73,000. No starting associate make £73k fresh out of uni, , the highest I've seen is £60,000. I think what you could do is make a reference list so the viewer can directly refer to the stats.
You could just be more specific average salaries are not what you should be expecting to make. A team assistant at pert won't make 50k but a team manager could. Working at the hilton will pay you more than premier inn.
Cool vid it's nice to see an interesting video by a small youtube channel but you're not telling me info that's very detailed.
@@bhuvaneshserene-blake9540 Thanks for the input - we'll take that into consideration in our next videos.
Well with the ulez its now been ripped apart!
The ULEZ expansion could have been a bit better thought out for sure.
@@upthegainsmoney needs to be scrapped!
@@paulcoverdale8312 I wouldnt say scraped it's doing a job. I would like to see more support for families and individuals inside the ULEZ to switch to electric or a reduction for those that live there.
I'm London based, and I completely agree that 50K is the figure you need to feel comfortable in London.
I recently shared my family costs (married mid 30s with a young child), and it was basically 5K a month before considering investments and future planning. We spend 2.2K on our mortgage, although overpaying slightly, it'd be 1.9K otherwise. The 5K includes everything regular, including food, but doesn't include night outs and etc.
When I first moved to London I was earning 24K, and that was super tight.
Anyways, it's nice to have another London / UK perspective, so I've subscribed so I can see more :)
London is wild right now and differs so much to what is did last year in terms of cost of living. Thanks for subscribing and hope you enjoy the new content we have coming.
If £50 is what you have to be on. I m barely existing.
Sorry to hear that! Keep your chin up
30 thousand a year, each month you're left with 24 grand? Lol you mean 24 hundred right?
Yes, if you deduct income tax and national insurance you're left with around 24k a year net income.
Lad has all this money and still no decent micrphone... LOL
Audio was literally horrendous! New videos have been upgraded haha
whaat 40 pounds per month on groceries? are you going mad? wtf?
I am indeed mad
Funny to hear about 40k for grocery workers... Wake up man
Thanks for the feedback
Da fuq is going on with this guy’s hands?
LOL
House parties trump nights out. Best to be poor ;)
Agreed on the house parties!!
m.th-cam.com/video/DrtlkPLvyCc/w-d-xo.html
Sleeping pod is the solution
Hahaha wow yeah
However that was in Berlin. In London, I had a self built boat in Barking on the Roding river
@@gyorgygajdos1657 Love this dude! I know friends with boats and they love it. Cheaper but a nightmare when they break! Oh and cold!
And a little wet inside, condensation. However doable, December:
m.th-cam.com/video/znHjjyLLG7c/w-d-xo.html