Financially "Comfortable"

posted 9 months ago in The Lounge
  • poll: How much individually to be "confortable"?
    Under $35,000 : (5 votes)
    2 %
    $36,000 - $75,000 : (54 votes)
    25 %
    $76,000 - $125,000 : (87 votes)
    40 %
    $125,000 - $199,000 : (41 votes)
    19 %
    $200,000+ : (24 votes)
    11 %
    I've got an inheritance & don't think about it : (3 votes)
    1 %
    Other - explain : (2 votes)
    1 %
  • Post # 61
    Member
    997 posts
    Busy bee
    • Wedding: June 2017 - Cottage

    jannigirl : 

    If I was making 75k+ and Darling Husband was making 75k+ and if we had no debt other than a mortgage, I think we would be comfortable. 

    We are still far from it. I belive we both can get to 75k, i doubt it will ever go over that. That if if we are both in management positions. If we are not then we will max out at 50k each.

     

    Post # 62
    Member
    6341 posts
    Bee Keeper
    • Wedding: August 2014

    We live just outside London, UK. I think we would be fairly comfortable on around £40-50k each/£80-100k combined. That would cover a mortgage on a small 2 bedroom house (in the £350k region), bills, a reasonable pension contribution, savings, and allow for a decent amount of luxuries.

    To be comfortable to the point we didn’t really have to think about money I would say double that.

    We are CFBC which makes a huge difference (we plan to buy a smaller property so we have more disposable income, plus no extra people to feed/clothe/pay for activities for etc etc).

    At the moment our combined salary is £51k which covers rent and bills, allows us to put £400 per month into savings, and leaves us with £300  each for luxuries, which is honestly very tight, though I consider us lucky as we have more than most.

    Post # 63
    Member
    448 posts
    Helper bee

    I currently make ~$35,000. This is just enough for me alone, but it’s stretched because I’m covering some of my SO’s expenses at the moment. I’d be individually comfortable with $40-45,000.

    My SO, when he lands a job, is qualified to earn $40-60K. While that will certainly make life easier for us both, I’ll never count on that income. It’s important to me that if he walks out the door, I’m still good financially.

    Post # 64
    Member
    1292 posts
    Bumble bee
    • Wedding: May 2018

    We live in the northeast. With our rent being $1650, I’d say one would be comfortable at 100k.

    Our income is over that and we have no kids/debt at the moment so we are comfortable until we purchase our first house most likely!

    Post # 65
    Member
    678 posts
    Busy bee

    lleello :  Everyone Who has worked in Spain for more than 35 years is entitled to a state pension. I pay social security every month (every worker in spain pays it) and from that I get free healthcare, my pension, maternity and sick pay. 

    It is lucky they have that system because Spanish don’t tend to plan that much, they enjoy the moment….and there would be a lot pensioners without anything :-p 

    I think being comfortable not only depends on salary but your lifestyle. I am quite a simple person – my mum has always said I am low maintenance. I rarely buy myself things (not because I can’t afford it – I just am happy with what I have). I will literally wait until something breaks before I replace it, haha. 

    On 20k I still manage to pay my rent, go for dinner/drinks about twice a week. Fly to the UK 3 times a year and go on one big holiday a year. We also manage to put a little bit away to save. 

    I was earning more in the UK (not much more) and was miserable in general with my life. I now love my life, and have started my own business in Sept teaching English though play to children (It is still the early days so I am not making much money) but I am doing something I love and it is so rewarding…and I have a life. I might not be the richest of people but I am also not ‘poor’…so in my eyes I am ‘comfortable’

    Post # 66
    Member
    5140 posts
    Bee Keeper
    • Wedding: December 2014

    I’d say around $100K, which is about what we make combined right now. I’m always striving for better, but I feel like we’re pretty comfortable, in that, we can pay all of our bills easily, we have some savings and we can afford to eat out or buy whatever little useless things that we want. BUT we have a good deal of debt that we are paying on and we’re not doing so good with retirement savings, which doesn’t necessarily affect our daily quality of life but does cause some stress. 

    Post # 67
    Member
    657 posts
    Busy bee

    fallingrosepetals :  Registered Nurses in the US make an average of $70,000 (about £51k). So it may just be that different fields are compensated differently in different countries.

    Post # 68
    Member
    604 posts
    Busy bee
    • Wedding: November 2016

    Currently, Darling Husband and I take home a combined salary of about 60k, which has been doable for us, but not at all comfortable.  I am a PhD student in my last year, and he is a supervisor for a family company.  We live in the south in a pretty LCOL area, so thankfully all of our monthly bills (mortgage, electricity, water, car insurance, groceries, etc) come out to be less than 2k per month.  This allows us to put about 1k into savings each month, and we each get about $200-300 per month for spending.  We plan to have all of our credit cards paid off by the end of the year, which will also free up some extra money.

    However, we will be a one-income household starting in the Fall of 2019, since I am going to law school to study patent and intellectual property law.  Thankfully, my current PhD advisor is hoping to secure grant funding that will allow her to hire me as a postdoc for the 8 months between my graduation (December 2018) and the start of law school (September 2019), so ideally this would mean an increase in my salary, meaning more money we could save during those 8 months. Our plan is whatever extra income I get from the postdoc position will be put into savings so that we can have that extra cushion while I am in law school.

    The good thing is my starting salary out of law school will be pretty good.  My top school choice is a top 50 law school in the country, and I have been very active in networking with patent and IP firms in my city, so hopefully getting a job won’t be an issue.  I have been told that my background (PhD in human molecular genetics with my primary focus being next-generation sequencing analysis methods using bioinformatics to identify novel hereditary cancer variants) will make be a very marketable and competitive applicant once I am applying for jobs.  My dream is to represent genetic testing companies, as well as precision medicine pharmaceutical companies. Apparently patent and IP firms want to hire PhDs, so I will use that to my advantage.  

    Since Darling Husband and I are CFBC, we would be very comfortable with a combined salary of 150-200k, which I think will be achievable within the next 5 years.  However, we will have to go through a very poor phase before we can reach this. 

    Post # 69
    Member
    5534 posts
    Bee Keeper

    Boston bee here, and we make about $180k/year combined and we are comfortable. I attribute our comfort mostly to living in a “cheap” fixer upper in a really nice suburb (PITI is $1960), sharing 1 paid off car, and having no debt other than the mortgage. More cars or student loans would make our expenses tight. If we were still renting DINKS we could make do with less, but as homeowners and parents we feel solidly middle-class with that income for our location. (I define middle class as able to pay all your expenses, save for retirement, save for children’s college, and still afford 1 vacation a year or some small luxuries). 

    Post # 70
    Member
    517 posts
    Busy bee
    • Wedding: June 2019

    I just graduated from college in May and am still trying to obtain a career. Right now I work in an office setting making 35k per year. My SO was just promoted and makes 53k and will only go up from there. We never really run into money issues and are actively saving to upgrade from an apartment to a home, but at 25 we aren’t doing too shabby IMO.

    Post # 71
    Member
    325 posts
    Helper bee

    The cost of living is pretty high where I live and I think a combined salary of 80K would be the minimum for living comfortably (modest home, one vacation per year, food on the table and some money in savings is my idea of “comfortable,” however.)

    Post # 72
    Member
    267 posts
    Helper bee

    Reading some of these responses blow my mind! I had no idea people around my age were making so much money (I’m 29). 

    I’m an RN and my husband works in sports journalism; together we bring in about 63K per year after taxes/insurance/401K deductions, so maybe around 100K before taxes? We got married in May and have a 15-week old daughter, as well as two dogs. We live in Chicago, so somewhat HCOL. When I was working full time, I brought in about 1/3 more than I’m making now – I work PRN now with an average of 20 hours per week so we do not have daycare expenses (one 12h shift and one 8h shift on days my husband is off or working from home).

    We are quite comfortable at our current salary level – we are able to afford our condo mortgage, my student loan debt, our car payment, and pretty much anything else we want, within reason.  My husband buys lunch every day at work, I get my nails done twice a month, we are able to buy clothes when needed, etc. Our dogs go to doggie daycare once/week for all of our sanity (lol). We have no credit card debt and are able to save about 10% of our income every month; this will increase when our car is paid off next month. We each contribute 6% to our 401Ks which is our employer match. 

    Of course it would be nice to be making more, but in my experience ,the more we make the more we spend on unncessary things. We used to spend alot more than we do, but when I got pregnant and had complications I was taken off work at 30 weeks and we were “forced” to live on much less and to our surprise, we did just fine and that led to us deciding that I did not need to work full time. 

    Post # 73
    Member
    147 posts
    Blushing bee

    anabee323 :  well I am so in the wrong country! I know if I went private I’d get paid more but I doubt it’d be that much either! Glad to hear nurses return paid nicely somewhere in the world! 

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