Occupation: Sales Exec
Salary: 100k (Base) + ~40k (Bonus)
Any other income sources: Not yet
It’s good - but I’ve had ups and downs over the years. When I first moved to London it was tough, but luckily my salary has increased and that’s made things easier for me.
My parents taught me a lot about personal finance and always involved me in their money discussions. This helped me understand taxes, the value of money etc. I think the one ‘bad’ thing is they are very risk averse, so they would opt to max out low interest savings, premium bonds etc, rather than invest into stocks. I don’t think they did anything wrong but it definitely meant Stocks/Funds were a whole new world for me.
Max out your company pension if they offer one, this has really helped me combat lifestyle inflation and save some decent money. I think the most important thing for me though is to not be afraid to ask for pay rises- know your worth! Within 5 years I moved from an entry level grad scheme salary to my current one.
Not really. I finished repaying my student loan (plan 2) last tax year. I also have my mortgage.
Do you invest/save? Yes
£1,665 (to max out my 20k ISA limit) into Hargreaves Lansdown split across 3 cheap index funds & £1,700 goes into my pension (I am lucky to have a generous employer that contribute most of it)
Yes. I felt comfortable from 75k+
If no to the above, what amount do you think you would be comfortable on?
(If no to the above) What amount would you be comfortable on
Probably in my early years living in London. I decided to upgrade a flight to business class and smashed the very little savings I had and moved back into my student overdraft that I still had. For about 3 months I would eat a bread roll for lunch and 13p spaghetti hoops for dinner most days.