Anonymous
Anonymous asked in Business & FinanceTaxesUnited Kingdom · 2 months ago

On average roughly, how much would one have to be earning to have approximately 20 grand spare a year?

9 Answers

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  • 2 months ago
    Favorite Answer

    It depends far more on how you spend than any specific amount you earn. People with lower incomes, but who live very modestly, have been known to save & invest much of their income and end up with a million bucks over their working years.

    Look first at what you SPEND, not what you earn. If you spend 24k/yr to live modestly, you would need NET (after-tax) income of $44k to have 20k "left over." If taxes take half your income, add 40k to current spending to net 20k. But the facts remain, when people increase income, they tend increase their spending.

  • Anonymous
    2 months ago

    When I earned about 40, I had 20 spare because I did not spend much. How much do you spend?

  • 2 months ago

    It would depend on one's outgoings; you'd need to earn 20k more than you needed to cover all other living expenses

  • Judy
    Lv 7
    2 months ago

    If you think about it at all, it should be pretty obvious there can not be an answer to your question, since basic expenses before there's anything 'spare' vary depending on a number of things like where you are, family size, and a lot of other things. A single 24 year old living in Kansas with his parents, paying no rent and making $38K a year very likely has 20K to spare. A married 43 year old living in Boston with his 5 kids, 2 in college, and making 64K likely has nothing to spare. The same situations occur in the UK.

    • ibu guru
      Lv 7
      2 months agoReport

      That's even more true in UK than in your example of a relatively lower-cost state like Kansas.

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  • Anonymous
    2 months ago

    That depends far more on your spending style than how much you make.

  • 2 months ago

    It all depends on how much you spend on other things, housing, food, clothes entertainment, hobbies, and travel costs, work out what all your expenses are,Then add 20 grand and there you have your number. From my experience it's FAR easier to spend less money than to earn more.

  • Anonymous
    2 months ago

    It greatly depends on expenses. What your bills are etc.

    It varies person by person there is no 'set' amount one would have to earn to have that disposable.

    If you don't have much too pay for, I would imagine it may be doable earning 28-30k, which is about average for a full time working person in UK.

    However, for some they would have to be earning at least double that, or 45-50,000 grand a year.

    Some maybe even more.

  • In
    Lv 7
    2 months ago

    Ummm, you would need to earn $20,000 more than you spend.

  • 2 months ago

    That would depend on your standard of living. For a family of four it might be over $100,000 a year.

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