30 October 2012 by

Is £1700 The Perfect Monthly Income?

A woman with lots of money (show off)

Here’s a question: How much money do you need? Loads, obviously, but how much do you really need?

Skrill, an e-commerce business, asked 2,000 people what they needed to survive on, and the average 'desired' take-home income was £1,722 a month – that’s £26,500 a year before tax and NI are deducted. It sounds like a lot, probably because it is - the national average is around £26k while the London living wage is currently £8.30 an hour, around £1 less everywhere else. And, come November, those figures will be reviewed. Possibly for the worse.

So, between now and then, let’s assume these 2,000 people are right. That you can live comfortably, happily, without ‘getting by’ or by eating out exclusively via Groupon vouchers on £1700. How would you spend that £1700? Well, since you ask, like this:

Rent: £700

Bills/council tax: about £150

Travel: £110

When I forget to top up my Oystercard and have to pay in cash en transport: £14

Lunch at work: £100

Actual cost of lunch: £200 (I sometimes need two. Bite me)

Cost of gym: a very cheap £14.99

Money spent being anywhere but the gym: £79

Socialising: £86

Socialising not-just-during-the-week: £186

Clothes: £90

Minus the clothes I have to return after financially crippling myself: - £80

Visiting family: £200

Money accrued while visiting family: -£20

Extras (cigarettes when drunk, taxis when drunk, charitable donations): £66


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