Hi everyone,

Is £48k a decent salary in London? That's roughly 3k net/month.
I'm a 27M, single.
I'm thinking of renting a room for 750/800 a month, that leaves me with ~£2100, if I get the Oyster card that's another 150, and for groceries/going out I guess I won't need more than 600/month.
That allows me to save ~£1400/month.
Am I being too optimistic/unrealistic?

Thanks!

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Sounds good, you have a decent plan. Just a tip don't get the oyster. Everyone is working from home anyways, later will be hybrid again and it pays off most cases to just pay contactless. There's a lot of comparisons that show this. Only if you will be for sure going every single day and all weekend does it make sense to get one.

Rooms are easiest as utilities and council tax are included so not much to calculate.

Food is quite cheap so minimising eating out/takeaways can save you a lot of money.

I've worked in London couple years ago on 28k with similar rent and made it work. Good luck!

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It’s enough money for you to start saving! You got to include other bills like council tax, utilities and any miscellaneous stuff so if you can put in at least £1000 in an index fund per month you’ll be on your way there!

You can do what you can to reduce expenses but best way to increase your wealth is by increasing your salary so hopefully your next job you can push for higher or through promotions in your work

I think that’s realistic enough. I started out on a similar salary when I graduated and paid similar rent.

I actually ended up spending £800-1,000 a month on living expenses / going out so depending on how frugal you are your estimate of £600 may be a bit low

That seems about right - I’m on 48, rent is 750 so let’s call with bills a grand total. I can comfortably put 300 a month to Accenture’s ESPP, put 400 in my S&S ISA, live fairly modestly with a couple nights out a week and maybe have 100 or so at the month end in the bank still.

Basically you are well into territory where you can save, London on 30k is doable with that rent £ but you just wouldn’t be able to save anything (source: I did it, and friends have done it for less)

You're right on tax?

Yes, I used an online take-home tax calculator.
I didn't include pension as I still don't know how much I'll be paying into it

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