At what salary in Ireland can you be considered to have a decent life?

steddyeddy

Obviously this is highly subjective and dependent on your dependents but let's say talk about single life and married/partnered with two kids. A lot of people say the harder you work in this country the more screwed over you get and in some ways I agree. So what would you have to do to have the sort of life you want?

Which professions would you bank on to have a decent life here?

Parachutes

Even people on minimum wage here have 10x better life than most people on the planet.

AnthonyCny

Living in Donegal, I can survive easily live with my girlfriend on approx. €30k per year. Includes rent and at least 2 foreign holidays a year.

No children. I hear they are expensive.

Grayson

Depends on where you live. If you're a single person in their 30's it'd be nice to rent your own place. Just a small one bed flat. That would cost a fortune anywhere in Dublin and would be out of reach of a lot of people. Even sharing a flat with someone is too expensive now. I've heard of rooms in apts going for a grand a month in Dublin. Outside Dublin the price drops dramatically. The single biggest expense for most people is the mortgage/rent.

Mantis Toboggan

Depends very much on where you live.

snubbleste

AnthonyCny wrote: »

Living in Donegal, I can survive easily live with my girlfriend on approx. €30k per year. Includes rent and at least 2 foreign holidays a year.
No children. I hear they are expensive.

Well, up there it is different.

tigger123

It's all tied to house prices and mortgage repayments, so currently with the housing crisis what it takes to have a comfortable life is way over inflated. I'd reckon a combined income of 120k per year between you and your partner (?)

If house prices became more realistic that would tumble. Ditto with childcare costs.

endacl

Depends on your outgoings.

We did a budget there yesterday. Our bills (mortgage, utilities, insurance, housekeeping etc.) come to about €900 a month. We're doing grand. If we'd bought a house at the height of the lunacy, we'd be fcuked.

Winterlong

Depends on where you live.
Depends on your financial commitments.
Depends on how much want to put away for savings/pension.
Depends on your expectations of a 'decent life'.

In my case this is always 10% more than I earn.

Boaty

For a single person, 50k would give a very decent lifestyle

osarusan

What's 'a decent life'?

Shenshen

I don't feel we're denying ourselves anything at the moment (current combined income just over 40k, and we're paying back a mortgage), but I'm never short on things I would spend money on if I had more.

beertons

Another 10 or so wouldn't go astray.

Dravokivich

Shenshen wrote: »

I don't feel we're denying ourselves anything at the moment (current combined income just over 40k, and we're paying back a mortgage), but I'm never short on things I would spend money on if I had more.

You'll be a bit stuffed if you were looking for that mortgage now.

BetsyEllen

Depends where you live (and obviously personal circumstances)

Based on a single person, 35k outside of Dublin would have you living comfortably; inside Dublin you would struggle due to rent.

Maximus Alexander

It depends way too much on circumstances. I'm very comfortable at the moment living in Dublin as a cohabiting couple. If I was single and living alone though, I'd be a good bit less so because there are a lot of costs that we share that would be more or less the same for a single person. Kids would change that equation again. Not to mention that one person's definition of 'a decent life' will be very different from another's. I don't think there's a magic number.

I know people on a lot less than me who are doing well. I know people earning 10k+ more than me who constantly seem to be broke, somehow.

KERSPLAT!

As was already said, it depends on location and circumstances. Someone renting in Dublin with two kids and two cars are going to need '000s more than someone in Cavan with a mortgage, two kids and one car.

€40-50k between two would do the couple in Cavan, you'd nearly want that each in Dublin, or probably more!

Pat Mustard

steddyeddy wrote: »

Which professions would you bank on to have a decent life here?

Higher ranking, well paid public servants of the 'old contract' variety. A job for life, 9 to 5 at the office, with a pension that you couldn't beat with a stick and a six figure lump sum on retirement.

osarusan

osarusan wrote: »

What's 'a decent life'?

Just to come back to this. I said in another thread (started by you I think OP) that in Ireland people are very likely to be housed, kept safe, educated, and have healthcare provided, even if they have very little money.

By comparison with anywhere other than a number of first world countries, we already have a life that is extraordinarily 'decent'.

But, perhaps naturally, once these things are taken for granted, we will look at other ways to measure out quality of life. Things like bigger homes, nicer cars, foreign holidays, concert tickets, and so on, which allow us to live the kind of life we want to live. At that point, it really does depend on the person/family.

Qs

Shenshen wrote: »

I don't feel we're denying ourselves anything at the moment (current combined income just over 40k, and we're paying back a mortgage), but I'm never short on things I would spend money on if I had more.

Even if you had 5 times what you earn now you'd always be able to say "but I'm never short on things I would spend money on if I had more."

Generally I believe you could be living a "decent" life on a pretty modest income but it would take a lot of preparation and luck. The luck being that nothing popped up to mess up your preparation. Or the luck to have a good support system, etc

billyhead

Boaty wrote: »

For a single person, 50k would give a very decent lifestyle

And is this 50k figure you quote net or gross?

Barry Badrinath

85 Billion punts

Depends on so much. Where you want to live, what kind of house you want, do you want private or public schools for your kids, what car will you drive, what area do you want to live in, how much of a commute do you want to do, all that stuff.

Yourself isit

Compare somebody on 34k living at his parents home with a renter. Or someone who owns his house on that income (inherited maybe).

Assuming rent of 1,200 and bills of 200 a month - modest - the second guy needs 1400 a month pre tax, about 2800 a month extra since this is the marginal cutoff point. Second guy needs 67k.

Income tells you nothing. Pensioners on 40k with no dependents can live the life of Riley. Parents on 80k can be squeezed.

endacl

Senor Fancy Pants wrote: »

85 Billion punts

Rhymes with 85 Billion bank managers!

LaVail

500k per year+ bonus

somesoldiers

I am currently trying to get a mortgage to build my own home for me, my wife and 1.8 kids. Because she is taking time off work to rear them they are telling me I need to be earn €100k for them to lend me €250k pretty much. The 3.5 mortgage multiple goes down to almost 2.5 when you have dependents. So 100k for me please?

Cupcake_Crisis

I was doing some math the other day in relation to making the move back home. In Toronto I have a monthly income of about $3700 pm, outgoings of $900 (rent and bills). I have a yearly income of about $44,000 which would be about €31000.

If I could match that at home, and I highly doubt I would as a good chunk of that is tips, canadians are very good tippers, I reckon I'd be doing reasonably well and would be tempted back.

Lovely Bloke

Combined income of approx 88k here, two cars, 1 child (two and a half) in childcare (5 days 9-5), we get a couple of weekends away per year, in Ireland - we've had one "long weekend" on the continent since the child was born, but with him being over 2 now his flight costs now, so foreign excursions are on hold until he comes out of creche and into "free year" or even school.

We get out for dinner about once a quarter, and various nights out either together or alone with our own group of friends (eg, tonight my wife is going out, and I'm staying in with the kid) - we are lucky that we are close enough to both sets of grandparents, and neither minds taking him for a night once in a while so we can get out together.

We can do most things we like to do (I'm going to Nottingham for the day next Sat, fly out at 8 back in at 10pm, for a day's drinking with lads for example), we are also able to get various "non essential" things done with the house, lick of paint here, new curtains there, new bathroom even put in last year.

The house was bought before everything went totally crazy, meaning a mortgage of about 8-900 per month.

Not really any savings though.

steddyeddy

osarusan wrote: »

Just to come back to this. I said in another thread (started by you I think OP) that in Ireland people are very likely to be housed, kept safe, educated, and have healthcare provided, even if they have very little money.

By comparison with anywhere other than a number of first world countries, we already have a life that is extraordinarily 'decent'.

But, perhaps naturally, once these things are taken for granted, we will look at other ways to measure out quality of life. Things like bigger homes, nicer cars, foreign holidays, concert tickets, and so on, which allow us to live the kind of life we want to live. At that point, it really does depend on the person/family.

That's very true. In terms of Irish education you can go anywhere. You can start at any point in Irish society and go anywhere. We're very lucky.

gifted

Mortgage 1100 a month..at its peak the creche was 2300 a month....then running cars...groceries...bills....insurance...house insurance...house alarm...vhi insurance for 2 adults and 3 children...mobile phones...oil for the house.....grown up life sucks....

steddyeddy

Pat Mustard wrote: »

Higher ranking, well paid public servants of the 'old contract' variety. A job for life, 9 to 5 at the office, with a pension that you couldn't beat with a stick and a six figure lump sum on retirement.

I wouldn't do it if you paid me (which they would). I'd prefer to have meaning in life.

Rumpy Pumpy

Our extremely progressive taxation policies mean that you aren't hugely better off on, say 80k, than you are on 50k. All you tend to get is a job with way more ballache.

It's good if you can get a job with a generous milage allowance or can claim a daily allowance for working away from the office. You can pad things out nicely with that.

steddyeddy

osarusan wrote: »

What's 'a decent life'?

Depends what you class as a decent life. Mine involves lots of travel. Three kids at most and I want to put money into a biotech business idea I'm developing. VHI for my family. I'd want to be making around 150K after tax for that to be doable. That's about 2.5 times what I'm on so I'd want to get my skates on.

billyhead

Rumpy Pumpy wrote: »

Our extremely progressive taxation policies mean that you aren't hugely better off on, say 80k, than you are on 50k. All you tend to get is a job with way more ballache.

It's good if you can get a job with a generous milage allowance or can claim a daily allowance for working away from the office. You can pad things out nicely with that.

How do you figure this out? i.e what are your calculations for the difference in net pay?

steddyeddy

Mr.S wrote: »

Single, anything over 30k and you can live comfortably.

Yea true.

Rumpy Pumpy

billyhead wrote: »

How do you figure this out? i.e what are your calculations for the difference in net pay?

On a salary of 80k you will take home approx 48k after deducting 4k on pension deductions.

On a salary of 55k you'll take home around 38k.

On a salary of 40k you'll take home around 31k.

That's assuming single, no allowances and not paying local property tax.

PWC have a tax calculator somewhere on their website

steddyeddy

Rumpy Pumpy wrote: »

On a salary of 80k you will take home approx 48k after deducting 4k on pension deductions.

On a salary of 55k you'll take home around 38k.

On a salary of 40k you'll take home around 31k.

That's assuming single, no allowances and not paying local property tax.

PWC have a tax calculator somewhere on their website

The tax in Ireland seems mental TBH.

ThisRegard

AnthonyCny wrote: »

Living in Donegal, I can survive easily live with my girlfriend on approx. €30k per year. Includes rent and at least 2 foreign holidays a year.

No children. I hear they are expensive.

I believe you don't need to pay motor tax or inshurdance up there, that's your 2 forden holidays alone.

eurasian

4 grands coming every month will be great for a family of 2 to have a good life style and being able to save as well.

Minimum wage will be just enought to survive, I wouldn't call it living.

KERSPLAT!

steddyeddy wrote: »

The tax in Ireland seems mental TBH.

How so?

sdanseo

Grayson wrote: »

Depends on where you live. If you're a single person in their 30's it'd be nice to rent your own place. Just a small one bed flat. That would cost a fortune anywhere in Dublin and would be out of reach of a lot of people. Even sharing a flat with someone is too expensive now. I've heard of rooms in apts going for a grand a month in Dublin. Outside Dublin the price drops dramatically. The single biggest expense for most people is the mortgage/rent.

At 28, I'm still at home. It doesn't really bother me, I've never been a mad lover of the sesh and I just can't justify spending 1/3 of my salary just to rent a room let alone a whole apartment which would be well over half my disposable income each month.

Instead, I've settled down and made a tenuous plan. I'm here for at least another 3-5 years. The mother is happy to have me, I contribute, I'm putting away a bit every month and will increase that as my income goes up. I don't see it as any kind of a failure - if I wanted desperately to move out I would make it happen but I'm content.

Just spent a little over half the cost of a decent house-share upgrading to a new car, which will fill any gap in independence I need. Saving the rest, living frugally and allowing for a couple of short breaks a year should mean I'll have a deposit for an apartment or house in the time I'm hoping.

Of course anyone can meet someone in the morning who changes all those plans; but you can't plan for that!

Rumpy Pumpy

KERSPLAT! wrote: »

How so?

I can only give my own personal circumstances. Living in Dublin and in the upper quartile of a five figure salary. Great employer and Dublin is a wonderful place to live. That said, you don't need a degree in mathematics to work out that I'd be better off heading back west, taking a 20k pay cut, buying a significantly cheaper gaff and taking a job in some firm in Galway where I'd have zero stress and an opportunity to get my golf handicap into low single figures.

The squeezed middle is a hoary old phrase, but there's a tipping point when you have to get the pencil and copy book out and do the figures.

Sleeper12

AnthonyCny wrote:

No children. I hear they are expensive.

Yes they are. But worth it

billyhead

Rumpy Pumpy wrote: »

On a salary of 80k you will take home approx 48k after deducting 4k on pension deductions.

On a salary of 55k you'll take home around 38k.

On a salary of 40k you'll take home around 31k.

That's assuming single, no allowances and not paying local property tax.

PWC have a tax calculator somewhere on their website

Is this 4k pension deduction recouped at retirement i.e future income?

KERSPLAT!

Rumpy Pumpy wrote: »

I can only give my own personal circumstances. Living in Dublin and in the upper quartile of a five figure salary. Great employer and Dublin is a wonderful place to live. That said, you don't need a degree in mathematics to work out that I'd be better off heading back west, taking a 20k pay cut, buying a significantly cheaper gaff and taking a job in some firm in Galway where I'd have zero stress and an opportunity to get my golf handicap into low single figures.

The squeezed middle is a hoary old phrase, but there's a tipping point when you have to get the pencil and copy book out and do the figures.

But that's your decision, working and living in Dublin.

I agree regarding the squeezed middle.

steddyeddy

KERSPLAT! wrote: »

How so?

Because I think it leads to a sqeezed middle.

Yourself isit

KERSPLAT! wrote: »

How so?

It's very high?

Just talking to someone about this last night and they were telling me about a relative of theirs who along with his wife purchased a house in one of the most expensive areas in south county Dublin even though both of them are pharmaceutical scientist and work near the midlands in a large pharmaceutical plant.

That is the crux of the matter if someone is determined to live in an expensive part of Dublin they will have less disposable income and a smaller house.

It appears to be a very Irish thing the determination to live in an area that puts a couple under considerable financial strain.

Geuze

Yourself isit wrote: »

Income tells you nothing. Pensioners on 40k with no dependents can live the life of Riley. Parents on 80k can be squeezed.

Very true.

happywithlife

You can't answer title question without quantifying circumstances- we just did our annual budget and 2 adults 3 kids we need minimum 53k per year just to meet basic bills - our combined net income is just about in line with that but we've feck all savings. We are very typical "squeezed middle income" " working poor" whatever label you want to put on it