Another Salary Question

[NewToLondon]

As it seems has been posted on here hundreds of times...

I'm looking for some help in determining an adequate salary to live the lifestyle I want in London. I'm in my mid-20's and I'll be moving from the states (Chicago) by myself and am looking to be able to live the same lifestyle I do here over in London. The goals are:

- Find a flat in a fun, somewhat trendy neighborhood with others in their 20s or 30s (I know next to nothing about the neighborhoods there, so your guess is as good as mine as to which one).
- Preferably a one bedroom (not a studio).
- Travel somewhere in the UK or Europe once a month for a weekend or long weekend
- Enjoy my social life in London without having to worry too much about money (pubs, restaurants, etc.)
- Don't necessarily need to be saving money while over there, but again, don't want to have to worry about what I can and cannot do
- No car

I know this is a pretty blank slate with meager descriptions, but I just wanted to get some thoughts for a baseline. Let me know if there are any other major factors I'm leaving out and I'll fill in the blanks.

Also I completely accept that I may not be able to live quite the lifestyle I want over there, but I want to know where I'll stand compared to this baseline.

[jlms]

Check Rightmove - UK's number one property website for properties for sale and to rent for rentals.

My Guessometer says you will need around £800/month.

1 trip once a month to Europe? (weekend, lets say 1 night only):
- Hotel: £60 (quite cheap)
- Flight: it really depends, but lets say £100.
- Food: £100 ( you don't want to eat sandwiches only, do you?)
Which is £260/month.

Social life, lets say you go out 4 times a week, 2 pub crawls 2 restaurants:
- Pub: 3 or 4 drinks: £15.
- Restaurant: £50 .
which is £65/week or £260/month.

Lets add up: £1320.

Add utilities, food, transport, council tax, etc: £400/month (feels optimistic).

Grand total: £1720.

Or £20640/year.

Supposing 1/3rd of your income goes to the taxman you would need around £29000/year to have the amount above in your pocket.

This is a very off the cuff assessment, but I don;t think it is too far off from the truth.

[Bevdeforges]

Hi and welcome to the forum.

A couple other factors to take into consideration:

How long are you planning on staying in London? And at the end of this time, would you be returning to the US, or moving on to someplace else? (Has some effect on your career options and long term qualification for things like health care and retirement plans.)

What line of work are you in? (Certain professions will require a certain outlay on clothing, lifestyle, etc.) This will also determine how available you are for your travel and social plans while living in London.

For some comparative information on the different areas within London, I can recommend a book: Buying or renting a home in London - published by Survival Books. I worked with the author a bit while the book was being written and can tell you that it includes some detailed information about the various residential parts of town as well as some of the "peculiarities" of renting in London.
Cheers,
Bev

[beatriceuk]

good luck!