Moving to London for the first time and was wondering about a few things.
- How much do you have on a monthly basis post-tax? What's post-tax signing bonus (PS6k)? What's the post-tax amount of the usual BB bonus?
- How much ends up as rent for your shoebox? Heard its mostly between PS900-1250 for London Bridge / Shoreditch etc.? Canary wharf monkey so not much to choose from and don't like CW area :)
- How much are you able to save each month? Is food allowance / free dinner gone now with WFH?
1) you usually end up with c.£3.2k post tax and National Insurance deductions as AN1
2) Depends on the area and whether you live with friends in a shared accommodation, which typically ends up cheaper. Flat share can be anywhere between 800-1300 depending how lavish you want to go and if you rent a single flat by yourself, It'd probably be 1100-1600, again very much depending on the area.
3) Depends if you like to go heavy on the weekend, but you should be able to save up to 1000 and probably even more, especially in a lockdown scenario. I think most BBs allow you to order dinners to your home address when working remotely these days.
I'd agree with the above - aim to spend 1.5k max all in on housing+bills+council tax, 500-750 on anything else (I would aim at say 600 and save the 150 for holidays) and save the rest should be your goal.
https://listentotaxman.com/
gives a good and accurate estimate about earnings post tax.
Regarding rents, highly depends on (i) location, and (ii) type of apartment (i.e. new vs old building). In general, 800-1000£ for a flat sharing; from personal experience you probably need to pay £1400-1500 (excl. bill) for a decent room (40sm, 1 bed, decent location). Shoreditch is relatively expensive though an exciting area. Southwark/London bridge/Aldgate are good and cheaper alternatives.
Keep an eye on Elephant & Castle - though area is pretty shit (albeit rapidly changing for the good), the new build-apartments are amazing and have a nice look over London
Thank you both! Very helpful
Bump - looking for an update on this in 2025
Bump
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