Sammie Ellard-King
I’m Sammie, a money expert and business owner passionate about helping you take control of your wallet. My mission with Up the Gains is to create a safe space to help improve your finances, cut your costs and make you feel good while doing it.
£30,000 a year is a slightly below average salary compared to wages across the UK but, in most cases, is more than enough to support yourself.
For London, this wage can prove challenging to manoeuvre, being £11k under the average salary, so it will require some good budgeting and savvy financial decisions to get by.
If you live in the North, £30,000 a year can go a lot further, especially if based in rural areas.
If you want to find out the answer to ‘is 30k a good salary in the UK’, then read on as we break it all down.
Table of Contents
Is 30k a good salary UK?
As mentioned briefly, a 30k salary is slightly below the nation’s average for a full-time employee.
The average yearly wage for full-time workers in London in 2022, according to Statista, was £41,866, compared with £29,521 for workers in North East England, which was the lowest in the United Kingdom in 2022.
The average wage in the UK across the entire country is £33,000, so if you’re earning £30,000, you’re £3000 a year below the average.
£30,000 usually means you work in either a supervisor or mid-tier or management position and, therefore, will typically have some experience at that salary level.
It does, however, depend on the type of work you take on as a starting teacher would expect £20,000, but a starting GP doctor would expect around £30,000.
For someone working in consumer services like a flight attendant or at a bank, then £30,000 is an excellent starting salary.
Only 24% of people in the UK get a job in the subject they studied, so a vast majority will be paid less when leaving university.
The good thing to note is £30,000 in the UK is better than 30k US dollars as the exchange rate favours the pound at this amount. Generally though UK salaries for the similar roles are lower.
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How much is 30k after tax?
Let’s break down a 30k salary so you know your earnings by the day, week or month.
Please note this net wage is calculated based on you being younger than 65 with no benefits, pension contributions or student loans.
Gross income of £30k per year equals:
- £14.42 per hour
- £115.38 per day
- £576.92 per week
- £1,153,84 bi-weekly
- £2,500.00 per month
Estimated Net Income after income tax and national insurance contributions
- £11.67 per hour
- £93.34 per day
- £469.69 per week
- £939.38 bi-weekly
- £2,035.34 per month
Please note that bonuses are taxed the same way as your monthly paycheck, so if you receive one, you’ll need to know what tax bracket it falls into so there are no surprises.
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Can you live off a 30k salary?
The short answer is yes. You can live off 30k. By any means, it’s not a tiny amount, but it’s how you use it that matters most.
Many variables are in play, such as location, family size, household income, debt and monthly expenses. These variables will always be unique to each person; therefore, only you will know if you can live off 30k.
If you’ve been on a higher salary and are taking a pay cut, you may be accustomed to a higher amount meaning your outgoings may be much higher.
In this case, you may not be able live off £30,000 and would need to rearrange your finances to suit your new salary.
How much rent can you afford on a 30k salary?
If we’re looking at your income after tax, you should be able to afford something in the range of £600-£800.
If you’re in London, or a major UK city, you’d be lucky to get more than a room in a shared house as rents are more expensive than rural areas.
Usually, though it’s around 30-40% of your salary for rent, try to keep this as low as possible. Operating within this bracket should leave you to cash each month if you manage your finances correctly.
Overall it depends significantly on your expenses. There isn’t just rent to factor in, as you will need to consider household bills like council tax, gas and electricity too. Remember to add your internet, mobile phone, insurance and transport bills.
It all adds up, so it’s essential to budget for these costs before you work out your available cash for rent.
In the North of England, this will go a lot further and, in some places, can even get you a one-bedroom apartment if in the city or a two-bedroom house if slightly more rural.
Can I buy a house on a 30k salary?
Yes, you can buy a house with a 30k salary, but it’s much more work to get something you’d want. Generally, you would like to pair up with someone so your affordability increase.
That being said, if you have a big enough deposit, you could get what you want on a £30k salary.
According to onlinemortgage.co.uk, you could afford somewhere between £100,000 – £120,000 if you have a 5-10% house deposit.
Usually, in the UK, you can x5 your yearly income before tax, which you can afford. If you live with your partner and add to a joint mortgage, your affordability would increase if your partner works.
It’s important to note that if you freelance, this amount could change as lenders are less favourable to people who operate as sole traders or run limited businesses.
£120,000 won’t go that far, so you may need to consider a shared or part ownership to help increase your affordability.
In London, you’d be lucky to find anything for £120,000, but if you’re looking in more rural areas, then flats and even small cottages are great options.
5 top tips for how to live off a 30k salary
Sometimes we need to make it work, and if 30k is your salary, then that’s what you have to do.
This section looks for tips to help you stretch your paycheque further.
Budget
Let’s face it budgeting isn’t fun, but it is vital! Without one, you’re playing guesswork with your hard-earned cash. While this may work for some of us, for most, it doesn’t.
If you struggle to make your paycheck stretch to the end of the month, then a budget can help you solve this.
Understanding your outgoings allows you to assess your current financial situation and plan for more significant purchases or life decisions.
You can find many seriously great budgeting apps, printables or even spreadsheets online to help you.
Save when you shop
We all know that Aldi and Lidl are the cheapest supermarkets but did you know that you roughly save £300-500 a year just by shopping there? That number increases if you have a family.
Just a simple trip to the local supermarket can add up. We all have been there in the Sainsbury’s local when you get to the cashier, and one average bag of food is £30.
Saving when you shop also counts for other types of shopping, for example, clothes and electronics. Use cashback apps like TopCashBack or Quidco to get extra money off your purchases.
Pay off Debt
If you’re earning £30,000 a year or in fact, any amount, you should be looking to clear some of your debt.
Debt is the most significant factor stopping you from making better financial decisions.
Targeting any high-interest debt first is a crucial first step so that you can reduce your payments faster. Paying interest for something is just criminal, and why give the big banks more of your money?
Many of us pay the minimum balance, and whilst this is contributing, you’re often just paying back the interest. The key is to overpay to get on top of it. You’ll feel so much better if you do!
How to use credit correctly
Using credit cards correctly is something I could talk about all day. I’ve done it, so I’m no saint, but now I barely use them for anything other than points or if there’s a cashback offer on something I was already going to buy.
I pay them down immediately – don’t wait. That’s the trap they lure you in, and you spend your life paying down purchase interest. Please try not to do this!
It’s also vital for your credit that you maximize your credit card usage. Agencies like Experian and Equifax will encourage you to keep under 30% of your total credit balance.
Doing this shows you’re responsible with debt and can clear it if necessary.
My tip is to buy something on it every month. Have a regular bill that you pay, like Amazon Prime or BT. As soon as it comes out, pay it off that day. This will show you’re responsible and help increase your credit score.
If you have credit card debt with interest coming out each month, look to balance transfer onto a new provider and start paying it off.
How to grow your savings
Savings are part of every financial strategy. Building yourself an emergency fund is a great place to start, and most people say this should be six months’ worth of pay, but three months is a great place to start.
If you struggle to save, use technology to help you. We’ve made a list of the best money-saving apps you can get started with immediately.
I use the round-up feature with my bank to put money aside. This basically takes any purchase and puts the loose change away for me. For example, if I spend £1.50 on something, my bank rounds up the purchase to £2.00, placing the 50p into a savings pot for me.
You can also look to invest as there are plenty of ways to invest on a lower income. Some investing apps literally let you invest for as little as £1.
Let the latest technology help get you there with the best money savings apps.
FAQs
Is 30k a year middle class?
30k a year would see you as middle class in all areas of the UK, and it is an above-average wage that allows you to live comfortably. No official amount makes you into a class, but £40,000 yearly is a solid wage.
What areas are best to live on a 30k salary?
- Yorkshire
- Scotland
- Nottinghamshire
- Wales
- Lancashire
Is a 30k salary good for a single person?
If you’re single and have relatively no debt, 30k is an okay salary. This will give you a roof over your head but require you to make smart financial decisions to get by.
Conclusion
So, is 30k a good salary in the UK? We’ve established that it depends on where you live, your financial situation and many other variables.
You can make 30k work even in the capital, but if you’re supporting a large family on just this wage, it can become challenging, depending on your situation.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
