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.
Quickfire Roundup:
Statistically, 65k is an amazing salary to earn in the UK. The average salary of UK residents in 2022 was 33k (based on median income data provided by Statista).
65k would allow you to live comfortably in the South East, West Midlands, Scotland, and Wales.
65k will also allow you to live in the most expensive city in the UK – London! The median income level for the capital was 41k in 2022 – over 20k less than a 65k salary!
65k is a great salary to earn in the UK as it gives you more than enough to live comfortably.Â
It’s almost double the national average salary, which was 33k in 2022 (although, being just 1k off, you could basically say that it is).
People who earn 65k a year normally hold managerial positions or other leadership roles.
To land a 65k job, you most likely need more than a bachelor’s degree. These jobs are often secure.
But, with the ongoing cost of living crisis, is 65k a good salary in 2023?
Table of Contents
Breaking down a 65k salary
Gross salary (before tax) of £65k per year equals:
- £31 per hour
- £248 per day
- £1,240 per week
- £2,480 bi-weekly
- £4,960 per month
Estimated net income after you pay Income Tax and National Insurance contributions:
- £22.48 per hour
- £179.81 per day
- £899.03 per week
- £1,798.06 bi-weekly
- £3,895.81 per month
It’s important to remember that the prices stated above are only estimates based on Reed’s Tax Calculator for £65,000.
The net income after taxes and National insurance for a £65k job is £45,738.
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Can you live off a 65k salary?
You can live off £65k anywhere in the UK as long as you limit your spending money.
In January of 2023, Reed conducted a survey to determine how much a Londoner requires to “live comfortably”.
The results from the Reed salary study determined that 65k is exactly what is required to live in the capital.
Of course, this report gained a lot of negative feedback, particularly because this estimate is over £20k more than the city’s average income.
However, this estimate is indicative of what big spenders require to lead a comfortable life in London.Â
If you were wise with your spending, a 65k salary would be more than enough to cover accommodation, transport, groceries, and your social life.
The cost of living depends on several factors, including your family size, whether your partner is a full-time employee, how many holidays you like to take, and so on.
How much rent can I afford with a 65k salary?
To live securely while renting, it’s important to aim to only use between 30 and 40% of your income on rent.Â
This leaves you with enough cash to cover the cost of living – and, when on a 65k salary, enough to enjoy yourself, too.
With this in mind, you should aim to spend between £1,143 and £1,524 on rent.
This may make it difficult for you to find a comfortable one-bedroom flat in some areas of London. To stay in a central borough, you’ll have to pay at least £1,700 in rent per month.
By moving elsewhere in the UK, you could save money and rent a sizable abode. The average rental price in Scotland is £826, for example.
Of course, housing in capital cities becomes a lot more affordable when you include other salaries in the equation.
If you have a partner or flatmate with a similar salary, you could find living in central London a lot more affordable.
Can I afford a house with a 65k salary?
A 65k salary is enough to buy a house worth over £330,000, as long as you’ve saved up enough for a deposit.
65k is a desired salary as it means you can take out a considerable mortgage. For your high-income salary, you could get a mortgage worth £325,000, which is five times your income.
If you’ve got a large family, this may not be enough to buy a sizeable house in a central location.Â
However, the further north you go, the more two to three-bedroom homes you’ll find well within your price range.
Tips for living off a 65k salary
65k is good money – there’s no denying that. However, with the high cost of living in 2023, even the best salaries can only stretch so far.
For this reason, you need to manage your money wisely.
Here’s how to make your salary go further:
Pay off debt ASAP
At 65k, you’re just barely in the top 5%. For this reason, you’re more at risk of slipping into serious debt.Â
So, as soon as you land a 65k job offer, it’s important to pay off your debt immediately.
Not only does being debt-free give you more confidence with your spending, but it also allows you to save up for other things – such as a deposit for a house.
Save
Swanky Londoners may think you need 65k to live comfortably, but that doesn’t mean you have to spend all your disposable income.Â
You’ll thank yourself in the future for setting aside a decent chunk of your income each month.
Additionally, you could ’round up’ your spending on your mobile banking app. This puts all your loose change into a savings pot.
Budget
Keep an eye on your spending from week to week. Although you’re a full-time employee with a big salary, reckless spending could ruin your chances of buying a home.
Be sure to only spend within your limits.
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FAQs
How much do the top 1% earn?
To be considered a top 1% earner, you need to at least earn around £14,622 per month.Â
This is based on 2023 data from Statista. To be in the top 5%, you need to earn around £6,250 per month.
Is 65k a middle-class salary?
65k is a considerable salary, but still within the middle-class bracket.
Upper-middle-class starts at around £70,000, so 65k almost falls in the upper category.
Still, 65 is one of the best middle-class salaries you can get.
Final Thoughts
Is 65k a good salary? Put it this way: a job offer worth £65 is definitely worth considering.
This kind of salary ensures you and your family can live a luxurious life when compared to other lower salaries.Â
As long as you save what you can and spend your salary correctly, you could easily buy a house in an opulent area of Britain.
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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.
