The minimum income calculator

(85 Posts)
kim147 Sat 27-Jul-13 21:23:52

Came across this

www.minimumincome.org.uk/

It's based on what the public think people should be able to afford and is done by the Centre for Research in Social Policy.

Obviously rent / mortgage affects it - and this can be altered.

TheFallenNinja Sat 27-Jul-13 21:27:44

What's the question ?

ricecakesrule Sat 27-Jul-13 21:28:11

Yep, according to this we do earn enough, although our mortgage is ridiculous as we fixed when rates were high. Hoping to rectify that shortly! An interesting idea but must be too generic given they only ask you number of people in household and not even postcode etc.

Dayshiftdoris Sat 27-Jul-13 21:30:04

I am about, even including the tax credits I get, £7,000 pa under what is recommended!

Wow

kim147 Sat 27-Jul-13 21:31:33

It's based on lots of research funded by the Rowntree foundation.

There's no question as in AIBU but this area is the one which gets most discussion about money etc.

Tommychoochoo Sat 27-Jul-13 21:35:06

Mine came out at £42k (we earn about half this). We have an ok standard of living, 2 cars, a holiday every year, 3 bed house. It depends on where you live and you outgoings, I'm very careful with money and can make our money stretch really far.

NewAtThisMalarky Sat 27-Jul-13 21:35:52

I'm about £7k under too, but live comfortably.

bunchamunchycrunchycarrots Sat 27-Jul-13 21:38:21

I'm £1500 under what I need according to that. Feeling it right now with an 8yr old to keep entertained in holidays and an ex out of work so not contributing to the cost.

5madthings Sat 27-Jul-13 21:42:07

Well it.cant calculate.an income.for me.as i have more than the average number if children. Apparently it can only calculate an income amount for a family with up to four children.... Err okay then!

AhoyMcCoy Sat 27-Jul-13 21:42:49

We're about 20K over the recommended amount but live in London and the recommended amount would barely cover rent/bills/travel costs even if we downgraded everything massively!

steppemum Sat 27-Jul-13 21:43:19

well we are so far under it is a bit scarey!

I looked a the breakdown

It said £130 for social activities
and £44 for clothes - every week

so not surprised it was so high!

CheeseFondueRocks Sat 27-Jul-13 21:43:42

We are about 10k under of what we should have according to this but we actually are very comfortable.

Which family of 4 lives somewhere where rent is only £350 a months????

MalcolmTuckersMum Sat 27-Jul-13 21:44:12

Sorry - don't get the point here? Can you expand?

I think it very much depends on where in the UK you live, as to whether it's an acceptable level or not.

Forgetfulmog Sat 27-Jul-13 21:45:41

3k below what we need!

CockyFox Sat 27-Jul-13 21:45:51

Hahaha that is stupid, apparently we are £16000 under the minimum we need, including our tax credits in our income and adjusting for our outgoings.
What a load of rubbish, we have a mortgage, 2 cars, a motorbike, mobile phones as well as landline, sky tv and broadband, never go without food, rarely go overdrawn and have no debt. And both children do extra curricular activities.
I honestly can't imagine what we need another 16 grand for.

frogwatcher42 Sat 27-Jul-13 21:46:03

We are way under what it says we should be but I reckon we are reasonably comfortable.

youarewinning Sat 27-Jul-13 21:47:31

I'm £37 a week coming in less than is going out grin

However that was based on them thinking it cost me £61 a week to feed us, £50 on travel and £58 a week on cultural/ activities etc.

I wish!

kim147 Sat 27-Jul-13 21:49:16

I thought it was interesting which is why I did the thread.

It's based on extensive research from here

www.lboro.ac.uk/research/crsp/mis/

And is used as a basis for the campaign for a living wage which has come up on other threads on here.

ArgyMargy Sat 27-Jul-13 21:49:29

Utter bollocks. It told me how much rent I pay per week. I don't rent. What is this crap??

LST Sat 27-Jul-13 21:50:32

My rent is only £308 per month cheese blush

chickensaladagain Sat 27-Jul-13 21:53:33

I'm 13k under

I think £300 a month more than I get now I would be comfortable, at the moment I count pennies

IwishIwishIwish Sat 27-Jul-13 21:55:32

We earn just the right amount it seems. Oddly enough they calculate my child care costs as zero despite having an 11 month old and a 7 year old. If only they were right

morethanpotatoprints Sat 27-Jul-13 21:56:41

Ha Ha, according to this we don't earn enough, by more than £15k

learnasyougo Sat 27-Jul-13 21:57:17

I should be on 10k more a year. Even after the adjustment where I set rent/mortgage to zero I'm still 5k under. Crap.

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