TWO WORDS - Financial PlanningInterestingly enough, financial planning appears to be a hard task for most of us, even for the ones with a strong finance background. But nobody is forced to live in Central London.Footnotes Where do you fit in? Minimum Income Calculator What important things does a 20-year-old need to know about money and finance? Their view is that a family is able to live acceptably after tax and benefits on £34,000/year.Of course, housing costs can vary, and if your income requires you to live in the South East, then that £34,000 is probably not enough. (For reference, a single person on this income would be in the top 2%.)The Joseph Rowntree Foundation has developed a view of what the minimum income a family needs to take a reasonable part in society, which involves things like socialising, taking simple holidays, enjoying entertainment, and having access to a car. Nine out of ten people the UK have less money to spend than this family. If you are in that position, I strongly recommend using things like the Budget Planner from the Money Advice Service, and taking a look at the Rowntree link I have provided.Allowing for the cost of children, that income places you in the top 12% of disposable income in the country.
Being poor on £84,000 after tax shows a serious inability to manage money.
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