What is the Average Salary in London in 2022?
As one of the wealthiest cities in the world, it is unsurprising to learn that Londoners can enjoy a healthier average wage than most, to help them afford the high living costs of the city. The current average salary stands at around £2500-3200 per month for many professions, but to have a proper understanding of UK finances you need to go a bit deeper.
What is a Good Salary for London 2022?
It is generally thought that the higher end of the average salary in London would be considered a good salary here. This would give you a gross annual salary of £40,000 or higher.
Remember that a lot of your money in London is likely to go on rent, unless you are in the position to afford your own property. If you want to live on your own in a nice part of London, this is going to be a significantly higher cost than if you were to live with flatmates elsewhere. The average rent for new tenancies is around £1572 a month, but this is a very variable figure.
How Much Money Do You Need to Earn in the UK to Be Comfortable 2022?
When most people begin to work on managing their money, it is with a goal of living “comfortably”. Obviously, being comfortable means something different to everyone. Since London is an expensive city, most Brits feel that a salary of around £40k is enough to ensure that you feel comfortable. This drops to around £33k when heading to other cities in the UK, and can be even lower in other areas.
London is a more expensive city, so reasonably you are going to need more to be able to live here comfortably. In other parts of the UK, you might be able to live with a lower salary.
What is Pending Transactions?
Managing your money correctly is going to be a key part of living comfortably, so that you are aware of how much you have. Solutions such as those offered by Prillionaires can be a fantastic help here, as they will allow you to gain more of an understanding of how your money works. You might have several accounts, and being able to see them all in one place is incredibly helpful.
One factor that you need to understand here is pending transactions. This is money that you have spent, but might not have necessarily been fully processed by the relevant merchant yet, so it will still be in your account. Pending transactions can take up to three days to fully process. Not all bank accounts will immediately display pending transactions when showing the user their available balance, so it is something that must be watched carefully.
Living comfortably in the UK is perfectly possible regardless of where you are if you are smart with the money that you earn. Take better control of your finances, and look at how it will begin to benefit you.