Most Brits would be ecstatic at earning a six-figure salary, but one divorcee claims that she needs to earn £40,000 more to be able to live comfortable after her expensive bills
Only two per cent of people in the UK make more than £100,000 a year, with the rest of us managing a household on less, but with the cost of living on the increase and sky-high property prices, is a six-figure salary enough to live comfortably?
Kate Flounders, a 44-year-old divorced solicitor from County Durham who lives in an affluent area of Hartlepool, says people assume she’s loaded – but her single lifestyle costs her more than it would if she was part of a couple. And despite her huge pay packet, she claims she finds it difficult to save money.
“While my annual income is about £100,000, the bills and costs do add up, and as a single person I’m now solely responsible for all the bills,” Kate, who divorced two years ago, told MailOnline. “So even with this income, I’m not managing to save as much as I’d like to.
“I’m incredibly grateful I have had the opportunities to do what I want – but I certainly do not feel rich.” After studying law at Nottingham Trent University, Kate qualified as a child protection solicitor and set up her own business working with colleges, universities, local authorities and social services to help improve outcomes for children and young adults.
But when she got divorced after 12 years of marriage, she started to notice the difference in her income and it made her think about how to increase her earnings so she could enjoy the same quality of life and put money into her pension and savings. She admits she forks out £500 a month on food, and treats herself to a couple of HelloFresh meals a week.
“I have to earn the income of two people to afford my house,” she adds. “I’m also taxed more than a married couple, who would each get a tax-free allowance of £12,570. So for me as a single earner with an income of £100,000, I pay much more tax than two people earning £50,000. I also set aside £200 a month to go into my pension.”
And while Kate does admit she enjoys a few luxuries like a cleaner and has the freedom that comes with being on her own, she says single people are expected to foot 100 per cent of the bills and as a single self-employed person, it can be a huge pressure.
She is fortunate enough to be able to take several holidays a year but argues that she is penalised as a singleton, saying that being charged a room designed for two people is an “absolute killer.” She also moaned that as she has dogs, she also takes them along with her, which sees her pay more for pet-friendly accommodation.
When asked how much she would need to earn to feel really comfortable, she says another £20,000 after tax or £40,000 before tax is taken out. However, she adds that that would be a challenge as she already works more than 45 hours a week, fearing she would “miss out on actually having a life.”
