Today’s arcicle is meant to roughly give an idea on how high is the cost of living in London compared to your wage. If you can understand italian, I also wrote a similar arcticle for non specialized jobs (eg. waiter, barman). You can find it here.
Back to Our topic, as you can see (above) there’s a chart explaining how my personal wage is used. First and foremost, this relates to my personal experience, which means other people could have different results.
Those are the underlying assumptions of my model:
– I am a single male renting a room in a shared flat
– I use mainly buses because they are cheaper and I live close to my workplace
– I tend to limit my expenses (eg. compulsive shopping, clubbing etc). It doesn’t mean I don’t do that at all, but I don’t do it every week either.
In order to create this chart I calculated my expenses and income by keeping into account the average salary of the last three payslips. Also, I daily recorded all my payments on an excel file. The picture that comes out is the following:
-50% of my income is burnt by rent and transportation
-Another 20% relates to food I cook and eat out
-I can roughly save 25% of my wage
-The remaining 5% goes to fun and recreational activities
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