£72k Salary in the UK

[@sara00095]

Congratulations on your promotion! It’s probably amazing for you to see your hard work paid off. Enjoyed the video as always and looking forward to many to come especially to see your quarterly check ins with your new salary now!

[@CourtneyJonesFinancial]

@@sara00095 thank you! Yes very much so, I'm always appreciative of being in a fortunate position and always conscious nothing is promised, but it is nice to stand back and look at the hard work paying off. Yes, this will definitely change up the quarterly check-in for sure 👌 always appreciate the comments and support 🙏

[@NA.dontcare_9]

Well deserved 🎉 Never been so happy for a stranger 🥰thank you for trying to help us

[@CourtneyJonesFinancial]

@@NA.dontcare_9 Thank you, your comments are always greatly appreciated. As long as people are finding value in these videos I'll keep posting 👍

[@essm2575]

Big congrats! Thank you for your transparency. Look forward to seeing your growth!

[@CourtneyJonesFinancial]

@@essm2575 thank you, glad you're enjoying the videos. Appreciate the support 🙏

[@marcushudson8061]

Congratulations on the promotion! I only managed this salary in my 40’s, so super happy for you to achieve this at your age.🎉

[@CourtneyJonesFinancial]

@@marcushudson8061 thank you. It's not a competition so congratulations for getting there yourself. We're all on our own journey so as long as we are all moving in the right direction it can only be good. Appreciate you reaching out with the kind words 🙏

[@marcusgrey8788]

Congratulations 🎊 👏 💐 on the promotion & the new salary. You deserve the financial blessings you are currently being afforded. Keep focused & you will secure continued success 🙌

[@CourtneyJonesFinancial]

@@marcusgrey8788 very kind words. Thank you for reaching out 🙏 All the best to you too.

[@HaydonConstructionServices]

Congratulations bro!

[@rjj00]

Congrats on the promo Niko Omilana 🎉🎉

[@CourtneyJonesFinancial]

@@rjj00 😂 helps fund the channels for sure.

[@jacob4867]

Great insight, thanks for this!

[@CourtneyJonesFinancial]

@jacob4867 you're welcome. Happy that you found value here 🙏

[@olaoluwadaramola6828]

Congratulations on your Promotion 🥳🥳🥳🥳

[@CourtneyJonesFinancial]

@@olaoluwadaramola6828 thank you! Appreciate you reaching out to comment 🙏

[@lordprotector3367]

I was 'earning' 4.5k in my first full time job in 1986. £80 per week, 60 after tax, 50 after commuting costs, 40 after parents taking their cut, 25 after the poll tax. Mind you, I bought a 3 bed Victorian semi in Surrey for 80k 10 years later (after saving up 70k), so swings and roundabouts.

[@AlanShearer-r1r]

well done mate

[@VeX00786]

Thank you for sharing this interesting video. I feel like schools really need to start teaching accounting and finance so we can be ahead of the game. If you could do another video on how to be tax efficient and help us save more of our money instead of losing it would be great. Thanks.

[@CourtneyJonesFinancial]

@@VeX00786 glad you liked the video. I absolutely agree, it's why I started the channel as I wish I had some of this knowledge earlier in life. This is a great suggestion, and one I will add to the list of videos to come down the road. Appreciate you reaching out to comment and contribute 🙏

[@Wazza931]

Congrats!

[@CourtneyJonesFinancial]

@@Wazza931 thank you! 🙏

[@lamb-chops]

Very well done sir. So pleased for your career progression. Thanks for sharing 👍

[@CourtneyJonesFinancial]

@@lamb-chops thank you! Appreciate your comments and continued support. Glad you're enjoying the content. All the best 🙏

[@ochuru6438]

that saving bit is class keep it up and very soon it will add up

[@CourtneyJonesFinancial]

@@ochuru6438 thank you! Yes that's the plan. I will shift it into investments where I can and share these with you too. Appreciate the comment 🙏

[@KenpachiAdz]

Great Video Mate - Well Done!

[@CourtneyJonesFinancial]

@@KenpachiAdz thank you! 🙏

[@kathyperry352]

Congratulations🌻 Love the phone bill I have just had a pay rise too I'm going to pay it straight off the house like your extra house payment great idea

[@CourtneyJonesFinancial]

@@kathyperry352 thank you. Yes, depending on your rate it can be one of the best ways to save on high interest. Just be sure to check what the overpayment threshold is before any charges kick in. 👍

[@LawrenceTimme]

Gratz on the promotion 👍

[@Msunsungdots]

🎉congratulations on the promotion

[@CourtneyJonesFinancial]

@@Msunsungdots thank you! Appreciate you reaching out to comment 🙏

[@ClarkKentt29]

Congratulations, hard work pays off - keep inspiring others! 🎉 this just shows it can be done, appreciate the transparency. Anybody about to be a weirdo should see this as inspiration not a flex… and if you see it as a flex see it as a well deserved one, these things for many take hard work.

[@CourtneyJonesFinancial]

@@ClarkKentt29 appreciate the kind words here. Haha, it for sure isn't intended to be especially if you saw the van I drive 😅 just a realistic view of this salary. Thanks for your support 🙏

[@mrmeldrew693]

The ramping up in tax deductions are crazy. I take home about £3400 a month on about £60,000 gross, paying about £550 into pensions a month. Big difference is the student loan - mine was the older style and I paid it off quite quickly.

[@CourtneyJonesFinancial]

@@mrmeldrew693 yes the increase is substantial in the deductions for sure. Hats off for paying off your loan. My balance has only grown since leaving uni, so in all honesty I'll probably never pay it off and just wait for the write off. I have a guide of why this isn't so bad though and will share this in an upcoming video. You highlight a good point here though for people to understand, as the raw gross salary can be quite misleading for what people actually take home. Appreciate the comment 🙏

[@TingTing-f1b]

Congrats on your promotion well deserved 🙏🏽

[@CourtneyJonesFinancial]

@@TingTing-f1b thank you! Appreciate you reaching out to comment 🙏

[@jonathanlake3366]

Well done cuz....big figure earner...lol can't see my truck wage going up that much lucky bugger good on u

[@Venturec4pital]

Well done well deserved, annoying the deductions you have. I have a similar payslip and it’s pushing me into B2B as I can’t deal with the constant deduction of 2k+ a month.

[@CourtneyJonesFinancial]

@@Venturec4pital thank you. Yes the deductions are quite high. Like I said, I don't mind paying them it's just a shame that it doesn't seem to be improving the standard of living across the UK despite the high taxes here. Working through a company and B2B is definitely an alternative you're right. Something I may consider myself in the mid to distant future. All the best for your future plans 🙏

[@MosAchillesJourney24]

For me i'd need to transpose these figures hahaha. Well done mate. I know people earning in that higher bracket... the tax is MAD! Liking the Salary Sacrifice (good move) , surely that saves on the tax you pay.

[@CourtneyJonesFinancial]

@@MosAchillesJourney24 😂 is it sad that the transpose comment did make me chuckle, good old finance humour 👍 Appreciate this, thank you. Yes the pension does save a bit, but some is still at 40%. I think once I've finished investing in property I will try and increase my contribution to bring more of my income out of the 40% bracket. Thanks for the comment 🙏 all the best

[@jonathanforse7660]

Congratulations! Amazing news. As always, another top quality and informative video. I would be interested to hear what role you have moved into now - maybe one for another video? I work in industry, primarily Management Accounting

[@CourtneyJonesFinancial]

@@jonathanforse7660 thank you, glad you enjoyed the video. I've moved into a financial controller role, so just an expansion and increased responsibility from the finance manager role I was previously doing. I will look to put out a career journey video in future, but for now it sounds like you're on the same career path too so I'd imagine if you keep working in your current field it is a potential opportunity down the line 👍

[@mahamatyounis]

Huge congratulations 🎊

[@CourtneyJonesFinancial]

@@mahamatyounis thank you! Appreciate the support 🙏

[@davidc4408]

Not enough for London. I made £110k at 23 then £250k at 25 then £360k at 27. Over £300k is minimum for good life in London. Energy trader

[@CourtneyJonesFinancial]

@@davidc4408 this is a phenomenal career journey. Hats off to you! Super impressive. London is a different ball game. I think it's a manageable salary for some areas but of course London weighting would bring up the salary a bit anyway. Depends what people define as a good life. Although important money isn't absolutely everything..... It does help a lot though! Thanks for sharing your career journey 🙏

[@davidc4408]

@CourtneyJonesFinancial once you have financial independence - that might be £500k, or £2m or £10m etc depending on the person, then far more important things in life like family, health and what your own purpose is in the world. I have colleagues worth £5m and others £15m plus out of shape, broken marriages and crappy lives.

[@CourtneyJonesFinancial]

@@davidc4408 love this. I couldn't say this better myself. Finance is important but without health and family it's fairly pointless. Your perspective is awesome, thanks for the comments 🙏

[@rufdymond]

If you can afford to I would certainly be putting more into that ISA assuming it’s a stocks & shares ISA. It’s one of the best ways to build long term wealth.

[@CourtneyJonesFinancial]

@@rufdymond this is great. Yes, I will where I can. I have a stocks & shares ISA and a cash ISA (mentioned in my isa video). Once I've finished my building project I will definitely start investing more here! Thanks for commenting

[@ClenTV101]

Are you an accountant? Your videos are very informational, i’m grateful

[@CourtneyJonesFinancial]

@@ClenTV101 I am indeed. I chartered back in 2020 so this is where I am 4 years post qualification. Glad you're enjoying the content and I hope you continue to find value on the channel. 🙏

[@Indowaindowa]

Well done. 70k is no small feat. If your work does a Salary sacrifice scheme.... More in your pension would be a greater win.

[@CourtneyJonesFinancial]

@@Indowaindowa thank you! It's been a long journey, but I have enjoyed it and look forward to what's to come as I progress my career. They do, I have maxed out my match so the only additional would be my own contributions from this point on. I will look to increase this down the road. Right now as I am investing in property the extra cash is useful now. Once this is complete though I will for sure look at this. Thanks for the comment and support. All the best 🙏

[@tlsimpsonenterprises]

First off, congratulations on the promotion brother it’s very well deserved. To be able to save £1.6k a month is unreal, and something many people could only dream of - though when you and your S.O. decide to have kids that will probably only just cover nursery fees 🤣 In all seriousness, it’s refreshing to see you do so well and the foundation for hopefully a very early retirement 😁 Give me a shout when you’re next planning to come over to BG 🇧🇬

[@CourtneyJonesFinancial]

@@tlsimpsonenterprises thank you bro. Yes it was quite a surprise when I was told, and now looking through the calculations I am very fortunate. You're not wrong about the nursery fees, if we're blessed with children in future this will definitely be the only downside. Absolutely, we're hoping for a visit in spring so I will let you know when it's booked and we'll plan to catch-up. Looking forward to the next episodes of your journey too 🙏

[@PaulB-q3d]

I'm on 50k, my mortgage (solo) is £1145 a month and I manage to save £1500 a month (just, including pension top ups and tax relief). Sadly I'm 44 and my mortgage is only 6 months old, so a long way to go. If I grind like this for another 15 years, maybe I can retire comfortably. I could work for another 25 I suppose, but I'd rather not.

[@CourtneyJonesFinancial]

@@PaulB-q3d firstly, congratulations on getting a property. This is no easy task, especially doing this solo so it's an achievement to be celebrated! Only 44, so plenty of time. In my view, it can be overwhelming to look at the full time period. Of course it's important to review this to see where you are, but then in the month just focus on the areas you can impact. I.e. a little saving here, a little overpayment there. It all adds up. We never know what opportunities are around the corner, just keep positive and work hard. You're doing phenomenally well so make sure you take time to enjoy the present moment too. 🙏

[@Whatisyourname748]

Great content- insightful. Also, congratulations for promotion!! Wow your health insurance is so cheap. Do you mind sharing what health insurance company/ product you use?

[@CourtneyJonesFinancial]

@@Whatisyourname748 thank you, glad you found to content useful. It's not full health insurance I think it's a critical illness cover for the mortgage requirements. I think it's AXA or Aviva. Not too sure, but one of those I believe.

[@leonaxlily]

Congratulations 🥳😔😔😔🥳

[@CourtneyJonesFinancial]

@@leonaxlily thank you! 🙏

[@frankodozi5349]

Well done Courtney, hopefully the student loan will go away in the near future and hope you will avoid lifestyle creep

[@CourtneyJonesFinancial]

@@frankodozi5349 I'd like to think it would but I have the feeling it will be there for a while! 😅 Lifestyle creep is definitely the main immediate threat, you guys keep me honest though so I'll keep posting and if it does creep in I'm sure the channel will pull me up on it! Appreciate the comment, all the best 🙏

[@PaulB-q3d]

@@CourtneyJonesFinancial What's the rate on the student loan? If it's 7-8%, it might make sense to pay it off first?

[@CourtneyJonesFinancial]

@@PaulB-q3d great question. It goes up with income (which is painful), so yes it's around that. I would agree, however the only caveat is that the loan is wiped after 30 years of leaving uni. So it really doesn't matter if the balance grows. I have mapped out a plan of investing which I will share in an upcoming video. This essentially shows, in my personal situation, why it's not worth focusing on this. Looking at raw interest though I would agree. Thanks for the comment 🙏

[@kacperfilipiak6653]

You should consider using more of your savings towards investing. Inflation will burn through your hard work, check with the firm you’re with if they have an investment plan you can join where you can put money in risk free (many firms will pay you the capital you put in even if you lose money on your investments) or into your own endeavours. It becomes quite fun after a while

[@CourtneyJonesFinancial]

@@kacperfilipiak6653 yes, I will do this more once I've finished with my property investment. This is due to finish up this year so once that's complete I will be saving more through stocks & shares ISA rather than cash accounts. Great comment though, thank you! 🙏

[@TheFrazzyo]

i earn about 41k but don't pay into pension as I need to pay off debt. Should I pay into pension to get taxed less?

[@lilyholloway5370]

very interesting!

[@user-dt9hw1rd9o]

He’s paying a mortgage overpayment of £300 per month but did mention how much he is paying for his mortgage a month !

[@CourtneyJonesFinancial]

@@user-dt9hw1rd9o yes sorry - I missed this as I was talking through so I added a comment that flashed up with the actual mortgage payment. My current payments are £740.01 per month. Good observation 👍

[@DaveWhitehead]

Putting £1200 extra per month in your work pension will only reduce you monthly net salary by £600 so before you let the investment do its work over the long term, you’re starting off 100% better off.

[@CourtneyJonesFinancial]

@@DaveWhitehead this is a good breakdown and a great example of the power of pensions. I'm at a crossroad now as pensions are locked away until 55. So I still focus on investing in things that will help me now up to that point. Once I'm done with a large project (hopefully this year) I will for sure look at how to rebalance this though, as my need for cash right now will be lower. Thanks for the comment 🙏

[@Zero-Investing]

You're an accountant, is their no way in dropping your tax and nic to help increase your salary?

[@CourtneyJonesFinancial]

@@Zero-Investing other than putting more into my pension there really isn't much to be done. As it's PAYE it's deducted before I even get it. It's why a lot of people set themselves up as contractors and work fixed term contracts, but this is becoming increasingly more difficult. I don't mind too much contributing what I do. I'd much rather see political change about how the money is spent over trying to reduce my contribution. Either way, in the short term, the only thing I can influence and manage is the net money I receive. Great question though, thanks for commenting 🙏

[@olawaleaileru9495]

congrats courtney! are you still working in accounting? im a uni student doing accounting and finance myself, so i was just wondering what job options there are for me in this sector.

[@CourtneyJonesFinancial]

@@olawaleaileru9495 thank you! Yes, I work in industry rather than practice but still in the finance team. Studying what I did too, this is good as it should provide you with exemptions from further studies. There are so many jobs and specialisations in the field, and from what I can see the job market is still quite strong. In your current position, I would just focus on getting the best marks you can and then look at jobs when you're closer to finishing your degree. You'll have a better idea of what areas of finance you prefer which will help guide what career and companies you target. Best of luck with the degree 🙏

[@olawaleaileru9495]

@ thank you so much Courtney, coming from someone as established as yourself this is very valuable information. Not to bother you with too many questions, but I’m also finding it hard to gain work experience within the accounting field, is this normal? Or am I possibly just looking in the wrong places

[@CourtneyJonesFinancial]

@@olawaleaileru9495 you're welcome. We've all been in your position. When you're starting out it seems lightyears away, but just keep chipping away and you get there. It's no bother at all so don't worry. Hmm, it's hard to know without more information on your situation. In my case, I did a specific sandwich degree in which I took a year out between 2nd and 3rd year to do a placement in a finance team. So that boosted my experience massively to then go on and get a graduate role. Not sure if that's an option for you, but if it is, it worked great for me. I also applied for various extra curricular projects with some big four companies through uni, so this is also something to look out for. In terms of more general experience I'm not sure as I only did the points I've just mentioned. In my experience, it can be hit and miss. Sometimes you're applying for what feels like forever, and then all of a sudden a load of opportunities come up.

[@monkmodemalik8225]

take home of 3.7k from 6k isn’t great. For me instead of savings and pensions i’m retraining in a field with much higher salary potential like £175k+ at which point it’s time to leave the uk lol.

[@CourtneyJonesFinancial]

@@monkmodemalik8225 it's not, but also it is what it is. Just doing the best with what comes in net is my focus for now. You're plan sounds great, must be a good field of that's the potential and moving out of the UK is a plan that many have in mind now. All the best 🙏

[@PaulB-q3d]

Bang another 10k into a SIPP, then claim the tax back each year. Screw paying 40% to the tax man!

[@CourtneyJonesFinancial]

@@PaulB-q3d I am investing in property right now, so the extra cashflow is helpful to speed this up. Once this project is complete though I will for sure be looking at ways to lower my tax bill and invest more for the future. This sounds like a great suggestion - thanks for the comment 🙏

[@star123_12]

You are a chartered accountant, right? Which one have you done? ACCA ACA or CIMA

[@CourtneyJonesFinancial]

@@star123_12 I am yes. I did ACA. I specify my journey in one of my other videos about being an accountant which details the exams, and my overall view on if it was worth it. Good question 👍

[@Liam-iu8ti]

I’m on 43k and I get 2.600 net. So for you almost being on double for an extra k is mad

[@LawrenceTimme]

Tbh going over £50k is pointless unless you can go over it by a lot like £70k+. If I was on over £50k I'd be putting everything over that £50k into a pension so you avoid paying the taxes.

[@Liam-iu8ti]

@ for sure! The world, and especially the UK has gone to shit

[@CourtneyJonesFinancial]

@@Liam-iu8ti this is the UK tax system. Once you go over the £50,270 the tax basically doubles. It is a shame that it penalises you for increasing your earnings. As mentioned, I'd be less bothered if you could see the improvements across the country. Politics aside, it is what it is. So you only plan and budget with the money you actually receive. Thanks for sharing your situation to illustrate the comparison.

[@Liam-iu8ti]

@ exactly ! And it is, I have stopped pushing at work now because I will only be worse off as I don’t think I could get much more over 50 so not worth it. The student loan for you is savage as well, in your line of work, is that degree utilised? And thanks bro, I like your style of budgeting, I most definitely need to do this

[@CourtneyJonesFinancial]

@@LawrenceTimme this is a fantastic point. When I earned £55k it's exactly why I upped my pension contributions to 10% to save on the 40% tax. I still pay the 10% but do suffer some of my payments at 40% unfortunately now. Thanks for commenting 🙏

[@rexp1727]

Just how does it work out that your net is only 3731.04? it should be £4,377? after deductions of tax and NIC ? your tax should be £1453 per month and Nic should be £418. Just seems odd that im only on 48k currently and you're close to my take home earnings? and can even reach it with side gigs. just something don't add up, feels like you should well deservedly be on more?

[@CourtneyJonesFinancial]

@@rexp1727 it's a great point. I salary sacrifice 10% to my pension which is a larger deduction that the default for most. I also have student loans which is a further deduction. All this then changes the calculation for my tax amount and NIC so that's why they differ here. It becomes harder to increase take home once you get into the 40% tax range so that's why the net take home isn't as big a difference. As mentioned, I am okay with this. I like that I am earning enough to contribute to others that need it and also build up the country. It's just a shame when you hear about a lot of waste with government spending.... A different video perhaps 😅 Great point here and thanks for sharing your situation as a comparison. All the best 🙏

[@ChrisKaren-f8c4v]

Would urge you to put a bit more into your pension, if you can. It'll pay dividends later and has the added bonus of reducing your income tax - great when you're in the 40% bracket! Congratulations on your promotion

[@CourtneyJonesFinancial]

@@ChrisKaren-f8c4v this is a great point to make. I currently do 10% and then have an 8% match on top, so 18% overall which I feel is good. Once I've finished with some other investments I will perhaps look to put in more as yes, the 40% saving on this is phenomenal. Thank you for the comment and the kind words 🙏

[@coolmonkey619]

How many years experience

[@CourtneyJonesFinancial]

@@coolmonkey619 good question. So I have 1 year of placement experience. 4 years of pre-qualification experience and then another 4 post-qualification experience. So all in about 9 years. But only 4 years fully chartered 👍

[@coolmonkey619]

@CourtneyJonesFinancial say almost a decade of experience. It has more gravitas

[@CourtneyJonesFinancial]

@@coolmonkey619 😅 yes you're right. This does sound a lot better. Appreciate the comments and feedback 🙏

[@ellerellerek52]

Your tax + NI is only 23%, I thought it was more above 50k salary

[@CourtneyJonesFinancial]

@@ellerellerek52 good spot. You still get your £12k tax free allowance. Then everything up to £50k is at 20% and the remaining amount is at 40%. So you always end up with a blended rate. Great comment, thanks for contributing 🙏

[@ellerellerek52]

@@CourtneyJonesFinancial thanks for clearing this up for me, much appreciated

[@CourtneyJonesFinancial]

@@ellerellerek52 no problem, always happy to explain. All the best 🙏

[@slavicprincess]

and here i am struggling to find a minimum wage job

[@CourtneyJonesFinancial]

@@slavicprincess that's hard to hear. Sorry that you're struggling, but stay positive and something will come up. The job market is tough, I find it's a lot of rejections and then all at once so try not to get disheartened. Best of luck 🙏

[@dgagola]

Congratulations if I were you I would pay more in to pension to get more tax benefit well done again

[@CourtneyJonesFinancial]

@@dgagola thank you. Yes this is a great comment. 10% is already higher than the auto-enrolment amount. Once I've finished up with our Europe investment project I will look at doing this as it is a good way to lower the tax bill. Appreciate the comment 🙏

[@JamesBagwell-uu2zy]

Earns 70k a year and still won't buy himself a PS5. Truly a frugal man. Congratulations on the promotion 👍

[@CourtneyJonesFinancial]

@@JamesBagwell-uu2zy 😂 looking at the potential prices for GTA6 I think I'll still need to save a little more before I can buy the console and the game together. Cheers bro ❤️

[@LawrenceTimme]

Is so crazy that you earn £6000 but don't even get to keep £4000. 😅

[@CourtneyJonesFinancial]

@@LawrenceTimme to be fair. If it wasn't for the student loan and the increased pension it would be just over £4k. Even at that though seeing a third being taken is quite hard to read when you get the payslip. I try to think that I benefitted from tax when I was younger through school etc... so it's just my time to pay in, and I try and count my blessings I am able to contribute what I do and still have a decent amount to budget with. Appreciate the comment 🙏

[@NomadJRG]

UK tax system is awful. Last year my largest monthly paycheck was £16.3k gross but only £8.5k net. £1.3k for student loan repayments and the rest tax and NI.

[@CourtneyJonesFinancial]

@@NomadJRG it does stifle motivation to work harder in some instances yes. But let's focus on the positives here, that's a fantastic achievement! One to be celebrated and be proud of. I know sometimes it can feel hopeless when we see waste spending, but knowing your tax money is at least in part, helping others who need it and aren't as fortunate is what I try to remind myself of. The country is better for having people like you paying into it 🙏 Keep inspiring - thanks for sharing.

[@DGhx-42]

Heyy Great to see you growing mate, Congratulations🤍

[@CourtneyJonesFinancial]

@DGhx-42 thanks for reaching out with the kind words! 🙏