Money warning as Britons could need almost £50,000 in order to 'live comfortably’

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Money is important, and in an ideal world, everyone wants to be able to live comfortably. However, it can be difficult to work out how much money is required to be able to do so.

One tool could help in the process: the Minimum Income Calculator, which works out how much income is required to maintain a decent standard of living.

This will vary from circumstance to circumstance, but could provide a good guide for those who need additional assistance.

A couple with no children would need a total of £27,340 to live comfortably, or £13,670 per person. That would mean a total net income of £485.73 per week.

While a single person with no children would need less money coming in, and a salary of £20,383 would suffice, which would be £325.26 in net weekly income.

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These calculations could tell you how much you need to live comfortably (Image: GETTY)

Unsurprisingly, those with children require more income to maintain a decent standard of living.

Due to childcare costs, taking care of a child under the age of one adds a big financial burden.

A couple with a child up to the age of one would require a salary of £24,857 each, or £49,714 in total.

A single person with a child of the same age would obviously need to take in a larger salary, with there only being one person bringing money in.

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In this case, a salary of £44,714, which would end up as £679.26 per week in net income, would be required.

Secondary school age children cost the second most to provide for, with a single parent needing to bring in £30,863 per year in order to live a comfortable life.

For a couple, a combined salary of £33,325 would be needed, or £16,663 per person.

There is not much difference in the money required to provide for a primary school child or a child aged two to four.

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Single people need larger salaries to have a comfortable life (Image: GETTY)

Couples would need to earn £15,951 per person to live a comfortable life with a primary school child, compared to £15,341 to take care of a two, three or four year old.

For a single parent, £24,883 or £23,844 would be required for a primary school child and a two to four-year-old respectively.

The full list has provided further insight into how much money one needs to maintain a decent standard of living for various family situations.

Single:

With no children- £20,383

With one child aged up to one- £44,714

With one child aged two to four- £23,844

With one child of primary school age- £24,883

With one child of secondary school age- £30,863

Couple (combined income):

With no children- £27,340

With one child aged up to one- £49,714

With one child aged two to four- £30,863

With one child of primary school age- £31,902

With one child of secondary school age- £33,325

Individuals can find out how much money is needed for family situations by visiting the Minimum Income website.

Alternatively, guidance is also made available through websites such as Money Helper, backed by the Government, which offers financial tips.

Roy Walsh

Roy Walsh

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