With bonuses being assailed by the FSA’s proposed new liquidity rules, and the Treasury’s attempts to persuade bank bosses to moderate this year’s bonuses, the chance of earning $1m (£627k) this year is receding.

However, even if you are awarded that much, a Huffington Post article offers an interesting perspective on why it is still possible to feel financially oppressed. It’s written from a US perspective, so here’s a UK version:

• A lot of this year’s bonus will be deferred

If you get $1m, at least 50% (and possible 60% under Darling’s rules), is likely to be deferred over the following three years. This will reduce the upfront payment to $500k.

• Taxation will take another chunk

If you’re based in the City around £122k of that $500k (£313k) will go on UK income tax and national insurance; this will increase after April 2010. At current rates, you’ll be left with £191k.

• School fees

If you have two children, one at Westminster and one at St. Pauls, you’ll need to pay £43k in school fees. You could also pay another £7.5k for school uniform, school skiing holidays and after school activities. You’ll be left with £131.5k.

• Mortgage

Got a large house in Kensington? Even if the mortgage is a fraction of its worth, it could still easily be £500k plus. At a 5% interest rate spread over 25 years, that amounts to £2.1k a month on interest only. You’ll be left with £105k. Add on bills and council tax and you could easily be down to £90k.

• Costly spouse

KPMG director Andy Weatherall had a wife who cost £15k a month. Your spouse may not be this high maintenance, but at least £2k a month for facials/coffees/gym membership seems reasonable. You will be left with £66k.

• Family holidays

A family holiday at St Lucia in the summer could easily cost in excess of £10k. Add in a few breaks with your spouse, or a skiing holiday, and you will be left with around £50k.

• Mental and physical fitness

Gym membership and visits to a therapist could set you back another £6k.

This will leave £44k. From this, it will be necessary to pay for everything from trips to Waitrose, tailored suits, Christmas and birthday presents, a car, parking tickets, and travel to work. Careful budgeting will therefore be imperative. Fortunately, in year two you should receive an additional $166k (£104k net, or £67k net), which should make the situation slightly less awkward.