HOW I BUDGET MY £47k a year SALARY - How I budget for Saving, Sinking funds, Investments & Spending
HTML-код
- Опубликовано: 7 сен 2024
- HOW I BUDGET MY £47k a year SALARY - How I budget for Saving, Sinking funds, Investments & Spending
Not enough is talked about money and how we manage it, and as a Working Mum (I work in IT with a background in Engineering) it is important we get our household budgets right. I'm passionate about investing, saving, sinking funds, giving to others and doing great things with our money heading towards financial independence - and with this video I show you how I moved up the career ladder PLUS also now manage my wage as our household main income.
In this video, I use my product that you might love:
AutoPilot Money System for all your budget, financial freedom calculations, debt repayment system, Net worth calculator, Sinking funds and Investment Tracker
bit.ly/goalsspr...
------------------------------------------
If you would like to BUY ME A TEA instead (one off support) - www.buymeacoff...
and you might even have your name mentioned on one of my upcoming videos!
👉Links to Investment Platforms I use & Affiliate links:
Invest using Etoro - mamafurfur.com...
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. I earn a commission if you sign up using my link / Sponsored by eToro / #advert / #eToroAffiliate
Invest using Trading212 - mamafurfur.com... (and watch my video to receive a FREE SHARE with £1 invested)
• How to open an INVESTM...
****************
If you enjoy this video, HERE IS MY MONEY BASICS that I teach:
HOW TO START A MONEY STACKS METHOD BUDGET - Achieve Financial freedom, goals, Savings & Investments
• HOW TO START A MONEY S...
5 MINUTE FINANCES
• 5 Minute FINANCES BUDG...
💵How to Open an Investment ISA (Stocks and Shares ISA)
• Investment ISA - How t...
Intro to Investing
➡️ • Investing for Beginner...
****************
My products you might love:
AutoPilot Money System for all your budget, financial freedom calculations, debt repayment system, Net worth calculator, Sinking funds and Investment Tracker
bit.ly/goalsspr...
MY BOOK - The Master Money Blueprint available on Paperback and Kindle - mamafurfur.com...
Learn to Invest with my "Investing Made Simple - Learn to Invest in 72 hours" online course - click here for more info - mamafurfur.com...
The only step by step course that shows you how to design a Budget that allows for financial freedom and also creating the life you want. Check out my
BUDGET SUCCESS BOOTCAMP Mini-Course here // bit.ly/BudgetSu...
****************
****************
Where else to find me:
Blog: www.mamafurfur.com
Instagram: / mamafurfur
Facebook: / mamafurfur
Pinterest : www.pinterest....
TAGS : #howtobudget #investing #money
In my humble opinion a wise decision - an increase in transparency leads to an increase in credibility. Great work - subscribed.
Thank you Tina for the kindness.
Class! Nice to see someone in the UK doing these. Nearly all financial advice vids seem to be American which isn't a problem, but it's always more relatable when they're UK based. Having several savings pots is a nice idea, I seem to lump things together too much!
Glad you enjoyed it!
Monzo is great for creating different pots
£10k per month from side hustles wowwwwwwwww
Danggg... What are your side hustles?
@@1952JBoy youtube
@@1952JBoy RUclips videos about finance pay a lot
You know you’re a financial genius when your side hustle is greater than your salary.
I’m definitely not a financial genius by a long shot but I make as much from my side hustle as my salary.
@@mikesweeney651 how do u do it?!!!!
Love the vids, so much more relateable than others.
Would be keen to see how the £10k side hustle is broken down, e.g. £x from RUclips, £x from e-courses etc.
I love that you’re so transparent with your numbers! This makes it so relatable so thank you 😊
My thoughts exactly 🙌💯
Thank you for talking us through and being brave enough to share actual figures in the name of teaching. You are brilliant ♥
You are so welcome!
Just graduated from uni and entering the workforce in about a month. This video couldn't come out at a better time! :D
I've been educating myself a lot recently about budgeting and making the right financial decisions. Unfortunately, most "How I budget my XXX a year salary" on RUclips I've been watching are US-based ones. Glad that this video is out, as a UK-based one is much more relatable!
I love how you shared your journey as well, really inspiring stuff! :)
So glad to have helped Ryan
Jennifer you are a godsend 🤩. Thank you for getting right down to the nitty gritty and being so honest and open with your finances. I now pay into 3 charities..only £10 each but it really does feel good being able to give something back even though it's not a massive amount I know it will be helping someone somewhere. Best wishes to you and your family x
Finally purchased your spreadsheet, I'm earning more than I have in my life so far and have a young child and we're trying to buy a house! Loads going on and I need to get some clarity on my finances, so thanks!
Loved hearing your journey, thanks for sharing! People often don't like talking about salaries (as we're British!), but I think it's really interesting to hear people's career paths.
Since leaving uni in 2012 I've followed the safe path of employment in IT, but have always wanted to do something a bit more entrepreneurial. I started as a trainee software engineer on about £23k and worked up to a senior software engineering position at age 30, currently on £45k, with automatic future annual increments up to £55k over the next few years. Because of the comfortable salary + other cushy perks in my job, I've written off the idea of following a more entrepreneurial path. But seeing your videos and how you've managed to do both (as well as raise 2 kids!) has been really inspiring and given me the motivation to explore some side hustles I've been thinking about for a while.
Thanks again! Really enjoy all of your vids.
Thanks Mike for that - I am absolutely sure you can make a great success at your side hustle ideas, give them a go for sure!
Well done Jennifer, love to see other people doing great things.
Jennifer you are amazing! I wish I discovered your content 10 years ago but as they say better late than never
What a fantastic video and channel. Thank you for the transparency. I'm 28 and earn £38k pa from my main job in Biomass Engineering and side hussle as an Electrician but make nowhere near £10k a month!! Lovely to hear your full story. Subscribed.
Wait for the day when you no longer have a mortgage! 9 1/2 we paid off our mortgage. You have done very well Jennifer. I am at a different stage in my life and considering at least reducing my hours in the next couple of years and then fully retiring. Thankfully, we are financially secure and no worries. Still need to budget though, we are not friviolous and intend to continue like that but enjoying what's left of our lives. Your advice has certainly made me money regarding investments so thank you.
Wow, you are brilliant, this is so helpful. I really admire you for giving a percentage of your income to charity, it's inspiring me to do more of that!
Glad it was helpful!
Awesome video, Jen.
It’s amazing the level of detail you share about your life and finances.
Having the sinking funds for things like your cars and events is such a great idea to have!
Glad it was helpful!
Loved the video! thank you :) I am 29 and have now really started my journey on investing. I have always budgeted and saved, not taken out any dept apart from student loan and mortgage, and when i started looking at investing this year i felt we were really ready. I have a similar income to you so it was really interesting to see how you budgeted! Also really appriciated the precentages :)
Love the idea of having a sinking funds for holidays, birthdays etc, great idea!
Side hustles £10k a month 👀🙌definitely motivation 💪love the channel btw . I’m on the same path 🙌
Very kind thank you
The honesty and transparency is a breath of fresh air.... Subscribed
Wow this is great. I am on only 24k a year and I am not much younger than you. If I could make 10k a month with a side hustle I would just give up my day job, and make my side hustle the main one.
Great content and well done! It would be great to see where you shop for your food and a breakdown. Our food bill is 3x yours for family of 4.
I absolutely love this, the only thing I would say is you should start investing in your health too, All of this financial freedom is pointless without it.
I am attentive to all your videos and learning new applicable steps. I am also sharing them with my teens and hubby and we are all on a journey together to make new changes. Truly thank you for them. I was always good at budgeting but my financial horizon stopped there. I saw money the end goal that buys/allows our life-style. I have been inspired by money being a tool; the concept of passive incomes and boy I am determined to make changes.
We have similar income but raising 4 kids, living in London and car insurance eat more deeply into our pocket. To be able to break the cycle of month-to-month living I will need to start side hustles. I enjoyed your videos on them and already have ideas where to start. Thanks again for investing into us.
There is a national pay gap we men in Czech Republic make like 25k pounds a year so there is 50% pay gap among this women and men in Czech REpublic....
Congratulation! I am glad that you are doing good! Keep on doing this great job and enjoy living in that rich country and secure yourself and your family!
I absolutely love this video. It is great to see a breakdown of a more realistic salary (although £47k is a fantastic salary that I can only dream of at the moment). Too many videos I've watched, such as millennial money, focus on very high salaries such as £150k+ and it is not helpful at all to the majority of people who earn no where near that amount. I am 24, didn't go to uni, been working as an administrator for the last 6 years and hope to work as a project manager or in local government in the future! I love spreadsheets!! I total all my income and expenses throughout the year and it is great to see a breakdown, although my spreadsheets aren't as detailed and colourful as yours! My main goal is to earn more in the next five years as I am already quite frugal with my money.
Look out for one I uploaded yesterday called Show Me Your Budget, this is a monthly series where viewers submit their budgets and I review them.
@@JenniferAMThomson thank you so much for your reply!!! Yes I will do 😊😊😊
Amazing video Jennifer. Been following your journey since last year when I decided to move to the UK and seeing you share this, after all you've done already, is just great. Congratulations on putting yourself out there, and building up the confidence to share these transparent numbers with us!
Thank you so much!!
Thank you for sharing this Jennifer! What an inspiring journey on how you've grown your salary. I'm on a lot less salary but just started out with investing in Feb and feeling more secure that I've got disciplined with my savings! Just writing down what I spend on everything has made such a difference and made me much more considered about making purchases!
You are so welcome - and I'm more than sure you will achieve great things.
Thanks so much Jen. I am addicted to your channel and appreciative of the investment and charitable advice that you give. Your financial budgeting methods are inspiring.
Yesss a transparent budget! Thanks for sharing.
You are so welcome!
So inspiring, especially the side hustle income
Love to hear a UK financial independence perspective
Thank you loads for the inspiration and quality guidence. Your videos should be mandatory watching for anyone starting their first adult job.
Great video, thank you! I use the autopilot and it makes my life so much easier. I'll be debt free in 4 months using the calculators there!
Fantastic!
YESSS! Been waiting for this :)
So fascinating to hear about your journey, makes me feel hopeful I could get there one day 😊
Would you ever consider talking about setting up your business as a sole trader? I'm not there yet but it always helps me find things less daunting when explain them😅 hope I'm not too nosy.
Excellent video, have you ever thought about giving budget seminars to high school students. Life's teachings are lacking in the curriculum since day1.
Wow this is an amazing video. You are truly smashing it. Well done.
£10k a month on a side hustle that’s amazing.
Thank you! Context is everything and congratulations for becoming financially independent!
Thank you so much for sharing it in details. It was so didatic. I'm your follower since the beginning and I'm so happy that you have grown so much. Love for you and your family ❤️
Real numbers are such a powerful learning tool, I appreciate you sharing yours. 😀
You are so welcome
Thank you!! I’m close eagle and this has really made me realise I am doing better than I thought knowing how good you are doing!! Thank you!
You got this!
Your mortgage is so small 😭 would love someone to do this in London where house mortgage/rents are triple that.
My mortgage for a 1 bed apartment in Zone 4 East side of London is £814. You simply borrowed to much and got stuck. Lifestyle downgrade would help.
Move out of London or try and increase your income
@@TronUser101 it would be tricky to squeeze a family with two adults and two children into a one bedroomed apartment, though ...
Don’t live in London would be my first port of call... probably the best, most rewarding investment you could make
These are goals that we should all aspire towards! Thanks Jenniffer :)
You're so welcome!
Huge respect! You are very inspirational and a fantastic example for your children.
You are my inspiration 💖 I love how honest, humble you are! 👏🏻
this was awesome Jen :). I'm also in IT, great to hear about your career journey too
Thank you so much!
Jennifer i like your positivity and your help.I do my first steps in investing.All those should be taught in school😊Thank you so much!
You are so welcome!
I got a degree in electronic engineering back in the early 80's. Ran out of work and options by the late 90s moved into IT and got tossed out when job was outsourced to India in 2006. Turing 50 was the crime that put me in the bad books, just as well I lived in poverty for 30 years and paid off my mortgage. Everything in the Uk is based on fluff, ie sales, advertising, and money shuffling.
Great insight into your life. So glad you feel comfortable enough to let us all in. Conscious of my lack of Charitable donations, although its costing me over £60 a month in platform fees just trying to get up there on my passive income journey.
Great to know there's a genuine person there helping us all move forward.
That is very kind - thank you for that message.
Enjoyed this! You're very relatable and charismatic. Subscribed!
Really love this - super encouraging and definitely going to start thinking about this.
Love the Honesty on these videos.
I appreciate that!
It gives me hope to see someone else diversify and make it work!
Love your content. Kind regards from Bonnie Scotland 🏴 Dundee
I feel deeply inspired by your videos. Thanks for sharing.
You are so welcome!
Finally a realistic salary for the average joes out there! I’m trying to manage a similar salary in London
I've just come across your channel. This is a great video thanks for the transparency! £10k a month on side hustles is incredible! Subscribed :)
You just amazing Jennifer and thank you for inspiring us!! this view of how you managing your income was great! look forward to learning more from you👍🙏
Thanks so much!!
This is so insightful - thank you for sharing.
Glad it was helpful!
Great video,very interesting.Can you do a brief video on the differences between income tax thresholds in the UK countries for 2023/24.I’m in Wales and find this confusing.Thanks.
Nice one Jen. Well done on your success especially with the side income.
Thanks so much!
Great video. Would love to hear more on giving and how long it took you to reach financial independence. 👍😊
You speak so well. Love your videos - John. COngrats on side hussels
Thank you its really transparent and made me think on how I should be using my money
hey Jennifer...just found your channel....nice breakdown of your budget. Very helpful for people. Thanks for sharing ...keep in touch...Like 423 pal🙂
Thanks so much! 😊
You’ve inspired me to start giving 😊. Now investigating where I want to give. Thank you 🙏
Please do! One of the timeless principles that will bless you in return with your money too
Thank you for this video!! Could you do a similar one of how you budget your side hustles considering it’s probably less of a stable/same amount income each month? Or perhaps just tips for budgeting with an income that varies?
Just found your videos they are so informative and easy to understand. Absolutely love the transparency regarding your finances. Had to subscribe 👋👋
Awesome! Thank you!
Jennifer your content is amazing. Love the transparency.
Thanks so much!
Great video thanks for being so open and sharing. Very inspirational.
Just signed up to a monthly charity donation - because of you - many Thanks for all the inspiration.
Awesome, well done!
And basically if you're looking at this in July 2022 -- this is hardly comparable anymore, just 2 years later!
Great video, first time I have came across your channel cant wait to see more of your content.
Excited for this video. About to get into it!
Hi Jennifer, I've just found your channel and have started to enjoy your videos, so I quickly subscribed. You seemed to have your way forward planned from an early age, good for you. I am only earning 20k per year and so it will be much harder to make this work, although I do like your principles. Also I rent privately, so that amount will increase every year and never go, so that is another obstacle when on a minimum wage. But I am working on what I have, using your suggestions - thank you.
Really like how you are so open with your finances. Great advice. Great content and think you made a great decision to set up a ltd company.
Found your channel yesterday and absolutely love it! You are very inspiring :)
Yay! Thank you!
Such a great, inspiring video - I'm sure it's a bit nerve wracking to share your actual salary numbers but it does really help, and shows your integrity and authenticity. I've followed a similar path, but my uni debt followed by poorly paying jobs saw me in huge debt until I was in my mid-thirties - HOWEVER, I have managed to turn that around, pay it all off and amass decent savings within 5 years.
A couple of questions I have for you: looking at the "cost" of your time, how long do you spend on your side hustles? And do you not have a "give as you earn" option at work where you could donate from your gross salary (I think that's how it works?)?
Thank you for all your frequent videos Jennifer. I am now feeling the rises in food and energy and fuel dispite working 60hrs a week. I'm on a 1.79% fixed morgage for another 2 years, im wondering if it's worth paying a 2% exit fee and fixing for 10 years at 2.3% ? Any thoughts please? I'm thinking with inflation at 10% will interest rates end up at 5%, or am I over worrying?
Great open and honest video love it
I don't comment on videos very much but I wanted to say I did find this very useful. Thank You.
Glad it helped
Been waiting for this, great video Jen. Inspiring me to work more on the side hustles
You got this!
Thank you @mamafurfur this is brilliant
You're my inspiration. Thank you so much for this video xx
You are so welcome!
thats inspiring! well done for smashing it :), i work as a software developer but have been thinking about starting a youtube channel around fitness but i feel maybe it's too saturated?
You should! No harm in trying??
Well done!
So inspiring to hear more on your story and your growth. Do you think you will stay in your job even though your side hustle has now completely exploded??
Great question Emma - let's see what the future holds :O)
This was extremely insightful. Thank you @mamafurfur!
Brilliant video
Great video, thanks for sharing. X
You’re welcome 😊
Hi Jennifer, great video as always. How do you work your sinking funds? Just in one account or an account for each sinking fund? Love how you have done it my a % target on each fund. Thank you
very informative, thank you!
Glad it was helpful!
Brilliant! Something Learnt 👍🏿 Thanks.
Glad it was helpful!
Hi Jennifer, the explanation was spot on! I do have one question. When maintaining sinking fund
s, is it mainly done in an excel sheet only? I mean do you have separate bank accounts to maintain the sinking fund
s?
Great question - I have it all in one or two accounts usually and then keep track on my spreadsheets.
Was £8k to £14k an average salary for 2004? That seems crazy, especially in IT and engineering! Amazing to see your journey to where you're at now though 👏🏽
Yes it was - that is the crazy difference between career path choices for me anyway in the space of a few months.
Got to be honest I was a little surprised at that £8K amount....I started my first Software Engineering job in 1997 and started on £14k - got to be honest, I felt rich at the time lol. A interesting takeaway is how like myself you increased your salary by changing jobs, to be honest ,it’s the only way to get those large rises.
Can you please make a video on pension, as my dad is on the peoples pension and I have no idea what's going on with the annual statements, getting some Knowledge about annual statements will be very nice. Thanks.
I have bought your AutoPilot Spreadsheet and something I wondered is, do you fill in a copy of the spreadsheet each month? Or just keep updating the same sheet?