Hi Ira! Today i got my first paycheck and did my first cashstuffing! I'm really happy and i hope by the end of this year i'll be able to buy something from your etsy store ❤❤❤❤❤
This was really interesting I've been budgeting for nearly 3 months really enjoyed doing it wished I had done it when I was working full time I'm 63 and only work 10 hours but it's great to watch others.
I compared our budget to this rule before and ours very different in percentages. It was 40% needs, 35% wants and 25% debts savings and investments. I was fine with that.
I slightly disagree with some of the categories things have been put in - but that is what makes personal finance, personal. Some of your savings challenges are for things like clothes, holiday, tattoo, and these things I’d consider wants. Savings for home, emergency, pension are genuine savings. So overall, I think your ratios are slightly closer than what you think
I totally agree tbh, all of my savings are for emergency fund, rainy day, house deposit, and long term investing like S&S ISA, LISA, retirement. Things like holiday, tattoo and clothes is definitely discretionary and not really savings 💕
I think that the 50/30/20 sounds really aspirational, but not sure how realistic it is, like you say. However, I am learning to re-think how I am planning my budget thanks to you advocating to include a healthy amount of spending money, because that seems to be where I'm tripping up month-by-month, so perhaps I should look at increasing it even more? Hmmm... 🤔🧐✈ Thank you Bestie! 🧡
I watched a video on this rule a while back, and I know some people actually swap the wants and savings, so 20% wants and 30% savings/extra debt. I try to keep closer to that for myself, since I'm trying to save for my kids future and a house for us =)
This has always been something that stuck out about you to me -- You keep you spending money so low -- but I also have alot of hobbies that take money, like live music etc, where maybe you put that into some of your specific "wants" like streaming etc. Youre an inspiration, Ira :)
I have just officially changed how I budget and I’m 6:44 in wow I’m on a low budget but so much better already thank you… I need to get that book 📕🤗💕 That was absolutely fantastic to watch ✈️✈️✈️
Hi Ira! I think this was a cool video, but I guess I just want to add a word of caution. Even though saving for a house deposit is intense, the nature of home ownership will mean that there’s no way that 30% amount of money would be freed up for “wants”. When you own your own place, there are so many additional expenses associated with it. Something always needs work…there will be spending goals for decorating, repairing, landscaping….all sorts of things. I don’t want to sound like a “know it all voice of doom” but home ownership will definitely bring financial challenges that are unforeseen, at this stage. ✈️
Pretty much all of the things you listed about home ownership are wants not needs. You don't need landscaping, new kitchens, decorating etc and you can do them slowly if you want. I mean I've lived in my owned house for nearly 7 years and only spent £3k on needs for the house.
Great video Ira thank you for taking the time to explain this concept. I use the Dave Ramsey plan which is even more extreme than this plan. 😊 hope you have a fab weekend.
Do you know that Skipton Buillding society are now offering a 100% mortgage. It’s locked at 5.49% for 5 years but really with the way interest rates are going that could actually be a good rate to be locked in at.
The 50/30/20 rule if you can make the 50% is a great start I think, but I would switch wants and savings. If your income is 2000 you would spend 1000 on needs, so basics is covered. You can then spend 600 on frivolous stuff and would only put 400 to savings. That just doesn't make sense to me.
I normally avoid watching videos about ratios as they just do not apply to our situation and tend to stress me out. But I did watch and may at least calculate what our ‘perfect’ income would be even though that is not realistic for us right now. I suppose it is at least be informed and working towards that.
Great video. I agree that you can't keep saving the way you are really long term, but for now it's good because you have a goal. After that, you can do more self-care.✈️
Just wondering, do you not have contents insurance for your belongings? I know your landlord will have to have the house covered but not sure if anything happens to yours and Jake’s belongings that they would be covered? 9:409:43
Did a quick figuring. Our needs are at 60% of our income. That includes all food so could be managed a bit lower. Eek. We’re on track to be debt free January 2026. Whew
Hi Ira! Today i got my first paycheck and did my first cashstuffing! I'm really happy and i hope by the end of this year i'll be able to buy something from your etsy store ❤❤❤❤❤
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Watching while getting ready for work. I’ll have to try this myself. Thanks for sharing. 🌺
Why not bestie??!! 🌈
This was really interesting I've been budgeting for nearly 3 months really enjoyed doing it wished I had done it when I was working full time I'm 63 and only work 10 hours but it's great to watch others.
I compared our budget to this rule before and ours very different in percentages. It was 40% needs, 35% wants and 25% debts savings and investments. I was fine with that.
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I slightly disagree with some of the categories things have been put in - but that is what makes personal finance, personal. Some of your savings challenges are for things like clothes, holiday, tattoo, and these things I’d consider wants. Savings for home, emergency, pension are genuine savings. So overall, I think your ratios are slightly closer than what you think
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I was thinking the same, maybe clothing, tattoos, even holiday or iPad, I'd consider wants (short term goals)
I totally agree tbh, all of my savings are for emergency fund, rainy day, house deposit, and long term investing like S&S ISA, LISA, retirement. Things like holiday, tattoo and clothes is definitely discretionary and not really savings 💕
Savings for me are savings until I've physically spent it. The amount of times I've saved for x,y,z then not spent it on the intended thing 😂
I think that the 50/30/20 sounds really aspirational, but not sure how realistic it is, like you say. However, I am learning to re-think how I am planning my budget thanks to you advocating to include a healthy amount of spending money, because that seems to be where I'm tripping up month-by-month, so perhaps I should look at increasing it even more? Hmmm... 🤔🧐✈ Thank you Bestie! 🧡
I watched a video on this rule a while back, and I know some people actually swap the wants and savings, so 20% wants and 30% savings/extra debt. I try to keep closer to that for myself, since I'm trying to save for my kids future and a house for us =)
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Great idea for a video. Never a bad thing to be saving more. ✈️
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This has always been something that stuck out about you to me -- You keep you spending money so low -- but I also have alot of hobbies that take money, like live music etc, where maybe you put that into some of your specific "wants" like streaming etc. Youre an inspiration, Ira :)
🌈
I have just officially changed how I budget and I’m 6:44 in wow I’m on a low budget but so much better already thank you… I need to get that book 📕🤗💕
That was absolutely fantastic to watch ✈️✈️✈️
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Interesting video Ira, thank you. You work so hard and put out so much content for us!! ✈️
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I'm starting to write out my income/outgoings so I can start saving. Thank you for making starting this easier for me because it's overwhelming ❤ ✈️
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I just might have to try this fingerings. Love playing with the numbers
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✈️ interesting concept - thanks for sharing
I loved this video Ira❤❤❤ it was different but it makes you (us) re-think about this budget theme..
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I would say my wants would be eightty per cent lol,hopefully the cost of living will come down. Your doing great Ira x
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Very interesting video. I may have to check this out. ✈️✈️
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Hi Ira! I think this was a cool video, but I guess I just want to add a word of caution. Even though saving for a house deposit is intense, the nature of home ownership will mean that there’s no way that 30% amount of money would be freed up for “wants”. When you own your own place, there are so many additional expenses associated with it. Something always needs work…there will be spending goals for decorating, repairing, landscaping….all sorts of things. I don’t want to sound like a “know it all voice of doom” but home ownership will definitely bring financial challenges that are unforeseen, at this stage. ✈️
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Pretty much all of the things you listed about home ownership are wants not needs. You don't need landscaping, new kitchens, decorating etc and you can do them slowly if you want. I mean I've lived in my owned house for nearly 7 years and only spent £3k on needs for the house.
Great video Ira thank you for taking the time to explain this concept. I use the Dave Ramsey plan which is even more extreme than this plan. 😊 hope you have a fab weekend.
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It’s extreme depending on what baby step you are on … baby step 6 here 😊
@@Versionof8 we are on baby step 7. We just paid off our home in March
Super excited for our future being 38 and 40 it is a life changer
Do you know that Skipton Buillding society are now offering a 100% mortgage.
It’s locked at 5.49% for 5 years but really with the way interest rates are going that could actually be a good rate to be locked in at.
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❤ good afternoon 😊
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The 50/30/20 rule if you can make the 50% is a great start I think, but I would switch wants and savings. If your income is 2000 you would spend 1000 on needs, so basics is covered. You can then spend 600 on frivolous stuff and would only put 400 to savings. That just doesn't make sense to me.
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I normally avoid watching videos about ratios as they just do not apply to our situation and tend to stress me out. But I did watch and may at least calculate what our ‘perfect’ income would be even though that is not realistic for us right now. I suppose it is at least be informed and working towards that.
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Maybe track you saving every quarter then treat your self with a set amount. 3-4 times a year.
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Great video. I agree that you can't keep saving the way you are really long term, but for now it's good because you have a goal. After that, you can do more self-care.✈️
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Just wondering, do you not have contents insurance for your belongings? I know your landlord will have to have the house covered but not sure if anything happens to yours and Jake’s belongings that they would be covered? 9:40 9:43
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Did a quick figuring. Our needs are at 60% of our income. That includes all food so could be managed a bit lower. Eek. We’re on track to be debt free January 2026. Whew
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Are sinking funds and emergency funds savings? Don't think so. Just bulking up money for expected and unexpected future needs.
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Well spotted, sinking funds are generally expenses, the lower the better! Seems to be lost on a lot of budgeting channels.
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All my income goes on bills I don’t even have a pound spare :(
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