I think having two incomes makes a huge difference. I earn £65k, my partner £20k, and I feel like we’re in a really good financial position. We save about £1500 a month. Does help that we don’t live in a city and our mortgage is only £680 for a 4 bed.
@@milero91 I couldn't agree more. It's a topic I want to cover soon about how society has changed to require two incomes. Gone are the days of a large house and car on one standard wage, in my opinion anyway. Glad to hear you're doing well! Both on savings and the mortgage. Thanks for sharing 🙏
Not just the UK unfortunately... Ireland is worse to be honest. You need a car in Ireland as travel infrastructure isn't there.. and cars are double taxed. You pay vat then the total they tax again with VRT 30-50% more
It's really simple. In the mid 2000s an average salary was ~£20k and amounted to something like 0.0000033% of the ~£900BN total wealth in the UK. Today the average salary is ~£35K amounting for 0.0000011% of the £4.2TN UK wealth. My maths is likely off as I cba to run through it as I'm paraphrasing from something I read on FT. Essentially if our measly salaries kept up with the same percentage (i.e wealth inequality) then the average salary would be £80,000. Now how would that change purchasing power in the UK? We'd likely be similar to the US. Of course maybe the total wealth wouldn't amount to 4.2TN if such wealth inequality was not possible as growth is easier when you have low wage slaves. Also, who isn't to say that wealth inequality could have increased to 0.00000035% or 0.00000040%? Obviously austerity measures and Brexit haven't helped but wealth inequality seems to have had the biggest impact on our wages.
Thanks for the transparent breakdown. Seeing it all listed out really hits home how much it costs just to exist. Earning similar money and similar outgoings it’s interesting to see how it gets split out.
@@Laylajes thank you for the support and kind feedback! Honesty is the best policy I find. You're too kind on the editing 😅 being my first video it was a little jumpy... Trying to improve each video. Have a great New Year. All the best 🙏
@@bukonla thanks for pointing this out. It's been my biggest error and the channel isn't letting me forget it 😂 I do get European roaming included which is important to me, so I will see what I can do in the new year to get this down to a more respectable amount. Thanks for commenting 🙏
@@CourtneyJonesFinancial With Smarty (sim only) I get 20GB which includes EU roaming for £10 and sometimes they give you double for 1 year or so for free. Might be worth checking out once you're ready to switch!
Smarty £10 per month. 40gb, unlimited calls and texts. I use Saily eSIM app when I go abroad to buy 1-3gb of data for £7. As long as you don’t stream videos it’s more than enough for a week or two.
@@babyfreezer thank you. All about balance in life for sure. Investing for the future is important, but also enjoying the present matter too. Appreciate the comment 🙏
@@gainzdome too kind 🙏 anything is better than nothing, but the ideal is around 15%. So with my 10% plus the company match I am well over. As long as people are maximising their match though it's a good start. All the best 👍
It’s crazy how it works - I’m on 36k, 19k less than you yet my pay after tax deductions etc. is only around £600 less than yours. Thanks for the upload and all the information you gave, much respect 👊🏽
@@user-om2fg7yh6s yes, the tax increases are pretty severe. I try to get past this by putting more into my pension so this is why is slightly lower than average. Glad you enjoyed the content and appreciate the comment 🙏
Dude am also on 36k and my home pay is like 2.2k maybe 2.3k ridiculous overall if u ask me and also the fact I live in Central London so rent with ensuite in zone 1/2 is like 1.2k starting price
@@CourtneyJonesFinancial great video, I've recently just got a job with a similar salary to you and I was worried about the tax jumping up to a higher salary. If you don't mind me asking what percentage of your salary do you put towards your pension and does it really help with tax?
I make £57k a year. My wife works part time making £15k per year. Our mortgage costs £1100 per month. Our son is in nursery 3 days a week, costing £600 per month. On top of car payment, electricity and gas, food and commuting costs, we feel completely fucking skint. It shouldn't be this way.
I’m with you, our nursery is £1500 a month for 4 days and mortgage is £1600 a month for a 2-bed. It’s almost not worth trying in the U.K. anymore, it’s not worth the stress. We live here to earn more but we spend it all living here so what’s the point.
@@AVV_Beats thanks for sharing. I agree it is tough, and only getting harder which is a shame to see. You make good money too which is hard to hear you feel this way. I can't speak for your specific situation, but this is why I try to budget every month. Documenting every £ to see where I can make changes. It's not a sure fire fix and does take a lot of effort. I hope it gets better for you soon. All the best 🙏
@@Will-dg6ed thanks for the feedback! Great to see the channel is doing as intended. I will be releasing a full 2025 budget planner video in the coming days. Keep a lookout if you want to see the spreadsheet I'll be using in the new year 🙏 All the best.
idk how i am living in London with £25.5k. I'm forced to go cheap but its ok, I got a roof over my head and I'm not starving to death. However I got a new job going into next year tho so looking forward to that. Good vid :)
@@Yayson542 but you're making it work which is the main thing. Great to see a positive outlook! Congratulations on the new job, best of luck for this. Appreciate the feedback 👍
I have a Master's in Architecture and 2 years of experience. I was offered £26k in London by recruiter that doesn't even have a job ready for me. This for London is absolutely nuts. Good luck with the new job
@ebadrahman1290 you're way ahead of me at your age looking into this stuff. You've got the best asset which is time, any money saved and invested now will benefit from compounding so much more than me now at my age. Glad you found the content useful, all the best for your future finance goals 🙏 appreciate the comment.
It sounds like you’re a responsible guy. I can’t say I’m in the same boat as you. I make around £2,000 a month after tax and national insurance. I don’t have a mortgage, I keep my rent low, share a flat with my brothers. My total bills for everything flat related is about £250 a month. Foods about £200. I make absolutely £0 contributions to pension. Share of the gas and electric is about £50, including WiFi about £12, sim, £12, dodgy firestick with everything on it (£70 a year) so let’s just wrap it up to £550 a month. Every last penny every single month gets spent on enjoying myself. I probably have about £8,000 in savings at most. And every month I just spend my money on whatever it is I want. No interest in saving for the future, saving for a mortgage, saving for kids, not even a dog. You’ve probably got the right idea but I just can’t live that way at all. If I get to 70 and I’m living on beans and rice then so be it, life’s almost over at that point so couldn’t care less about it. My dad worked at the royal bank of Scotland, since he was 16 years old, worked there for 40 years, retired, and now does nothing but play golf. What’s the point of having £250,000 to play with at 55-60 if it means sacrificing the best years of your life living with such a scarcity mindset. I’d rather have a great standard of living at 28 (which I am turning in January) rather than being financially stable at 55-60 when I’ve got nothing to do with it except get fat and play golf
@@MattWalkerLoth £2k a month is a good salary 👍 should be proud to achieve that wage. You're tracking your expenditure though which is awesome. A lot of people don't even know their numbers and that's when they can end up in a bad spot. In terms of living for now Vs future. I think it's a personal choice. My main aim with this channel is to help people do what they want to do with money, rather than have it control their lives. If what you want to do is spend it all now then as long as you're comfortable and happy then more power to you. For me personally, I like to know I have something for the future. Moreso I want to build myself up so I can help my family and friends if they need it. Yours is a sentiment shared by many, and I have no judgement over that. If you're happy and not in a bad spot then that's all that matters 👍 Appreciate you sharing your situation 🙏 All the best.
That is a mentality that will get you nowhere my guy, in these times you cannot count on anyone but yourself to make sure your future looks bright. I was investing in courses to push my income up from 25 and up and even now at 31, i am still investing in getting new qualifications and accreditations. This was one of the best things i have done since i was a bartender at 24 doing f all money and now i got to project management in civil engineering, investing in myself paid dividends and now instead of barely making 20k a year im getting close to 90k a year. I also cannot say i sacrificed my best year because soon after money started pouring in, i got myself sport bikes, then a flat, then a sports car, of course i am working 50/60 hours a week ever since but the motivation is there to keep on going because the payout is worth it and the things you can do with that will not feel like you wasted your life Grinding and investing in yourself is the way to go, grow up professionally, do courses that will get you a tangible well paying job and never stop growing professionally.
@@fs5866 if I could go back in time and learn project management and do prince 2 qualifications etc then I would but I feel like I’ve wasted a lot of my life as it is and it’s too late to go back so instead of looking at what my life could have been, I’m just trying to enjoy it the best I can. Well done on your hussle and getting to where you are. But for me personally, 8 years ago I was sleeping in a tent, as alcohol dependant as someone can get and wasted my entire 20s drinking every day. Literally did nothing but drink and fall asleep. Drink and fall asleep. For years. Now I’ve got a pretty good standard of living and I’m pretty content with it. And then even if I could study prince 2, you’d then need to start find somewhere willing to give you a chance with no experience, and I dunno, I think I’ve just ruled it out in my head that my professional career is as good as it’s gonna get. Might be a defeatist mindset but my life’s pretty good as is.
@@fs5866 and just a secondary point, because I wasted so many years being a degen, I feel like I’m lacking the professional mindset for a good career in something like project management. I’ve got great communication skills and i know I could pass the exams but that’s about it. I dunno, I’m just at the point know where I’ve got about 18,000 days left on earth if I live to the UKs average life expectancy and am I wanting to spend the bulk of those days in an office doing something I hate for the sake of more money, seems like a waste of time.
I'm on around £52k in cyber security, graduated 2 years ago. I honestly don't think you can save yourself rich. I am not waiting 50 years to enjoy afew (if I'm even alive then). I will just enjoy life and not worry about £50 here and there. I can completely understand some have to worry though, life is tough.
@@CybrZone congratulations on the salary and the degree. Both impressive achievements. It sounds like you're in a position whereby you can afford to have a bit more flex in your budget, which isn't a bad thing. I think you raise a good point, enjoying yourself now is also important. For me, it's about the balance between enjoying life now and investing for when I can no longer work and earn what I am able to now. I think I do this through not only saving but investing. Appreciate the comment 🙏
Great video! Refreshing to see someone living within their means! You are smashing it! One point tho, you can defo get you sim only down! Mine is £10 pm with EE...80gb 5G data too
@@nishnosh thank you for the feedback. Hopefully I can help show people living within your means doesn't mean you have to give up everything 😅 Wow that is cheap! I like that with mine I still get European data without roaming charges, but I will definitely take a look into EE. Thanks for the tip! 🙏
I bet you could get your grocery expenses down to about £200, i would also recommend chucking an extra 200 down per month on your mortgage. Although either way your smashing it with investing so nothing really much to critique!
@@petermatthews2831 I agree, we definitely could cut back. If I were to go back to savings intensely for a new goal I would look to do this, but I'm at a point where I like to try and eat more than just beans and rice 😅 Yes the mortgage point is a great one! I recently covered this in my remortgage video, and it's something I am trying to do going forward. Thank you for the feedback and I appreciate you watching 🙏 all the best
@ me too brother, hopefully see you there very soon 💪🏽 potentially could be a topic for you to cover, the similarities but differences in how the baby steps apply to uk vs the us, things like roth and 401k vs isa and pension, how student loans are different here and if they should be paid off and so on…would be very useful as it’s quite a confusing topic
Successful people don't become that way overnight. What most people see as a glance of wealth, a great career, and purpose is the result of hard work and hustle over time. I pray that anyone who is reading this will be successful in life. ❤
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
First video and what a gem! Keep going! I’m a contractor so an a decent salary for short term and still feel skint. Always worried when I come back to permanent salary how I would survive as I’m so desperately trying to buy a house as-well. House prices are astronomical with just awful repayments.
@@humzaqureshi2969 thank you for the feedback! Contracting has always interested me, but I think for now I like the security however it does come with the lower wage for sure! A good budget can always help you between contracts - new video out about how to build one if you're interested 👍 The banks have just announced some rate drops which should bring some relief to people. I'll look to put out a first time buyers guide so I can share my learnings 🙏 Appreciate the comment.
will check out the budget video! 👍 in my case I bought a buy to let early on in my years so now I’m subject to 10% deposit and 20k plus stamp duty which doesn’t help my cause. 😔
@@humzaqureshi2969 it's a double edged sword, the positive is that you locked in a house price early on an asset that is appreciating and cash flowing (maybe breaking even). No one can predict the future but hopefully it will be a solid long-term investment 👍 Thanks for sharing 🙏
@@modernskeptic7752 the comments are killing me for my SIM only! This will have to be a news year resolution for me to sort this! 😅 Appreciate the kind words 🙏
VOXI sim only is £15 for 140 gb plus unlimited social media and music and video right now, they use Vodafone’s network coverage, never had any issues with them.
@@AllanLovezGaming the US Vs the UK is always a great comparison. The UK has arguably more benefits for everyone so the 'base' level is better. But in terms of outright capitalism it's hard to beat the US. Thanks for commenting 🙏 Does raise an interesting discussion point.
@@Wellspicedchaffinch great benefits of the channel are nuggets of information like this! I will certainly look to save on this in the new year where I can. Appreciate the comment 🙏
This is why I work as a contractor and travel on deployments abroad. I usually spend 6-8 months deployed abroad where all my travel and living costs are taken care of . I then take a couple of months for holiday which I always travel to another Country , that only leaves maybe 2 months in the UK. The UK is an over priced crap hole, taxed through the teeth but has ageing infrastructure and ghettos all over the Country ( plus it's cold, wet and miserable most the time ).
A well made and insightful video, straight to the point too..just subscribed! A video on investing maybe? In your opinion the best ways to go about it and maybe things to avoid?
@saraha6272 thank you for the kind words and the support! Welcome to the channel 🙏 Great suggestion. I have a few little nuggets out about ISAs and Savings. But nothing too much on investing just yet. I'll put it on the list and tie it in with my property investment 👌 appreciate the comment.
@@aaronbbb5675 thank you for the kind words. The editing is a little off and nervousness is definitely there but glad you still enjoyed it. Appreciate the comment 🙏
Good breakdown. I spend similar with most my bills being necessities however earnings aren't there yet so I spend on fun through second income strictly 950 is a blessing. I paid 1.1k on my car last year and now it's 1.7k cause I bought a bigger 3L petrol, got rid of my bike because moved out of london and it's full of potholes. Wish u all the best lad
@@GucciBucketHat thank you. All budgets are different and it sounds like you've got yours dialled in for your situation which is awesome 👌 Aha yes, the tax increases for big capacity cars are pretty intense. 3L petrol, must be a nice car though? Ah that's a shame, never good to lose another biker. The roads aren't amazing though so I can appreciate why. Appreciate the kind words and the comment. Have a good new year 🙏
I am struggling with double the salary in question not sure how to handle this bloody mess . I did have a little bit of lifestyle inflation but increasing costs are killing me .. decided to mint it a few more years and move out of uk. Contemplating options this time would own my home outright and stay away from debts completely and work remotely and live a contended life rather than like this. Anxiety and stress not worth it scares me if this is going to be like this when I get old and still stuck here . Only hack I got is become a self employed / entrepreneur or move out of uk no point stressing all my life here save up and move out asap
@@alexius8111 it's a shame to see that a lot of people feel this way. But I understand this too. A budget is always the start. See where you are right now and what small changes can be made to get a grip on your finances. Then see where you are. In my opinion, money can be a tool to give you choice. Ultimately that's what I want, the ability to choose what I can and can't do. It does require work but I think it's worth it. Appreciate you reaching out, all the best with where you decide to relocate 🙏
@@ben-du6qttaxes mate taxes taking it all , high rates are upwards of 45% gone and then there is VAT on everything and the prices also increased dramatically and London is bloody expensive . High mortgage rates interest payments more than doubled . So did service charges and everything else including food , cab etc etc . Told you I did have a bit of lifestyle inflation but am old too and having to live like I did 15 years ago save every penny. Not sure if this is what I worked hard for and sacrificed good years of my life. Math does not add up. All the best to everyone else in the same boat but there is no escaping this it’s going to get worst . Prices are going to go up further it’s just a matter of time
@@ben-du6qt 1) it's won't be 7k. How could it even be 7k, double the net in the video would be 6k, but probably it would be more like 4.5-5k max because of progressive tax bands making it so he's 42-62% tax on the extra. 2) And if you have a larger mortgage at a current rate that could be 1.5-2k instead of 600 like in the video, putting him in basically an equal position after fixed costs. 3) Combine that with a lack of budgeting and I can understand why he's feeling worse off
I sacrificed a normal life so I doesn’t have or rent a home, i always lived in the hotels i worked since i was 22, im 27 now. After taxes and staff accommodation I usually manage to put away 1.5-2k each month. Staff accommodation costs 270 and we get food 2 times a day as well so I didn’t have to spend money on groceries. I could afford but refuse to buy a car because for a 3k car i get 3.5k insurance quotes. I just stacking my money up and investing it in crypto, stocks and cash ISAs. Now my crypto portfolio worth way more than what I make a year but the capital gains tax free limit got decreased from 12k to 3. I taught about buying properties so i can rent them out, but now you can’t claim back expenses like you mortgage on investment properties. Its just feels like the British government nonstop giving me or my generation the middle finger if we try to achieve anything. So now the only option left for me is keep grinding to extract as much as i can while i working in this country, and in the future leave the UK and start my own business in my home country instead.
@@masesound a very interesting way to build up wealth here. Certainly something I admire are different views and approaches. You're not wrong, some of the newer policies do make things harder, but it sounds like you have a plan, or at least the ability to work these out. Thanks for sharing. Best of luck 🙏
Very smart approach, I like it. But why do you worrying about capital gains tax free allowance? I thought if you use ISA it should be tax free if you put in no more than 20k limit annually?
@ ISA’s are tax free, but my crypto portfolio is not in an ISA so I have to pay tax on my realised profits. Which would be fine with me, what’s not fine is the allowances going down every year instead of up. The % of taxes you have to pay on your gains going up, inflation going up which is just an another stealth tax on your money, and the income tax brackets are frozen since 2021 which pushes lots of people to a higher tax bracket every year while your purchase power goes down.
Thank you for this. 55k my goal in salary. I am now on 40k in London renting a 1 bed flat so is great to see how someone sensible saves and spends their money since It gives me a good benchmark
@@mrsrockbison £40k is a good salary so congratulations 👏 I'm sure you'll reach your goals soon! The channel is designed with that idea in mind as I feel personal finance is a topic that is not discussed enough. So it's great to hear you're using it for just that. Appreciate the comment. All the best 🙏
@@dynl9141 it is tough on NHS workers with cost of living increases hitting everyone differently. I know how hard you work, hopefully there will be some political change to uplift NHS pay 🙏
£35k is above average and a good salary. there is also the option of overtime work, a luxury which is not granted to most full time employees. i'm not sure where this persistent myth comes from that nurses are poorly paid.
@@33LBfor such a huge responsibility, yes we do get paid less compared to other developed countries. Not only with us nurses, but most registered healthcare professionals in the NHS.
@@gorgmonger there are numerous other jobs with similar levels of responsibility that pay around the same, and jobs which require higher levels of training that pay less. being paid less than other developed nations is not specific to nursing, and is universal across the whole UK due to its different economic system. salaries in the UK across all sectors are much lower than the USA for example, but that's because the countries' economies work differently.
@@sara00095 I aim to put out videos every two weeks, so hopefully there will be one coming up for you soon. Appreciate the feedback 🙏 thanks for watching
For Spotify I got a gift card from Amazon, which gives 12 months for the price of 9. Have to pay it all in one go but its quite a saving (but offer maybe only for individual accounts).
@@zerotree1530 3 months free is not to be underappreciated. All these little savings add up by the end of the year. Plus an upfront payment frees up cashflow throughout the rest of the year! Never a bad thing
Great video, these kinds of videos are always eye opening for people on minimum pay. They think anyone earning over 40k is loaded and can do whatever they want. Im a train driver, and you may be aware of the grief we get for our 'high' wages, but it's not much more than yours. On a salary like that, yes, it's comfortable, but you still need to budget well and set money aside for emergencies. Retirement in my opinion is where the biggest difference would be (if you've saved well). On another note, Sim only for 30quid is mad. I know it's a small bill, but as a comparison I pay £10 for 100gb with o2. If you have virgin wifi they will double your o2 data for free.
@@davyhoogy thanks for the kind words, glad you liked it. I agree, the extra taxes and lack of support really does close the gap from 'high' earners to more moderate salaries. A budget in today's economy is essential in my opinion. Let's hope when we get to retirement it will pay off! I do need to look into my phone. Currently I enjoy no roaming charges overseas which is why I kept it. But I will look out in the new year for a cheaper deal. Thanks for the suggestions and appreciate you watching. All the best 🙏
People on minimum wage don’t think you don’t need to budget. We find it laughable you cry about budgeting. Here you are living with twice as much money as the average person, crying that you can’t just buy whatever you want whenever you want. Try to imagine paying all your bills and having nothing left over to live on let alone save
Started the same job as you Davy and enjoying it so far. For me the thing which will bother me is when i start looking for a property. Even train driver wages unless your in eurostar you cannot afford a house being 300k on average. I live in London and wouldn't be able to afford a house here on my future salary alone.
@MB0519x who's crying? It's certainly not me. Its people like you, who think everyone else should earn less because you aren't in a great position yourself, so you get really angry when people fight for fair pay and win. Being on 60k a year shouldn't be much different than 30k, you still need to budget or you'll be living pay cheque to pay cheque
The fact that you own your own house and are able to save almost 10k a year is really good. If you find yourself a partner one day you could split the pay for things like groceries, utilities, mortgage, etc.. and save even more money. I would definitely invest 2-3k of your saving each year in big tech companies especially as this new quantum computer stuff is starting to become the next revolution in history and tech companies stocks will sky rocket even more
@@thegamingrelish9272 you're not wrong, I am in a very fortunate position and always appreciate this 🙏 I am looking into diversifying my investments after the European investment is finished. Thanks for this advice, I will look into tech firms over 2025 👍
@@herjenderlally4795 thanks for the feedback. That's awesome! What a great achievement for him. You must be proud too. I know I couldn't have become an accountant without my dad's support, so hats off to you too. I have a video out about accountancy specifically, so if you or your son had any questions about career progression hopefully they're in there for you. If not, please just ask and I'd be happy to give my view. All the best 🙏
A very honest account of your finances, thanks for sharing. I would think you could trim your SIM only, internet and maybe streaming costs a bit further but all in all it won't make a massive difference. Hopefully with your UA-cam content you can build yourself a nice side hustle!
@@jazzyb8886 thank you for the guide words and great suggestions. People have been hammering me for my SIM costs so need to work on that for sure 😅 UA-cam would of course make a great side hustle, but for me it's all about helping people. I never started this to make money, just to make a difference. Hopefully the channel can do that and help people to help themselves and their relationship with money. Appreciate you reaching out 🙏
I came here to say the same thing. You can pay as low as £3 a month for a decent deal with companies like Lebaro. I’d say anything over £10 a month is too much.
@@andrewmathew8220 south west of England, along the M4 corridor. The house is a small two bed if that puts things into perspective. I'll release a more detailed house review/buying process soon too. Appreciate the kind words, thanks for the support 🙏
@@joemurray agree, the fact they increase as you earn basically set them up as an extra tax in effect. Worth the experience in my opinion though, a great time at uni and developed a lot over the time. Appreciate the feedback and the contribution. Have a merry Christmas 🙏
@@user-vg1tt3vg9y I didn't either until I started looking into them. So it was 5 years ago I got my house, so I had a 5 year fix which I remortgaged in November 2024. Video is up explaining this process. In short you have to remortgage at the end of your term, usually either 2 or 5 years depending what you picked (other terms are available of course). Hopefully this helps. Thanks for the comment, good question 🙏
Love the video. Humble and realistic. Feels like you can only find multimillionaires or £1 a day breakdowns on youtube lol. I too, however, have to roast you for the £30 sim. Im on 29.99 and i get an s23 ultra plus sim with 100gb!
@@K3end0 thank you for the feedback 🙏 yes I like to think these strike a happy medium between the two extremes. Oh wow! Yeah this won't do, I really need to get on that soon. Appreciate the support, and the additional roasting 😅 All the best!
@@Rafael-Matheus96 wow, that's incredible! Well done for the salary, must've taken some real hard work and dedication. Respect the grind 👍 The tax isn't amazing 😅 best to try and ignore it. Just be happy in the knowledge that at least some of it is helping out the wider economy... Try to forget about the part that might be wasted! Happy new year 🙏
@@CourtneyJonesFinancial - Many thanks; the grind is real but can take a toll on mental health tbh so I would appriciate more of a work/life balance. Thanks again for your video. Much appriciated. Happy new year to you too.😌 How's much is the property subject to the mortgage? Around £250k? & Over how many years are you paying it off?
@@Rafael-Matheus96 you're in a solid position to build that financial freedom which is epic. I too value freedom more than purely money so you're not alone, and if it's what is important to you be sure to prioritise that. The house was only £160k when I purchased it. It's now about £210k. The mortgage is a little under £120k remaining with 20 years left (without overpayments). My remortgage video outlines how I'm trying to get this done sooner through. 👍 Appreciate the comment 🙏 great questions.
Great insight. Would of been helpful if uncould design a excel spreadsheet. Are you putting money on ur retirement plans or putting some money aside for saving.
@@phichau90 great point. Some others have asked for this too, so I will put out a video in the coming months detailing the spreadsheet I use. To your second point I am doing both. 10% to retirement, and then split between savings and investments. At the moment I hold about 3/4 months in savings as emergency then try and invest the rest. Good questions, thanks for commenting 🙏
@@kkndcf I brought the van to covert to a camper originally. Then COVID hit and ended the progress. We kept hold of it and now have some future plans for it coming in 2025. Watch this space! Thanks for commenting 👍
@@kkndcf 😆 Well, that's what I'd do!!! There's a few of us that have converted vans into semi campers, they're comfy enough to sleep in while having storage for a trials bike.
sorry did not see if you were living alone but £320 a month on food for home for one person is a bit of an overspend of like £100 at least. And I dont mean by aldi standards or anything. Unless you included alcohol or something in that
@@BatsAndBadgers no apology needed. I live with my partner and we split some bills, so this is roughly my share. Sometimes it's up and sometimes it's down and we don't tend to restrict ourselves too much, a couple of bottles of wine here and there for sure. We could definitely get this down if we were super strict, but we definitely treat ourselves here and there. Great observation, appreciate the comment 🙏
@@benj6244 thank you! I agree, when I was on a lower salary I prioritised saving. But now I do include some money for eating out and travelling. No good being the richest man in the graveyard as they say. Appreciate the comment 🙏
Hi great video really good to see your breakdown. It's motivated me to budget better in tbr coming year with a similar wage as I want to buy a property. Any advice on what now much to save towards a deposit for a property as a single man?
@@francissmalls3882 thank you! I saw your other comment earlier on so congratulations again on the new job 👍 I'm glad this has helped you, I have just put out a budget builder video if you wanted to see a spreadsheet example. This is the method I use to track and build up savings. I can't give specific advice. But in my opinion a 10% minimum is always best as it unlocks more favourable rates. I will caveat this though in that, if a 5% deposit could buy a house now Vs waiting longer for 10%. Depending on area and house price increases it may be better to go for 5%. - I can't speak for your specific situation, but perhaps this is a topic for a 2025 video. Great question 👍 appreciate the comments 🙏
@@Linawouldrathernot great deal and a great suggestion to wait until the deals. I have had a look into this and have reduced it now slightly while keeping the same service 👌 I will look again around the sale time though Thanks for the comment 🙏
@@Timmyl1992 I'd have to sit down at the end of the year and see where I ended up. In terms of raw savings you're probably not far off as I put a lot of money towards the building investment now too. I will do an updated budget for 2025 so will cover this off there once the year is finished 👍
That's an incredibly cheap mortgage, I'm looking at getting my first home and I don't think I could get remotely close to that price. Is it a 2 bed home and how much was it if you don't mind me asking?
You make a great point here, and it's a good question to ask. My house was £160k exactly. This was back in November 2019 on a 5 year fixed rate mortgage at 2.4%. (10% deposit) Yes it is a two bed, my house now is worth around £205k (roughly) based mostly on the increases we saw during the COVID years. I'll put out a house tour in an upcoming video so you can get a better idea of house. Back in 2019 comparable properties were roughly £15k - £25k more than what I paid, as mine did need a lot of work which I did myself during the first few months. So you can save a little bit here. I am due to re-mortgage in October, so I will cover this in more detail as I know for a fact I will be paying considerably more at this point than I am now. I feel your pain, looking back when I was buying on a much smaller salary I didn't think I would be able to save to buy a place. But I just cut back where I could and saved as much as possible. It's worth it when you get there!
@@kwameopoku3576 don't mind you asking at all. It took me roughly 18 months. I started saving around £700 a month. But this was too slow. So I got rid of my finance car and this enabled me to up my savings to around £1100-£1200 a month. (Explained in my worst financial mistakes video). During the last 12 months I was also renting a room for £250 (very cheap) so this helped.
@IbrahimArif-qy4eo it goes up year on year. I have just put out an updated salary video with a detailed budget for 2025 👍 Good question, thanks for the comment 🙏
@@CourtneyJonesFinancial thank you for replying! by the way how much years of expereince have you had to be getting a 55k salary and also how much does it increase yearly?
@IbrahimArif-qy4eo you're welcome. I will always aim to reply it may just take me a little while, so thanks for the patience. So I had around 3 years experience after becoming chartered, and then had worked in finance for around 3-4 years before that. So in total you probably need a good 6 years under your belt... In my experience. To be honest, I've seen people jump to salaries way higher at earlier stages but they're super intelligent and motivated. So it's all relative to the person and how much work you put in. Increases can vary from the standard 3-4% annual increase to performance based higher increases or even promotions. I'll cover this in an upcoming video once my own increase for this year is finalised 👌 Good questions so thanks for commenting 🙏
@LawrenceTimme The average cost of a night out in the UK is around £73.91, and includes pre-drinks, transport, entry fees, drinks, and daytime preparation. Leaves ya £6.09 for the rest of the week.
I do like the fact you're kind of doing your own P&L account, putting your skills to good use. A fair few will not bother and ask themselves why their outgoings are far greater.
@@ashokdeb8365 thank you 👍 glad your appreciate the budget. I do try and leverage my skills, but personal finance nearly always is self taught. Hopefully people can benefit from this approach and adapt it to their own situation. Appreciate the feedback 👌
@@marycash183 I have a detailed video out about my journey to become a chartered accountant. I went through the same degree as you so it should be a good guide to follow. In short though, a few more years of studying towards a professional qualification and then you should be there 🙏 Great question, all the best.
Very interesting video. There is a few things you can get cheaper and cut the cost to save money in the future. I only pay £25 per month on internet for example and I’m on pay as you go £10 a month for my phone. Don’t really need insurance many of them are a scam. My family have owned many different properties and never needed insurance and Spotify you don’t really need.
@@LittleMissSkelling thanks for commenting. I do need to review my smaller subscriptions in the new year as these easily creep up. Spotify is definitely a luxury, I like the convenience and I need to sort out a family plan as my partner has it too (very wasteful here). Appreciate your advice here 🙏
@@boristheblade209 it's roughly £210k now. I am very fortunate in that when I purchased it before COVID it needed a lot of work. I did this myself and then the price over the last 5 years increased exponentially. I put down £16k for 10%. This was tough for me back then as I was earning £26k when I completed. My monthly payment now has gone up since remortgaging though - I have just put a video out on this if you're interested. Good questions to ask, thanks for watching 👍
Good video. Keep up the good work. I know my fixed direct debits for bills but I'm not tracking my other expenditure like food and fun. This is a good insight to track how much I'm spending and how much can be leftover for investments.
@@thefamilycat86 thank you for the feedback. I certainly will 👍 You're doing something though which is a good start, knowing your fixed costs are more than some others out there. Glad you enjoyed it, I will be breaking down my spreadsheet in 2025 when I update my budget so you may find that useful too. Appreciate the comment 🙏
@@Katie-Lei Denplan. For me it works well as it spreads the cost and then makes me go to two appointments a year as I have prepaid. If you just go once a year then probably not worth it, but the older I get the more I prioritise my health. 🙏
@@AGoodBean putting the work in to provide is an achievement in itself and one to be proud of though 👍 I feel for this situation as it's hard to find the wiggle room to save. Keep positive and save what you can, little and often is always better than one big amount...(Unless it's a lottery win of course!) Thanks for sharing as it helps to see the range of perspectives 🙏
@@AGoodBean you're welcome. Remember you're an inspiration and example to many by providing for your family. Don't look at what you may not have just yet, rather focus on what you do have 🙏 All the best
Try to convert your job to remote contracting work and move to Thailand. $70k USD equivalent gets you extremely far in SE Asia and you will be saving like crazy and living like a king there.
@@FunkyChild718 it is something I may explore in future. For now the security of full-time employment fits my situation for what I'm currently doing with investments. But once I want more freedom this is definitely a great suggestion. Thanks for commenting 🙏
@@Jojohumf I'll take this forward into 2025. I will be doing a revised budget for the new year so will try and incorporate this within that video. Thanks for the contributions and comments 🙏 have a merry Christmas.
@@Jojohumf I agree. That's why I started the channel, so we can all share and get a realistic perspective on personal finance 👍 Appreciate the support 🙏
He is fortunate that he took the mortgage at a time when the UK had significantly low interest rates. Mentioned that its coming up for renewal so I'd expect it to go beyond £1k a month payments once he has.
He definitely would have had parents help to acquire the house NO ONE has a mortgage that low or let alone can buy a house by themselves in the UK even on a 55k salary
Nice vid, I earn roughly half that amount I'm lucky to have cheap rent though (£450 per month & no debts) would love to get a mortgage but was quoted over £1200pm so would rather save 3-4k a year & hopefully have a decent amount saved if it all goes tits up but doubt I'll ever save enough to get a 50% mortgage.
@@jacklee7104 thanks for the feedback. Glad you liked it. That's an incredibly good amount of annual savings. Let's hope rates come down some and then perhaps you will be able to buy. It's great to see you're saving up still though. Keep positive and I'm hopeful an opportunity will come up 🙏 All the best
Thanks for sharing. Dunno what this guy is spending on multiple home insurances plus some extra aviva and 3 vehicles. Get that down to one vehicle surely.
@@andrewgilroy6847 good observation, one insurance is the standard building and contents insurance. The other is for any internal electrical and water fixes that are needed. External to the house are the water companies responsibility. So they cover different elements. Vehicles - I am back down to 2 now 😅 I just purchased a small car for summer that I've wanted for a while, but have since gifted this on. Thanks for commenting 🙏
£74pm for Internet and phone is crazy, you can get good fibre internet for around £26pm if you change at the end of each contract (at least where I live), and there's no way you need a £30 sim deal.
@@DreamClean you're correct. At the time of filming this my salary for the tax year would have been a combination of my old one and new one (looking at the full year). So it averaged lower. Just had a check now and it's the same 👍 Will have to do a new video in the coming year for all the updated changes in 2025. Great spot 🙏
@@koolworths 😂 good observation. Yes the van is spot on. The bike is actually closer to the £130 mark would you believe! The car was around £300 too, but I've since gifted this to a family member. So luckily I'm back down to around £450 🙏 I always overestimate my fixed costs to leave a little wiggle room.
@@green1880 the van was a project that has long paused. But since then it actually turns out to be a great vehicle, I can do DIY projects way easier with it and it's not much more than a car to run. I also learned to cut my own hair in lockdown so have kept doing so since. Clothes is a good one, I rarely buy clothes and usually go to TK max for all the discount items. I will include an element in an update video soon. Thanks for the comment 🙏
@@m-ear great observation. It is, that's because I am yet to have a meter fitted so I am on a fixed rate based on my area. This is somewhere I can improve for sure. Thanks for commenting 👍
@@-owatts3589 it depends. I'm on a prepay meter as I like to see what I'm spending, despite it being arguably more expensive. I pay £10 a week in summer months and maybe £15-£20 a week in winter. It's a small house but the heating system is outdated. Great question, thanks for commenting 👍
Hope you’ll do a spreadsheet example we can follow. I have over 20 categories that I account for which is a bit nuts but I only earn about £12k a year and have a dog too !
@@lenkiewiczlover7256 I will look to do this in future, I have the spreadsheet already so I will see how this edits together and try and put one out. Wow that's an impressive breakdown, perhaps we need to share your spreadsheet rather than mine! Thanks for the comment, all the best to you and the pup 🙏
@@fatwalletboy2 thanks for the feedback. Yes! I have already done so now in November. It wasn't horrific but definitely not a nice feeling - video is up if you're interested. Thanks for watching 🙏
@@domtomas1178 glad you got your locked in 👍 I personally prefer a fix so I can plan my budget. Hopefully it'll pay off in future as your principle is paid down 🙏
@@burry218 I thought I had it in there. Around £125. It might be bucketed up in my fixed costs. I have a new updated video out now which details where I am at going into 2025 🙏
@@nafisrahman5791 yes. I receive a match up to 8%. So in total 18% combined. Not the best but not the worst. 5% is still something, and in my opinion always worth maximising 👍
Modest guy ... with modest insights. Thanks for being so transparent with your finances. Wishing you the very best on your financial/life journey 😊
@@marcusgrey8788 thanks for the feedback and kind words. Appreciate you taking the time to watch and comment 🙏
@@CourtneyJonesFinancial 👍 I knew you would, hence why I did. Stay blessed & prosperous #NEW SUBSCRIBER/#KEEP THE CONTENT COMING🎉😂❤🎉
You are Very handsome you tuber
These figures are very true. The cost of living crisis is the UK is mad real
@@Arethadcosta I couldn't agree more. I think since this video the costs are even higher now. It's scary how quickly they have increased.
I think having two incomes makes a huge difference. I earn £65k, my partner £20k, and I feel like we’re in a really good financial position. We save about £1500 a month. Does help that we don’t live in a city and our mortgage is only £680 for a 4 bed.
@@milero91 I couldn't agree more. It's a topic I want to cover soon about how society has changed to require two incomes. Gone are the days of a large house and car on one standard wage, in my opinion anyway. Glad to hear you're doing well! Both on savings and the mortgage. Thanks for sharing 🙏
Not just the UK unfortunately... Ireland is worse to be honest. You need a car in Ireland as travel infrastructure isn't there.. and cars are double taxed. You pay vat then the total they tax again with VRT 30-50% more
It's really simple. In the mid 2000s an average salary was ~£20k and amounted to something like 0.0000033% of the ~£900BN total wealth in the UK. Today the average salary is ~£35K amounting for 0.0000011% of the £4.2TN UK wealth. My maths is likely off as I cba to run through it as I'm paraphrasing from something I read on FT. Essentially if our measly salaries kept up with the same percentage (i.e wealth inequality) then the average salary would be £80,000. Now how would that change purchasing power in the UK? We'd likely be similar to the US.
Of course maybe the total wealth wouldn't amount to 4.2TN if such wealth inequality was not possible as growth is easier when you have low wage slaves. Also, who isn't to say that wealth inequality could have increased to 0.00000035% or 0.00000040%?
Obviously austerity measures and Brexit haven't helped but wealth inequality seems to have had the biggest impact on our wages.
Thanks for the transparent breakdown. Seeing it all listed out really hits home how much it costs just to exist. Earning similar money and similar outgoings it’s interesting to see how it gets split out.
@@yeknommonkey glad you enjoyed the video. Appreciate you reaching out too. All the best 🙏
Subscribed - the no gatekeeping is helpful (as I know some people prefer not to share) and the humble and calm tone.😊 Good editing.
@@Laylajes thank you for the support and kind feedback! Honesty is the best policy I find. You're too kind on the editing 😅 being my first video it was a little jumpy... Trying to improve each video.
Have a great New Year. All the best 🙏
£29.85 for sim only! Change provider, you can get a good deal for £11 a month with ee
@@bukonla thanks for pointing this out. It's been my biggest error and the channel isn't letting me forget it 😂 I do get European roaming included which is important to me, so I will see what I can do in the new year to get this down to a more respectable amount.
Thanks for commenting 🙏
@@CourtneyJonesFinancial With Smarty (sim only) I get 20GB which includes EU roaming for £10 and sometimes they give you double for 1 year or so for free. Might be worth checking out once you're ready to switch!
@@CourtneyJonesFinancial O2 also allow for sim only deals with EU roaming - again for probably half the price you're paying now
@@lankyda thank you. I'll look into this for the new year 🙏
Smarty £10 per month. 40gb, unlimited calls and texts.
I use Saily eSIM app when I go abroad to buy 1-3gb of data for £7. As long as you don’t stream videos it’s more than enough for a week or two.
28% savings, 12% fun and 60% expenses is a very good balance for a good financial future
@@babyfreezer thank you. All about balance in life for sure. Investing for the future is important, but also enjoying the present matter too.
Appreciate the comment 🙏
Not to forget the 10% pension which is impressive
@@gainzdome too kind 🙏 anything is better than nothing, but the ideal is around 15%. So with my 10% plus the company match I am well over.
As long as people are maximising their match though it's a good start.
All the best 👍
It’s crazy how it works - I’m on 36k, 19k less than you yet my pay after tax deductions etc. is only around £600 less than yours. Thanks for the upload and all the information you gave, much respect 👊🏽
@@user-om2fg7yh6s yes, the tax increases are pretty severe. I try to get past this by putting more into my pension so this is why is slightly lower than average.
Glad you enjoyed the content and appreciate the comment 🙏
Dude am also on 36k and my home pay is like 2.2k maybe 2.3k ridiculous overall if u ask me and also the fact I live in Central London so rent with ensuite in zone 1/2 is like 1.2k starting price
@@CourtneyJonesFinancial great video, I've recently just got a job with a similar salary to you and I was worried about the tax jumping up to a higher salary. If you don't mind me asking what percentage of your salary do you put towards your pension and does it really help with tax?
You don’t pay tax on money that you move to a pension, but you obviously can’t get at that money
@@4879daniel what percentage would you recommend putting towards your pension?
thanks for the insight! as a 21y/o in my 3rd year of uni its interesting seeing the breakdown for someone such as yourself 😊
@@cb2b1 you're welcome. Glad you found it useful. Best of luck for final exams! 🙏
So authentic and real. Thanks for sharing. I spend way too much on food.
@@kundiemangwende thank you for the kind words. Glad you enjoyed it. I think we are all a little guilty of that at times!
Problem is deliveroo when tired is a killer
@@vkjfv why cook when good food is a click away 😅
I make £57k a year. My wife works part time making £15k per year. Our mortgage costs £1100 per month. Our son is in nursery 3 days a week, costing £600 per month. On top of car payment, electricity and gas, food and commuting costs, we feel completely fucking skint. It shouldn't be this way.
I’m with you, our nursery is £1500 a month for 4 days and mortgage is £1600 a month for a 2-bed.
It’s almost not worth trying in the U.K. anymore, it’s not worth the stress. We live here to earn more but we spend it all living here so what’s the point.
@@AVV_Beats thanks for sharing. I agree it is tough, and only getting harder which is a shame to see.
You make good money too which is hard to hear you feel this way.
I can't speak for your specific situation, but this is why I try to budget every month. Documenting every £ to see where I can make changes.
It's not a sure fire fix and does take a lot of effort.
I hope it gets better for you soon. All the best 🙏
You don’t know what it means to be skint. You pay all your bills and have hundreds if not thousands left over each month.
Your Mrs should just quit working as much and save that 600 quid
How much is your car payment? And what car is it?
Just your transparency and honesty is inspiring to save money
@@Will-dg6ed thanks for the feedback! Great to see the channel is doing as intended. I will be releasing a full 2025 budget planner video in the coming days.
Keep a lookout if you want to see the spreadsheet I'll be using in the new year 🙏 All the best.
idk how i am living in London with £25.5k. I'm forced to go cheap but its ok, I got a roof over my head and I'm not starving to death. However I got a new job going into next year tho so looking forward to that. Good vid :)
@@Yayson542 but you're making it work which is the main thing. Great to see a positive outlook! Congratulations on the new job, best of luck for this. Appreciate the feedback 👍
Why are you paid so poorly? Something sounds not quite right about that
@NYCSubwayWorker that’s a typical salary in the UK for an entry level or unskilled worker
I have a Master's in Architecture and 2 years of experience. I was offered £26k in London by recruiter that doesn't even have a job ready for me. This for London is absolutely nuts. Good luck with the new job
@NYCSubwayWorker it’s the U.K.
Thank you, very informative insight on how to spend and save etc, just turned 18 and no one in my family talks about finances so this is very useful.
@ebadrahman1290 you're way ahead of me at your age looking into this stuff. You've got the best asset which is time, any money saved and invested now will benefit from compounding so much more than me now at my age.
Glad you found the content useful, all the best for your future finance goals 🙏 appreciate the comment.
It sounds like you’re a responsible guy. I can’t say I’m in the same boat as you. I make around £2,000 a month after tax and national insurance. I don’t have a mortgage, I keep my rent low, share a flat with my brothers. My total bills for everything flat related is about £250 a month. Foods about £200. I make absolutely £0 contributions to pension. Share of the gas and electric is about £50, including WiFi about £12, sim, £12, dodgy firestick with everything on it (£70 a year) so let’s just wrap it up to £550 a month. Every last penny every single month gets spent on enjoying myself. I probably have about £8,000 in savings at most. And every month I just spend my money on whatever it is I want. No interest in saving for the future, saving for a mortgage, saving for kids, not even a dog. You’ve probably got the right idea but I just can’t live that way at all. If I get to 70 and I’m living on beans and rice then so be it, life’s almost over at that point so couldn’t care less about it. My dad worked at the royal bank of Scotland, since he was 16 years old, worked there for 40 years, retired, and now does nothing but play golf. What’s the point of having £250,000 to play with at 55-60 if it means sacrificing the best years of your life living with such a scarcity mindset. I’d rather have a great standard of living at 28 (which I am turning in January) rather than being financially stable at 55-60 when I’ve got nothing to do with it except get fat and play golf
@@MattWalkerLoth £2k a month is a good salary 👍 should be proud to achieve that wage.
You're tracking your expenditure though which is awesome. A lot of people don't even know their numbers and that's when they can end up in a bad spot.
In terms of living for now Vs future. I think it's a personal choice. My main aim with this channel is to help people do what they want to do with money, rather than have it control their lives.
If what you want to do is spend it all now then as long as you're comfortable and happy then more power to you.
For me personally, I like to know I have something for the future. Moreso I want to build myself up so I can help my family and friends if they need it.
Yours is a sentiment shared by many, and I have no judgement over that. If you're happy and not in a bad spot then that's all that matters 👍
Appreciate you sharing your situation 🙏 All the best.
That is a mentality that will get you nowhere my guy, in these times you cannot count on anyone but yourself to make sure your future looks bright.
I was investing in courses to push my income up from 25 and up and even now at 31, i am still investing in getting new qualifications and accreditations.
This was one of the best things i have done since i was a bartender at 24 doing f all money and now i got to project management in civil engineering, investing in myself paid dividends and now instead of barely making 20k a year im getting close to 90k a year.
I also cannot say i sacrificed my best year because soon after money started pouring in, i got myself sport bikes, then a flat, then a sports car, of course i am working 50/60 hours a week ever since but the motivation is there to keep on going because the payout is worth it and the things you can do with that will not feel like you wasted your life
Grinding and investing in yourself is the way to go, grow up professionally, do courses that will get you a tangible well paying job and never stop growing professionally.
@@fs5866 if I could go back in time and learn project management and do prince 2 qualifications etc then I would but I feel like I’ve wasted a lot of my life as it is and it’s too late to go back so instead of looking at what my life could have been, I’m just trying to enjoy it the best I can. Well done on your hussle and getting to where you are. But for me personally, 8 years ago I was sleeping in a tent, as alcohol dependant as someone can get and wasted my entire 20s drinking every day. Literally did nothing but drink and fall asleep. Drink and fall asleep. For years. Now I’ve got a pretty good standard of living and I’m pretty content with it. And then even if I could study prince 2, you’d then need to start find somewhere willing to give you a chance with no experience, and I dunno, I think I’ve just ruled it out in my head that my professional career is as good as it’s gonna get. Might be a defeatist mindset but my life’s pretty good as is.
@@fs5866 and just a secondary point, because I wasted so many years being a degen, I feel like I’m lacking the professional mindset for a good career in something like project management. I’ve got great communication skills and i know I could pass the exams but that’s about it. I dunno, I’m just at the point know where I’ve got about 18,000 days left on earth if I live to the UKs average life expectancy and am I wanting to spend the bulk of those days in an office doing something I hate for the sake of more money, seems like a waste of time.
I'm on around £52k in cyber security, graduated 2 years ago. I honestly don't think you can save yourself rich. I am not waiting 50 years to enjoy afew (if I'm even alive then). I will just enjoy life and not worry about £50 here and there. I can completely understand some have to worry though, life is tough.
@@CybrZone congratulations on the salary and the degree. Both impressive achievements.
It sounds like you're in a position whereby you can afford to have a bit more flex in your budget, which isn't a bad thing.
I think you raise a good point, enjoying yourself now is also important. For me, it's about the balance between enjoying life now and investing for when I can no longer work and earn what I am able to now. I think I do this through not only saving but investing.
Appreciate the comment 🙏
Great video! Refreshing to see someone living within their means!
You are smashing it! One point tho, you can defo get you sim only down! Mine is £10 pm with EE...80gb 5G data too
@@nishnosh thank you for the feedback. Hopefully I can help show people living within your means doesn't mean you have to give up everything 😅
Wow that is cheap! I like that with mine I still get European data without roaming charges, but I will definitely take a look into EE. Thanks for the tip! 🙏
@@CourtneyJonesFinancialahhh that is probs worth it then! I shouldn't assume...aha
Did you at first pay that high fees? I just stuck £10 per month with voxi fixed price no cap
Rookie numbers 😂
@@CourtneyJonesFinancial I think most networks give free roaming in the EU. I’m with ID mobile which uses Three’s network and I get 120GB for £12
I bet you could get your grocery expenses down to about £200, i would also recommend chucking an extra 200 down per month on your mortgage. Although either way your smashing it with investing so nothing really much to critique!
@@petermatthews2831 I agree, we definitely could cut back. If I were to go back to savings intensely for a new goal I would look to do this, but I'm at a point where I like to try and eat more than just beans and rice 😅
Yes the mortgage point is a great one! I recently covered this in my remortgage video, and it's something I am trying to do going forward.
Thank you for the feedback and I appreciate you watching 🙏 all the best
@@CourtneyJonesFinancial the rice and beans reference, my man definitely knows about those baby steps 👏
@lil0cal0d123 Dave Ramsey I'm coming for you! 😅 Aiming for the debt free scream 👌
@ me too brother, hopefully see you there very soon 💪🏽 potentially could be a topic for you to cover, the similarities but differences in how the baby steps apply to uk vs the us, things like roth and 401k vs isa and pension, how student loans are different here and if they should be paid off and so on…would be very useful as it’s quite a confusing topic
@lil0cal0d123 awesome suggestion! I will for sure look into this for a future video. Appreciate the support. Best of luck with the debt free journey 🙏
Successful people don't become that way overnight. What most people see as a glance of wealth, a great career, and purpose is the result of hard work and hustle over time. I pray that anyone who is reading this will be successful in life. ❤
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
imagine investing in Btcoin earlier.... You could have been a multi millionaire precently
You are right. Been thinking of going into gold and cyptocurrency
It's obvious everyone is doing this online Investment
@@Kennet.Bell. I totally agree with you it has been an eye-opening experience for a lot of people.
Nice video brother. Life can be pretty fruitful when you plan ahead and live within your means.
@@Lee-eeL86 appreciate the feedback. A little planning goes a long way for sure. Thanks for watching 🙏
First video and what a gem! Keep going! I’m a contractor so an a decent salary for short term and still feel skint. Always worried when I come back to permanent salary how I would survive as I’m so desperately trying to buy a house as-well. House prices are astronomical with just awful repayments.
@@humzaqureshi2969 thank you for the feedback!
Contracting has always interested me, but I think for now I like the security however it does come with the lower wage for sure!
A good budget can always help you between contracts - new video out about how to build one if you're interested 👍
The banks have just announced some rate drops which should bring some relief to people.
I'll look to put out a first time buyers guide so I can share my learnings 🙏
Appreciate the comment.
will check out the budget video! 👍 in my case I bought a buy to let early on in my years so now I’m subject to 10% deposit and 20k plus stamp duty which doesn’t help my cause. 😔
@@humzaqureshi2969 it's a double edged sword, the positive is that you locked in a house price early on an asset that is appreciating and cash flowing (maybe breaking even).
No one can predict the future but hopefully it will be a solid long-term investment 👍
Thanks for sharing 🙏
Dude £30 a month for sim only is outrageous, i pay £15 with ee that gives 20gig a month! Great video
@@modernskeptic7752 the comments are killing me for my SIM only! This will have to be a news year resolution for me to sort this! 😅 Appreciate the kind words 🙏
£6 a month for my sim-only 😂 Dude on the phone started at £13 a month and I keept threatening to leave til he dropped down to £6 a month lmao.
@@CurvaceousCrow 😅 from the sounds of it I need to brush up on my negotiating skills 👌
VOXI sim only is £15 for 140 gb plus unlimited social media and music and video right now, they use Vodafone’s network coverage, never had any issues with them.
My sim only was about £40 or more 😂 I stuck with it for too long once my contract finished 🫣 I upgraded recently anyway
I’m so happy I found you. Great content bro. So useful and helpful for the collective. Definitely can learn a lot from you
@@luckyboi1183 greatly appreciate your kind words. Glad you enjoyed the content! All the best 🙏
A graduate consulting job at Mckinsey pays like 40k+ and the same job in America pays like 120k+. It's mental
@@AllanLovezGaming the US Vs the UK is always a great comparison.
The UK has arguably more benefits for everyone so the 'base' level is better. But in terms of outright capitalism it's hard to beat the US.
Thanks for commenting 🙏 Does raise an interesting discussion point.
UK Mckinsey starting salary are over 50k now, lower than the US still but more than you stated
You can get a 12 month Spotify subscription "card" thingy (maybe Amazon or Argos?) For £85 or £90. Paying £17/m for Spotify is mad.
@@Wellspicedchaffinch great benefits of the channel are nuggets of information like this! I will certainly look to save on this in the new year where I can. Appreciate the comment 🙏
Pirate spotify
@@ommanomnomliterally. If you have an android then I've had the SAME apk since 2018. Me mum dad haven't paid a penny
This is why I work as a contractor and travel on deployments abroad. I usually spend 6-8 months deployed abroad where all my travel and living costs are taken care of . I then take a couple of months for holiday which I always travel to another Country , that only leaves maybe 2 months in the UK. The UK is an over priced crap hole, taxed through the teeth but has ageing infrastructure and ghettos all over the Country ( plus it's cold, wet and miserable most the time ).
What job do you do and where do you travel? Personally I like the UK.
Taxes are lower in the UK than most other countries. The average UK worker earns £34,000 a year and 18% of that goes to tax including NI
@@webdesignerguy
that's not the only tax you pay...
Average means shit@@webdesignerguy
what job is that?
A well made and insightful video, straight to the point too..just subscribed!
A video on investing maybe? In your opinion the best ways to go about it and maybe things to avoid?
@saraha6272 thank you for the kind words and the support! Welcome to the channel 🙏
Great suggestion. I have a few little nuggets out about ISAs and Savings. But nothing too much on investing just yet. I'll put it on the list and tie it in with my property investment 👌 appreciate the comment.
Thanks for sharing! Great insight into others lives!!
@@barrykelleher5009 glad you found some value. Appreciate the comment 🙏
Nice video bro, you sound very humble and on the ball. I would never have guessed this vid was your first.
@@aaronbbb5675 thank you for the kind words. The editing is a little off and nervousness is definitely there but glad you still enjoyed it. Appreciate the comment 🙏
Good breakdown. I spend similar with most my bills being necessities however earnings aren't there yet so I spend on fun through second income strictly
950 is a blessing. I paid 1.1k on my car last year and now it's 1.7k cause I bought a bigger 3L petrol, got rid of my bike because moved out of london and it's full of potholes. Wish u all the best lad
@@GucciBucketHat thank you. All budgets are different and it sounds like you've got yours dialled in for your situation which is awesome 👌
Aha yes, the tax increases for big capacity cars are pretty intense. 3L petrol, must be a nice car though?
Ah that's a shame, never good to lose another biker. The roads aren't amazing though so I can appreciate why.
Appreciate the kind words and the comment. Have a good new year 🙏
I am struggling with double the salary in question not sure how to handle this bloody mess . I did have a little bit of lifestyle inflation but increasing costs are killing me .. decided to mint it a few more years and move out of uk. Contemplating options this time would own my home outright and stay away from debts completely and work remotely and live a contended life rather than like this. Anxiety and stress not worth it scares me if this is going to be like this when I get old and still stuck here . Only hack I got is become a self employed / entrepreneur or move out of uk no point stressing all my life here save up and move out asap
@@alexius8111 it's a shame to see that a lot of people feel this way. But I understand this too.
A budget is always the start. See where you are right now and what small changes can be made to get a grip on your finances.
Then see where you are. In my opinion, money can be a tool to give you choice. Ultimately that's what I want, the ability to choose what I can and can't do. It does require work but I think it's worth it.
Appreciate you reaching out, all the best with where you decide to relocate 🙏
how you struggling on 7k a month
@@ben-du6qttaxes mate taxes taking it all , high rates are upwards of 45% gone and then there is VAT on everything and the prices also increased dramatically and London is bloody expensive . High mortgage rates interest payments more than doubled . So did service charges and everything else including food , cab etc etc . Told you I did have a bit of lifestyle inflation but am old too and having to live like I did 15 years ago save every penny. Not sure if this is what I worked hard for and sacrificed good years of my life. Math does not add up. All the best to everyone else in the same boat but there is no escaping this it’s going to get worst . Prices are going to go up further it’s just a matter of time
@@ben-du6qt 1) it's won't be 7k. How could it even be 7k, double the net in the video would be 6k, but probably it would be more like 4.5-5k max because of progressive tax bands making it so he's 42-62% tax on the extra. 2) And if you have a larger mortgage at a current rate that could be 1.5-2k instead of 600 like in the video, putting him in basically an equal position after fixed costs. 3) Combine that with a lack of budgeting and I can understand why he's feeling worse off
Thanks for sharing! Very insightful and grounded
@@Samuels691 thanks for watching and for the feedback! Glad you found it useful.
You can definitely reduce your phone bill. I'm on unlimited wifi for £15 a month. I'm in (London) (ID mobile)
Interesting. I like your style. I've subscribed.
@@friendlyhorseuk7220 thank you 👍 welcome to the channel!
This is a very good informative video thank you
@@lilsels glad you found value here. Appreciate the comment 🙏
the UK is soooo finished
Would you rather live in the USA where a medical emergency ruins your life?
@@ELYASELYASnobody said anything about the USA..... 😂
How does this video make you think that? The guy is saving £12k a year. That's great.
@ I did! I'm comparing a tax heavy country like the UK to the US where no one gets good public service.
@@ELYASELYASin the uk you need medical treatment and just die on a waiting list 😅
I sacrificed a normal life so I doesn’t have or rent a home, i always lived in the hotels i worked since i was 22, im 27 now. After taxes and staff accommodation I usually manage to put away 1.5-2k each month. Staff accommodation costs 270 and we get food 2 times a day as well so I didn’t have to spend money on groceries. I could afford but refuse to buy a car because for a 3k car i get 3.5k insurance quotes. I just stacking my money up and investing it in crypto, stocks and cash ISAs. Now my crypto portfolio worth way more than what I make a year but the capital gains tax free limit got decreased from 12k to 3. I taught about buying properties so i can rent them out, but now you can’t claim back expenses like you mortgage on investment properties. Its just feels like the British government nonstop giving me or my generation the middle finger if we try to achieve anything. So now the only option left for me is keep grinding to extract as much as i can while i working in this country, and in the future leave the UK and start my own business in my home country instead.
@@masesound a very interesting way to build up wealth here. Certainly something I admire are different views and approaches. You're not wrong, some of the newer policies do make things harder, but it sounds like you have a plan, or at least the ability to work these out. Thanks for sharing. Best of luck 🙏
Very smart approach, I like it. But why do you worrying about capital gains tax free allowance? I thought if you use ISA it should be tax free if you put in no more than 20k limit annually?
@ ISA’s are tax free, but my crypto portfolio is not in an ISA so I have to pay tax on my realised profits. Which would be fine with me, what’s not fine is the allowances going down every year instead of up. The % of taxes you have to pay on your gains going up, inflation going up which is just an another stealth tax on your money, and the income tax brackets are frozen since 2021 which pushes lots of people to a higher tax bracket every year while your purchase power goes down.
@@masesound great explanation. 'stealth' taxes are no joke over the last decade.
Thank you for this. 55k my goal in salary. I am now on 40k in London renting a 1 bed flat so is great to see how someone sensible saves and spends their money since It gives me a good benchmark
@@mrsrockbison £40k is a good salary so congratulations 👏 I'm sure you'll reach your goals soon! The channel is designed with that idea in mind as I feel personal finance is a topic that is not discussed enough. So it's great to hear you're using it for just that. Appreciate the comment. All the best 🙏
Quick note: Food and water should really be essentials...
Nah food is optional 😂
And here I am.working for the NHS as a nurse earning £35k
@@dynl9141 it is tough on NHS workers with cost of living increases hitting everyone differently. I know how hard you work, hopefully there will be some political change to uplift NHS pay 🙏
£35k is above average and a good salary. there is also the option of overtime work, a luxury which is not granted to most full time employees. i'm not sure where this persistent myth comes from that nurses are poorly paid.
@@33LBfor such a huge responsibility, yes we do get paid less compared to other developed countries. Not only with us nurses, but most registered healthcare professionals in the NHS.
@@gorgmonger there are numerous other jobs with similar levels of responsibility that pay around the same, and jobs which require higher levels of training that pay less. being paid less than other developed nations is not specific to nursing, and is universal across the whole UK due to its different economic system. salaries in the UK across all sectors are much lower than the USA for example, but that's because the countries' economies work differently.
Nurses usually work a 3 day week and get a decent pension aswell tbf which evens out the wage imo
I really appreciate this video thank you for your insights 🙏
@@RavenTeamCharlie you're welcome. Thanks for the kind words. All the best 🙏
Would love to see more content on this area! Would be good to see!
@@sara00095 I aim to put out videos every two weeks, so hopefully there will be one coming up for you soon. Appreciate the feedback 🙏 thanks for watching
For Spotify I got a gift card from Amazon, which gives 12 months for the price of 9. Have to pay it all in one go but its quite a saving (but offer maybe only for individual accounts).
@@zerotree1530 3 months free is not to be underappreciated. All these little savings add up by the end of the year. Plus an upfront payment frees up cashflow throughout the rest of the year! Never a bad thing
I got mine for £15 / year. It has been 2 years now. If you look around the internet you will find cheaper.
How much did let’s say 3 CDs cost you a month? Back in the day? - £15 for streaming over a Million albums is practically free.
@Skengman334 where you getting that from bro i tried that and it stopped working within 3 weeks. Still haven't got my money back lol
@domtomas1178 except its not. It's £180 a year. That's alot of money. It's very worth it though!
Excellent start ! Perhaps you could give us real live scenarios how people budget their income in different parts of the UK !
@@paulsant659 this is a great idea. In the new year I definitely want to expand into this. Thanks for the feedback 🙏
Great video, these kinds of videos are always eye opening for people on minimum pay. They think anyone earning over 40k is loaded and can do whatever they want. Im a train driver, and you may be aware of the grief we get for our 'high' wages, but it's not much more than yours. On a salary like that, yes, it's comfortable, but you still need to budget well and set money aside for emergencies. Retirement in my opinion is where the biggest difference would be (if you've saved well).
On another note, Sim only for 30quid is mad. I know it's a small bill, but as a comparison I pay £10 for 100gb with o2. If you have virgin wifi they will double your o2 data for free.
@@davyhoogy thanks for the kind words, glad you liked it. I agree, the extra taxes and lack of support really does close the gap from 'high' earners to more moderate salaries. A budget in today's economy is essential in my opinion. Let's hope when we get to retirement it will pay off!
I do need to look into my phone. Currently I enjoy no roaming charges overseas which is why I kept it. But I will look out in the new year for a cheaper deal.
Thanks for the suggestions and appreciate you watching. All the best 🙏
People on minimum wage don’t think you don’t need to budget. We find it laughable you cry about budgeting. Here you are living with twice as much money as the average person, crying that you can’t just buy whatever you want whenever you want. Try to imagine paying all your bills and having nothing left over to live on let alone save
Started the same job as you Davy and enjoying it so far. For me the thing which will bother me is when i start looking for a property. Even train driver wages unless your in eurostar you cannot afford a house being 300k on average. I live in London and wouldn't be able to afford a house here on my future salary alone.
Neither can 99% of people in London without parental help and 2 salaries@@zaink7037
@MB0519x who's crying? It's certainly not me. Its people like you, who think everyone else should earn less because you aren't in a great position yourself, so you get really angry when people fight for fair pay and win. Being on 60k a year shouldn't be much different than 30k, you still need to budget or you'll be living pay cheque to pay cheque
well made. Great to see a realistic breakdown
@@radekdudzik8987 thank you for the kind words 🙏 glad you enjoyed it.
The fact that you own your own house and are able to save almost 10k a year is really good. If you find yourself a partner one day you could split the pay for things like groceries, utilities, mortgage, etc.. and save even more money. I would definitely invest 2-3k of your saving each year in big tech companies especially as this new quantum computer stuff is starting to become the next revolution in history and tech companies stocks will sky rocket even more
@@thegamingrelish9272 you're not wrong, I am in a very fortunate position and always appreciate this 🙏
I am looking into diversifying my investments after the European investment is finished. Thanks for this advice, I will look into tech firms over 2025 👍
Great video. My son has just finished his ACCA.
@@herjenderlally4795 thanks for the feedback. That's awesome! What a great achievement for him. You must be proud too. I know I couldn't have become an accountant without my dad's support, so hats off to you too.
I have a video out about accountancy specifically, so if you or your son had any questions about career progression hopefully they're in there for you.
If not, please just ask and I'd be happy to give my view.
All the best 🙏
Thanks for the informative video
@@farzadterm you're welcome. Glad you enjoyed it. Thanks for the feedback 👍
A very honest account of your finances, thanks for sharing. I would think you could trim your SIM only, internet and maybe streaming costs a bit further but all in all it won't make a massive difference. Hopefully with your UA-cam content you can build yourself a nice side hustle!
@@jazzyb8886 thank you for the guide words and great suggestions. People have been hammering me for my SIM costs so need to work on that for sure 😅
UA-cam would of course make a great side hustle, but for me it's all about helping people. I never started this to make money, just to make a difference. Hopefully the channel can do that and help people to help themselves and their relationship with money.
Appreciate you reaching out 🙏
Thank you for your transparency I really appreciate it thank u thank u thank u
@@jonathanlake3366 glad you enjoyed it. Thanks for the feedback and for watching 🙏
Thanks great video
Paying way too much for your sim only plan
i pay 10 for 100 GB on Vodafone (18 month contract)
Exactly... I pay 7.50 with talk mobile... I get 25gig which i barely dent.. plus unlimited calls and texts ..monthly rolling contract
I came here to say the same thing. You can pay as low as £3 a month for a decent deal with companies like Lebaro. I’d say anything over £10 a month is too much.
No he isn't. Some people want more data or faster speeds.
@IJFJJAJI he IS!!! PLENTY PLANS WITH MEGA DEALS with huge data ...texts and calls!!! He failed to search for a good plan with fast speeds!!
Knowing the region in UK that you're in would help understand the cost of living in that area. Regardless, super insightful video. Subscribed
@@andrewmathew8220 south west of England, along the M4 corridor. The house is a small two bed if that puts things into perspective.
I'll release a more detailed house review/buying process soon too.
Appreciate the kind words, thanks for the support 🙏
Great video, thanks
@ravindersingh4822 glad you liked it. Appreciate the feedback 🙏
very insightful
Post grad loan interest rates are so annoying too - thanks for the video
@@joemurray agree, the fact they increase as you earn basically set them up as an extra tax in effect.
Worth the experience in my opinion though, a great time at uni and developed a lot over the time.
Appreciate the feedback and the contribution. Have a merry Christmas 🙏
Great video! I dont understand mortgages tbh. If you got yours 4 years ago why would you need to remortgage soon?
@@user-vg1tt3vg9y I didn't either until I started looking into them.
So it was 5 years ago I got my house, so I had a 5 year fix which I remortgaged in November 2024.
Video is up explaining this process.
In short you have to remortgage at the end of your term, usually either 2 or 5 years depending what you picked (other terms are available of course).
Hopefully this helps.
Thanks for the comment, good question 🙏
Love the video. Humble and realistic. Feels like you can only find multimillionaires or £1 a day breakdowns on youtube lol.
I too, however, have to roast you for the £30 sim. Im on 29.99 and i get an s23 ultra plus sim with 100gb!
@@K3end0 thank you for the feedback 🙏 yes I like to think these strike a happy medium between the two extremes.
Oh wow! Yeah this won't do, I really need to get on that soon. Appreciate the support, and the additional roasting 😅 All the best!
Thank you for this video
Tax is a strain. I'm on 220k a year and that's 18,000 a month but tax is around 7k a month for me👀.
@@Rafael-Matheus96 wow, that's incredible! Well done for the salary, must've taken some real hard work and dedication. Respect the grind 👍
The tax isn't amazing 😅 best to try and ignore it. Just be happy in the knowledge that at least some of it is helping out the wider economy... Try to forget about the part that might be wasted!
Happy new year 🙏
@@CourtneyJonesFinancial - Many thanks; the grind is real but can take a toll on mental health tbh so I would appriciate more of a work/life balance.
Thanks again for your video. Much appriciated. Happy new year to you too.😌
How's much is the property subject to the mortgage? Around £250k? & Over how many years are you paying it off?
@@Rafael-Matheus96 you're in a solid position to build that financial freedom which is epic.
I too value freedom more than purely money so you're not alone, and if it's what is important to you be sure to prioritise that.
The house was only £160k when I purchased it. It's now about £210k. The mortgage is a little under £120k remaining with 20 years left (without overpayments).
My remortgage video outlines how I'm trying to get this done sooner through. 👍
Appreciate the comment 🙏 great questions.
@ thanks, Indeed.
That's pretty decent. Well done bro.
Nice, I'll check out that video too🫰
Great insight. Would of been helpful if uncould design a excel spreadsheet. Are you putting money on ur retirement plans or putting some money aside for saving.
@@phichau90 great point. Some others have asked for this too, so I will put out a video in the coming months detailing the spreadsheet I use.
To your second point I am doing both. 10% to retirement, and then split between savings and investments. At the moment I hold about 3/4 months in savings as emergency then try and invest the rest.
Good questions, thanks for commenting 🙏
Great video but my biggest question is what is a chartered accountant doing with a van? #vanlife or trade side hustle?
To put the motorbike in and go off-roading or maybe a track day.
@ Damn! All the clues were there 🤦
@@Lee-eeL86 😅
@@kkndcf I brought the van to covert to a camper originally. Then COVID hit and ended the progress. We kept hold of it and now have some future plans for it coming in 2025. Watch this space!
Thanks for commenting 👍
@@kkndcf 😆 Well, that's what I'd do!!! There's a few of us that have converted vans into semi campers, they're comfy enough to sleep in while having storage for a trials bike.
sorry did not see if you were living alone but £320 a month on food for home for one person is a bit of an overspend of like £100 at least. And I dont mean by aldi standards or anything. Unless you included alcohol or something in that
@@BatsAndBadgers no apology needed. I live with my partner and we split some bills, so this is roughly my share. Sometimes it's up and sometimes it's down and we don't tend to restrict ourselves too much, a couple of bottles of wine here and there for sure.
We could definitely get this down if we were super strict, but we definitely treat ourselves here and there.
Great observation, appreciate the comment 🙏
Good video bro!
@@DJ_SAMMY_P thank you! Glad you liked it. 👌
Good balance there mate. Gotta have some fun, cant tale it with you snd all that
@@benj6244 thank you! I agree, when I was on a lower salary I prioritised saving. But now I do include some money for eating out and travelling.
No good being the richest man in the graveyard as they say.
Appreciate the comment 🙏
You are doing great, I was definitely not that sensible about saving at your age.
@@matg918 thank you 🙏 everyone is different and were never taught this stuff so I wouldn't worry. Appreciate the comment 👍
Hi great video really good to see your breakdown. It's motivated me to budget better in tbr coming year with a similar wage as I want to buy a property. Any advice on what now much to save towards a deposit for a property as a single man?
@@francissmalls3882 thank you! I saw your other comment earlier on so congratulations again on the new job 👍
I'm glad this has helped you, I have just put out a budget builder video if you wanted to see a spreadsheet example. This is the method I use to track and build up savings.
I can't give specific advice. But in my opinion a 10% minimum is always best as it unlocks more favourable rates.
I will caveat this though in that, if a 5% deposit could buy a house now Vs waiting longer for 10%. Depending on area and house price increases it may be better to go for 5%. - I can't speak for your specific situation, but perhaps this is a topic for a 2025 video.
Great question 👍 appreciate the comments 🙏
@@CourtneyJonesFinancial thanks for getting back to me I'll have a look at your budget video, appreciate the advice
@@francissmalls3882 you're welcome. I'll always try to reply where I can. Thanks for supporting the channel 🙏
Man I pay £10 pay as you go with O2 and it is more than enough.
@@juneasia7875 yes I need to amend this for the new year for sure!
FYI, my phone is sim-only too at £8.5pm with O2. 40gb internet and unlimited calls - I would renegociate on black friday
@@Linawouldrathernot great deal and a great suggestion to wait until the deals.
I have had a look into this and have reduced it now slightly while keeping the same service 👌
I will look again around the sale time though
Thanks for the comment 🙏
Post holiday expenses I assume savings is closer to £5k a year at the most ?
@@Timmyl1992 I'd have to sit down at the end of the year and see where I ended up. In terms of raw savings you're probably not far off as I put a lot of money towards the building investment now too. I will do an updated budget for 2025 so will cover this off there once the year is finished 👍
That's an incredibly cheap mortgage, I'm looking at getting my first home and I don't think I could get remotely close to that price.
Is it a 2 bed home and how much was it if you don't mind me asking?
You make a great point here, and it's a good question to ask.
My house was £160k exactly. This was back in November 2019 on a 5 year fixed rate mortgage at 2.4%. (10% deposit)
Yes it is a two bed, my house now is worth around £205k (roughly) based mostly on the increases we saw during the COVID years. I'll put out a house tour in an upcoming video so you can get a better idea of house.
Back in 2019 comparable properties were roughly £15k - £25k more than what I paid, as mine did need a lot of work which I did myself during the first few months. So you can save a little bit here.
I am due to re-mortgage in October, so I will cover this in more detail as I know for a fact I will be paying considerably more at this point than I am now.
I feel your pain, looking back when I was buying on a much smaller salary I didn't think I would be able to save to buy a place. But I just cut back where I could and saved as much as possible. It's worth it when you get there!
@@CourtneyJonesFinancialhow long did it tke to save if h dnt mind me asking kudos to u 👍🏿
@@kwameopoku3576 don't mind you asking at all. It took me roughly 18 months.
I started saving around £700 a month. But this was too slow. So I got rid of my finance car and this enabled me to up my savings to around £1100-£1200 a month. (Explained in my worst financial mistakes video).
During the last 12 months I was also renting a room for £250 (very cheap) so this helped.
@@CourtneyJonesFinancial Hi, that's some interesting information. How much was your deposit and what area are you based in?
NEW HERE. ROCKING IT
@@mobolajiakinola3 welcome to the channel. Appreciate the support 🙏
hey is your salary still increasing throughout the years or is 55k your peak and final salary?
@IbrahimArif-qy4eo it goes up year on year. I have just put out an updated salary video with a detailed budget for 2025 👍
Good question, thanks for the comment 🙏
@@CourtneyJonesFinancial thank you for replying! by the way how much years of expereince have you had to be getting a 55k salary and also how much does it increase yearly?
@IbrahimArif-qy4eo you're welcome. I will always aim to reply it may just take me a little while, so thanks for the patience.
So I had around 3 years experience after becoming chartered, and then had worked in finance for around 3-4 years before that. So in total you probably need a good 6 years under your belt... In my experience.
To be honest, I've seen people jump to salaries way higher at earlier stages but they're super intelligent and motivated. So it's all relative to the person and how much work you put in.
Increases can vary from the standard 3-4% annual increase to performance based higher increases or even promotions. I'll cover this in an upcoming video once my own increase for this year is finalised 👌
Good questions so thanks for commenting 🙏
£80 a week for fun. Thats not a lot of fun round here.
Really? Seems like a decent amount tbh.
@LawrenceTimme The average cost of a night out in the UK is around £73.91, and includes pre-drinks, transport, entry fees, drinks, and daytime preparation.
Leaves ya £6.09 for the rest of the week.
😖😖 I spend like £500 for “fun” each week and I literally don’t go out much (also WFH). £80 is not “decent” at all.
I mean he has a motorcycle J would put that on fun
@@VBoo459 you're not doing it right
I do like the fact you're kind of doing your own P&L account, putting your skills to good use. A fair few will not bother and ask themselves why their outgoings are far greater.
@@ashokdeb8365 thank you 👍 glad your appreciate the budget. I do try and leverage my skills, but personal finance nearly always is self taught. Hopefully people can benefit from this approach and adapt it to their own situation. Appreciate the feedback 👌
How can I make it as a chattered accountant when I only have a BSc in accounting and finance
@@marycash183 I have a detailed video out about my journey to become a chartered accountant. I went through the same degree as you so it should be a good guide to follow.
In short though, a few more years of studying towards a professional qualification and then you should be there 🙏
Great question, all the best.
Very interesting video. There is a few things you can get cheaper and cut the cost to save money in the future. I only pay £25 per month on internet for example and I’m on pay as you go £10 a month for my phone. Don’t really need insurance many of them are a scam. My family have owned many different properties and never needed insurance and Spotify you don’t really need.
@@LittleMissSkelling thanks for commenting. I do need to review my smaller subscriptions in the new year as these easily creep up.
Spotify is definitely a luxury, I like the convenience and I need to sort out a family plan as my partner has it too (very wasteful here).
Appreciate your advice here 🙏
Fascinating
what is the value of the house if you are only paying 630 quid a month?!? did you put down a large deposit?
@@boristheblade209 it's roughly £210k now.
I am very fortunate in that when I purchased it before COVID it needed a lot of work.
I did this myself and then the price over the last 5 years increased exponentially.
I put down £16k for 10%. This was tough for me back then as I was earning £26k when I completed.
My monthly payment now has gone up since remortgaging though - I have just put a video out on this if you're interested.
Good questions to ask, thanks for watching 👍
@@CourtneyJonesFinancial Fair play and thanks for the reply!
Good video.
Keep up the good work.
I know my fixed direct debits for bills but I'm not tracking my other expenditure like food and fun.
This is a good insight to track how much I'm spending and how much can be leftover for investments.
@@thefamilycat86 thank you for the feedback. I certainly will 👍
You're doing something though which is a good start, knowing your fixed costs are more than some others out there.
Glad you enjoyed it, I will be breaking down my spreadsheet in 2025 when I update my budget so you may find that useful too.
Appreciate the comment 🙏
Which dentist insurance do you have? Do you recommend it?
@@Katie-Lei Denplan. For me it works well as it spreads the cost and then makes me go to two appointments a year as I have prepaid.
If you just go once a year then probably not worth it, but the older I get the more I prioritise my health. 🙏
My rent is £1050 per month 😢 solo earner for family of three makes saving tough
@@AGoodBean putting the work in to provide is an achievement in itself and one to be proud of though 👍
I feel for this situation as it's hard to find the wiggle room to save.
Keep positive and save what you can, little and often is always better than one big amount...(Unless it's a lottery win of course!)
Thanks for sharing as it helps to see the range of perspectives 🙏
@@CourtneyJonesFinancial that's a very kind and wise response ☺️
@@AGoodBean you're welcome. Remember you're an inspiration and example to many by providing for your family. Don't look at what you may not have just yet, rather focus on what you do have 🙏 All the best
Try to convert your job to remote contracting work and move to Thailand. $70k USD equivalent gets you extremely far in SE Asia and you will be saving like crazy and living like a king there.
@@FunkyChild718 it is something I may explore in future. For now the security of full-time employment fits my situation for what I'm currently doing with investments. But once I want more freedom this is definitely a great suggestion. Thanks for commenting 🙏
Insurance for your 3 vehicles, + road tax + maintenance????
@@drpacman9996 down to 2 now! But yes it was excessive. A lot of the maintenance I do myself so this saves some money too 👍
Could you discuss the best ways to cut back and save
@@Jojohumf I'll take this forward into 2025. I will be doing a revised budget for the new year so will try and incorporate this within that video.
Thanks for the contributions and comments 🙏 have a merry Christmas.
@ God bless, it’s a very useful video. It’s interesting to see how others manage their money or how much income they have left over.
@@Jojohumf I agree. That's why I started the channel, so we can all share and get a realistic perspective on personal finance 👍
Appreciate the support 🙏
10% pension and sub 1000 mortgage for a HOUSE??? Insane- I'm jealous!
He is fortunate that he took the mortgage at a time when the UK had significantly low interest rates. Mentioned that its coming up for renewal so I'd expect it to go beyond £1k a month payments once he has.
He definitely would have had parents help to acquire the house NO ONE has a mortgage that low or let alone can buy a house by themselves in the UK even on a 55k salary
Yep, great video - but has to be a separate 10%+ deposit somewhere in here.
Nice vid, I earn roughly half that amount I'm lucky to have cheap rent though (£450 per month & no debts) would love to get a mortgage but was quoted over £1200pm so would rather save 3-4k a year & hopefully have a decent amount saved if it all goes tits up but doubt I'll ever save enough to get a 50% mortgage.
@@jacklee7104 thanks for the feedback. Glad you liked it.
That's an incredibly good amount of annual savings. Let's hope rates come down some and then perhaps you will be able to buy.
It's great to see you're saving up still though.
Keep positive and I'm hopeful an opportunity will come up 🙏
All the best
Thanks for sharing. Dunno what this guy is spending on multiple home insurances plus some extra aviva and 3 vehicles. Get that down to one vehicle surely.
@@andrewgilroy6847 good observation, one insurance is the standard building and contents insurance. The other is for any internal electrical and water fixes that are needed. External to the house are the water companies responsibility. So they cover different elements.
Vehicles - I am back down to 2 now 😅 I just purchased a small car for summer that I've wanted for a while, but have since gifted this on.
Thanks for commenting 🙏
It really makes you wonder how people get on with average or below average wages in this country now.
Benefits.
£74pm for Internet and phone is crazy, you can get good fibre internet for around £26pm if you change at the end of each contract (at least where I live), and there's no way you need a £30 sim deal.
@@jamiemb17 thanks for the comment, I have been told this a lot recently so I will definitely be looking into this for sure!
I have the EXACT same salary as you within £2 a month, however my Plan 2 student loan is £208! Your calculations must be wrong.
@@DreamClean you're correct. At the time of filming this my salary for the tax year would have been a combination of my old one and new one (looking at the full year). So it averaged lower. Just had a check now and it's the same 👍
Will have to do a new video in the coming year for all the updated changes in 2025.
Great spot 🙏
900 for vehicle tax? You driving a mustang?! 325 for the van im guessing 30 for the motorbike that leaves over 500 for the car?
@@koolworths 😂 good observation. Yes the van is spot on. The bike is actually closer to the £130 mark would you believe!
The car was around £300 too, but I've since gifted this to a family member.
So luckily I'm back down to around £450 🙏
I always overestimate my fixed costs to leave a little wiggle room.
I’m curious, why do you drive a van?
Also, you never included costs for barbers & clothes.
@@green1880 the van was a project that has long paused. But since then it actually turns out to be a great vehicle, I can do DIY projects way easier with it and it's not much more than a car to run.
I also learned to cut my own hair in lockdown so have kept doing so since. Clothes is a good one, I rarely buy clothes and usually go to TK max for all the discount items. I will include an element in an update video soon.
Thanks for the comment 🙏
what about if you earn 23k yearly?
@@mynameis3983 great question. I did a £30k video but can certainly look to do a £20k-£25k one. Thanks for the suggestion 🙏
your water bill is quite a lot?
@@m-ear great observation. It is, that's because I am yet to have a meter fitted so I am on a fixed rate based on my area. This is somewhere I can improve for sure. Thanks for commenting 👍
How much do you pay for heating?
@@-owatts3589 it depends. I'm on a prepay meter as I like to see what I'm spending, despite it being arguably more expensive.
I pay £10 a week in summer months and maybe £15-£20 a week in winter. It's a small house but the heating system is outdated.
Great question, thanks for commenting 👍
Hope you’ll do a spreadsheet example we can follow. I have over 20 categories that I account for which is a bit nuts but I only earn about £12k a year and have a dog too !
@@lenkiewiczlover7256 I will look to do this in future, I have the spreadsheet already so I will see how this edits together and try and put one out.
Wow that's an impressive breakdown, perhaps we need to share your spreadsheet rather than mine!
Thanks for the comment, all the best to you and the pup 🙏
Very candid video but brace yourself on the remortgage.
@@fatwalletboy2 thanks for the feedback. Yes! I have already done so now in November. It wasn't horrific but definitely not a nice feeling - video is up if you're interested. Thanks for watching 🙏
We just managed to get a 5 year fixed mortgage before it started to really go up. But still pay £1200/month for a 3 bedroom house. Madness.
@@domtomas1178 glad you got your locked in 👍 I personally prefer a fix so I can plan my budget.
Hopefully it'll pay off in future as your principle is paid down 🙏
Could you do the same for the average salary in the UK?
@@P_ESAR I have put out a video for a £30k budget. Hopefully this is what you're looking for 👍
What about Council Tax?
@@burry218 I thought I had it in there. Around £125. It might be bucketed up in my fixed costs.
I have a new updated video out now which details where I am at going into 2025 🙏
Does your company match the 10 percent contribution you make to pension? Mine only matches 5 percent
@@nafisrahman5791 yes. I receive a match up to 8%. So in total 18% combined. Not the best but not the worst. 5% is still something, and in my opinion always worth maximising 👍