Charity wise: we usually take a week off per month from our main grocery shop and put that money to charity. It also allows us to wind down the food in our house, be creative with using everything up & shop our pantry instead. It’s helped us significantly reduce our food waste and also redirect money to charity. We pick 4 themes for our charity donations (health, global, climate & animals) and do research through the month for which one we’ll donate to.
Great to see women talking about finance! Here's my tip: after I had a budget for a few years and got a sense of what I was spending, I started using an anti-budget instead (setting up an auto-transfer for the amount I want to save each month on the day of my pay cheque, then not worrying about how I spend the rest because I know that I've already hit my savings goal). I found monitoring my spending super closely made me feel anxious or guilty, so this has been a really helpful method for me.
Donating to charity is something that's been really important to me. The way I handled that with my salary was to sit down and figure out how much I could afford to give each month, researched and found a handful of charities I really wanted to support, then split the total up between those charities as a monthly donation that comes out at the same day my salary goes in. When my salary increases, I might choose another charity to donate to, or increase the amount I give to the ones I support already
I’m 26 and I feel like I only managed to get on top on my finances in the last 18 months due to watching the break. I wish I had something like this when I started working at 17! Thanks xx
After the pandemic hit, specialists are recommending set up an emergency fund with enough money to survive between 6 to 12 months (ideally 12 months). There were a lot of people losing their jobs during this time and 6 to 12 months allows you to reset your life in situations like a global pandemic.
This was me and I was able to survive for 9 months while I found more stable income. It was sad to see my savings go, but I didn't lose my flat and allow some form of normalcy.
I'm 26 and over the past 6 months, I have started really taking control over my money. Started investing and making a budget for the future. Having money goals and knowing where to save and where to spend. It has giving me so much confidence to be financially literate.
As a current uni student, I saw this video and just thought it wouldn't be relevant to me/wouldn't interest me at all (even tho I love all your videos), but after watching I've realised how invaluable all this advice is and how useful this video is! Thank you so much for making this, it's a great starting resource for someone like me to plan ahead for the future!
Just what I needed! I'm currently doing an unpaid internship, hoping it develops into a full time position. But my last pay check was December 2019 so my finances are running low!
In terms of charitable giving, I’d really recommend looking into a local organization! Your money will go farther than in a national or global one, and you can have a real impact on your community. When the pandemic started, I set up a monthly reoccurring donation to my city’s mutual bail fund!
I am in my early thirties and I have been on my own financial journey over the last few years, I now love a good spreadsheet! My pay fluctuates each month, I get paid hourly, where charitable giving is concerned I use the Christian concept of tithing, 10%, as a good rule of how much and spread it out over a few of my favorite charities. I worked out the lowest amount I would be paid in a month and went from there. I set up Direct Debts to make monthly payments to my chosen charities and I don't then need to think about it. I feel good about it and with one of them as it is a standing order I can change it with my bank if needed. I feel like I am at the beginning of a lifelong journey that I will only benefit from in my old age!
Ethical super is important as well for a lot of people. There was a doctor working at a Cancer centre and when investigating, found that her workplace's super was investing in tobacco, exactly what was killing her patients, so she fought for her employer to use a 100% ethical super
My parent's always had their own businesses and I definitely felt their financial stress and struggle growing up. Now I have always made money being employed by a company. I love the financial security but see the benefits of working for yourself :)
regarding charity- im a college student with little income, so i set aside 5% of whatever comes in to donate to orgs/gofundmes! its a really great way of continuing to donate to things i care about without overspending.
found this so helpful! Love seeing a young woman talk about finance in a really accessible way - thanks Lucy. Really hope you make some more videos like this.
Couple of years ago I went to my bank (Germany) to ask for advice. I have always been good with money but felt a bit stuck with having to pay back a loan for a private education course, paying back money my Dad kindly lend me during Uni, and saving some money to finally get my driving licence and one day have enough to move abroad. It was so helpful even though I already had a good grasp, just learning about different options, investment, pension schemes (will have to wait until I am in the country I want to stay in). Then also talked to my insurance guy about keeping the low-key pension setup while I am still here, so all set and all goals reached so far, which feels amaaaaaazing. Highly recommend everyone getting help :)
Hey Lucy, love the video. I was just wondering why there is no closed captioning for this video? I understand it can take a while but it really eliminates part of an audience. Would love if you could provide some ❤️
For charity - I have all my charitable giving automated ( a lot of organizations have a way to set this up). I've heard getting a small amount consistently through the year is actually really helpful for organizations in terms of budgeting and planning (i'm sure you can understand given your own experience with variable income) so I started it out with smaller monthly donations that I've increased as my income has increased. In terms of choosing I'm religious so I give to the church that I am a part of but outside of that I started out by choosing 3 organizations, one local on national and one global, so for me that was the local food bank, the equal justice initiative (an american organization fighting mass incarceration and racial injustice) and the international rescue committee (humanitarian aid and crisis response)
I love this, Lucy! SO well explained. I use a Lifetime ISA but likely not for house buying (lol would love to buy anywhere in London for under 450k) -- rather for saving for 60+ and maxing out that govt bonus. I pay in £4000 every tax year to get the £1000 bonus. I also have a Help to Buy ISA. Big fan of switching savings accounts when interest rates get rubbish. I always put a note in my calendar when the initial year of sweet sweet interest rates expires.
also really glad you mentioned the caveats re: ~sustainable~ because I was really surprised when a portfolio I was going to sign up to included BP...ew. maybe I should make a vid about how I figure out giving to charities?
Hi Lucy, great video. Just one small thing: ISAs don’t necessarily have to involve locking money away, instant access ISAs also exist. I work in financial advice and I agree there’s a desperate need for sharing this information to younger generations so good work!!
I just started my own journey and I’ve been listening to the ever fantastic podcast: She’s On The Money. Definitely recommend!! Victoria makes money so much fun and takes the fear out of it all.
This is something I really wish was included in PSHE days at school... not just (poor) sex education or ‘how many bags can you make out of newspaper’ environmentalism. Of course those things are important but it’s good to switch it up so we’re prepared outside of school. I’m in my 20s now and I never got taught any of this. Thank you Lucy, this has given me a great place to start. Also while we’re on the topic, Anna Newton’s ‘An Edited Life’ has a money section and her book as a whole has helped me organise myself so much better ☺️
Really loved this video! Currently trying to take control of my finances as I’m finally in a role where I’m out of entry level jobs & actually starting to ‘make money’ let’s say. Lots here to think about! Re charity, for me I set up a direct debit to a homeless charity I think are great to pay 10euro a month to them. I also get involved in a local food bank every month to send down some food where I can. I then use my ‘spending money’ to make one off donations where I see fit to campaigns (for example a National park locally got badly hit by fires, so I donated some money to help plant some trees this spring).
This is so helpful, and is something I am constantly thinking about at the moment. A way I've found to boost my credit rating while saving for a house is rent reporting, so that every time you pay your rent it's going towards showing you are reliable and always pay on time.
I've heard that in regards to charity, it's better for the organizations if you are a reoccurring monthly/yearly donor vs a lump sum (even if the reoccurring number is much lower!), since it allows them to better budget their year and therefore also plan long-term, higher-impact work.
I love this content, this ERA. I’ve been watching you since I was in London for uni!! Here’s to having control over our finances 💖 I’m so excited to keep watching you all the way into our 30s 😂😂😂😂
this was so interesting! im in my early 20's in college, and not in the UK so it doesnt all apply, but its something im interested in learning about so will absolutely be checking out the resources, thanks lucy!
On charity donations: thought I would share my current process! I am a solidly upper-middle class 20-something with a regular salary and I donate 5% of my post-tax income automatically every month (I made this number up arbitrarily!). I review my charity spending at the end of each year to update my organisations and check the figure has kept pace with any pay rises. I find it a bit emotionally overwhelming to choose new causes/organisations regularly, so love setting aside for once a year. At the moment I focus on three themes, which are paying the rent (as I live on stolen land of the Gadigal peoples), healthcare, and services for asylum seekers, and I think I will add environmental regeneration/conservation shortly. Hope this helps others trying to think of a way to approach their charitable contributions!
This is class. I’m similarly on a money-journey. The ‘spaces’ in Starling similar to the pots thing is so so helpful. Also need to do more thinking on the pension stuff as self employed is such a Wild West for that!! Also big cheer for ideally avoiding tobacco and alcohol investments, it’s worth us doing the ‘next level dig down’ to work out where they are putting our money 💰 I think many folks asked would say ‘of course not’ while not realising it’s happening with their own money :/ I was put off Bitcoin a while back from the ethics of it, keen for new innovations but a shame when they don’t function with how we might hope!? Ie lots of coal being burned in China for it… thanks for taking the time to make this!!
Creditscore can be checked freely with experian and others. Using credit card for 6 months and other direct debits should be enough to boost up the credit score. You don't have to go spend upto the limit to boost it. Expeirian paid service can also help to boost up the credit score.
as an 18 y/o almost at the end of my first year at uni this vid is so so inspiring and motivating!!! id love to start learning about finance now because im already realising how much money im spending unnecessarily. this is such a great video, cant wait to get through all of your recommendations in this!! not sure if u will see this comment lol, just wanted to say its a great vid!! remember saving it last year as it wasnt relevant to me at the time but i knew it would be in time :)) ❤️❤️
I also love reddit's subreddit's for personal finance! They have amazing guides that are specific to different countries (I look at r/personalfinancecanada). Also Koho is a card that has similar features to Monzo in Canada (a prepaid visa card with no fees).
Thank you Lucy!! I am in the process of buying a house and was feeling really overwhelmed about the future. Some really valuable tips that couldn't have come at a better time for me! x
That was the most amazing video thank you so much. If you could do a video about self employed finance that would be so FANTASTIC! I've been self employed for about a month and I am so overwhelmed by the business side of it.
This was a brilliant video-so accessible. I'm trying to learn more about money atm too and it can often be overwhelming to know where to start. Thank you for this and all the resources :)
This was at such a perfect, approachable level! Thank you for sharing 🤩 I had already heard about most of the stuff you discussed so it was just nice to follow along and hear a slightly different take on things. I am so motivated now to get a grip on my money & budget again 💛
Charity related~ I try to go for 10% of my earnings if I’m not in a crunch and then I split this into three different categories. A certain amount for taking out of an ATM for people struggling with homelessness ~ but because I’m not quite comfortable doing that yet it would go to an established charity for the homeless. Second portion for an established charity close to causes important to me. Thirst portion to more individual causes, things like go fund me’s such as when people need aid with medical bills, repairs on community buildings etc. That way I find that the money I do give to charity reaches long term to a wide range of people and short term to people who may not receive as much support. Hope this helps!
This is such a good system!! I also spend about 10% of my income on charity but right now they go to direct debits for established charity but that means when i want to contribute to peoples go fund mes/ emergencies etc it’s not always financially possible. I LOVE the idea of splitting it up this way!!
Thank you so much for this ❤️ I get so anxious about money and savings etc, this was a really lovely non scary video which has given me some beaut hope and tips for my finances
thank you so much for this video !!!!!!!!!! i am in my early twenties and trying to get to grips with how to manage my dolla bills. thank you for giving me lots to think about and resources to read x
I am so proud of you! This was an excellent video, but mostly I am so proud of you for being so intentional and thorough in you personal finances! Wonderful to hear how you work both with your company and your private finances and what you have learned along the way. This is also very important when you are cohabiting or sharing your life with someone
this will be so helpful for me once i have a job again.... my life kinda went tits up in covid bc i work in live entertainment so i'm a bit off the rails with my saving and planning and suuuch (we love being unemployed at the ripe old age of twenty four) but i definitely relate to using the same strategies i did as a teenager/student once working full time n it's something i know i need to work on once i have a steady income again!! hell yes to breaking the stigma around talking about finances and money and stuff. we love it (smash cut to me asking tax filing questions to my industry friends in our group chat lmao)
If you’re self employed then you would probably benefit more from investing your pension savings into an ISA and maxing the limit out first than using a SIPP or stakeholder pension because that will have much better tax ramifications if your income isn’t in the highest tax band currently.
Thank you for this! I'm from Canada so things are a liiiiittle bit different here when it comes down to the nitty gritty, but I will be using your video to help me set up a plan that works for me :)
More people our age definitely need to be aware of the benefits of saving early on so thank you for this! I would highly recommend trying to put money into a Stocks & Shares ISA - while it is riskier than a Cash ISA, putting in that risk now while we're young will be so beneficial in the long run because of the beauty of compound interest, especially with the pretty poor fixed Cash ISA rates at the moment. I would recommend index funds and while there is not so much freedom of choice in the companies that your fund invests in, it is a great step in the direction to invest in more ethical choices e.g. Hargreaves Lansdown has a few different sustainable energy funds, amongst many others! Bukola/The Come Up also has a good video 'My Investing Strategy (Index Funds)'
I know you said you were with Monzo but I'd still highly recommend using HJ! It's amazing for budgeting, so simple to use and isn't actually a bank so you can't get into debt or anything, it just makes spending way cooler haha
I was always so proud of having an emergency fund and it’s come in clutch during covid... it’s just about out now but hopefully I’ll start clawing some money back by the end of this month. This was a really great video with fab beginner advice for everyone :)
Hi Lucy, this is such an informative video, and really needed when basic finance isn’t taught in schools! Your definition of ISA isn’t quite right - especially with Cash ISAs, if you pick a ‘flexible’ ISA you can put in and withdraw easily without it being locked away (with the maximum investment being £20k this tax year)
Loved this video. I also feel unsure with how to best factor in charities! I currently have a few animal charities that I love and donate to regularly but feel like I need a better plan which incorporate other causes.
everyone should consider investing in an index fund. compound interest means the earlier you start the more it grows. bear in mind it follows the stock market so will go up and down! but on average as long as you add whatever you can afford (£10, £100, whatever) regularly it will grow over the long term. the returns are muchhhh higher than a savings account.
For charity donations, I set aside a gifts/birthdays/Christmas budget for friends and family and at the end of the year whatever I don't spend goes in charity donations. In the past I've done direct debits but have found my relationship with charities often changes when I have these in place. Such as getting unsolicited phone calls and emails asking for more money. Its a real shame because I know these calls are in good faith, but I'm pretty sure everyone hates cold calls these days.
That's such a smart idea. I usually buy presents all year so I'm not scrambling a) for time and b) for money. I've never even thought of what the budget *would* have been to allow for a charity pot.
Great video Lucy! Another book I’d recommend for a UK perspective would be ‘I will teach you to be rich’ by Ramit Sethi. Cheesy title but I found it super helpful and straight forward
Hearing 'thinking of buying in 2 years' really helped me get a picture of the numbers involved; I'm someone who considers themselves to be in the intersection between ostentatious earnings and scrooge-esque frugality but I can't fathom buying anything in London for a good decade most likely - evidently there's money to be made in youtube!
I’ve been saving for 5 years already and I’ll only be putting up half the deposit as my boyfriend will put up the other half. There’s money to be made but just wanted to put it into perspective!
@@lucymoon wow, cool to hear you've gotten such a headstart on the savings game! - and if I ever buy in London it'll definitely be with my boyfriend too :)
Lily Pebbles donates every month to a different charity and also they donate for their littles girls birthday as they don’t like too many toys. Inthefrow donates 10K at Christmas to different charities but I agree, everyone should talk about money more.
honestly even the economics and finance classes that are taught at uni are primarily theoretical, not practical or applicable at all to personal finances
This was such an interesting video thank you so much! I’m trying to get better at personal finance but it does all feel a bit overwhelming sometimes! ☺️🙃Regarding charitable donations, I tithe (Christian practice of giving 10% of your income) and this has helped me to be consistent in my giving which I think is really important (where possible), just because it’s often easy to justify a self-purchase at the expense of someone/something else?
LISA is just free money (25% free money). It does not matter where you are buying or when you are buying or not going to buy at all (can be used for pension). Just open the account and keep paying the minimum every month. Also, your first purchase with mortgage wont be more than 450k. Let me be little rude and tell you, your first property should not be more than 450k with mortgage.
Charity wise: we usually take a week off per month from our main grocery shop and put that money to charity.
It also allows us to wind down the food in our house, be creative with using everything up & shop our pantry instead. It’s helped us significantly reduce our food waste and also redirect money to charity.
We pick 4 themes for our charity donations (health, global, climate & animals) and do research through the month for which one we’ll donate to.
Brilliant idea !!
THAT TOP! THE CONFIDENCE! THE ADVICE! LOVE!
Great to see women talking about finance! Here's my tip: after I had a budget for a few years and got a sense of what I was spending, I started using an anti-budget instead (setting up an auto-transfer for the amount I want to save each month on the day of my pay cheque, then not worrying about how I spend the rest because I know that I've already hit my savings goal). I found monitoring my spending super closely made me feel anxious or guilty, so this has been a really helpful method for me.
This was so approachable and informative, you absolutely smashed it luce!
Thank youuuu my lovely Leena
Donating to charity is something that's been really important to me. The way I handled that with my salary was to sit down and figure out how much I could afford to give each month, researched and found a handful of charities I really wanted to support, then split the total up between those charities as a monthly donation that comes out at the same day my salary goes in. When my salary increases, I might choose another charity to donate to, or increase the amount I give to the ones I support already
I’m 26 and I feel like I only managed to get on top on my finances in the last 18 months due to watching the break. I wish I had something like this when I started working at 17! Thanks xx
After the pandemic hit, specialists are recommending set up an emergency fund with enough money to survive between 6 to 12 months (ideally 12 months). There were a lot of people losing their jobs during this time and 6 to 12 months allows you to reset your life in situations like a global pandemic.
This was me and I was able to survive for 9 months while I found more stable income. It was sad to see my savings go, but I didn't lose my flat and allow some form of normalcy.
I'm 26 and over the past 6 months, I have started really taking control over my money. Started investing and making a budget for the future. Having money goals and knowing where to save and where to spend. It has giving me so much confidence to be financially literate.
As a current uni student, I saw this video and just thought it wouldn't be relevant to me/wouldn't interest me at all (even tho I love all your videos), but after watching I've realised how invaluable all this advice is and how useful this video is! Thank you so much for making this, it's a great starting resource for someone like me to plan ahead for the future!
Just what I needed! I'm currently doing an unpaid internship, hoping it develops into a full time position. But my last pay check was December 2019 so my finances are running low!
i can't begin to tell you how helpful this is
In terms of charitable giving, I’d really recommend looking into a local organization! Your money will go farther than in a national or global one, and you can have a real impact on your community. When the pandemic started, I set up a monthly reoccurring donation to my city’s mutual bail fund!
I am in my early thirties and I have been on my own financial journey over the last few years, I now love a good spreadsheet! My pay fluctuates each month, I get paid hourly, where charitable giving is concerned I use the Christian concept of tithing, 10%, as a good rule of how much and spread it out over a few of my favorite charities. I worked out the lowest amount I would be paid in a month and went from there. I set up Direct Debts to make monthly payments to my chosen charities and I don't then need to think about it. I feel good about it and with one of them as it is a standing order I can change it with my bank if needed. I feel like I am at the beginning of a lifelong journey that I will only benefit from in my old age!
Ethical super is important as well for a lot of people.
There was a doctor working at a Cancer centre and when investigating, found that her workplace's super was investing in tobacco, exactly what was killing her patients, so she fought for her employer to use a 100% ethical super
My parent's always had their own businesses and I definitely felt their financial stress and struggle growing up. Now I have always made money being employed by a company. I love the financial security but see the benefits of working for yourself :)
regarding charity- im a college student with little income, so i set aside 5% of whatever comes in to donate to orgs/gofundmes! its a really great way of continuing to donate to things i care about without overspending.
found this so helpful! Love seeing a young woman talk about finance in a really accessible way - thanks Lucy. Really hope you make some more videos like this.
Couple of years ago I went to my bank (Germany) to ask for advice. I have always been good with money but felt a bit stuck with having to pay back a loan for a private education course, paying back money my Dad kindly lend me during Uni, and saving some money to finally get my driving licence and one day have enough to move abroad. It was so helpful even though I already had a good grasp, just learning about different options, investment, pension schemes (will have to wait until I am in the country I want to stay in). Then also talked to my insurance guy about keeping the low-key pension setup while I am still here, so all set and all goals reached so far, which feels amaaaaaazing. Highly recommend everyone getting help :)
I’m not even in my twenties yet but I’m making notes for the future ❤️🧡
Hey Lucy, love the video. I was just wondering why there is no closed captioning for this video? I understand it can take a while but it really eliminates part of an audience. Would love if you could provide some ❤️
For charity - I have all my charitable giving automated ( a lot of organizations have a way to set this up). I've heard getting a small amount consistently through the year is actually really helpful for organizations in terms of budgeting and planning (i'm sure you can understand given your own experience with variable income) so I started it out with smaller monthly donations that I've increased as my income has increased. In terms of choosing I'm religious so I give to the church that I am a part of but outside of that I started out by choosing 3 organizations, one local on national and one global, so for me that was the local food bank, the equal justice initiative (an american organization fighting mass incarceration and racial injustice) and the international rescue committee (humanitarian aid and crisis response)
Love this video Lucy!! Inspiring me to sort my budget out ::D
I love this, Lucy! SO well explained. I use a Lifetime ISA but likely not for house buying (lol would love to buy anywhere in London for under 450k) -- rather for saving for 60+ and maxing out that govt bonus. I pay in £4000 every tax year to get the £1000 bonus. I also have a Help to Buy ISA. Big fan of switching savings accounts when interest rates get rubbish. I always put a note in my calendar when the initial year of sweet sweet interest rates expires.
also really glad you mentioned the caveats re: ~sustainable~ because I was really surprised when a portfolio I was going to sign up to included BP...ew.
maybe I should make a vid about how I figure out giving to charities?
Yes please! I would definitely watch this
Hi Lucy, great video. Just one small thing: ISAs don’t necessarily have to involve locking money away, instant access ISAs also exist. I work in financial advice and I agree there’s a desperate need for sharing this information to younger generations so good work!!
That onlyfans joke made me chuckle hahah
I just started my own journey and I’ve been listening to the ever fantastic podcast: She’s On The Money. Definitely recommend!! Victoria makes money so much fun and takes the fear out of it all.
This is something I really wish was included in PSHE days at school... not just (poor) sex education or ‘how many bags can you make out of newspaper’ environmentalism. Of course those things are important but it’s good to switch it up so we’re prepared outside of school. I’m in my 20s now and I never got taught any of this. Thank you Lucy, this has given me a great place to start. Also while we’re on the topic, Anna Newton’s ‘An Edited Life’ has a money section and her book as a whole has helped me organise myself so much better ☺️
I love when women talk about money! Great job Lucy!
Really loved this video! Currently trying to take control of my finances as I’m finally in a role where I’m out of entry level jobs & actually starting to ‘make money’ let’s say. Lots here to think about!
Re charity, for me I set up a direct debit to a homeless charity I think are great to pay 10euro a month to them. I also get involved in a local food bank every month to send down some food where I can. I then use my ‘spending money’ to make one off donations where I see fit to campaigns (for example a National park locally got badly hit by fires, so I donated some money to help plant some trees this spring).
This is so helpful, and is something I am constantly thinking about at the moment. A way I've found to boost my credit rating while saving for a house is rent reporting, so that every time you pay your rent it's going towards showing you are reliable and always pay on time.
I've heard that in regards to charity, it's better for the organizations if you are a reoccurring monthly/yearly donor vs a lump sum (even if the reoccurring number is much lower!), since it allows them to better budget their year and therefore also plan long-term, higher-impact work.
Really appreciated this video! Just scheduled in time tomorrow to go through and make a budget sheet. Thank you!
as a student i cannot imagine having a few k in my emergency fund... its like 50p right now lol
I love this content, this ERA. I’ve been watching you since I was in London for uni!! Here’s to having control over our finances 💖 I’m so excited to keep watching you all the way into our 30s 😂😂😂😂
this was so interesting! im in my early 20's in college, and not in the UK so it doesnt all apply, but its something im interested in learning about so will absolutely be checking out the resources, thanks lucy!
I have always felt so in over my head with this kind of stuff, but you really made it so understandable and approachable! Thank you so much!
this video is GOLD i am only half way but going to get pen and paper and make notes i am Learning.
On charity donations: thought I would share my current process! I am a solidly upper-middle class 20-something with a regular salary and I donate 5% of my post-tax income automatically every month (I made this number up arbitrarily!). I review my charity spending at the end of each year to update my organisations and check the figure has kept pace with any pay rises. I find it a bit emotionally overwhelming to choose new causes/organisations regularly, so love setting aside for once a year. At the moment I focus on three themes, which are paying the rent (as I live on stolen land of the Gadigal peoples), healthcare, and services for asylum seekers, and I think I will add environmental regeneration/conservation shortly. Hope this helps others trying to think of a way to approach their charitable contributions!
This is class. I’m similarly on a money-journey. The ‘spaces’ in Starling similar to the pots thing is so so helpful. Also need to do more thinking on the pension stuff as self employed is such a Wild West for that!! Also big cheer for ideally avoiding tobacco and alcohol investments, it’s worth us doing the ‘next level dig down’ to work out where they are putting our money 💰 I think many folks asked would say ‘of course not’ while not realising it’s happening with their own money :/ I was put off Bitcoin a while back from the ethics of it, keen for new innovations but a shame when they don’t function with how we might hope!? Ie lots of coal being burned in China for it… thanks for taking the time to make this!!
Creditscore can be checked freely with experian and others. Using credit card for 6 months and other direct debits should be enough to boost up the credit score. You don't have to go spend upto the limit to boost it. Expeirian paid service can also help to boost up the credit score.
as an 18 y/o almost at the end of my first year at uni this vid is so so inspiring and motivating!!! id love to start learning about finance now because im already realising how much money im spending unnecessarily. this is such a great video, cant wait to get through all of your recommendations in this!! not sure if u will see this comment lol, just wanted to say its a great vid!! remember saving it last year as it wasnt relevant to me at the time but i knew it would be in time :)) ❤️❤️
I also love reddit's subreddit's for personal finance! They have amazing guides that are specific to different countries (I look at r/personalfinancecanada). Also Koho is a card that has similar features to Monzo in Canada (a prepaid visa card with no fees).
Thank you Lucy!! I am in the process of buying a house and was feeling really overwhelmed about the future. Some really valuable tips that couldn't have come at a better time for me! x
Great video Lucy! I'm also doing similar at the moment (although I am nearer my thirties)! But never too late to get things in order!
That was the most amazing video thank you so much. If you could do a video about self employed finance that would be so FANTASTIC! I've been self employed for about a month and I am so overwhelmed by the business side of it.
This was a brilliant video-so accessible. I'm trying to learn more about money atm too and it can often be overwhelming to know where to start. Thank you for this and all the resources :)
I’m about to start my first full time job, move out& buy a car and start driving so this video came at the perfect time!
I found this video really informative and informal which helped to take the pressure off. I really enjoyed it. Thanks Lucy
This was at such a perfect, approachable level! Thank you for sharing 🤩 I had already heard about most of the stuff you discussed so it was just nice to follow along and hear a slightly different take on things. I am so motivated now to get a grip on my money & budget again 💛
Charity related~ I try to go for 10% of my earnings if I’m not in a crunch and then I split this into three different categories. A certain amount for taking out of an ATM for people struggling with homelessness ~ but because I’m not quite comfortable doing that yet it would go to an established charity for the homeless. Second portion for an established charity close to causes important to me. Thirst portion to more individual causes, things like go fund me’s such as when people need aid with medical bills, repairs on community buildings etc. That way I find that the money I do give to charity reaches long term to a wide range of people and short term to people who may not receive as much support. Hope this helps!
This is such a good system!! I also spend about 10% of my income on charity but right now they go to direct debits for established charity but that means when i want to contribute to peoples go fund mes/ emergencies etc it’s not always financially possible. I LOVE the idea of splitting it up this way!!
Thank you so much for this ❤️ I get so anxious about money and savings etc, this was a really lovely non scary video which has given me some beaut hope and tips for my finances
thank you so much for this video !!!!!!!!!! i am in my early twenties and trying to get to grips with how to manage my dolla bills. thank you for giving me lots to think about and resources to read x
I am so proud of you! This was an excellent video, but mostly I am so proud of you for being so intentional and thorough in you personal finances! Wonderful to hear how you work both with your company and your private finances and what you have learned along the way. This is also very important when you are cohabiting or sharing your life with someone
this will be so helpful for me once i have a job again.... my life kinda went tits up in covid bc i work in live entertainment so i'm a bit off the rails with my saving and planning and suuuch (we love being unemployed at the ripe old age of twenty four) but i definitely relate to using the same strategies i did as a teenager/student once working full time n it's something i know i need to work on once i have a steady income again!! hell yes to breaking the stigma around talking about finances and money and stuff. we love it (smash cut to me asking tax filing questions to my industry friends in our group chat lmao)
I’m planning to move out for the first time and move to London now and I’m so excited!!
If you’re self employed then you would probably benefit more from investing your pension savings into an ISA and maxing the limit out first than using a SIPP or stakeholder pension because that will have much better tax ramifications if your income isn’t in the highest tax band currently.
Thank you for this! I'm from Canada so things are a liiiiittle bit different here when it comes down to the nitty gritty, but I will be using your video to help me set up a plan that works for me :)
Also: would love to hear more about the financial transition between student life and work, seems kind of daunting?
as a young adult in my 20s ... I NEED this !
Thumbs up for how well researched this was, Lucy!
Thank you for this! I wish I learned about finances in school - it's just a whole lot of info!
More people our age definitely need to be aware of the benefits of saving early on so thank you for this! I would highly recommend trying to put money into a Stocks & Shares ISA - while it is riskier than a Cash ISA, putting in that risk now while we're young will be so beneficial in the long run because of the beauty of compound interest, especially with the pretty poor fixed Cash ISA rates at the moment. I would recommend index funds and while there is not so much freedom of choice in the companies that your fund invests in, it is a great step in the direction to invest in more ethical choices e.g. Hargreaves Lansdown has a few different sustainable energy funds, amongst many others! Bukola/The Come Up also has a good video 'My Investing Strategy (Index Funds)'
Also how are you keeping your fiddle leaf fig alive?? I killed mine 😭
I know you said you were with Monzo but I'd still highly recommend using HJ! It's amazing for budgeting, so simple to use and isn't actually a bank so you can't get into debt or anything, it just makes spending way cooler haha
I was always so proud of having an emergency fund and it’s come in clutch during covid... it’s just about out now but hopefully I’ll start clawing some money back by the end of this month.
This was a really great video with fab beginner advice for everyone :)
Hi Lucy, this is such an informative video, and really needed when basic finance isn’t taught in schools!
Your definition of ISA isn’t quite right - especially with Cash ISAs, if you pick a ‘flexible’ ISA you can put in and withdraw easily without it being locked away (with the maximum investment being £20k this tax year)
Thank you so much that was so helpful and refreshing!
Thanks Lucy! This was really educational and I think you explained it well. I'll probably wAtch it again.
Loved this video. I also feel unsure with how to best factor in charities! I currently have a few animal charities that I love and donate to regularly but feel like I need a better plan which incorporate other causes.
Some great tips, love the way you structured the video
I found this really interesting and helpful and easy to follow, thankyou x
This was such a useful vid, Lucy! Thank you for making it. Could have listened to you for much longer as it's all so NECESSARY aghhh
Love the video!
Thanks for the resources.
I can't wait to share this with my friends.
everyone should consider investing in an index fund. compound interest means the earlier you start the more it grows. bear in mind it follows the stock market so will go up and down! but on average as long as you add whatever you can afford (£10, £100, whatever) regularly it will grow over the long term. the returns are muchhhh higher than a savings account.
1 minute into this vid and i am already loving it! would love for you to do more money related vids ( : wish you a very enjoyable weekend x
In my twenties now - and just graduated. Thank you for this video :)
For charity donations, I set aside a gifts/birthdays/Christmas budget for friends and family and at the end of the year whatever I don't spend goes in charity donations.
In the past I've done direct debits but have found my relationship with charities often changes when I have these in place. Such as getting unsolicited phone calls and emails asking for more money. Its a real shame because I know these calls are in good faith, but I'm pretty sure everyone hates cold calls these days.
That's such a smart idea. I usually buy presents all year so I'm not scrambling a) for time and b) for money. I've never even thought of what the budget *would* have been to allow for a charity pot.
Oo just as I’m doing my budgeting for uni :)
Great video Lucy! Another book I’d recommend for a UK perspective would be ‘I will teach you to be rich’ by Ramit Sethi. Cheesy title but I found it super helpful and straight forward
Thank you for this! I needed this a lot
Premium bonds are fav place to save!
Loved this video so much!!!! Don't usually comment, but i needed this Content right now haha
Hearing 'thinking of buying in 2 years' really helped me get a picture of the numbers involved; I'm someone who considers themselves to be in the intersection between ostentatious earnings and scrooge-esque frugality but I can't fathom buying anything in London for a good decade most likely - evidently there's money to be made in youtube!
I’ve been saving for 5 years already and I’ll only be putting up half the deposit as my boyfriend will put up the other half. There’s money to be made but just wanted to put it into perspective!
@@lucymoon wow, cool to hear you've gotten such a headstart on the savings game! - and if I ever buy in London it'll definitely be with my boyfriend too :)
So so helpful! Love this video x
I found this super helpful thank you!! Perfect pitch level for those in their 20s
Bankuet is a great website to donate money to a local foodbank
Lily Pebbles donates every month to a different charity and also they donate for their littles girls birthday as they don’t like too many toys. Inthefrow donates 10K at Christmas to different charities but I agree, everyone should talk about money more.
looking REGAL
I was always told not to spend anywhere near close to my credit limit because it looks like you’re bad at managing your money.
Thank you so much for this quality content. 👏🏽 💯
really loved this !!
Such a great video! Thank you! Also that top on you 😍💞🔥
In the US everybody I know has to worry about their big costs like car & health insurance which I guess is not the huge problem in Britain
honestly even the economics and finance classes that are taught at uni are primarily theoretical, not practical or applicable at all to personal finances
thank you for such a useful video :)
that top is so gorgeous on you!
Really helpful, thanks!
This was such an interesting video thank you so much! I’m trying to get better at personal finance but it does all feel a bit overwhelming sometimes! ☺️🙃Regarding charitable donations, I tithe (Christian practice of giving 10% of your income) and this has helped me to be consistent in my giving which I think is really important (where possible), just because it’s often easy to justify a self-purchase at the expense of someone/something else?
LISA is just free money (25% free money). It does not matter where you are buying or when you are buying or not going to buy at all (can be used for pension). Just open the account and keep paying the minimum every month. Also, your first purchase with mortgage wont be more than 450k. Let me be little rude and tell you, your first property should not be more than 450k with mortgage.
How did you know I needed this 🥺
Just adore this video .