THE PAYDAY ROUTINE THAT'S CHANGED MY LIFE! MASTER YOUR FINANCES DO THIS WHEN YOU GET PAID & SAVE BIG
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- เผยแพร่เมื่อ 16 พ.ค. 2024
- This payday routine has completely changed my life! Do this when you get paid to save money! All info here ⬇️ Watch Next : How I afford luxury items on a budget - • MY SECRETS TO AFFORDIN...
In this video, I'm sharing my updated payday routine to help you take control of your finances and achieve your financial goals. Whether you're looking to pay off debt, save for the future, or simply improve your financial well-being, this routine is packed with practical tips and strategies that you can implement right away.
Please note, this is not financial advice, I am not a financial advisor.
Things mentioned:
Monthly budgeting trackers - larajoannajarvis.com/ - just head to "shop" tab.
Amex avios referral for free flights & free welcome bonus - americanexpress.com/en-gb/ref... (make sure you can pay it off in whole each month)
Penfold pension free £25 sign up bonus - account.getpenfold.com/refer/...
Plum referral for welcome bonus (I just use the free account) - friends.withplum.com/r/Shi6nM
prf.hn/l/W4n5xxj
Trading 212 get a free share up to £100 - www.trading212.com/invite/FffeVRq9 - if this link doesn't work use code FffeVRq9 when signing up. T&Cs apply. Capital at risk.
Check your credit rating for free here - www.experian.co.uk/consumer/e...
Luxury skincare on a budget - bit.ly/3IAwGvK use code LARA30 for 30% off
From budget breakdowns to prioritising savings and managing expenses, I'll walk you through each step of my payday routine and explain how it can benefit anyone, regardless of their income or financial situation. Plus, I'll share some insights into tools and resources that can help you track your finances more effectively.
If you're ready to transform your finances and set yourself up for success, then be sure to watch until the end and take notes! Don't forget to hit the like button if you find this video helpful, and subscribe to my channel for more tips on achieving financial freedom.
My Amazon store is linked for you here with everything I recommend for home, storage, fashion, skincare, cleaning, travel and more
www.amazon.co.uk/shop/larajoa...
You may like my budgeting tips and money saving ideas videos -
• Budgeting and No Buy Year
I have loads of free budgeting printables over on my website if you'd like to get a free sheet to help you with budgeting just go to my website larajoannajarvis.com and head to the "shop" :)
♡ S O C I A L M E D I A ♡
Come and find me on Instagram if you want to see things like my budget outfit ideas, ways to make your money go further and more of what I get up to. larajoannajarvis
My Budget Best Life FB Group is free to join and is a really supportive community of budget friendly people!
Lots of love, Lara x
All of my music is from Epidemic Sound:
www.epidemicsound.com/referra...
The links above could be affiliate links, which means if I have inspired you to make a purchase and you choose to buy something through one of these links, I may receive a small commission on the sale, as a way of thanks. It makes no difference to you as a buyer or the cost you pay, but I may receive a small compensation from the brand via rewardStyle or Amazon etc.
The information discussed on this channel is for educational & entertainment purposes only. It should not be considered advice. Please do your own research and I encourage you to seek professional tax, legal, and financial advice, before making your own actions and decisions.
All notes believed to be accurate at the time of posting but not guaranteed.
You know I went from being a head in the sands around managing my money to this being my 6th no spend low spend year, in the beginning I was living paycheck to paycheck I earn a minimum wage but just by understanding where my money went and how to use it better to implementing lots of the advice in the video my financial circumstances have gone from having just about keeping myself out of debt, to having a healthly buffer anyone can do this my mantra is a wise woman builds her home start your journey today xx
Aww thank you so much for sharing that! That’s so amazing to hear how much of a difference you’ve made to your financial wellbeing. It makes you feel so much calmer doesn’t it. Thanks for sharing with us to help other people who need to hear it xx
So glad to have found you/ this video. 🇬🇧 Nice to have someone is UK based!
I feel like credit score is a rubbish tally to measure personal finance. Mine won't go up any more because I'm not borrowing what I deem unnecessary funds.
Thank you so much for all your tips and help. I've just recently found you on TH-cam and I've subscribed. I've started the pay yourself first budget and doing sinking funds. It has helped so much. I'm not very computer friendly so i write everything down. Thank you once again 😊❤xx
Thank you it is worth sharing ❤
I have 2 types of emergency fund. One is my 3 x months worth of basic expenditures in case we are unable to work due to something like redundancy or illness. The other is for actual emergencies such as car breakdown, burst pipe etc
Fab idea!! Thanks for the tip xx
how did you decide how much to put the '' actual emergencies''
@@marissabraithwaite6425 hiya, it’s not a fixed goal, I put away between £50.00 and £100.00 (UK) each month depending on income and planned outgoings. The last big emergency I had (part of my flat roof fell in) cost me £15,000. So I am striving to rebuild that amount currently. It’s slow going, but any progress is still progress. What about you, how are you doing?
Thankyou so much for taking the time to give us some good advice/tips
Hope your feeling better too🩷😊
You are so welcome! Thank you so much, really appreciate it xx
My credit score is finally excellent. It used to be poor!! I've paid off about 20 grand in debt whilst on a low income. It's been a hard slog. All I need to pay off now is a washing machine I'm paying monthly on an interest-free payment plan.
Personally I don't invest. I can barely afford to save money every month for an emergency fund and sinking fund.
Sounds like you’ve made incredible progress, well done! 👏🏼 it’s definitely stuff that I’ve added in as the numbers have looked better as time goes on. Sounds like you’re in a really positive place after all your hard work x
Sounds like you’re moving in the right direction!
Once you finally do get your emergency fund at 3-6 months income you can then start investing that same money you were putting into that fund. Now you’re still saving, but getting interest on those savings over time while still having an emergency savings that you can have direct access to if necessary.
Amazing, you should be very proud of yourself.
Great video. Thank you. And where do go for for your ISA, is it PLUM as well? Thanks so much.
I need all the advice and guidance as I’m leaving teaching this year so start a new adventure….that is still coming together
The sun is sunning! 🌞
Awesome Lara 🎉😊
Thank you 🤗
I absolutely love your shelf set up behind you! Beautiful!! I long to have this lol but plants are not my strong suit 😂 I’m learning though lol
I have 2 accounts for sinking funds at one bank and a credit union in the USA. By paper and pencil I have these funds divided into 12 or so sub funds for annual expenses, vacation, house or yard items, and an unexpected expense fund. I have a set amount for each fund monthly but can change around as needed. This works for me best over a computer model. Then monthly I put my expenses/budget and funds on a spreadsheet. The main thing is I look at it daily. I check my credit score weekly. As a retired family we have to live within our means so this keeps me on track.
Thanks for your video. I just discovered your channel.
Hi Laura I really enjoyed this. I’ve been watching you for a while now when you were just trying to buy your house I feel like I’m in a fortunate position with my finances but I’m not making them work for me as well as they could plus im 53 so now I’m looking at retirement and making the most of the life we have. I’m gonna start simple this month and just write down what I’m spending because I know I’m wasting money.
What account do you use for your stock and shares ISA
Didn’t know about premium bonds - I buy lotto tickets by debit (my only vice) at £40/month so canceled that and opened up premium bond £40/month. I am newly retired and am trying YNAB for budgeting as it links directly to accounts. Will be opening either a ISA or SIPP - Thanks
Glad it was helpful! We’ve loved premium bonds for absolutely years. They’re a fun and safe place to store your money but they won’t grow (unless you win big!) like a high yield savings account or a SIPP. Personally I’d go for the latter if you have money you can invest each month xx
Much prefer these style vlogs what I followed you for in the first place. You both have come so far and were so savvy and now you are reeping the seeds you sowed. Great vlog today 👌
Aw thanks so much! Yes, it’s been a journey shall we say but we feel so much safer and happier now. Thanks for being here xx
you makeup is on point. what foundation do you use please?
What stocks and shares ISA do you have? 😃
Loved this. So useful. Love my plum account, so good. All thanks to u telling me xxxx
I get paid two paychecks between the 10th and 17th of each month. It varies from month to month as I am a freelancer. Also my bills vary and only need to be paid the first week of the next month. Would you budget the money that comes in April 10-17 as being April income? As my bills have to be paid before that date, do I budget April money for May bills..? It’s complicated.
A video on finances later in life would be so useful. Many people don’t realise you have to fund your own care and how much they need in pension pot to fund the life they expect to be living/what age they can afford to retire etc
Thank you Lara, I watched a couple of your older financial videos last night and you really inspired me to get to grips with my money once and for all. It's a new tax year starting so a great time to make a fresh start xx👍👍🥰
Ahh I’m so pleased, Mandy! Thanks so much. I really hope they help you and you can take control of it rather than letting it control you ❤️ xx
Excellent video Lara, thank you. I’d be interested to know where you keep your sinking funds. Different accounts with the same bank or completely separate?
Hi Lara, I've been following you for a while now and really appreciate all the advice you have shared, it's been detrimental in my journey! I'm in a similar position to you in my mortgage journey, could you maybe do a video on how to overpay? I was considering doing monthly overpayments and never realised there was a difference between that and paying lump sums! Thank you for another great video! Xx
Can you explain the 10% mortgage payment it’s been really hard to get my mortgage balance down it’s been 2 years and the balance is just not dropping enough for 2 years
Anyone know any good videos where people have credit card debt with ideas to pay off faster? Videos where credit cards are paid off every month are of no interest to me as I'm not learning anything. Thanks
It's not a video, but stand--alone suggestions. 1) Make sure to make more than your minimum payment AND do not continue to add to the credit card debt. It does not do much if you're trying to pay off a card while still continuing to spend on the card! 2) If you have other debts, aside from the credit cards, look at your interest rates and put the biggest chunk of debt repayment towards the debt with the highest interest rate. (Make sure to keep making minimum payments on all other debts, however.) 3) Take on a part-time job with the income reserved for credit card payments. 4) Cut back on your variable expenses. Expenses like groceries, while those costs have gone up, can be cut when you meal plan and prep ahead of time. 5) Take advantage of free entertainment, such as resources from your local library. 6) Don't beat yourself up over the debt! It can feel intimidating to try to dig yourself out of the financial hole. However, with consistency, you can do it!
Can I ask if you end up having lots of different accounts for each thing ie emergency fund, tax fund etc?
I have lots of different accounts yes, but more so bc I wouldn’t trust one bank with all my money to be honest. Xx
This was really interesting. I save each month but havent really thought about the different ways to save to maximise the pots. Its something ill definitely look into now
Hi. Thank you for this video.
Would you speak about investing and saving in other accounts differently to offset account, please?
I just bought my first property and I’m confused about how to manage my savings as everyone tell me to keep everything in the offset account to reduce my interest.
Do we just play around the interest now? Is there a way to gain interest that makes sense, considering the high interest on mortgage atm?
I need some advice.
Thank you.
Just to add you can pay the 10% of the original amount borrowed on mortgages as you said,but in the last month of you current interest term say 3 years or 5 years you can pay as much as you can without occurring fees. I did 3 years fixed and in the last month of the 3 year fixed i paid most of my savings into mortgage which meant the new fixed rate was lower, as the amount borrowed had a big hit to it and was lot lower hope that helps 😊
Thanks for the tip! I wonder if it would work the same just to borrow less when you remortgage if you have the large sum to pay off at the end 🤔 either way, a great method of paying down debt! 👏🏼✨ well done x
Thank you so much for your advice! I’m too scared to look at my credit score even though there’s no reason to be! I’ve no mortgage anymore or any debt but I feel like I’ll be opening a huge can of worms and then be too stressed to sort it out! What encouragement can you give! Xxxx
Oh bless you. I’d say don’t let it control you! If you look at it then you take the control of it…if you’re not looking to borrow money ie get a mortgage etc then it’s really not a huge deal to worry about…it just limits credit facilities etc or the rate you’d pay but it’s amazing not to have debt or a mortgage so you should be really proud. I think you’d be pleasantly surprised! Xx
Awwe thank you@@LaraJoannaJarvis I might take a peek one of these days! It was a struggle at times to get there but I guess we are proud of having achieved it though I’m not sure that the stress levels were always healthy lol!! 😘😘
Haha no exactly! And it’s awful when you feel stressed about your finances. I’d really love to hear if you do check as I’m sure you’d be so happy knowing how much it’s improving 👏🏼👏🏼
Thank you for a great helpful video as always ❤
You are so welcome! ❤️
Hi Lara, do you have a walk-through video for your Monthly Budget Tracker? I want to see how automated the pots figures are and if they automatically deduct from the itemised payments/spending section. I already use a spreadsheet but its rather manual and wondering if yours would be more automated and therefore quicker and less prone to my human errors.
I think you are Self Employed? In the states you have to send money in every quarter. Or you will have “Late Fees” of sorts. But there is another way to get around that so that you don’t pay that penalty.
3 bedroom bangalow
Hi Lara, would you be able to make another video on Avios points please?
Xx
How long have you been doing your end month Lara?
With your budget tracker, how easy is it to use for someone that has zero knowledge on how to use excel? How easy is it to set up. Do you provide step by step instructions or workshop on this? I live in Australia, can I use it ?
I do find ttgat hopefullyy you simply begin and continue 😮
Let me know when this happens
never automate.....every one of these should be a conscious decision.....no debit card..... no automatic payments...write checks...old school is still the best method!
Fantastic vid, thanks for sharing and keeping us financially updated, I hit another $60k today day trading even though I barely trade myself
Wow that's huge, how do you make that much? I'm 37 and have been looking for ways to be successful, please how??
Ohh yeah, that was possible with the help of my Guru Jenifer Spencer
She's a licensed broker and entrepreneur from the state
That's great!!. I don't know anything about investing and I intend to start. What are your strategies?
The best strategy is starting with a professional coach, as a beginner who knows little or nothing in forex market
My credit rating is 1000 🎉
Ah well done! Experian only run to 999 so I can’t get higher than that. 😇😂 x
Is this for the UK? In the USA I think 850 is the highest credit rating.