How to budget for life in the UK 💷 Expat in England
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- เผยแพร่เมื่อ 10 พ.ค. 2021
- So you want to live in the UK but aren't sure how to budget - here's how I do it! As a Canadian living in England for the last 5 years, I have found that having a proper budget is absolutely vital to being a successful expat in the UK.
This week I share what budgeting software and categories I use as an expat living in England. Please feel free to copy my budget for yourself! Living in the UK is tough as it is - make it a bit easier with a proper budget! £££!!
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Hey! I'm Alanna - a twenty-something documenting my life as a Canadian living in England.
I share the ups and downs of an expat living abroad and what it's really like living in the UK. It's not always easy, but there's been so many wonderful experiences, too. I post a TH-cam video every Tuesday and an additional video every Saturday on my Patreon account. I also livestream every Wednesday and Sunday at 6:30pm GMT on Twitch.
Alanna x
Brilliant, I’m 65 years old, I have been running a budget for 30 years, there has been times when I’ve had thousands in the bank and times when there has been 12p. Makes no difference if you manage a budget. Fortunately I’m now retired and owe nothing to nobody, and am now reaping the benefit of budgeting.
Excellent point!!
I’m so glad that you love your budgie. I have a tortoise
Here are a couple of tips that I learned from being on a limited income.
1) The time when you are in most danger of overspending are the first few days after your money comes in. Be careful on those days.
2) It's the little things that break the bank, not the big things. If you have a big expense coming, you can prepare for it. You can spend less on other things, for example. But the little expenses... you think you can afford them. They add up.
Great points!
Nine Inch Nails T shirt, Alanna is a rock chick?
Alanna, how about a video on your favourite music, bands, albums, songs etc?
+1 for this
does she still promote Canadian bands? I seem to recall her mentioning in a previous vid she has / had a (website? Blog? Spotify playlist?) that introduced Canadian music you might not be aware of.
I never would have had you down as a NIN fan. Well done!!! What other bands are you in to?
Does Protest The Hero make the list? They are one of my favorite metal bands ever! Go Ontario ;)
My top budgeting tip is, just because the money is there, doesn’t mean you have to spend it. For example, if your food budget is 25 quid a week but you manage to get what you need for 19.50, put the remainder away for a rainy day. We’re having a lot of those lately. My job ends in just under two years and I’m saving up now because I’m not going to get another one on anything like this salary. Currently cloudy, rain forecast......
I've never really thought of you as a finance nerd but honestly it makes sense.
I was just unreasonably excited to see 'the famous grey sofa' from a different angle... (pause)... Dear God, what has Lockdown done to me?
😂
It doesn't look as comfy from this angle
@@torros1839 and we can’t see what’s underneath it!! 😫🥺
@@weedle30 That's because it is a monster hiding under there...
@@nickjeffery536 wonder if it likes cheese? Alanna could maybe placate it by throwing some Cathedral Cheddar (mature) under the settee...and then get it drunk on cider...monster tamed !! 🤣
Think it's time for a second channel all about budgets, "Expenses and Naps"!
😂
I don't track my budget closely really - what I do is look at what the difference between my monthly take home pay and my average monthly outgoings are and have direct debits that move about half the difference to saving accounts. This means my current account balance will slowly grow over time, which means I can occasionally buy large items.
I also have an annual review with a financial consultant and if market conditions are good and my balance surplus is high, I'll move a chunk into a managed fund (this step is optional - I have a good-paying job and low expenses, which most people probably don't!). As for a pension (or national insurance) budget category, you won't need that if you work for a company, because it's automatically deducted from your wages. My employer even matches my (5.5%) pension contributions, which is very handy!
My word! Someone who likes to budget! Congratulations! 50 years and I have never mastered them!
Congratulations on 100,000 subscribers!
Thank you so much 😀
The position of the handlebars of your exercise bike throughout this video make it look as if you've got antlers! 😉
100% agree with doing the weekly check in with the bank account and reconciling against your budget, really helps you save yourself from thoughtless spending.
I always appreciate a person who has strong feelings about budgets. Partly because I am terrible with them, and I love to see it work for others.
Another congrats on 100k! That was a fun little stream 😊
Thank you so much!!
Always nice to see practical advice being offered. This video will genuinely help a number of people :)
Glad you think so!
I watch a few of these kind of videos, that includes yours, and its nice to watch the practical videos you do, I'm sure as time goes on, this one will be a go to video for young people thinking of moving here, good luck
I don't know why I watch these I live in England 😂
Your choice of topics is varied and very admirable
"I love my budget," or as the Chancellor of the Exchequer would say, "I commend this budget to the House."
😉
Absolutely! Going over an excel spreadsheet of one's finances is great - it's like a game!
Totally agree!
2:12 the most important category is BEER
My dad's advice to us kids was, where possible, pay up for six or twelve months for water, insurance, council tax, regular bills etc, otherwise every month it feels you're are just paying bills bills bills and there's hardly anything for yourself.
Love this very informative looking good as always
Thanks for this, found it really helpful. Not planning in moving country but hopefully in the next month moving into my first home. Need to look at having a play with some software like that.
Oh & congrats on 100k
Thanks so much Ash, hope your first-home-move goes well!!
Budgets are fun as they open you up to so many more experiences that are healthy and fun 💕
Aww, I stumbled across your shorts (as in videos!) and now I see you're NIN fan too. Awesome!
The happiness and warmth in your videos are a nice break from the madness of the world 🙂
Awesome! Thank you!
Hi, just recently found you, you’re great! Thanks for the videos!
You're not alone :) I don't do it in the detail you do but I work out everything that will come out of my account every month, direct debits, savings, mortgage etc, take that off as soon as my monthly salary arrives and that way I know what I've got to 'play' with for the month. I've got a spreadsheet and find pivot tables really useful.
Well now I won't feel like such a weirdo doing my regular YNAB manual updates. It really helps keep track of things!
I remember the days when I used to worry how much money was in my bank account when a big expense popped up, but now I can just enjoy my cash. Budgeting is fun!
I totally agree!
The money comes in and the money goes out, I never see the money I think getting payed is a myth :)
Who would have thought that a video on a budget could be informative and fun ... Thanks !!
Thank you!!
Great video as always Alanna, very interesting and helpful. Hope you have a good week.🙂
Thanks so much! 😊
Hey, I just found your channel. I love it! Your voice calms me down ☺️
YNAB is awesome, It's great to see other people sharing the love.
It really is!
Great post as always Alanna and the app you showed looks useful. I produced an MS Excel budget a while back and even put some colors in to make it less boring - I dust it off and look at it every now and then 😉
woooo 100k subscibers!!! Congratulations Alanna!!!!! :)
Thank you! 😃
Our girls got 100k!
Congratulations Alana, you deserve this and so much more.
Thank you so much!!
What a wonderful lesson. You should go around the local schools with that video. However, I'll stick to my own software. Pencil and paper - and a rubber - has never let me down.
Loved this video. It was a time-warp for me to the '80s when I did the same thing. Figuring out the Fixed Expenses (Rent, Taxes, etc.), Critical but Flexible Expenses (like Groceries and Gasoline), and Flexible Expenses (like pubs and vacations). The subcategories have changed, but only by adding new ones really. I like your way better and applaud the thought of 16% to savings. It's an example, but 16% should set up a very nice retirement, properly invested. Thanks for doing this - I shared it with my kids.
Congratulations on you 100k subscribers 👍 keep it up love you’re channel
Thank you so much 😀
Alanna, I loved this video. I am also a 'budget' nerd (maybe this is a Canada or Ontario thing) and I love my budget as well. As I am/was an Excel expert, I did mine in excel and I have been using it for over 10 years now. As always it is a joy to listen to you 'ramble on' especially when it is something you are really into. Thanks so much for sharing with us.
Thanks so much!!
I love how very Canadian that "house" sounded :)
YNAB has majorly helped me! I really appreciate the "age of money" metric as just seeing that above 30 really reduces my monetary anxiety! Bottom line, YNAB really helped me get my finances under control and I actually view it as a QOL improvement!
Really enjoy the vids - keep it up 😁
Thanks for watching!
A fellow love for budgeting! Thanks for sharing! Also hopping over to your previous video about what it cost to live in the UK, rn!
Ahhh thank you!!
Thanks Alanna for this week . I think that this kind od stuff that will be helpful to expats. .Great stuff keep it up ..
I hope so too!
Lots of views. .
You are a national treasure of two countries now . great advice . And now we can all love your budget as well .
Best wishes Tom w
Thanks! 😃
I think I’d call the “New Car” category “Depreciation”. Love your budget :-)
Really good video. Budgeting is so important.
My tools for budgeting are a pen and paper. Works fine!
It really is!
Excellent video ❤❤❤❤❤
Great video. Cars budget is always needed, hit a pothole the other month which cost me a when repair and two new tyres. LOVE that expense.
Ugh, awful!
Try claiming from your local council for the pothole damage to a car
This was really helpful! I dont know anything about how things like budgeting work, but i need to learn because im hoping to move to Canada next year! I really don't understand things like this, and that's really stressful, because i want to move country. So thank you so much for making this video, i really appreciate your videos! This video was so helpful!
Thanks Aaron!!
You’re a Nine Inch Nails fan, that’s awesome I love Trent and the boys so much you should do a video about them. My budget is simple pay the rent, bills and buy food, then the rest is for fun times.
Nice video, Alana.
Thanks for sharing your process! I've been using YNAB for almost a decade now and I've recently been a expat here in the UK as well. Totally agree that we need to be mindful of where our money goes and making sure we have enough for savings and emergencies.
Ahh another YNAB person!!
Excellent video Alanna, I particularly liked the mentions for immigrants and the extra care you need to take, I personally don't have any need for the software as I keep all of this sort of thing in my head (I know, I too am a little odd, but one day I may need something like this), very well delivered, you can tell that you are genuinely into this type of thing, I like that :) love the T-shirt by the way NIN don't get the exposure they deserve, well done you 😁 TC
Great idea 💡
Thank you!
Thanks for the info honey💓 haven’t come to the UK yet, but hopefully will be there for September semester. Your videos, as a foreigner’s in the UK is quite helpful☺️ so I’m greatful✨🌻🎋
Thanks so much, hope you have a great time in the UK!
Thank you!! This was super helpful :)
I'm so glad!
Hi, Alanna, really enjoyed the video. Very important info in that.
Glad you enjoyed it!
"Welcome to my office. Also known as the kitchen table." 🤣😂
😁
I used to do the same with different apps and even Excel sheets. Now I mostly use charts, categories and limits in monzo. It shows how much money left I have in each category that is very useful for things like eating out/takeaways, coffee, house stuff. It helps me to be more flexing with money but at the same time to have constant control over my spendings.
Thanks for sharing!
Cheers Alanna you could make watching paint dry interesting!
☺️
That Nine Inch Nails shirt is awesome!🤟
Another fantastic video Alanna. Thanks for sharing your tips and ideas. Personally, I use Excel to draw up my own family budget. I'm old school....I know lol 🤣
"Rule of thumb, what you make a week should be your rent a month!"
In the Far North maybe, where you can rent a house for 6 shillings and a dozen eggs. .
In the South, a one-bedroom flat starts at £450-£500 a month. Most people don't earn that a week.
The majority of people aren't on two grand a month after tax. Your axiom might work on a mortgage, not rent.
That was the case in the eighties but not now, I'm currently renting a one bedroomed flat just outside Brighton and my rent is £825 a month a two-bedroom flat is over a grand a month.
As Alex said, maybe up north you can rent for a few hundred a month, but not in the south.
@@frogstamper Agreed. If I tried to live like this in Hove I would literally have to rent a garage. I bought my own place now and the mortgage is probably roughly 1/4 my monthly earnings, but renting? Forget about it. Not gonna happen. Average earnings and average rental prices just don't work that way here!
Don't forget to input your 100k subscribers! All the best, Miss BudgetyMcBudgetface!
Serious topic, well done in your usual, down to earth style. 👍
Thank you!!
Hi Alanna, I’m so glad your budget brings you joy! 😄 You should team up with Martin Lewis! He’s all about budgeting and educating young ‘uns about money.
You’re a bloody legend. I moved here 4 years ago from Australia. I love england
☺️
Great tips here.
Thanks for watching!
Very useful !
Glad it was helpful!
Really helpful video even for those of us that aren't ex-pats! Thanks for the inspiration!
Thank you!!
Good video! Planing is very impotant
Absolutely!
Here's a tip. Never buy anything on credit except for really expensive items like a house or a car, which you obviously cannot pay outright. Do not buy anything on a credit card unless you know you can pay it off with your next pay cheque. I know people who buy almost everything on credit and they seem not to have very much stuff or money for pleasure time. The reason is that so much of their money goes to pay interest. Also save a few quid each month for unexpected expenses. If your fridge packs in and you don't have enough to buy a new one, a £300 one is going to cost you £400 on credit. Also if you have the ready cash you can often take advantage of deals or end of production bargains. You can buy them on credit but that negates the saving. For instance I bought a £150 phone for £100 from the remaining stock when a new model replaced it.
If you only need to use a car occasionally then car clubs are a good option if there is one in your town. Otherwise, a car subscription service is a good option, one payment to cover everything and a month by month rolling contract so can cancel or change cars. I have an electric car via this and this also includes the charging cost.
Your very logical & well balanced with your budget , The best thing i ever did , was to buy my own home , took me couple of years to pay the mortgage off , but proved well worth it now I'm retired ,
Budget tip: that app is basically an excel workbook. Make your own and save $84! 😁
I don’t like budgeting but I do enjoy watching you talk about it
My budgeting is easy. I just have to be frugal because my maths stinks. But I always shop around on line. Electronic stuff, and cameras. Research and compare, specs. Look out for end of line on last year's 5 star reviewed stuff and seasonal sales, gets great bargains 😉
Live a good life! 😇
Hi Alana,( roly ) when I was young we had a different tin for each bill ie. gas,electric,rent and so forth,a lot of tins to juggle with...but that was not electric banking,it was cash money.cheers,stay well 😃👍
Thank you so much, sweet Alanna! This video was quite useful! Keep slaying, girl!
You're so welcome!
Keep up your work. 😊
Thank you!
I'm British and my family has been here since the dawn of time but we have been kept in poverty. So well done for being able to live here and be able to afford pleasures, most of us work full time and have to rely on food banks.
Great video. My budget includes IHS charges, Visa Fees and other Visa related future expenses as well.
I like Money Dashboard as a budgeting tool. It connects to most banks and cards. Not great for cash payments but rare to use now. I also have a spreadsheet with Pension forecast, assets (savings, shares, houses) and liabilities (credit cards, mortgage) to get net worth every 6 months.
Thanks for sharing!
THE T SHIRT OMG :D
Did you love watching "Til Debt Do Us Part" with Gail Vaz-Oxlade?!?! I love having set amounts of money go to my various accounts each month. It's nice to know those savings are already there when you need that big ticket item car/house thing or for a fun thing like vacation. You are very right with how easy it is to pay for things especially as people carry less cash on them these days and just tap, tap, tap with our cards.
You've looked after that Nine Inch Nails shirt well, I remember it from the weird British snacks video from a couple of years ago. It stuck in my mind due to Bieber and Celine preconceptions 😁
Can you do a video on your musical tastes? Also what U.K bands are you in to? Great to see a NIN t - shirt
I liked when you said (let's go) 🙂🙂🙂
There’s one I use (here in the UK) called money dashboard that does link up with British bank accounts; that comes in handy!
Thanks for the tip!
I'm like you, I love a good budget and get excited to balance the checkbook every month! Maybe I'm OCD .................. Thanks Alanna!
I come from Manchester, England. I have watched all your this is how you know your In a british ......... you are spot on love them little videos😎👍
Awesome! Thank you!
great video
Thanks!
I use google docs and my phone's calculator. Very easy to keep a track of my outgoings and income. A bespoke application like the one you use would probably do a better job. Keeping your finances shipshape is a good life skill.
Whatever works for you!
Nice presentation ❤️❤️❤️🙏🙏
Interesting. I'm retired and my wife and I have never had a budget ever. I think my wife and I intrinsically know what we can and can't afford without having to write it down, and live within our means by just checking the bank balance at the time we are both paid. If it had gone up compared to the previous month (shown on our bank statement), all is OK, but if it had gone down, cut back a bit the next month! What I do advise though is regular saving e.g. via standing order directly as soon as you are paid so you never "see" the money; put what you can into a pension (again directly from your wages) (and get tax relief on the payments); and never ever drop your mortgage payments when rates go down, so you pay the mortgage off more quickly.
Well after the various taxes, I'd suggest Rent/Mortgage, Electricity, Telecoms, internet and TV Licence/Streaming alongside Food are the main costs myself.
Oh no, you pulled the YNAB nerds out of the woods with this one. I'm with you on YNAB, excellent budgeting package.
Have you used the community created "toolkit for YNAB"? Free and functional.
So good!!
You should seek sponsorship from the British Beer & Pub Association for all the free advertising you give the pubs of England. On the right evening, in the right company, in the right pub, it is true that they can be quite magical.
Top t-shirt, top band!!!
It's from when I saw them live!