HOW TO BUDGET YOUR MONEY IN 2023 UK: My Financial Goals + Getting Financially Stable as a Mum UK 💸

[@Tellehahsghsbbs]

I am so happy about the transparency - I love talking money - I don’t have a lot of it but love discussing how people spend/save/tips to get better financial literacy. It’s so important but no one ever talks about it honestly and clearly

[@HomeWithShan]

Couldn’t agree more, it’s so important to talk about, otherwise how are we ever expected to do better and get into a good place financially! I’ve been there where I got things on high interest finance, buying stuff for the sake of it and never having money at the end of the month for essentials - I’m learning now, that doesn’t have to be the way! ♥️

[@Elliecatify]

I can't believe you're only 25! You're definitely wise beyond your years x

[@Cath189]

Yes to overpaying on the mortgage! So many people don’t know this this a thing but I give that advice to everyone thinking of buying - don’t just go for the best % deal make sure it’s a bank that allows overpayments because so many actually don’t. We’re currently with Santander and they have an easy option on their app to help you overpay monthly and then also make further one off payments up to 10% of your remaining mortgage without any fees and it saves us thousands in interest every year. We renewed last year and if we’d gone with the bank with the lower % rate that didn’t allow overpayments we’d actually be in a worse position!!

[@jmyk4256]

Thank you for your video. It has been really helpful to me who is only at the beginning of her budgeting journey.

[@AmberBlakelock]

You are glowing! Love that you’re so open about your finances, so useful! X

[@HomeWithShan]

Thank you so much 🙈 I find this kind of thing so helpful to watch and to film so I’m glad other find it useful ♥️

[@nicolesurphlis1558]

Need stop spending money for this year because my friend from work we are planning a holiday trip to black pool this year

[@ZimnaSophie]

This is amazing , just found your channel 😊

[@Emmag265]

LOVED this video Shan, and have just discovered your other money ones which I’m going to binge watch right now x

[@mll1208]

I discovered Hyperjar thanks to your videos months ago and I’m so glad! I’ve saved so much and in such an organised way. Thank you so much, Shan!

[@HomeWithShan]

I'm so glad! It’s so helpful for me to see things laid out that way and love that it’s free 🙈

[@georgecooper3438]

Thank you for your transparency around money. It's helped spark a discussion for better financial management and you have provided some really useful information to help get us started before the baby arrive.

[@BethFrazerx]

this was so fun to watch! thanks for being so open. you've made me want to start a spreadsheet now 🤪💞

[@rachellouise3193]

Love the transparency, especially with the relatable wage, childcare costs, mortgage that a lot of us have! It’s really helpful to hear you talk about home improvement plan debt/repayment plan as living costs are so expensive. I’m not sure if I missed it but I couldn’t see the kitchen loan accounted for. Also, sorry lol, I’m really interested to know your thoughts on budgeting for new baby to start childcare too. Looking forward to seeing more videos xx

[@kerrihayes3988]

3rd one I’ve watched of yours and I still love them ha xx

[@HomeWithShan]

Hehe I’m glad!! Love doing these budget templates and planning for the year ahead! 👏🏼💸♥️

[@paulamariaeaston8952]

Great to know what others are planning, we’re definitely going to sit down and do something similar! Also, just a wee note to say when you’re talking about your additional mortgage repayments you said it’ll be an extra £2400 a year but it’ll be £1200 if you’re doing £100 a month ☺️ just in case you put that on your spreadsheet and then you’re disappointed haha xx

[@dounia.s]

its cause her husband also pays £1200 so it ends up being 2400

[@paulamariaeaston8952]

@@dounia.s I’m sure she said £50 each, so £100 a month 🤔

[@HomeWithShan]

You’re totally right! My mistake 💸

[@emmataylor2748]

I would love a spreadsheet like this to budget on, ut broken up into 26 fortnights as that’s how I have to manage my money! I’d for sure buy it from your Etsy if there was one like that, I’m awful at excel so have no idea how to make one!

[@Louisemel902]

Shan I really needed this video! We're hoping to buy a house this year so I really need to sort out our finances and be stricter with budgeting! I'll definitely check out the spreadsheet and hyperjar 👍❤️

[@lianacharlotte9000]

Not me opening a HyperJar account YESTERDAY!! I could have used the link 🤣 I love these videos!

[@HomeWithShan]

Ahh don’t worry! They actually stopped their referral thing anyway so it doesn’t make any difference now haha! Xxxx

[@alexholland8536]

Thank you for being so transparent with your budget - do you perhaps have a video on Childcare in the UK? Expecting my first in April and unfortunately I only get about 4 months paid maternity leave so would like to start looking into childcare options to see what may or may not work for us? Thanks in advance!

[@LPLP5]

Makeup tutorial please!! You look amazing 😁

[@HomeWithShan]

Oh gosh, makeup is not my strong suit, I just do the same thing everyday haha! Xxx

[@LPLP5]

@@HomeWithShan Iv noticed over the past few months you’ve been glowing. I’m dying to know what you use haha

[@missoirl7884]

Great attention to detail on your budgeting. Hyper jar seems great shame it doesn’t work for other countries but will look into it

[@HomeWithShan]

Yeah that is a shame, there are plenty of other apps that do a similar thing to hyperjar though - I’d have a look at those if you’re interested in using this method for sinking funds! ♥️💸

[@leahmcdermott4189]

Wow, you are such a frugal boss babe! Only £90 on the Nice To Haves is so conservative and saavy. I couldn’t imagine spending so little on ‘fun’ categories, I’m jelly but also love that for you. I budget £150 p/m but pretty much always go over it 😭😩. I really like dining out and take away 🥺. Do you have any tips for how you keep your personal spending so low? 💕 I’m 25 too, I should be able to do this lol

[@Akos-e]

I love your budget videos, it's always very helpful. I did not find the link for the lashes in the description box, can you share that please? Thanks ❤

[@HomeWithShan]

Hey! I’ve added it to the description box now, thanks for flagging! ❤

[@ainecarey8025]

Hi thanks for tips!!!can I ask where did you purchase your jumper - fab!

[@HomeWithShan]

Hey! This is from H&M years ago! Xx

[@ainecarey8025]

@@HomeWithShan it’s fab ❤️

[@AbiBloomUK]

Re buying a second property, I’m not sure if you would buy through a Ltd company but don’t forget second property stamp duty if you’ve not already thought about it. It’s a heavy amount to suck up 😂

[@Tariachan]

This might not apply to you, but for others who are watching: if you split bills etc 50/50 but one of you earns a lot more than the other, then that's actually not very fair. But I see that often in cases where women earn less (esp. when they're part time or go on mat leave to provide childcare) and then their partners have more "fun money" to spend. Just something to think about if you earn different amounts.

[@1Arwen11]

Hyperjar is a great idea. I use the Revolut vaults, you can name them however you want, fund and withdraw whenever. Plus you get some interest on your money, too ( even with the free account)

[@HomeWithShan]

Ooh that’s great! Any app like that is right up my street, especially when you can earn interest!!

[@forestidol]

This was soooo helpful, thank you!! Do you think I could still use the spreadsheet if I get paid weekly?

[@leeannbabi]

Hi Shan, Love the video. Have your thought about rent 2 rent investment within property instead of normal rent to buy avenue. I'm only saying because my husband owns a property company and specialises in rent 2 rent. Rent 2 Rent is a safer and alot less upfront capital to explore then the standard buy to let A normal rent to rent deal can cost you anywhere between 3-5k with returns of £900 to £1000 net profit pcm Where as a buy to let you will be saving a huge deposit of 35k to then have lower returns after your mortgage payments With 35k you can get minimum 5 rent to rent property's and be achieving 5k a month every month Hope this helps If you want to know more let me know and my husband can jump on a zoom call with you to give some advise if you wished .

[@sharonrose1658]

Can’t wait🎉

[@HomeWithShan]

Hope you enjoyed lovely! Thank you for always supporting me ❤❤

[@calvinliu6304]

I'm excited

[@HomeWithShan]

Hope you enjoyed!

[@laurahenderson2820]

It is not as simple as paying off a mortgage early saves you money. You are better to put that money into a high yield ISA for example if the interest on 10k of a 2% mortgage a year is only costing you 20 quid a year. But 10k in an 8% bond ISA will generate you 80 quid per year. So you would be 60 quid a year better off not paying off you mortgage early but investing that money instead.

[@AnniSpanni]

This is a debate my husband and I are often having. It’s such a balancing act. In an economic crisis the value of that cash isa dwindles enormously with high inflation. Suddenly your mortgage interest rate shoots through the roof. At that point you’re better off having paid down more of your mortgage because you will have less to pay at the higher rate of interest. Whatever the economic climate my argument for mortgage payoff is it secures the roof over your head faster and saves you from foreclosure because no one can undo your overpayments. But I completely accept it isn’t always the short or even medium term answer as regards what saves you the most money. I don’t think there really is a right answer to any of this, unless you have a crystal ball!

[@HomeWithShan]

Although this is true, we’re keen to get mortgage free as a guaranteed way to save money in the long run. It’s something we’ve decided to do as a couple. I also invest into my stocks and shares ISA separately. Just depends on your risk appetite I think! Xxx

[@LaurenRogers59]

I love to save. I save £400-£500 a month

[@tomstott.]

What do you put on the TV for George without a TV license or streaming services? Or are you getting logins from someone?

[@leahmcdermott4189]

It’s pretty easy. Just put on KZbin Kids and there’s lots of fun stuff to watch. I haven’t had TV License in years cause I don’t watch Live TV. Just KZbin and Netflix, it’s perfect, easy and cheaper

[@tomstott.]

@@leahmcdermott4189 Fair enough - I've never tried youtube kids but when I put normal youtube on the adverts are ridiculous - sometimes there some full on 20 min shows as an advert. Was just surprised to see zero expense towards TV. Feels like anything with ads needs more regulation of the actual ads.

[@leahmcdermott4189]

@@tomstott. Yeah but it’s a small inconvenience and it’s worth saving the money (for me) on TV license tbh. I connect via AirPlay on my phone, so will do bits around the house and when they ads come, I just skip them on my phone after those 5 secs. Unskippable ads are generally no more than 20 secs, so it’s not a big deal haha💕

[@luellacurness]

Where do you have your ISA please? Currently looking to open one x

[@HomeWithShan]

I have a stocks and shares ISA with trading 212 xxx

[@clare11]

Is there something different about the microphone in these last few videos? They sound so different, like you're really far away 😬

[@susannealderman148]

Do you have a National Trust membership? I don't think that was in the budget, unless I missed it. Also, I am returning from maternity leave after second baby in April and will have two in nursery. Currently trying to work out if it's affordable to even go back to work😭

[@laurabutterworth3711]

I am in the same boat! Got a 19month old in full time nursery & a 3 eeek old. Planning to go back to work full time in June but really need to see if we can afford 2 nursery costs!

[@susannealderman148]

@@laurabutterworth3711 it's so depressing the idea of potentially not being able to earn my own money! Congrats on your new arrival!

[@HomeWithShan]

My husband has a national trust membership, but I don’t! And I feel you girl, childcare is soooo expensive so it’s worth figuring out whether it’s worth going back / cutting hours ect!

[@susannealderman148]

@@HomeWithShan I know! I think this is why so many mums work just two or three days a week so you don't go much beyond your 3 year old's funded nursery hours and then have to top up with full rate hours. The more you work the more childcare you have to pay for and with two it's more than my salary. I am at the top of my pay grade in current job so it's not like I will earn more next year. Have you worked out a plan for when you have childcare for two to pay for? Thanks for your videos. They've been good company while on maternity leave x

[@HomeWithShan]

@@susannealderman148 it’s crazy isn’t it! And yeah, basically George will get his 30 hour free by the time the baby goes into childcare and hopefully will only need them in for 3 days a week xxxx

[@jenasebastian5169]

Do you have any Netflix / Amazon memberships?

[@Riceandgravy]

Just a heads up, my mortgage interest rate went up to 5.99%

[@erinwilson-taylor4260]

what day job do you have? that’s insane that they pay you full pay for 6 months 😀

[@HomeWithShan]

I’m a civil servant xx

[@jemmacowley8790]

Hiya Do you not record your child benefit ? Xx

[@HomeWithShan]

Hey! My son’s child benefit goes straight into a Junior ISA for him, so I don’t account for it in my budget. We’re saving it up for when he’s 18! Xxx

[@kerrieschannel]

Your mortgage is £900 odd a month?!😳 Or have I picked that up wrong?

[@xjessii89x]

Think so, they used to have very low mortgage payments I think until they moved. £900 sounds more normal , ours is £1200

[@HomeWithShan]

£980 to be precise haha! In our old house if was about £650 as we lived in a smaller house Xxx

[@kerrieschannel]

@@HomeWithShan oh wow I’m sorry. I feel so ignorant 😬 and it’s none of my business anyway. Budgeting really does make all the difference xx

[@xyf3614]

@@HomeWithShan we haven't bought our first home yet but with current mortgage rate to get a 3 bedroom terraced house at my area can easily cost 2k-2.5k monthly payment for 25 years of mortgage. >.< It's hard to attempt the first step of buying looking at this crazy numbers...

[@Mummaandmedays]

I love this! I always try to budget and fail but really want to get better before we plan for baby number two ✨🤍