Budgeting A £31K Salary | How To Budget UK | Budget Spreadsheet | Zero-Based Budget

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Budgeting A £31K Salary | How To Budget UK | Budget Spreadsheet | Zero-Based Budget | 50-30-20 Rule

Рет қаралды 8,628

Күн бұрын

In this video I show you how someone could budget a £31K salary and what things should be considered when doing your own budget.
I use the zero-based budget method and show you what that looks like in this video. I also go through how to use the 50-30-20 budgeting method.
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Budget Spreadsheet shown in video available for purchase on Etsy: financedee.ets...
Time Stamps:
0:00 - Intro
1:20 - Budget assumptions
1:57 - Budgeting £31K Salary
16:01 - 50-30-20 Rule
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Where Else To Find Me:
Blog: www.financedee.com
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Twitter: Finance Dee
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DISCLAIMER: I am NOT a financial advisor. Any thing I discuss on my channel is based on my own personal experiences and research and is for informational purposes only. Please do your own research or seek professional advice before making any financial decisions.
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#budgetingforbeginners #howtobudgetUK #budgetspreadsheet #budgetwithme

Пікірлер: 53

@wills.364 3 жыл бұрын

Nothing like a good breakfast and watching your vid to start my morning😃

@FinanceDee 3 жыл бұрын

Best comment ☺️ glad you get to watch and eat your breakfast 🥞

@Ambuscade94 Жыл бұрын

As a 28 year old who has struggled with drug addiction, severe ADHD impulsiveness, and just a general cluelessness about budgeting who is starting (late) to change their life around this really has helped. Thanks a lot 👍🏻

@FinanceDee Жыл бұрын

Wow! So glad to know it’s helped, and well done to you for getting things in order. 28 still sounds quite young to me and like you’ve got time on your side 😊

@phillipferguson1798 3 жыл бұрын

This is actually extremely useful for myself as my salary is £31,989. So many thanks :)

@FinanceDee 3 жыл бұрын

Wow that’s perfect! Glad this is useful for you 😊

@pandabossanna 3 жыл бұрын

I wish rent in London was that low haha! Great video :)

@FinanceDee 3 жыл бұрын

Haha right!! I guess this is the curse of London/SE England. Everywhere else is much more reasonable!

@Indowaindowa 3 жыл бұрын

Great video, and an excellent walk-through. Keep up the good work.

@FinanceDee 3 жыл бұрын

Thank you very much ☺️

@mizzXannaXx 3 жыл бұрын

Just downloaded the spreadsheet - it's amazing! I suck at Excel and this has saved me from spending time learning how to format all the tables. Love the percentages column as it helps me visualise the proportions of each of my outgoings. Thanks Dee!! :)

@FinanceDee 3 жыл бұрын

Ahh this makes me so happy - my pleasure! Hope it will be very helpful to you each month 😊

@HoneybeeAdventures 3 жыл бұрын

This is really helpful I have your budget sheet. I live outside of London so hurt housing costs/ mortgage is spot on for myself and friends that own houses. The salaries outside of London are generally a lot lower than £31k but two people would be bringing this in or more so it was still good to watch and very relevant

@FinanceDee 3 жыл бұрын

That’s great to know the housing costs are spot on and also interesting that salaries are generally a lot lower than £31K. It’s so region specific, so hard to gauge across the board 😊

@elaibesummers906 3 жыл бұрын

helpful video. The cost of living in London is so high, I am paying just over £200 in Council Tax, that's why I will be moving soon to just half hour away from London. Since using an excel budget spreadsheet has worked wonders for checking in on my spending and also helps to save me money. I like to see how much money if any, I have managed to save for the month and then allocate more to my savings/investment.

@FinanceDee 3 жыл бұрын

Wow over £200/month is a lot 😯 yeah I live outside of London now and it’s definitely more affordable!!!

@trushirpatel2238 3 жыл бұрын

Yes thats the standard rent is around 1000-2000 no idea where you are getting £400 🤷‍♂️

@KLUDUP 3 жыл бұрын

I like this budgeting spreadsheet very in-depth! 👌🏾

@ModestMillennial 3 жыл бұрын

I absolutely agree.. very thorough

@FinanceDee 3 жыл бұрын

Thank you both! Thorough is the key to having a comprehensive budget that actually works 😊

@thestreetinvestor 3 жыл бұрын

London is at least £800. But the post covid urban flight is dropping prices so we'll see. Thanks for a great video with a realistic budget!

@ajulydreamer 3 жыл бұрын

I am same as you, my budget is non-negotiable and I do it monthly and review regularly. Great video

@FinanceDee 3 жыл бұрын

I personally think it’s the only way to have control of your money properly! And thank you 😊

@clairedriscoll8628 2 жыл бұрын

Great manipulation of figures, a spreadsheet allows you to do this, being realistic and strict with your figures as far as possible is the key to keeping within a budget. Regarding food I never buy lunch or coffees I always take food from home, I either make it or eat leftovers and bring my own lattes. I love the concept of a budget for everything sometimes difficult to stick to but if you just spend willy-nilly you have no idea and your money can disappear without trace. Tracking your expenditure is really useful so you have an average of monthly expenditure on such things as toiletries vitamins food takeaways etc. A yearly tracker of expenditure is also useful with a final balance at the end of the year. Really enjoying your vlogs especially as they are based in the UK as there aren't that many of them, great content, love the Vanguard stuff, thank you x

@FinanceDee 2 жыл бұрын

What a lovely comment! Thank you so much! I agree budgets are so important in helping you not go crazy with your spending. Reflecting on my expenses really helps me to conceptualise what I am spending all my money on and what needs to change/not change.

@alexisorton7145 Жыл бұрын

I've really been able to stick to my budget by using a monzo account. I use the "pots" facility so I have pots for holiday, emergency, Xmas/bdays, clothes/beauty treatments.

@user-cq5dl9zi7v 3 жыл бұрын

Great vid as always enjoyed listening to it

@FinanceDee 3 жыл бұрын

Thank you George 😊

@ModestMillennial 3 жыл бұрын

Great video on budgeting.. pretty thorough.

@FinanceDee 3 жыл бұрын

Thank you, appreciate that!

@richardvarnam-wright3142 3 жыл бұрын

Great video. Really does highlight the potential difficulty people face when budgeting and balancing the figures whilst paying for the essentials but still living life. For me personally the savings amounts look too low as whilst there is an amount for an emergency fund, being a homeowner there is always things that need saving up for or replacing, and this budget is for someone on 31k. I think generally your figures are overall realistic. Not sure about the phone plan though. I pay £16.50 a month on contract which is enough for what i need. Our Mortgage is £406 a month but that's only because we have 6 years left.

@FinanceDee 3 жыл бұрын

Thank you for your comment!! I agree, savings could be more but a lot of people struggle to save even 10% unfortunately. But it is essential! Super jealous of how much you pay for your phone contract and your mortgage lol. I pay more than double that but I also have much longer than 6 years left on my mortgage 😅

@richardvarnam-wright3142 3 жыл бұрын

@@FinanceDee absolutely. They really should teach this stuff in schools. If people get into these good habits like you've shown, it is manageable overall especially if they look to find the best deals, and get rid of non mortgage debt.

@KristenaWitherspoon 3 жыл бұрын

Great video and very detailed 👍

@FinanceDee 3 жыл бұрын

Thanks Kristena 😊 all about the details!

@herpennypotential40 3 жыл бұрын

Fab video gal!!

@FinanceDee 3 жыл бұрын

Thank you ☺️

@bartlemi5 3 жыл бұрын

I could only wish my mortgage payment was £350. Would need to times that by 4 and add a bit 😅!

@FinanceDee 3 жыл бұрын

Haha right 😅 but someone in my comments said they only pay £400 so it’s possible for some!

@trushirpatel2238 3 жыл бұрын

lol rent here in Surbiton i'm paying is £1900 😫

@FinanceDee 3 жыл бұрын

Wow 😳

@ca55766 3 жыл бұрын

£200 a month is my fun money too 😁 wish I could be having more fun but seeing the mortgage drop down every month is 👌 worth it

@FinanceDee 3 жыл бұрын

All about finding that balance isn’t it ☺️ fun and reducing the mortgage lol

@SammyNdlovu1212 Жыл бұрын

Wow £100 a month for petrol. I pay £100 per week Debt £600 Food £400 Mortgage £400 Council tax £110 Etc etc I’m on £31000 How lm surviving l don’t even know myself

@FinanceDee Жыл бұрын

Oh wow. Assume you commute via your car and maybe don’t pay for train fares then? Is the debt so high because you’re trying to aggressively get to zero? At least your mortgage is nice and low. Even though you don’t know how you’re surviving, you are! So well done you 😊

@vivo512 3 жыл бұрын

Hi there! I just can across your channel . I absolutely love the look and ease of use of your spreadsheet. I live in the US and was just wondering if do you offer this is US dollar format?

@FinanceDee 3 жыл бұрын

Hello 😊 thank you very much! I actually do have a US dollar version on my Etsy too found here: www.etsy.com/uk/listing/896572525/budget-excel-spreadsheet-how-to-tutorial?ref=search_recently_viewed-2

@vivo512 3 жыл бұрын

@@FinanceDee Awesome! Thank you!