HOW TO SAVE MONEY & BUILD AN EMERGENCY FUND FAST! (10 ways🧾)
Рет қаралды 7,643
Күн бұрынWant to learn how to build an emergency fund fast? Today we share 10 tips on how to save money and start an emergency fund. These savings tips will make it easy to save 3 months of emergency fund savings. Grab our BUDGET FOR LIFE tool - thehumblepenny.com/budgetforlife 😊 ♥
★★ POPULAR VIDEOS ★★
How We Save 60% Of Our Income For Financial Independence - • How We SAVE 60% of Our...
27 Easy Healthy Meal Prep Ideas (30 minutes) - thehumblepenny.com/healthy-me...
5 BREAKTHROUGH Passive Income Ideas (for £1000 per month) - • 5 BREAKTHROUGH Passive...
9 BEST Passive Income Ideas for £1000 per month (In 2020) - • 9 BEST Passive Income ...
How To Invest £1000 (9 Best Ways to Invest) - • HOW TO INVEST £1000 | ...
14 HIGH PAYING SIDE HUSTLES For 2020 To Start Today With Little Money - • 14 HIGH PAYING SIDE HU...
Why MOST PEOPLE DON'T Make Passive Income (and how you can) - • WHY MOST PEOPLE DON'T ...
★★ SUBSCRIBE TO CHANNEL HERE ★★
kzfaq.info...
★★ LINKS MENTIONED IN THE VIDEO ★★
27 Easy Healthy Meal Prep Ideas (30 minutes) - thehumblepenny.com/healthy-me...
★★ EQUIPMENT USED ★★
Canon EOS M50 Camera - amzn.to/2zcz1K0
Canon 5D Mark II Camera - amzn.to/2xRF1XD
Canon EF 24 - 70mm F2.8L Lens - amzn.to/2lFwdRQ
Canon EF 50mm F1.4L Lens - amzn.to/2lF6Sr9
Manfrotto Tripod - amzn.to/2YC3Sto
Apple iMac 2019 - amzn.to/2lEXNyz
Rode Microphone - amzn.to/2lFs0O2
★★ ABOUT US ★★
MARY:
I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)
Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.
When I'm not creating, I love vegan food, traveling, working out and doing some outdoor fun things with my husband and kids :)
KEN:
I'm a husband to Mary and daddy first and foremost.
Former CFO by day with over 12 years experience in the investment business. I'm a Chartered Accountant and hold an MBA from Cambridge University.
To explore my creativity, I'm a blogger, youtuber, speaker, etc. I create from my experiences as a family man and First Generation Immigrant.
I have a passion for all things Personal Finance, Business and Personal Development. I also love Photography, Music, Travel, and Sport.
We became Financially Independent aged 34 and our story has been featured on the BBC, Mail Online, Channel 5, Metro, etc.
★★ WANNA CONNECT? ★★
Blog - thehumblepenny.com
Insta - / thehumblepenny
Pinterest- www.pinterest.co.uk/thehumble...
Twitter - / thehumblepenny
Facebook - / thehumblepenny
★★ OUR ONLINE SCHOOL ★★
Visit our online school at Financial Joy Academy for Video Courses:
www.financialjoyacademy.com/
Massive thanks for watching and following our channel :) ♥
Best, Ken and Mary
#emergencyfund #emergency #savemoney
★★ WHAT THIS VIDEO IS ABOUT★★
HOW TO SAVE MONEY & BUILD AN EMERGENCY FUND FAST! (10 ways🧾),building an emergency fund,how to build an emergency fund,how to start an emergency fund,how to save money,how to save money fast,how to save an emergency fund,how to save for an emergency fund,emergency fund,emergency fund saving,emergency,emergency savings,how to save money fast on a low income,clever ways to save money,how to save money uk,money saving tips
@TheHumblePenny 3 жыл бұрын
What creative ways have you been able to build your emergency fund fast? If struggling to do so, what's your biggest practical challenge? Please share below :) *10 Top Tips below:* 1. Meal planning 2. Service based side hustle 3. Lower Necessary expenses 4. Start selling stuff 5. Get budgeting 6. Tax rebates 7. Opt for free entertainment 8. Do a spend freeze 9. Do a swap party 10. Move back with your parents
@paulneugbiyobo4156 3 жыл бұрын
Yours is steps further than Dave Ramsey's
@paulneugbiyobo4156 3 жыл бұрын
Thank you for giving people financial hope even at a time like this
@anastasiarenaud2568 3 жыл бұрын
The key is automation and paying yourself first. Take the money out of your paycheck before it hits your bank account. Thats how I originally built my 6 month emergency fund and since the pandemic hit I have built it up to a 10 month emergency fund.
@Ro53mary 3 жыл бұрын
1. Meal planning 2. Service based side hustle 3. Lower Necessary expenses 4. Start selling stuff 5. Get budgeting 6. Tax rebates 7. Opt for free entertainment 8. Do a spend freeze 9. Do a swap party 10. Move back with your parents
@TheHumblePenny 3 жыл бұрын
Thank you! ;)
@Squirrel-zq6oe 2 жыл бұрын
Awesome thank you 👍
@ozzyfur8307 2 жыл бұрын
Thank you this helped a lot!
@ErinDHM 3 жыл бұрын
I was able to pay off a huge amount of debt by moving back in with a parent (with their permission, of course!). It's really hard to do when you're used to your own space, but it's so worth it to be able to get yourself into a better financial position!
@TheHumblePenny 3 жыл бұрын
Good to hear from you, Erin. Thanks for sharing this real life perspective :)
@kenaddoh4693 3 жыл бұрын
An emergency fund often turns an emergency into an inconvenience...It also provides an escape route if your job is harming your mental health.
@TheHumblePenny 3 жыл бұрын
100% 😀
@WildernessTamed 3 жыл бұрын
I listed my spare room on AirB&B in February just before lockdown. I thought 2020 was maybe not the best year to do this but hey presto bookings are now coming in thick and fast. Essentially I'm getting interesting people from all over the country to pay my mortgage and bills. I've made some great friends and I can recommend it as a great way to use an otherwise wasted space in the house to generate an income.
@TheHumblePenny 3 жыл бұрын
So pleased that AirB&B is working so well for you 😀
@ThisisDaniel 3 жыл бұрын
Amazing tips. I moved home after being made redundant in 2019, it's been a tough challenge but I've been able to change my mindset and save a lot more money than I ever have. Plus, as you say, it's been nice reconnecting with family in a completely new way.
@MarzellCrypto 3 жыл бұрын
Emergency fund is important - don’t rely on high interest credit cards 💳 ❌
@TheHumblePenny 3 жыл бұрын
100% agree
@kenaddoh4693 3 жыл бұрын
Another great advantage of meal prepping is that you can freeze the left overs. These provide convenient meals on the days that you don’t fancy cooking.
@TheHumblePenny 3 жыл бұрын
That makes a huge difference :)
@mattquantrill101 3 жыл бұрын
Some more amazing advice guys thank you! The cutting expenses one is so true, I rang my insurers about cancelling my insurance on the dishwasher, washing machine oven etc and ended up paying less than half i was paying and also with brand new appliances! Thanks for all of your help
@cherylwilkinson92 2 жыл бұрын
I did option 10! I moved back with family, it was an adjustment but I am saving huge amounts of money!! No rent but sharing bills, but expenses have drastically reduced!
@TheHumblePenny 2 жыл бұрын
Love this 😀
@gordonmiller1 2 жыл бұрын
Love this channel! Your smiles are contagious! Thank you for all this advice. 🙂
@TheHumblePenny 2 жыл бұрын
😊🙏🏾🙏🏾
@JAXFinancialUK 3 жыл бұрын
Meal prepping makes so Much sense! One of my hardest challenges. I ended up just buying food often. But when you’re intentional, you will make the right decision. Aka go to mums house 😂😂
@TheHumblePenny 3 жыл бұрын
Didn't expect that last bit. But we couldn't agree more, haha 😂
@JAXFinancialUK 3 жыл бұрын
The Humble Penny 🤦🏾♂️😂😂
@jackiea7965 3 жыл бұрын
Great tips guys i have built my emergency fund using your some of the tips you mentioned. I was broke and unemployed almost 1 year ago, but since August 2020 I became employed and now i have a new better job that has hybrid working. I have also been able to put away 6 months worth of expenses , and will continue to build the emergency fund, corona has shown me that i definitely don't want to be in fear like i was before. thank you for your channel i have improved with my personal finances so much
@TheHumblePenny 2 жыл бұрын
Results!! 👏🏽👏🏽😊
@jackiea7965 2 жыл бұрын
@@TheHumblePenny Thanks for all your content
@ben.atherton 3 жыл бұрын
Meal planning has saved me so much money! It is amazing how much you can save by simply planning out your meals for the week, my favourite tip 👍
@TheHumblePenny 3 жыл бұрын
Great to hear, Ben! Especially coming from a guy!
@ben.atherton 3 жыл бұрын
@@TheHumblePenny thanks! I think food is really an area that people overlook when looking where they can save money as most see it is a need which of course it is. However the difference between a £50 food shop where you have planned out meals and a £80 a week food shop where you buy as you go can add up over the long term.
@irinaprata5084 3 жыл бұрын
Fantastic ideas👏🏾👏🏾👌🏾👌🏾. Thank you guys🙌🏾👏🏾👏🏾👏🏾
@TheHumblePenny 3 жыл бұрын
Thank you! 😀
@ninatladi4132 3 жыл бұрын
Great video, seeing Mary is always a treat. I am on a weight loss journey so meal planning will help me to save money as well as eat healthy.
@TheHumblePenny 3 жыл бұрын
thank you Nina. You're too kind :) All the very best with your weight loss journey an d meal planning!
@KessaBeth 3 жыл бұрын
You guys are awesome! Thank you so much for the tips!
@TheHumblePenny 3 жыл бұрын
Much appreciated!! 😀
@trzagor2769 3 жыл бұрын
You guys are doing a good job!! I have been following your youtube for a while, and it is so enlightening!! I will love to hear your opinion about the state of Velocity Infinite Banking in the UK!!
@homecookedflavours4381 3 жыл бұрын
Great tips. I especially liked the spending freeze
@TheHumblePenny 3 жыл бұрын
Cheers! 😀
@HolisticMoney 3 жыл бұрын
These are all great ways to build up an emergency fund and save money! I especially like the idea of swapping places for a vacation! Great idea!
@TheHumblePenny 3 жыл бұрын
Absolutely!! Thanks Holistic Money :)
@rickywyatt7874 3 жыл бұрын
Really useful information. Thank you. It would be great if there was always a number on the screen of what number tip you was on.
@TheHumblePenny 3 жыл бұрын
Thank you Ricky. Great suggestion!
@mimiechirwa8208 3 жыл бұрын
Thank you for this video. Would love to hear your thoughts on income protection, family benefit, life/critical life insurance etc I context of following purchase of your home
@TheHumblePenny 3 жыл бұрын
Sure. Seen our life insurance video? We still have life insurance even though we've paid off our home.
@lionessnala2000 3 жыл бұрын
Thanks so much i wish someone taught me these principles earlier on in life...
@TheHumblePenny 3 жыл бұрын
Please teach someone else 😊
@chessdad182 3 жыл бұрын
Nice couple and great ideas
@TheHumblePenny 3 жыл бұрын
😀🙏🏽
@hyt1305 3 жыл бұрын
You guys have given me so much knowledge about investing and finance in general. Thank you😃 I also want to ask, I want to buy my first house in the next 5 years. Should I invest or just save it in a savings account since it’s kind of short term? I’m thinking of investing 200/m and saving 100/m so I can grow my wealth yet have enough for my home
@TheHumblePenny 3 жыл бұрын
Hey Hyt! You're most welcome! 😀. 5 years is a decent time NOT to leave your money in a normal savings account. Just consider how much value you lose on that each year without investing and lost opportunity. Personally, I'd invest the whole lot. But do what you're most comfy with 😀
@alinemoreira2316 3 жыл бұрын
Where to leave the emergency fund? Should be in a saving account (very low interest payment) or there is another way to save with a considerable interest without losing the ease of getting this money out when needed.
@helena-boateng Жыл бұрын
an easy or instant access savings account, with an interest of 2% or more
@inessantos3336 3 жыл бұрын
Found you canal thanks to ChooseFi podcast. I am loving it. Could you tell me where i can read more about the tax rebates? I would lije to know if i can do it and how. Thank you so much for your help and congratulations for your canal.
@TheHumblePenny 3 жыл бұрын
We were mentioned on ChooseFI? Got an episode link? Here is a link for the tax rebate: www.gov.uk/tax-on-your-private-pension/pension-tax-relief
@inessantos3336 3 жыл бұрын
@@TheHumblePenny i think i got confused. I was listening to the episode 049 and started searching for more UK FI KZfaq channels or blogs and then I found your KZfaq channel being suggested several times on some ChooseFI facebook group. Sorry 🤦♀️ my bad. You are definitely one of the best FI places to get information in the UK. Congratulations again and thank you so much for your help.
@TheHumblePenny 3 жыл бұрын
Ahh... you're most welcome! 😀
@Ejwellbeing 3 жыл бұрын
We are working so hard to save an emergency fund but it feels like whenever we get a little bit saved something breaks or a big bill comes out. Also my other half got made redundant and often it feels like we are stuck in a cycle of living pay cheque to pay cheque... we work so hard to get out of it but end up falling back in. any advice here? I really love all of your videos
@TheHumblePenny 3 жыл бұрын
This is a hard place to be and we really understand. It's a very common situation. Very sorry to hear about the redundancy. I think a combination of a number of the ideas we suggested (if done by both of you) will help to lift you out of this position. Mind me asking what you both do for a living (outside of the recent redundancy)?
@Ejwellbeing 3 жыл бұрын
@@TheHumblePenny I am mostly a full time mum to my baby but I teach yoga and teach a couple of classes online per week and am also a personal trainer but have taken a long break after having my baby - he's one now. My other half was working in sales and now has been doing some uber food deliveries to keep us going whilst he's studying an aws course... It seems we do a budget and follow it but then somehow don't follow it and end up "treating" ourselves to a coffee or some nice food and really we can't afford to do that, our families also like to go our for food or have takeaways. I guess what we need is more discipline to commit to our budget? We seem to have a tail of debt following us wherever we go.
@anastasiarenaud2568 3 жыл бұрын
Well first isnt that the point of an emergency fund? Automate your saving and take it out of your paycheck before it hits your bank account and send the money to a separate online savings account (that shouldnt be too easy to take money out of). Given your partners job loss that may be hard to do now. But if there is income coming in some can be saved. Secondly, is there a pattern for what you are dipping into the fund for? ie car breaking down, helping family, what type of bills etc. My mind was blown when I learned about sinking funds (The Financial Diet did a video). I realized I sometimes dip into my EF to pay travel costs or Christmas gifts but thats an expense I can forsee and of course its not an emergency. So Im starting a travel fund and Christmas fund separate from my EF. And I have redefined for myself what an emergency is (health issue, job loss, housing damage, family emergency). So when I had a sudden death in the family and had to travel abroad and pay for funeral expenses-I knew this was what I had created my fund for. Also celebrate for each month of expenses you save and realize you are improving slowly but surely. You can do it! Its hard at first until you develop the habit of paying yourself first and automating your saving. It took me years to save my first 6 month emergency fund. Then I had a major accident, lost my job and that fund saved me literally. It was much easier to build the EF the second time around.
@esopipafrica 3 жыл бұрын
@@anastasiarenaud2568 thank you for this. It helps
@anastasiarenaud2568 3 жыл бұрын
@@esopipafrica Im glad it was helpful. It can be tough to save at first especially when you are living paycheck to paycheck but its doable. And its something you can do for yourself and or your family to give yourself breathing room. I also realize I could have saved my emergency fund faster if I had created a budget *and* automated my saving. But Im resistant to budgeting (memories from childhood I associate with budgets). But when I knew better I started doing better.
@ollierowe6004 3 жыл бұрын
Can I have time for hobbies in my 20s while trying to achieve financial freedom ?
@TheHumblePenny 3 жыл бұрын
Ofcourse!
@Ponygirl15 3 жыл бұрын
Something that always confuses me with side hustles is the tax. I already have a full time job and was thinking about a side hustle but I’ve been told by having two incomes I will be heavily taxed. (Live in the U.K.) Any advice? Thanks 🙏 love the videos! 😊
@TheHumblePenny 3 жыл бұрын
We'll publish a blog post about this tomorrow on our blog. Subscribe and follow here: Thehumblepenny.com to be notified when we publish it.
@Ponygirl15 3 жыл бұрын
Awe amazing Thankyou very much I’ll go look at it tomorrow 😁
@rmanS2C Жыл бұрын
What bank accounts is best to keep emergency fund in
@helena-boateng Жыл бұрын
an easy or instant access savings account with an interest of 2% or more
@rmanS2C Жыл бұрын
@@helena-boateng thanks for your reply 🙏🏾
@grinouna75 3 жыл бұрын
I have changed job, got a 60% raised and spend less because of the COVID-19 🚀
@TheHumblePenny 3 жыл бұрын
That's great. Congrats on your pay rise 👊
@esopipafrica 3 жыл бұрын
You talk alot about the side hustle. Have you done a video yet on things to do with the side hustle money? How should we use/ spend the side hustle money.
@TheHumblePenny 3 жыл бұрын
No I haven't. Good suggestions
@Tommybotham 3 жыл бұрын
Since I begun to invest and see the magic of my money working for me, I’ve become a little skeptical about emergency funds. It’s literally just cash that’s not doing anything. I’d rather put it in a stock and then sell the stock if I need the cash. At least when I didn’t need it, it was appreciating.
@chrisbaker91 3 жыл бұрын
Emergency fund also you don't have to sell your shares for cash incase of a downturn. Keeps any losses paper only rather than crystallising them in an emergency the time where maximising your money is crucial
@Tommybotham 3 жыл бұрын
@@chrisbaker91 Fair point!