In partnership with
A new tax year means a new chance to make the most of government initiatives.
The Individual Savings Account (ISA) allowance has renewed yet again, and there is a fresh £20k to save, completely tax free! How you save your £20k will change next year, so this is your last chance to take advantage of this. I’ll admit, I have never utilised the full £20k, because, I want to enjoy my life in the present day as well as invest for my future. And though £20k in 12 months, is ~£1600 per month, I would have 0 money to actually try and live a little. Whether that’s socialising, maintaining physical fitness or having a buffer amount of money for rising fuel and food costs (cough cough like our current situation).
This new financial year is starting on a more difficult note. There are things happening personally, that mean I know there is a big expense coming, but I don’t know how much it will be, other than being minimum 4 figures, or when. I know I don’t have that amount in savings, my salary has not increased (yet - I’m hopeful for a promotion) and making money online is a lot harder since I follow the more “I will take it at my own pace” level.
So, what am I doing about it?
I have decided to make some sacrifices, just so I can survive with less mental struggle whilst the geopolitical front is being incredibly turbulent, and my own personal things being unpredictable.
I have paused my Audible* and Kindle Unlimited - granted it’s roughly £15 per month for both, but since they are on my credit card, that means I have less interest fees. I’ll admit I do have 5 credits on my audible, and several books in my library that need to be read, so stopping these has only meant saving my monthly outgoings, without ruining the joy I get from books.
I have paused my tv subscriptions - I have not watched tv in several months. I tend to fill my time with editing content, or reading, and I don’t mind watching YouTube videos for free. So, those monthly outgoings (~£20) are reduced.
I have re-prioritised what is real self care, and what were things I convinced myself were self care. I like getting my nails done, but it’s not self care to me (note, I said to me.) Getting them done every month when it’s no longer necessary (I have a friends wedding next month), is an expense I don’t need to have. I have plenty of other ways for self-care like at home face masks, reading, working out and the occasional treat. I’ll save myself he £40 in the meantime.
You may also notice the newsletters in the future won’t have a partnership deal, and that is because maintaining that was costing more than I can manage at the moment. So those have paused too.
I normally try to max out my LISA (£4k) within the first 6 months of the tax year, so then I don’t need to worry about it over Christmas time. This does mean Apr - Oct are a lot more tight on the budget, with less room for a buffer. But with the turbulence of the planet, I’m giving myself an extension of 2 months. Yeah it means less money for Christmas, but it means in my day-to-da existence, I have some cash to last me to the next paycheque.
Losing these isn’t great, but it doesn’t drastically destroy my quality of living, especially with what’s going on lately. My main goal is to survive each month, not flake out on all these big life events and milestones for my friends and family and still have the chance to save a little, which I understand is still a positive position.
This one was a little late due to so many things happening last week, but hopefully I should get back to me schedule this week.😊
*Please note this email contains affiliate links, and should you click on them and make a purchase, I may get a commission.
Thanks,
Rue
Adulting For Life
Smart starts here.
You don't have to read everything — just the right thing. 1440's daily newsletter distills the day's biggest stories from 100+ sources into one quick, 5-minute read. It's the fastest way to stay sharp, sound informed, and actually understand what's happening in the world. Join 4.5 million readers who start their day the smart way.
