UK lifestyle and money blog

Victoria Sully Nov 2018 Circle Logo

 

Welcome to the Lylia Rose UK money and lifestyle blog.  I'm Victoria Sully, a busy mum of two, wife, full-time blogger and online money-maker.  I’m passionate about making money online, saving money, self-employment, healthy living and blogging.  I’m on a personal mission to be healthier and wealthier!  Thank you so much for joining me.


 

matched betting box       

 RSS Feed

Category: Money

  1. 10 benefits of getting a job as a teenager

    Posted on

    There are many pros and cons to teens working. If your kid wants to join the workforce, you should definitely be aware of the challenges that may arise. That being said, the benefits can far outweigh the costs. Teens earn more than just a paycheck from part-time work. When it comes to discussing work with your child, think about all the benefits they could be reaping.

    10 benefits of getting a job as a teenager (1)

    1.     Confidence

    Landing that first job can give your teenager a huge boost of confidence, but part-time work can also build confidence over time. Providing valuable service helps kids feel capable and skilled. It teaches them that they can contribute to society in a tangible way.

    2.     Responsibility

    Teens who work are given many new responsibilities. Simply maintaining a work schedule makes teens more responsible for their own time. On top of that, many jobs available to young people require handling funds, supplies, or goods. They may even be given the responsibility of opening or closing a store on their own. When given more responsibilities, most kids will step up to the task.

    3.     Collaboration

    Kids learn to cooperate early in their development, but collaboration is a more elusive social skill. Being able to contribute to a group effort with the group’s benefit in mind is challenging. Work can be a low risk environment to learn collaborative skills first hand. In order to be successful in a job, your child must learn to balance their own needs and ideas with those of the company. They also develop the confidence to speak up and share their ideas! A part-time job is a valuable environment for these lessons.

    4.     Balance

    Work/Life balance is a challenge for most adults. We struggle to establish boundaries and set priorities. Balance isn’t a magical destination that you reach after years of working, it’s a skill that you must learn and practice. Teens who work get early lessons in balance. It’s important to remember that school is already a full-time commitment for most kids. Add the extra time and effort of homework, extracurricular activities, and a social life; it seems impossible that a teenager would have time in their schedule to work. A job helps teens develop their ability to balance commitments. They learn how to say no to overtaxing requests, and how to plan ahead for busy times.

    5.     Priorities

    As they work on balancing school, work, and life, teens will start to develop their own priorities. Those difficult conflicts between commitments and desires teach teens to reflect and consider before making choices. Important decision-making skills are developed by making these choices, like picking up an extra shift rather than studying for a test. Or vice versa.

    6.     Financial Education

    With a job comes money! With money comes bank accounts, college savings, expenses, and so much more. The financial world is not an easy one to navigate. A part-time job allows kids to learn about money. As soon as your teen gets paid, take them to the bank to start their financial master class. Encourage them to set big spending goals for things they want, and help them save money.

    7.     College

    There are many ways that a part-time job can help your child with college. The most obvious way is saving money. College is expensive. Having a part-time job in high school may not earn your kid enough to pay for four years of school, but it will help contribute. Incentivize saving by matching what’s in their college account.

    Work isn’t just a source of money, it’s also a resource for college application time. Working helps to round out your child’s application, and may even lead to recommendations or scholarship opportunities. Some companies even pay tuition for workers who are in school!

    8.     Professional Connections

    Networking is a valuable part of developing a career path. As a teenager, professional networking can open doors. Professional relationships formed in early work experiences can be called upon decades later. Teens may call on their former employers and colleagues for recommendation letters, job leads, or business tips. The earlier that young people can create these connections, the more benefits they will see at the beginning of their careers.

    9.     Explore Careers

    When your kids are little, they know what they want to be when they grow up. Firefighter, vet, dancer; the scope of professions is pretty narrow. As they get older, they will need to draw on more than that narrow list to find a good fit. The best way to know if a career field is right for them is to spend some time working in that field. The job market for teenagers is much broader than it used to be, thanks to technology and new markets. Kids as young as 15 years old can explore nearly any career that interests them. Even in part-time positions, teens gain valuable experience in a variety of fields. 

    10.Transition to Adulthood

    Perhaps the most valuable benefit of working is the smooth transition from adolescence to adulthood. Working teens are treated more like adults, have more responsibilities, and considerably more freedoms then their peers. Part time work can act as a simulation of the real world, giving teens life experiences while still in the safe environment of your home. These experiences help transition teens from high school to college, and on to adult life. The culture shock of being out on their own is lessened, and they are more confident and capable.

    Working teens face unique challenges, but also gain unique benefits for their efforts. The key is to support their journey and help them gain the most from their experiences. Talk to your teenager about work. Help them look for the right positions that will support their goals. Let them reflect on work experiences to develop social and professional skills. Working will help your kids grow into capable adults.

     

    Ron Stefanski is the founder of JobsForTeensHQ.com and has a passion for helping teenagers find jobs.  He created the website because he feels that teenagers need to focus on their professional passions much earlier in life and aims to teach them how they can do that.  When he’s not working on his website, Ron is a college professor and loves to travel the world. 

    10 benefits of getting a job as a teenager

    Related blog posts

    5 tried and tested ways to make money as a UK stay at home mum

    The importance of learning in your life and career

    Magic for mums who mean business

    Why digital marketing skills are essential today

    My ongoing learning and career plan

     
  2. Money making blogger interview with Todd of Invested Wallet

    Posted on

    Welcome to my Money Making Blogger interview series where I interview bloggers from around the globe who make money from their blogs.

    Read on to discover how they make money from blogging and the steps they took to monetize their blogs.  Feel inspired and learn something new from this series.  Learn how many hours they spend on their blogs per week, what sort of income this provides and if there are any cons to blogging for money.

    I've been a full-time blogger for over two years now and blogging for six years in total!  It amazes me that I can make money from home as a blogger.  It’s not without a lot of hard work though, so don’t be fooled into thinking you simply set up a website and voila, income starts rolling in.  If only!  I work more hours per week than I did in any full-time employed job - my blog is my life!

    In this series I am going to interview other bloggers who also make money from their blogs to hopefully inspire people to start a blog if they wish or to make that leap to monetizing content.  I also find it so interesting to learn what other bloggers are up to.  Even us full-time bloggers can learn from each other and inspire one another.

    Money Making Blogger Interview

    Tell us all about you and introduce your blog.

    My name is Todd and I started the blog Invested Wallet back in June 2018. I started the website for a few various reasons.

    First, I work in marketing full-time, so I really enjoy building websites, growing it and writing content.

    Second, I wanted to document my personal finance and investing journey, but show others who aren't six-figure earners or have zero previous finance knowledge can succeed.

    And lastly, to start a side business that can make me extra money doing something I'm passionate about.

    How long have you been blogging and when did you begin to make money from your blog?

    I actually started a music blog back in 2010 and have been blogging on the side ever since.

    Invested Wallet I started in 2018 and started making money in the first 7 months of existence in January 2019.

    How much money do you make each month from blogging? How many hours do you work on your blog each week to achieve this?

    Right now, making money from Invested Wallet is a bit sporadic as I'm focusing more on growth and great content.

    However, I recently joined and advertising network to start generating passive recurring monthly income.

    January, I pulled $400 and in February I pulled $550, without any ads.

    I work 10-15 hours each week on the blog, between writing and marketing. Some weeks it may be closer to 20 hours, pending what is going on that week.

    How do you make money blogging?

    I'm mostly interested in sponsored posts, brand partnerships, non-intrusive ads, and some affiliate marketing.

    I also see freelance and consulting work as another revenue stream that will come up more in the future.

    My favourite method is sponsored posts or brand partnerships. The money can be really good, for relatively easy work.

    The challenge is it can vary month to month, but there is a lot of money to be made here.

    Paid work can come from a combo of things: cold reach out from brands, my own pitching to brands to get on their radar, and networking.

    How did you prep your blog to make money? Has it been an easy process?

    Making money on your blog is not easy, at first.

    As a side hustle, you can't expect to make money in the first few months or even the first year! It's a long-game approach, but if you have a plan, build it well, and write quality content, you can have a future financial asset.

    For me, I treated this as business which keeps my mind focused. I made business blog plan and worked on it 3 months before the website went live.

    I designed the blog on paper with an attractive layout for businesses and brands, then hired a WordPress developer to build the perfect platform from the start. I also ensured I had a detailed about page and included how people can work with me.

    Many people who have reached out or brands, assumed my page views were way bigger, when I was only 2-3 months old.

    What are your aims for your blog in the future?

    Right now, the blog needs to grow in viewership and recurring viewership for this blog to make some great money.

    My goal is to have the blog cover my entire monthly expenses after taxes, so I'll need to make around $1700/month after taxes. This is totally doable.

    Of course, I'm aiming higher than that as a potential full-time gig as well. For me, this means continuing to write great content, amplify marketing reach, and network with brands now without asking for sponsored content just so they are on my radar for later.

    If someone is brand new to blogging, what are the most important things to focus on if they want to monetize?

    Focus on the growth and quality of your blog and content. Provide a lot of great value before you chase the dollar. Yes, you want to look at your blog as a business if you want to make money, but don't get lost in that mind-set because your content and blog may suffer.

    Also, go into this endeavour that you won't make money for up to a year or more. If you can't wait that long, blogging is not going to be fun or worth it to you.

    Can you think of 3 pros and 3 cons of blogging as a career choice?

    Three pros of blogging:

    • Freedom to work when you want, where you want
    • Potential to generate some huge monthly income
    • Can be a financial asset you sell in the future

    Three cons of blogging:

    • Time-consuming
    • Making money won't happen overnight
    • There are a lot of moving parts to blogging so you have to be consistent and patient

    What inspires you to blog?

    I'm passionate about marketing, but I also love writing about personal finance and investing. A bonus to this is helping other readers in similar situations to me.

    I also find the personal finance community of bloggers to be passionate and friendly.

    Would you still blog even if you couldn’t make money doing it?

    Definitely!

    As I mentioned earlier, it's good practice for my marketing skills to learn and find new ways to grow my website.

    I probably would not work as hard on the site as I am now, but would still be creating it and writing it.

    Do you think blogging is here to stay?

    I think it is, content is still important and people still search for information online. It's of course more competitive, which means your content has to be more unique and interesting. But if you have personal stories and build a personal brand, people can relate more to your content.

     

    Thank you so much for taking part in my Money Making Blogger interview series and best of luck with your blog!

     

     

    More helpful articles if you want to monetise your blog:

    Make money from your blog with Awin affiliate marketing
    Make money from your blog without Google ads 
    4 ways to find paid blog opportunities
    How I save hours every week scheduling tweets with Social Oomph
    How to improve your domain authority (DA)

    Make money blogging with Link Monster
    Make money blogging with Get Blogged (even as a new blogger)
    Make money blogging with Considerable Influence
    Make money blogging with Press Loft
    Make money blogging with Bloggers Required
    Make money blogging with Bloggerwork


    6 secrets to make more money from your blog
    6 handy tax tips for bloggers
    Online resources and blog posts to make money blogging
    Blogging tips

    Blogging resources

    Take part in my money making bloggers interview:

    Do you make money from your blog?  Take part in my interview to help others learn how to make money blogging. 
    Click here for the interview questions.
    Read the interviews here.

    How to make money from home:

    More ways to make money from home:

    5 tried and tested ways to make money as a UK stay at home mum
    Easily make money from home by testing websites with Whatusersdo
    How I earn up to £50 per hour matched betting from home
    Get paid doing simple tasks from your phone with Streetbees
    Earn cashback on things you already buy
    Not sure about Matched Betting? Make £40 now to see if it’s for you!
    Make money in your free time with RedWigWam (perfect for busy mums)
    Make money online with OhMyDosh!
    Make money at home from receipts with Receipt Hog and Shoppix
    Make extra money online with YouGov
    How to make money from your phone with Roamler
    20 ways to make and save more money in 2019
    How I made £35000 from home  in 2018
    Make money at home searching the web 
    Make money at home with Prolific Academic

    Money Making Blogger Interview - learn how to make money from your blog blo

     

  3. 3 easy ways to save more money and increase your family’s savings balance

    Posted on

    To many of us, saving money can really feel like a chore.  We want to go out and spend it on new items and new experiences.  Choosing to save a chunk of money each month and not get tempted by spending can really take some will power. 

    I was always a spender, but I’ve started saving more money over the past couple of years and we now have a good chunk saved in an emergency fund.  We’re also managing to save into our children’s savings accounts each month so they will have a lump sum of cash from us when they hit adulthood.

    If you’re looking to increase your savings easily, then you’re in the right place.  Today I am going to share with you three effective tips on how to save money without feeling like you’re even trying!

    The 3 hacks I use to put more cash in my savings account each month

    Here are three money saving hacks to help you increase your savings.  I’ve been doing these three things and they really do help to boost that savings balance.

    1.     Good old fashioned piggy bank

    3 easy ways to save more money and increase your family’s savings balance (

    I think throughout my adult life I’ve always had a loose change pot or a piggy bank.  It’s surprising how quickly the cash adds up.  Now we have two children we put the money saved in money boxes into the children’s savings accounts.  We currently have two piggy banks and all small change goes into them; so this includes 50p, 20p, 10p, 5p, 2p and 1p coins.

    It’s so easy to change at our Natwest branch, and possibly your own bank, as they have a change counting machine in the bank.  The kids love to tip in all the coins and see the total add up!

    Last time we took two full money boxes I predicted £30-£40.  We actually had just over £100 – wow!

    We add the small change from our wallets each week and we really don’t miss this money or notice it’s gone.

    It’s a really easy way to start saving some money and lightening your wallet from all that loose change.

    My top tip is to only cash out when you can’t fit any more coins in the money box.  Simply forget about this cash and you’ll be surprised how much money you can save.  If you don’t have a money box then simply salvage a jar or pot from your recycling and start saving.

    2.     Rounding down (skimming)

    3 easy ways to save more money and increase your family’s savings balance (

    I started doing this last year I believe and it was actually questioned on our recent mortgage application!  I round down our main bank account every time a bill or payment goes out, so the number is even. 

    For example, if we have £215.76 in our account then I’ll pop 76p into our savings to round our account balance down to £215.  If I’m feeling particularly flush then I might pop £5.76 or even £15.76 into our savings.

    Mostly I round down by the pence each time I check our bank account balance.  It only takes a second and it’s like a digital version of a loose change pot!

    I also like seeing a round amount in our current account, so it’s become a bit of an obsession.

    It’s really surprising how quickly these small regular payments add up in the savings.  I usually check our account every day and so there can sometimes be a lot of these small payments to our savings.  This is what my mortgage adviser and potential lender queried and I had to show statements from our savings to show that’s where these many transactions were going!

    As many of us don’t get actual cash out, this is a great way to save that loose change that your real money box is missing out on.

    I started doing this automatically last year without having read anything about it.  I’ve since seen that other money bloggers do this and the official name for it is ‘skimming’.

    My top tip is to only ‘skim’ or round down to what you can afford.  If it’s only the odd pence then that’s fine.  It will begin to add up.  If you’re weird like me, then you’ll also get a small kick out of a nice round figure in your main account too!

    3.     Treat your monthly savings goal like a bill payment

    3 easy ways to save more money and increase your family’s savings balance (

    I think many of us are, or have been, guilty of spending all month with the aim of saving anything that’s left.  In my experience this has never worked.  If the money is sat there then I tend to spend it. 

    I’ve flipped this on its head and we now save before we spend.

    We treat our savings account like a bill at the start of the month when all of our other household direct debits go out.

    We have a standing order for a set amount to our savings account.  We treat it like a bill.  It goes out to our savings on the first of every month and we leave it there.  We do this to our savings account (Benjamin and I) and also to each of our children’s savings accounts.

    We then budget as a family for the rest of the month without this money.

    My top tip is to stick to your guns and leave this money in your savings account.  Truly treat it like a bill.  Once it’s gone out of your main account, it’s gone.  The money is not yours to spend anymore.  Just make sure you are not leaving yourself short and that your leftover budget is going to last the rest of the month without struggling.

     

    These are the three savings hacks I use to ensure we are saving money into our joint savings account each month and for our children.  They are simple ways to save money without really trying and sometimes without even noticing!

     

    Read these great blog posts next:
    Joint bank account or separate finances for a happy marriage?
    Do this to never pay more for your energy bills than you need to
    How to get free money
    Mustard car insurance promises to beat your cheapest online quote
    20 ways to make & save more money in 2019
    How to earn money on things you already buy
    How to cut household expenses with renewable energy
    Save money on family days out with Kids Pass
    How to save money at the supermarket with Shopmium
    Why I’m choosing to save an emergency fund before paying off my debt

    3 easy ways to save more money and increase your family’s savings balance

     

    Images from Canva

  4. Money Making Blogger interview with Crystal from Fulfilled Wellness

    Posted on

    Welcome to my Money Making Blogger interview series where I interview bloggers who make money from their blogs! 

    Read on to discover how they make money from blogging and the steps they took to monetize their blogs.  Feel inspired and learn something new from this series.  Learn how many hours they spend on their blogs per week, what sort of income this provides and if there are any cons to blogging for money.

    I've been a full-time blogger for over two years now and blogging for six years in total!  It amazes me that I can make money from home as a blogger.  It’s not without a lot of hard work though, so don’t be fooled into thinking you simply set up a website and voila, income starts rolling in.  If only!  I work more hours per week than I did in any full-time employed job - my blog is my life!

    In this series I am going to interview other bloggers who also make money from their blogs to hopefully inspire people to start a blog if they wish or to make that leap to monetizing content.  I also find it so interesting to learn what other bloggers are up to.  Even us full-time bloggers can learn from each other and inspire one another.

    Money Making Blogger Interview

    Tell us all about you and introduce your blog. What inspired you to start your blog?

    My name is Crystal and I have a health and wellness blog at FulfilledWellness.com. I'm a wife and mother of two. Before having kids, I worked for about 8 years in the finance industry, but I've been a stay-at-home mom for the past several years. I decided to start a blog to help out with our family finances, and because I wanted to write about the issues that are important to me as a mother related to the health and wellness of our family.

    How long have you been blogging and when did you begin to make money from your blog?

    I started my blog in December of 2017, so it's been a little over 1 year. I didn't make much money at all for the first 6-8 months, but the past several month’s things have picked up and I'm now making money a lot more consistently. I have a long way to go to reach my goals with the blog, but it's great to be making some money and to be able to justify dedicating time to the blog.

    How much money do you make each month from blogging? How many hours do you work on your blog each week to achieve this?

    I would say it's mostly pocket money at this point, but it's moving towards a part time income. The hours that I put in aren't really consistent because it depends on my schedule and how much free time I have. Around the holidays my schedule was really busy and I wasn't able to put in much time. Aside from that, I usually put in about 5-10 hours per week.

    How do you make money blogging? What's your favourite method? Where do you find paid blog work?

    Right now I make money from affiliate programs. I use Amazon Associates, a few large networks like CJ, and a few small affiliate programs just run by individual companies. I'd like to use some other monetization methods in the future, like maybe sponsored content or possibly even creating my own products. Affiliate programs have worked pretty well for my blog because a lot of my articles include information about different products (like essential oils and cleaning products).

    How did you prep your blog to make money? Has it been an easy process to make money blogging?

    Making money hasn't been easy, but I feel pretty good about the progress I've made in the past 6 months or so, especially since I am not able to dedicate as much time as I would like to the blog at this stage of life. I'd say the biggest thing I did to prep my blog to make money has just been focusing on the content. I spend a lot of time on my posts and try to make sure they are well-researched and very thorough. I'm writing about the types of things I wanted to learn after having kids, so I want to make sure that my posts are actually able to help people who may be in the same spot I was in a few years ago.

    What are your aims for your blog in the future? Do you plan on increasing your income and how?

    Yes, I definitely hope to increase income. The biggest thing is adding more content and increasing traffic. As my blog started getting close to the one-year mark, my Google search traffic started to increase, which has been great. I need to add more content that people are searching for, and get more exposure for the blog. I also plan to write the types of posts that will allow me to mention and promote products with the goal of making more affiliate income.

    If someone is brand new to blogging, what are the most important things to focus on if they want to monetize?

    I think it's important to focus on your readers first and writing content that people will like. If your only goal is to make money and you lose sight of what you have to offer your readers, the results won't be that great. But if you focus your effort on creating a blog that people will love, you'll have the opportunity to make money.

    Can you think of 3 pros and 3 cons of blogging as a career choice?

    Pros: -

    1. Working a flexible schedule (great for a stay-at-home mom)
    2. Being able to help other people
    3. Unlimited opportunities

    Cons: -

    1. The first few months when you're not making money can be really challenging
    2. There's a lot of conflicting advice about the best approach to blogging
    3. You don't get very much face-to-face interaction

    What inspires you to blog and what is the best thing about blogging?

    My kids inspire me to blog. My purpose for trying to make money is to help my family. My kids are also the main reason I've gotten more concerned about health and wellness, and I want to help other parents who may have the same concerns. The best thing about blogging is being able to write about the things that matter to you.

    Would you still blog even if you couldn’t make money doing it? Why?

    Yes, I think so. The first 6 months or so I wasn't making money and I was still working consistently on the blog. I think I would probably stick with it even if I wasn't making money but it might get less of my time.

    Do you think blogging is here to stay? Why?

    Yes, I do. We consume so much content today and we're always interested in new content. I think the demand for news and other content means that blogging is here to stay.

     

    Thank you so much for taking part in my Money Making Blogger interview series and best of luck with your blog!

     

     

    More helpful articles if you want to monetise your blog:

    Make money from your blog with Awin affiliate marketing
    Make money from your blog without Google ads 
    4 ways to find paid blog opportunities
    How I save hours every week scheduling tweets with Social Oomph
    How to improve your domain authority (DA)

    Make money blogging with Link Monster
    Make money blogging with Get Blogged (even as a new blogger)
    Make money blogging with Considerable Influence
    Make money blogging with Press Loft
    Make money blogging with Bloggers Required
    Make money blogging with Bloggerwork


    6 secrets to make more money from your blog
    6 handy tax tips for bloggers
    Online resources and blog posts to make money blogging
    Blogging tips

    Blogging resources

    Take part in my money making bloggers interview:

    Do you make money from your blog?  Take part in my interview to help others learn how to make money blogging. 
    Click here for the interview questions.
    Read the interviews here.

    How to make money from home:

    More ways to make money from home:

    5 tried and tested ways to make money as a UK stay at home mum
    Easily make money from home by testing websites with Whatusersdo
    How I earn up to £50 per hour matched betting from home
    Get paid doing simple tasks from your phone with Streetbees
    Earn cashback on things you already buy
    Not sure about Matched Betting? Make £40 now to see if it’s for you!
    Make money in your free time with RedWigWam (perfect for busy mums)
    Make money online with OhMyDosh!
    Make money at home from receipts with Receipt Hog and Shoppix
    Make extra money online with YouGov
    How to make money from your phone with Roamler
    20 ways to make and save more money in 2019
    How I made £35000 from home  in 2018
    Make money at home searching the web 
    Make money at home with Prolific Academic

    Money Making Blogger Interview - learn how to make money from your blog blo

     

  5. Why I’m choosing to save an emergency fund before paying off my debt

    Posted on

    Money.

    It really is the bane of my life.

    In my late teens and early 20s I got into terrible debt.  I was pretty much in debt before I turned 18.  As soon as I got my student overdraft the whole lot went on a flat deposit for a flat I’d already arranged to move in to.

    From there I had a massive shopping addiction, led a party lifestyle I couldn’t afford and ended up in debt crisis before I even hit 20.  I was shuffling money from one overdraft to pay off a credit card and from there to pay a store card and so on.  I ended up on a debt management plan for 5.5 years and paid every penny back.  All £17,500 of it!  I do believe there are reasons for my stupidity which I’ve explained in the above link, but it was still just that – stupidity.

    It was (pretty much) a long and very budgeted lesson learned.

    I never wanted to be in debt again, but then a few years later I bought a house.  Boom!  A massive mortgage and the biggest scariest debt of my life. But also a huge investment, security and a future for us and our children.

    A sensible debt, even if it is terrifyingly large!

    And following that… I have ended up back in debt again with two loans.  One for home improvements as we naively did not save enough money to do up our home, running out of our savings very quickly on our doer-upper.  A second which paid for some surgery that was very important to me, I don’t want to go in to detail about now, and part of that loan also part-funded a car purchase.

    And Boom! 

    Two personal loans and I’m back in the same debt as I was before.

    Why I’m choosing to save an emergency fund before paying off my debt

    Though this time it’s not all just my debt and it somewhat feels more sensible.  Kind of.  My debt in my younger years was totally irresponsible.  It was never an investment into anything.  The money was just spent on a clothing addiction, partying every night and lots of eating out.  I was a townie and leading a lifestyle my small shop assistant wage at the time couldn’t afford.  I just took out more credit cards and store cards once my existing ones were maxed out.  I never worked out my budget and I never considered how I would pay them back.

    This debt, 10+ years later, was considered.  Incomings and outgoings were meticulously worked out.  Loans were mulled over for days and perhaps even weeks before making the decision.  They had a purpose.  After all, I had never wanted to be in personal debt again.  The mortgage seemed different, but loans did not.   The loans were paying towards investments this time and not just for willy-nilly spending.  These new loans were only taken out as they could easily be repaid.  I now had a good credit rating and was a homeowner so we got great rates and the repayments were easily affordable with our wages.  So I took out the loans and planned to repay them really quickly.

    But then life happened and wanting to do fun things happened and continuing doing up our home happened and I never got round to overpaying them at all.  Time has just flown by! 

    (For reference, the first loan we took out around 4.5 years ago for 10 years and the second loan we took out almost 2 years ago for 7 years.  Anyone with kids knows how quickly time goes and 4.5 years has gone in a flash.  Also you may know how long it actually takes to do up a whole blooming house, top to bottom, walls, floors, kitchens, bathrooms, you name it.  We thought we’d be done in a few weeks… 4.5 years later… still going…!  We know for next time.) 

    We hate having the debt though, even if it is affordable this time around and it’s not crippling us.  It still feels horrible to owe money.  Plus we’d much rather that cash back in our disposable income each month, into our savings or overpaying our mortgage each month.  So now I am kicking myself into gear and, if nothing goes wrong, I have set myself a two year plan. 

    The first part of the plan is to save an emergency fund this year.

    I panic so much that something will happen to my income as I’m self-employed and there are no guarantees.  I also get anxious about Ben’s wage.  What if he’s made redundant or gets ill and can’t work?  So, to ease this constant internal twisting and churning anxiety I feel, we are squirreling away as much money as possible every month to save a substantial emergency fund by the end of this year.

    Then I’ll pay off the loans next year.  Or we’ll even start this year if I can be really good and save our emergency fund before the end of this year.

    Once the emergency fund is saved then we’ll start overpaying our loans by making regular lump sum payments every couple of months with as much money saved as possible.  I reckon if we really cut back for a year and save as much as possible we can pay off our debt in one year.  Lots of no-spend months, strict budgeting and trying to make extra money in as many ways as possible!

    I’m ready to be debt free again!  Well, aside from the mortgage!

    This might seem the wrong way to do things to some, but for me, it is the right way for me right now.  If we lose our incomes then we can’t pay for our mortgage, food and bills with a paid off loan, but we can pay for it with an emergency fund. 

    So to me, right now, it makes sense to first save an emergency fund that can fund our mortgage, bills and food if we need it to in an emergency situation.  Then once that’s saved we will tackle our loans and get those gone.

    Then, I hope, I will be able to relax a bit and not constantly feel anxious about money or worrying something terrible will happen to one of us.

    Money is something I constantly battle with deciding if I’ve made the right decisions financially, constantly questioning my decisions.  But I’ve made my mind up on this one and this is the right way for me to tackle these two financial goals of mine to ensure we have short to mid-term financial security in an emergency.

     

    Read these great blog posts next:
    Joint bank account or separate finances for a happy marriage?
    Do this to never pay more for your energy bills than you need to
    How to get free money
    Mustard car insurance promises to beat your cheapest online quote
    20 ways to make & save more money in 2019
    How to earn money on things you already buy
    How to cut household expenses with renewable energy
    Save money on family days out with Kids Pass
    How to save money at the supermarket with Shopmium

    Why I’m choosing to save an emergency fund before paying off my debt (1)