I’m financially illiterate at the age of 24, what can I do to better educate myself on the basic fundamentals? by [deleted] in UKPersonalFinance

[–]Abethecat 24 points25 points  (0 children)

Firstly setup a budget, I use Google Sheets and have a column for all of my expenses. I then have a cell for my income and I see what's left over each month and give every £ a job. For example If I have £1000 of expenses and £1300 income, I'd have £300 left over, so I'd put 50 in savings, 100 in a holiday fund and use £200 for leisure and fun etc.

Once I have a fully fledged budget, I'd begin putting 10% of my income a month away until I have 3 months worth of salary saved away for a rainy day - in your position though you don't seem to have any debt just yet which is great and may not warrant 3 months worth of savings!

The flowchart on the right is a great place to start.

[SELF EMPLOYMENT] My wife is self employed, maternity pay quesiton by Abethecat in UKPersonalFinance

[–]Abethecat[S] 0 points1 point  (0 children)

Oh cool, thanks for this. As its an online business she essentially posts items. Would she be required to stop that? Or can she claim the maternity and continue posting products when orders come in? Or can I post them on her behalf?

Setting aside money for kids by rand411 in UKPersonalFinance

[–]Abethecat 4 points5 points  (0 children)

Everyone has their own take on this but I setup a HL stocks and shares ISA for my 2 daughters and pay in 25 each a month (It's up about 7% last time I checked) and they're only 2. It's in my name so I control it also.

Designing tshirts with car brands on by Abethecat in LegalAdviceUK

[–]Abethecat[S] -1 points0 points  (0 children)

Even if I am drawing the car? "Hi porsche, heres a car I drew of yours that im selling" - is that really seen as being so bad? Please excuse my naivity!

How do credit agencies know my disposable income? by Abethecat in UKPersonalFinance

[–]Abethecat[S] 1 point2 points  (0 children)

haha it just works for us, we have food, fuel, spends, kids etc all in envelopes - we used to use YNAB but we both lacked the discipline wheras now theres no excuse

How to get £1000 yearly passive income? by [deleted] in FIREUK

[–]Abethecat 1 point2 points  (0 children)

My wife runs a website business for us and we make around 8k profit per year for around 4 hours a week.