★★ LINKS MENTIONED IN THE VIDEO ★★ (01:35) - How We LIVE WELL On a £50/Week Food Budget (Family of 4) - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-iwNP4ax4ttM.html ( 03:49) - How We PAID OFF Our Mortgage in 7 Years - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-0_aWbccuZiw.html (04:05) - FREE DOWNLOAD - Overpay Mortgage Calculator - thehumblepenny.com/MortgageCalculator (09:16) - American Express card - thehumblepenny.com/AMEX
Excellent content as per usual but can I make 1 suggestion? Can you please keep the came angle at one spot. I find the change from front to side angle distracting. Thank you!
Hey Miss Z! Thank you 😉. Feedback taken onboard. Funny we've been told that only one camera angle gets a bit boring. One camera angle actually makes life easier for us :)
Two things I would like to ask if you don't mind: a) honestly, do you find this way of life boring and stressful? That is my biggest worry when thinking about embarking on such a journey. I would love to know your thoughts. b) ok this isn't a question and I hope you don't mind me saying this, but as a PT I highly suggest you do some sort of resistance training for your long term health. Please don't be offended as I don't mean this in the sense like you need it for aesthetic reasons lol, it is just much better for you as you go through life. Walking is great for heart health but muscles need to be used or you can face other costly problems down the line. Just some resistance bands and some RU-vid videos three times a week would be fine. Anyway your videos are really great and are a blessing so thank you for that!
Hi Lygia I love your message. Thank you 😀 To answer in order: A) This way of living is Fantastic! We have a lot of fun and don't get bored or find things stressful. We enjoy travelling as a family and do family and couple things. We share some experiences on our Instagram @thehumblepenny 😀 B) I love this suggestion and up for it. Please share some useful RU-vid links if any. Thank you
I can suggest fitness blender (youtube), they have a lot of free strength training, stretching and fitness videos online. You can buy a fitness programme from them if you want, but if you do a bit of homework and get into a routine of working out different muscle groups each day you can maintain your fitness fine. It's usually easy enough to pick up home fitness equipment second hand and it probably saves you thousands on gym memberships over a lifetime just to invest in a reasonable home set up.
Although I'm originally from the UK and thus loving your channel rather than some of the over upbeat US counter parts, I currently live in Australia. One of the things that I concentrated on when choosing to purchase a house was what items were in place that would reduce my long term bills. Therefore, I live on a property with a 96,000 litre rainwater tank and a 3KW solar system, whilst I have changed all my light bulbs to LED, installed extra insulation and purchase high efficiency rated white goods. The result is that I have no water bills and my electricity bill is about AUD$30 (15 quid) per month. I know that water is included in rates in the UK, so probably not a potential saving, but I wondered if you had invested into other ways of saving money on the ongoing costs in the home - LED lighting, insulation, solar etc?
What I really like abouy your approach is the intention that went into your decision making about your living situation for the future. We have done some of those things such as LEDs, etc. Sounds like a good topic for a RU-vid video 😀
@@TheHumblePenny Definitely a topic for a video. It's all very well getting the best deal from suppliers, but I don't think a lot of people really think about driving down those costs from the demand side - reducing your energy use is not only good for your wallet, but the planet too.
Great value in this video. It takes alot of planning from both of you to achieve this. I'm also impressed your teaching your kids the value of money and thinking creative in making money that can help their future. Great content 👍 thanks for sharing
Planning is HARD WORK but boy does it pay off! We've never been held back by planning for the future and struggle to understand those who think some planning for the future is a waste of time
Just found your channel. Love the fact that you’re in the uk as most that I watch are American with big families and we’re a family of four too. Going to watch “ how we paid off our mortgage in 7 years” next as I want to do that as I’ve cleared all my others debt . Xx
The Humble Penny , you’re very welcome! I’ve been implementing many of these strategies over the years but didn’t realize until recently that my approach could be described as FIRE or minimalist.
The only point that I disagree with is paying off your mortgage early. Yes, there is a huge psychological benefit to doing this, however, I think there is also a huge opportunity cost where the money could have grown significantly more (8%) in an index fund as opposed to saving money on interest payments at around 2.8%. 7 years of compound interest is golden in your 30s and 40s....Anyway, everyone has their own approach and you’re doing fantastic work in educating people about money. 🙌🏾
@@kenaddoh4693 You make a perfectly valid point and logically, it is what to do. This is why I insist that this is a personal decision because everyone's circumstances are different. 8% is also not guaranteed and totally depends on what index (and market) is being tracked. There is also the point about cycles. We've all enjoyed good returns post 2008. Interesting to see what the next 10 years brings. Also, to get that average return (I presume you mean gross), one needs a fairly decent time horizon. Notheless, a good point made.
You are both fabulous and financially savvy.Why do we give these designers like Nike, Adidas,Puma, Givenchy free publicity trying to show we are successful when we are just wasting our money! We ourselves are a brand so our value is either increasing or decreasing! Thanks my brother.
Lovely couple, great advice. The background music made it a little hard to hear for me a couple of times. I will watch this again with my wife. Very helpful tips, thanks.
Hi, new subscriber from Yorkshire. Cant believe you paid £75 for the gym. I pay £18 for puregym. Would love advice for people in debt of £50k or more (not mortgage) with a low/poor credit score. We are a family of 7, and spend £60 a week at aldi, so definitely agree it's a money saver there.
Yay!! Our first subscriber from Yorkshire! Have you seen the BBC short film that I did with BBC Inside Out for BBC Yorkshire? Yup, £75 for the gym was not cool. My colleague at work actually pays £120 p/m. Thanks for the suggestion on content for people in debt and low credit score. I'll add that to the list. By the way, how did you come across the channel?
Great channel. We are saving for a mortgage (family of 3) we also do hand me downs for our 2 year old, and pass his clothes on when he's out grown them. Also buy second hand or get free toys from a local FB group. Many people in our area leave things outside there houses they no longer need so others can pick up and use (not just toys). Great way to recycle things. Just cancelled my Spotify while watching this and contemplating Netflix and Amazon. We changed our internet package to broadband only. Got £75 cash back. Done alot of things before finding your channel, but think some of your ideas will step our game up. Cheers. And have you tried camping as a holiday. Super cheap and always lots to do
Hi Mandy, thanks so much! We truly appreciate your support. More quality content on the way every Tuesday (3pm) and Thursday (4pm) 😊. Do please spread the word.
@@TheHumblePenny It is going to be hard, but I will have to really budget and stick to it. I also have two different accounts where 50% of my salary will be deposit automatically in each one. I also have automated the 10% which will be taken out my salary before it is deposited into the accounts. I do not have kids and the only debt I have is students loans, but my goal is to have a cushy emergency fund before I pay my student loans off. I would appreciate any other advice.
You should check that's as it may just be a rolling monthly contract after the initial deal. So you may be able to cancel at any time without being charged
Hi Ken/Mary, Love the great work that you do! In this tax year we've managed to achieve a savings rate of just over 60%. We are a family of four. I don't think this would have been possible if I hadn't come across the FIRE movement. What I am finding difficult is getting the courage to make more income from side hustles!
Hi Ihsan, I enjoyed reading your message. What a MASSIVE achievement saving over 60% of your income as a family of 4. Would be keen to hear your top tips. Have most of your savings come from a handful of areas? Do you live in a major city? Re side hustle, what EXACTLY do you think is making it difficult for you? I'm really interested in your answer 😀. Thanks by the way for watching our video. Most appreciated.
@@TheHumblePenny thanks Ken. My savings are mainly from property and my day job. I live in Edinburgh. What helps me in achieving a high savings rate is I only eat out 5-6 times a year and only do takeaways once a week. I have home lunches every day. I spend the minimum on mobile phone bills (currently £10pm). I get my haircut at home 😄. Any money over my expenses budget goes towards savings. I suppose my biggest fear is losing capital that has been worked so hard for.
That's some hard core savings moves there 😉. I used to have the fear you have about losing the little I have. Especially when it comes to investing. Have you watched the Mindset video that I made a few weeks back? This one: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-xPXgL2uBXFY.html The really important thing to understand about money is that it is like currency and flows from one place to another and only settles where it gets looked after (i.e. gets a return). To make more, you need to put some money, time and talent out there. Visually, it's like comparing a stagnant lake to a flowing dam. The latter moves energy along and gathers momentum. This is where you want to be. For that to happen, you need RISK I.e. getting your feet wet, which usually requires your money.
Just discovered your channel & love this video! A suggestion- I may have missed it, but would be helpful to clarify whether the amounts eg month food spend is per person or for 2 people (maybe I missed this in the video!)
Hey Rosemary, thanks for subscribing 😊. Great suggestion. Our food spend is for a family of 4 (2 adults and 2 young children aged 4 and 6). We should have been more clear and perhaps assumed you had watched this video on our £50 per week food budget: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-iwNP4ax4ttM.html
Am I glad I found this video and channel. I'll be moving to the UK next year and I'm trying to absorb as much info as I can from the internet on moving. This video is a great help to me. Thanks a million.
@@TheHumblePenny I'm originally from India, from a former Portuguese colony, so I'll be moving to the UK as a Portuguese national. The value of the Indian rupee is significantly lower than the British pound, so I need all the advice I can get for saving and living frugally.
Gotcha! I totally feel you! There is much hope. I was an immigrant 20 years ago and didn't have anywhere near as many rights as the most ordinary Brit. So you're coming in at a decent starting point. One of the things I want to do one day is write a book on how to thrive financially as an immigrant to the UK. It's one of the MANY things on my dream to do list! Keep me posted on your travels to the UK. Happy to hook up. I'm in London 😀
being married helps if both work and mostly they do .. like if u wanna add carpets etc etc .... having one person at home is not economical ... yet society continues to support families ..
You guys are so good my shopping about 160 a month .I hope to get it down in the future I got a 1 litre car which im happy with hopefully 1 day will get an electric car
@@TheHumblePenny hi guys I made a mistake my shopping is 160 pound a week not a month thats aldi savers Morrison's hopefully I can get it down below 100 per week soon.
Love your videos. Do you think a large part of being able to save 60% is because of now high incomes? Obviously there is a basic amount needed to live so you'd need to earn at least that and then 60% on top to save, in theory? I say this as someone who saved alot on a minimum wage job but I'm not sure i could have saved 60%. It did mean I could save a house deposit and buy earlier than I expected
Where you have quoted your savings...do you actually have the savings as money to put away or is this just potential life value. I mean we also enjoy saving wherever we can but we dont have the actual money to save in place of the money not spent.
Really good ideas but it’s extremely hard to date a woman who wants to lead that lifestyle too especially these days. I can do some but I’m not sure if I can live that life till I’m 65 I’d miss out on too much.
Very good question, Shola. It has become a part of who we are. So, yes! It's also what we are teaching our children by example. Do you have any Financial Independence related content you'd like us to create?
@@TheHumblePenny Hi Ken, thank you for your response! Very good video with some great tips. I'm not sure if you have any experience with this but I am thinking about buying a second property and turning my existing property into a buy to let (or vice versa). Do you have any knowledge/ tips on this?
Hey Adam, 15 of us went to Woburn forest for 4 days (June 2019) and spent about £1800 in total for 2 lodges for 15 people. That's £30 per head per day. To us that was a HUGE saving. We took our own food and cooked there also and didn't bother with their restaurants etc. We've also been to Disney - Both Florida and Paris. We spent A LOT more. Multiples more.
@@adampeacock7992 neither did we. But they had a few cheaper lodges in the Summer slot and we nabbed immediately as we'd been looking for a cheap place for a holiday with the whole family. Grand parents and grandkids etc were there.
I also don't have any TV subscriptions, my immediate family think I'm depriving my 9 month old baby 😂 my outer family circle see this a sign of extreme poverty. I have been told when my baby is older going to school it will set her back she won't know the latest cartoon characters etc. Just curious since you have 2 boys are they aware of peppa pig etc. Does it affect them not knowing the characters on the pj's on the shop? I don't plan on getting Netflixs or TV, just curious your response.
Hi Caroline That's hilarious re "sign of extreme poverty" 😂. Our kids actually became aware of Peppa Pig etc via their cousins and also via "RU-vid Kids" app. We eventually banned them from watching Peppa Pig because we started noticing a trend of disrespect with grandparents simply because this is what's subtly displayed on Peppa Pig. Once we stopped that, we saw immediate changes. So we knew that there was a direct link between what they watch and their behaviour. The exposure via their many cousins remains a challenge. We promote reading books, drawing and more creative things and give them rewarda around that. For example, Joshua (6) is reading The Chronicles of Narnia (The Magicians Nephew) the moment. He gets a big reward this term after completing 30 Chapters this school term. This was actually a challenge set by his school and we are working with the school to deliver this. Josh is loving it! He is reading Chapter Books. A biggie for a 6 year old 😊. He certainly won't be there if his time was spent watching T.V. He never comes back from school feeling deprived because tbh his friends don't talk about TV shows.
Smart kids that's amazing, I love books so hoping hannah (baby) falls into the same hobby. Thank you for letting me know about peppa I didn't know that.
