How I SAVED MY FIRST £100,000 Aged 38 For Financial Independence

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MARY:

I'm married to Ken and we have two boys aged 8 and 6. 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 of 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, ITV, Financial Times, The Sunday Times, etc.

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★★ TIME STAMPS ★★

0:00 - Intro
1:14 - My £100k goal and Why
3:31 - 1. Decluttering
5:24 - 2. Minimalism
7.19 - 3. Make Do and Mend
9.23 - 4. Buying Second Hand
11:09 - 5. Knowing Your Numbers
13:13 - 6. Mortgage Overpayments
14:58 - 7. Maxing Out My Current Account
16:28 - 8. Hacking
17.26 - 9. Low Waste Shopping
19:21 - 10. Side Hustles
20:36 - 11. Taking Back Control of My Pension

Massive thanks for watching and following our channel :) ♥

Best, Ken and Mary

#savingmoney #howtosavemoney #moneysavingtips


★★ WHAT THIS VIDEO IS ABOUT★★

How I SAVED MY FIRST £100,000 Aged 38 For Financial Independence

[TheHumblePenny]

Hope this inspired you. Which of these points resonated with you the most?

[annawong]

I really LOVED this case study. I've saved £143k at 46 years of age. I got a new job last year and my salary increased by 50% but no lifestyle creep for me. I'm happy to buy the odd item from Shein and also happy to sew any clothes that need repairing. I also save into my stocks and shares and cash ISAs as well as premium bonds and high interest savings accounts such as Vanguard, Coventry and Atom on a monthly basis maxing them out. Keep up the brilliant work!

[Baba-xxbo]

This is very inspirational. I saved just over £100, 000 by saving one of my monthly salary for just under six years. I had to work three jobs to achieve this, it wasn't easy, but I believed in myself and this goal.

[shecanbudget]

I love this! I was brought up in the mindset that if you can't afford to pay for something in cash, you can't afford it! I was also brought up to be practical. The last thing I fixed was either a button that came of my son's school blazer or a burst water pipe (my Grandad was the one who showed me how to do plumbing, electrics, woodwork, tiling & building despite it not being the 'done thing' at the time)

I've already shown my son the joys of second hand. Even when he was a toddler he preferred to buy toys in the charity shop because he could get more for less 😂 We've recently found the joys of a car boot sale because we made an amazing profit at one we did recently!

Mortgage overpayment is an amazing thing. I paid my first one off in 9yr instead of 25yr! I've bought a second property & I'm over half paid off in 6yr...but my strategy has changed. As my mortgage interest rate is 1.7% but my savings rate is 3.4%, I'm saving the extra contribution to savings so I can make a major overpayment once my mortgage penalty period is over 😊

With my budgeting I have saved to pay all my annual bills for the year in full in advance (ie car insurance). Having looked at my loyalty cards & market research apps, I have already comfortably funded both food & presents for Christmas this year & we're not even half way through the year!😊

[JonnyRootsDem]

wow, this video was made for me. Its my day off work and I'm surrounded by drawers that I'm decluttering, and tossing the rubbish away, there's so much stuff I don't need, great timing Ken.

[clipsyosei]

Thank you very . Been watching your videos and must say which dear friend recommended and am truly grateful. Am on the journey to my financial education and freedom. Thank you

[marshalewis]

Great article! Thanks for bringing it to life in a video too!

[marylynebille.m]

Great video and very insightful. Few more months to reach there. It’s not easy but determination is the key💪🏾

[StupidIsTheNorm]

Brilliant video Ken. She’s a real inspiration

[CureMewBlueberry]

for the decluttering point i found using a wardrobe organisation app to be really helpful! I have every item of clothing i own photographed in that app, so when i'm buying new clothes i always consult that first to see if it will be a duplicate/fit in with my current items. I don't see why you could not use that to keep track of other household items too!

[sebastiangorin]

I Fixed a Wool Jumper by sewing some elbow patches, great learning evening with my mother, learning skill is so rewarding, the video was a great, anf will be watching it again as i am hopefully on my way toward that goal, looking forward to you upcoming video on £100, 000.00, complete agreed, the psychology know what is worth spending your monthly money in a proportion manor The book the 'Psychology of Money' is a great eye-open and helpfully for looking holistically at money

[annalaurissa]

We are so close to saving our first £100k, I absolutely agree with everything you have mentioned!

[natashachambers]

I fixed my lawnmower a few weeks ago. Much cheaper than buying a new one. Always happy to repair clothes too 😊

[fbl]

This is sooo great. I used to also think back and consider... I've worked all year with salary of eg 70k yet nothing to show for it and I'll be kicking myself for not being to save or invest more until one rather late day I opened my eyes and thought and realized, I've got to take control...thank you so much for sharing.😊 It's never too late, can only look forward..hmm

[clondon]

Truth is for financial independence you need a very good salary to start with

[lwa.dev]

I need to pivot my situation for me and understand how money works moving forward

[phil]

Great video . With regards to fixing stuff, or repairing things the big one I do is with my car when the wipers don't work instead of going to a garage I order the new ones and fit them myself following a YouTube video. Saves me paying the garage for labour. I do this with most things small things on my car such as light bulbs, if the radio doesn't work etc. I've been doing this for years and found that it means I'm not paying out more than I need to. With you tube you can find videos to show you how to fix anything.. I had a PS3 that wouldn't work.. quoted £100 to fix it thanks to YouTube I just ordered a new part for £30 and it works again.
Ive started a few side hustles with not much luck one was I bought a job lot of phone cases and trying to sell them separately .. still got 90 percent of them. If anyone is looking at a side hustle research it first and make sure you have the time for it.

[meganterry]

Can you make a video explaining how beginners can make huge profits within a short period of time? I mean I was at a making well over $880, 000 within 4 months of investing $1 50, 000 I just need to know how

[rinakaur]

When my children outgrew their hoodies & joggers, i customised them by turning them into sleeveless tops & shorts. They were unique & looked fab!

[G.Family.]

I love your black top Ken. Looks great