Budgeting as a live in Nanny
Budgeting as a live in nanny
“It takes discipline to learn to save, sacrifices will need to be made.”
This week we wanted to bring you something different in the sense of finances, Nanny finances.
Guest blogger and London Ambassador Elle knows her spreadsheets inside out when it comes to budgeting her salary as a Nanny in London.
When you have no expenses it’s easy to have no budget. Yet there will be a time (speaking from experience) that you will need one. Best to get into the habit of it nice and early.
I have always found if you have a separate savings account that you couldn’t access on your night out, when it seems like a great idea to buy those 2nd rounds for everyone. Can be a great way to save.
Let’s say on average live in nannies earn £300-450per week, put 50% into your savings account per week. Look at it as rent money you don’t really have it to spend. It really helps when you have travel plans booked as you know you are working towards something. Use a pin board place pictures up to remind you of the adventures your going to be taking. The luxury we have as live in nannies is we get our food provided which saves a fortune. Let’s say £60-80per week put that money into savings as if it’s what you would of spent. Eat as much as you can in the house. Except of course you need to treat yourself as well….just not every week.
Let’s talk the bigger picture, your future, as far away as it seems. When we are young, it’s a lot closer then you think. You will need something to fall back on regardless what the circumstances are, you don’t want to rely on your parents anymore you’re meant to be independent. Starting with those small savings now will make a huge difference later. That moment you finally go to being a live out nanny start paying your rent but still want that holiday or clothes. The habits you started all those years ago will pay off now. You already know how to budget your money into savings and making sure you will have money to enjoy your everyday life.
We all know it’s easy to go shopping and drink our pay away but maybe limit that to once a month, remember those lovely travel plans or house you want to buy or what ever your saving for. It will be worth it.
Until Next time