At the age of 28, a woman from Glasgow, Scotland, found herself in the midst of difficult financial times. However, she has since completely transformed her life and now runs two successful businesses, earning a salary of £50,000. In a recent interview, she shared her inspiring journey to success.
The woman confessed that she used to despise her old job and felt completely overwhelmed. But everything changed when she met her current partner. Together, they established a marketing agency and an education company that now generate a total income of £200,000. However, despite the significant revenue, they only take home half of it as wages, ensuring that they maintain a healthy work-life balance.
Even though she now earns a comfortable £50,000 a year, the woman still remembers her tough past and remains diligent with her financial planning. She continues to budget her expenses each month and even sets aside a portion of her earnings for unexpected situations.
The woman recently shared her story with Refinery 29 as part of their Money Diaries series, which focuses on the financial lives of working women. She admitted that earning this amount of money is relatively new to her and her partner, and they are still figuring out how to invest, save, and enjoy themselves all at once.
When it comes to managing their household expenses, the woman and her partner split bills evenly and contribute £6,000 to their joint account. This money is used to cover all essential expenses, such as bills and groceries, as well as any additional spending.
Over a span of seven days, the woman meticulously tracked her spending and discovered that her total expenditure amounted to £776.05. On one particular day, she indulged herself with a purchase of plane tickets to Seville, costing £140 with Ryanair. When asked about this, she revealed that she always makes it a point to pay for a suitcase whenever she travels, regardless of the destination or duration of the trip.
In addition to her regular savings, the woman puts aside 10% of her earnings each month for personal taxes. Furthermore, whenever they receive dividends, she and her partner contribute approximately £5,000 each to their joint savings account. On a personal level, she saves an additional £1,000 for holidays, treats, and especially her wedding shoes.
Concerning their retirement plan, the woman’s company contributes £500 per month to both hers and her fiancé’s pension pots. Currently, she has approximately £6,000 saved in her pension account but does not yet contribute anything from her salary.
Aside from regular expenses such as her phone bill (£51) and a weekly cleaner (£18, split between them), the woman also has several subscriptions, including MuscleFood (£29), gym memberships (£63), Spotify Duo (£13.99), Netflix and Now TV (£20), and a personal Liberty subscription (£20).
Reflecting on her upbringing, the woman revealed that her family never talked about money until it became problematic. While she attended university, she lived at home and only took out a small student loan to cover travel expenses.
The woman now feels relieved that she no longer has to worry about her finances. She acknowledged that reaching this point of financial stability required hard work and taking risks. Just a few years ago, she was in a low-paying job, struggling to cover their living expenses. However, with the support and dedication of her partner, they built a successful business, enabling her to leave her previous job and embark on this exciting entrepreneurial journey together.
Through determination and perseverance, this woman has demonstrated that it is possible to overcome financial hardships and achieve success. Her story serves as an inspiration to anyone facing similar challenges.
