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Is this a wise way to save money?

190E(Taylor’s version)

Im hoping that if I get accepted for pip my first payment can buy me the things I need to stay regulated and organises(for now) so you think a good idea afterwards to help ward off overthinking etc would be to put it aside in a savings fund so when I do go full time self employed I can have savings for pausing my self when I have bad weeks or sickness or holidays snd mabie also another fund to cover my expenses and investment?

I know my pip is likely to be lower rate daily and no mobility so it won’t be much but it beats stressing over using tok much of my income on travel strings,union fees(which helps me stay insured and get ants money owed etc) and subscriptions to services I need for inspiration and backing track oh and nkt forgetting I’ll need an accountant once a year 

all going well I hope to put 10% aside a week too but this is when I’m earning a lot more than i will be to start 

also I need to save incase my uc decreases which on medium to high musican wages I’ll likely nkt get uc at all apart from possibly rent on mid

Parents

  • Having money set aside so you don't have to panic if something unexpected happens can have a big influence on reducing pressure and consequently stress. Which makes it less likely you may actually need it.

    You still need to have a life, so don't try to save every penny. But do put something aside if you don't need it rather than frittering it away.

  • in reply to Stuart333

    Im thinking to start a 25% 10% 10% thats 25 for tax and ni(I know tax is 20 but it helps cover if I go over the threshold and what I don’t use will go towards tupe 2 or 4 nu 10 for savings and 10 for the buisness and hopefully wirh the remaining 50% i should have a 20% to 40% profit per week for wages (will vary depending on each weeks outgoings) 

    soujd like a decent plan? 

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  • in reply to Stuart333

    Im thinking to start a 25% 10% 10% thats 25 for tax and ni(I know tax is 20 but it helps cover if I go over the threshold and what I don’t use will go towards tupe 2 or 4 nu 10 for savings and 10 for the buisness and hopefully wirh the remaining 50% i should have a 20% to 40% profit per week for wages (will vary depending on each weeks outgoings) 

    soujd like a decent plan? 

Children