We’ve all been there, stuck in a terrible job or a situation where you just can’t walk away because of your lack of savings. That’s called F**k me money.
So now are you wondering what’s F**k you money? F**k you money is about being financially savvy enough to have an emergency fund that allows you to walk away from any giving situation. In most cases it allows you the option to leave a toxic environment you might otherwise feel financially restricted to do so.
Most people don’t picture a day they’ll be stuck with such a scenario so it’s likely they aren’t prepared. Figures show that more than 11 million UK citizens have less than £1000 in savings.
Realistically that won’t stretch too far for a F**k you money situation. The average household budget is around £2,700 (£32,655 a year) based on an average of 2.3 people. Calculate that for a family of four plus a dog it can get very expensive. This financial situation can have you tied up if you live pay-check to pay-check and don’t have savings in the bank.
So how can you turn F**k me money into F**k you money to give yourself options?
Before you start, have a sit down with your spouse or partner to discuss your financial goals as one. Ensure you’re on the same page before making the next step. This is crucial as it encourages a sense of shared responsibility for achieving the goals and managing the household budget.
An open conversation about your finances will help build trust. Be honest about your income, debts, wants, needs and spending habits, which should prevent future misunderstandings or conflicts.
Step 1. Getting F**k you money
Ensure you can cover small and annoying F**k me money emergencies. This could be your car breaking down, a surprise speeding ticket or a trip to the dentists to only find out you need a root canal.
This small F**k me money emergency fund requires you to save £1000 cash in the bank very quickly. The idea is that you never reach for the credit card and you avoid it like hell maybe even cut it up and cancel it. Use this £1000 for those instances and top it up again as quickly as possible. It’s your lifeline to deal with the financial chaos life might surprise you with.
Step 2. Save 3 months of expenses
A tough pill to sallow but you’ll need save down 3 months of expenses. Download and use our budgeting template it will calculate that exact amount for you.
This will make sure you never go into consumer debt that will leave you vulnerable and you use your own cash. You’ll finally have freedom with some options.
This might be deciding to leave a dissatisfying job you no longer want or that job decides to leave you. Which won’t hurt as much with some cash in the bank to buy you time.
Step 3. Secure your F**k you money
Home owners this is a great time to save a little more. Owning a home isn’t cheap and comes with its own set of problems. Save 6 months of expenses and look at it as 3 months for your personal sh*t going wrong and 3 months for your home.
At this stage you’re already financially and emotionally invested into your asset. Missing mortgage payments is a huge risk that can end up with your house being repossessed. That’s not a F**k me money situation you want with your family involved.
Finally, turning F**k me money into F**k you money
It’s about securing your peace of mind at the end of day. Stay prepared so you never say “F**k me how am I going to afford this” or this situation isn’t worth the hassle I can afford to walk away.
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