We got to know Rosie after her HR department told her about PinPoint.
Rosie is 31 and works for a marketing agency in London. Like most of us with a full-time job, she wants to take a break from it all and go on holiday to Costa Rica.
But that’s not all. Rosie’s also trying for a baby.
She doesn’t want any stress when the baby arrives, so thought it was best to plan ahead and save enough money to cover her maternity leave.
How we helped:
As Rosie had 2 goals, we split her plan into two parts.
Plan 1: The holiday
Rosie was already saving £900 a month, so there wasn’t too much for her to do in order to achieve her holiday goal by next summer.
As she’s also planning on dropping her working days from 5 to 4 a week in Jan 2018, we factored that into her plan too.
We advised Rosie to...
- Keep saving £900 pcm until the end of the year.
- Then lower her savings to £350 pcm when her income drops in January.
By June 2018, she’d have £8,000 saved up!
Only £2,000 of this will go towards her trip to Costa Rica, so Rosie will have £6,000 leftover.
Plan 2: Maternity leave
Rosie thinks early 2019 will be when she goes on maternity leave.
As she plans on taking the full 12 months off, if she continues with her current lifestyle and saving, she’ll have £4,000 worth of debt by the time she returns to work.
To avoid this, we created two new scenarios for Rosie to follow, depending on what works best for her lifestyle.
On top of her current savings, Rosie still has some spare cash left over each month, roughly £550. But, this will drop when her work commitments reduce.
- If she could save 50% of her spare income each month, currently around £250 pcm...
By January 2020, Rosie would have £1,600 in the bank.
The second scenario may be a little unrealistic, but we thought we’d show Rosie her maximum potential.
- If she could save 100% of her spare income each month (around £500 pcm)...
By January 2020, Rosie would have £6,700 in the bank.
Sometimes understanding your money and planning ahead can seem like a huge task.
But with just a little help and direction, you can get on your way to achieving your goals with a lot less to worry about.
We could help you next!
Tell us your goals and we’ll get started on your plan.
Just sign up here.