lifestyle

Teacher reveals how she saved £18,000 in just one year


Simran decided to take control of her finances (Picture:Jam Press)

Simran Kullar, 25, from London, is an online English teacher who started tracking her expenses to help her budget – all in the hopes of one day buying a house.

She quickly realised that just letting her money sit in a current account wasn’t doing her much good – so decided to learn about investing.

First, she invested the money she had earned working summer jobs throughout university into Index Funds, and added more and more as she continued to save. 

In the space of one year, she managed to save an incredible £18,000 thanks to her smart investments. She also took full advantage of the £20,000 tax-free ISA limit. 

Simran now shares her tips with others through her social media account (@MissPersonalFinance) and her website. 

She hopes to inspire others to take control of their finances.

‘I’m pretty pleased knowing that the [money from] summer jobs I had during uni have grown into something I can be proud of,’ Simran says.

‘Thinking, very wrongly, that investing is just for rich, older men, I didn’t have the knowledge on how to make my money work better for me.

‘Resources were pretty lengthy and dull to read – hence I began making my Instagram content. I had no clue about personal finances prior to this. 

‘I have always had weekend and summer jobs before starting my full-time career, and after university and I have been pretty sensible with my money. 

‘However, it was always sat in my current account or a Cash ISA – earning literally nothing and losing value due to inflation.’

Simran hopes to inspire others to take control of their finances (Picture: Jam Press)

She continues: ‘When I learnt about investing it was the positive changing point for me and led me to taking a greater interest in how to make my money work better for me.

‘I started to budget and track my expenses to see where exactly my money goes and to tell it where it goes. 

‘Budgeting isn’t as gruelling as it seems and has helped me to save up. By doing this also made me understand where I can cut back expenses, such as one too many ASOS purchases!

‘I think having a better grasp and gaining confidence with my finances will pay off later down the road. It has also taught me where exactly my money is going – as I had little idea beforehand and allowed me to cut back unnecessary expenditure, allowing me to save.

‘[But] I also enjoy my life, and don’t just stay at home counting my pennies – I managed to continue to enjoy London and spend time with my family and friends this year.’

Simran’s main aim is to save up enough for a house and put plans in place for retirement.

Now, Simran is sharing her top four money saving tips…

Budget and track your expenses

‘Setting up a simple budget with categories covering all your expenditure will be a great starting point,’ says Simran. 

‘Categories can include groceries, rent, bills, transport. 

‘Don’t forget a fun category to save towards enjoying your life such as meals out, travelling or birthdays.’

Set smart goals 

Simran explains: ‘Establish achievable and realistic goals that you hope to achieve, and come back every so often to check your progression.’

Open an emergency fund 

This can be to cover surprise costs such as car repairs. 

‘An emergency fund is an easily accessible pot of money that you can rely on in case of an emergency,’ Simran notes. 

Find where you can cut back 

‘Find where you can cut back – for example is there an unused subscription that you still pay for that you could cancel,’ she advises. 

Simran also recommends cutting back on restaurant visits and embracing home cooked meals.

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Send us an email at metrolifestyleteam@Metro.co.uk


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