In today's Money Monday vlog I'm talking about how my YT channel will progress in 2025. I'm going to treat it like my part time job and I'll pay myself from the ad revenue. I'll continue to donate to small local charities and sadly, I have to pay tax on it as well!
I hope I've explained it clearly enough (there's bound to be someone who jumps on any mistake I've made 🙄) but this is my plan. Each month I'll put 20% in an account to pay the tax man. I'll donate 30% to charities. And pay myself 50% which will go into my emergency/savings fund. I'll continue to live on my £772 a month pension.
So for every £100 I earn, £20 goes to tax, £30 goes to donations and £50 goes into my savings.
I'm aiming to continue the 2 vlogs per week plus a few extra to show some of the money saving projects I'm working on 😊
Oh thank goodness you are paying yourself something out of all this
ReplyDeleteThat sounds like a good plan to me, Ali. Best wishes with your part time job and I hope it gives you a reasonable income for all your hard work. Catriona
ReplyDeleteIt really does sound like the perfect plan. Charities will benefit, you will benefit ... and sadly so will the taxman. But now that the plan is for this to be your part-time job you can justifiably devote as much time to it as you want to, knowing that it is earning you some money. A very good decision.
ReplyDeleteWish you and Luna, a Merry Christmas and a Happy, Healthy and Prosperous New Year. xx
You will only pay tax if your income goes over the tax threshold. If it does, you can benefit the charities by gift aiding your giving. Your giving is added to your tax free allowance, so you might get some tax back. Apologies if you knew all that in your other blog. I can't keep up with the video ones. Happy Christmas.
ReplyDeleteThat's a very good plan Ali! You get paid a bit, and you seem like you are having fun with it all. Have a very Happy Christmas, and wishing you all the very best for 2025!!
ReplyDeleteSensible and Caring decision, have a great Christmas and prosperous new year.
ReplyDeleteGood plan, i'm glad you're going to keep some of the money, you deserve it, happy christmas to you, from julie
ReplyDeleteDefinitely the right decision. It's extremely generous of you to be donating anything at all to charity. I have learnt loads of tips from you and you're a very positive influencer :). Happy New Year
ReplyDeleteI think that is a very good decision.
ReplyDeleteGod bless.
I'm very glad you have come to this decision. Everyone wins - especially us! :-) x
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