Woman saves £42K in London using strict budgeting

Fiona Maguire, a 27-year-old entrepreneur from Michigan, now lives in Islington, London. She runs a cat food business and earns £45,000 a year while saving £42,000 at a young age. Fiona credits her upbringing for her savvy budgeting skills and desire to make financial decisions on her own. In a recent interview, she shared how she uses the "50-30-20" budgeting method. This means she allocates 50% of her income to rent and bills, 30% to personal expenses, and 20% towards savings. Fiona manages to save £500 each month by setting up automatic transfers on payday. Despite the high cost of living in London, she maintains a comfortable lifestyle. Fiona enjoys travel and selects cheaper options for groceries and fitness. She recently spent £2,500 on a trip to Brazil and is budgeting for a friend's birthday in Valencia. While Fiona is happy with her savings, she admits to feeling anxious about spending money. She hopes to buy a house in the next 10 to 20 years and believes that discussing finances with friends is important. Fiona's monthly expenses include rent, bills, travel, and beauty products, totaling around £2,040.