Home Finance Money guru's 'genius' budgeting hack saves 'hundreds of pounds' each month

Money guru's 'genius' budgeting hack saves 'hundreds of pounds' each month


No matter how hard we try, it can be hard to budget our monthly salary.

Between bills, food and the everyday things we need to keep us going – it’s surprising how quickly money can dwindle. But one savvy saver said there’s a way you can manage your finances and save at the same time.

Milly, known as budgetwithmilly on TikTok, said she uses a “special budgeting technique” to make the most of her money each month. This ensures her £2,000-a-month salary goes a long way.

She calls the method the “70/20/10” budget technique, and it works pretty perfectly for her. You just need to get the quantities into your head to know where your money is going.

In the clip, Milly said: “So you want to put 70%, which is £1,400, towards your needs for like rent, food and utilities. I use this cash binder to track my spending, as seeing and holding the money makes me more responsible spending.”

After this, she said you want to put 20% towards your savings, and she uses a savings booklet to prevent her from dipping into her bank account. She said this is also a good way to track progress.

Milly continued: “Lastly you want to put 10% towards your wants – like dining out with your friends and partying with your family.”

The video has been liked thousands of times since it was shared, and people were keen to know where the cash binders were from. One or two people were quick to point out she miscalculated what 10% of her budget was though. And some pointed out that Milly can’t be living in London, as their rents cost £1,000 or more each month.

One person commented: “This is a great way to learn how to budget if you’ve been struggling.” A second replied: “Fab if you get £2,000 a month.”

Meanwhile, a third chimed in with: “Why is everyone mentioning her rent? My rent is £480 a month. Obviously places like London are going to be more expensive. Don’t live there if you can’t afford it. Simples.”

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