With the rising cost of living, more Brits are dipping into their savings or landing themselves in debt.
But one savvy mum has shared her secret to financial freedom after she paid off £21,000 of debts in eight months.
Ruth Taylor also saved £10,000 in just six months, which with the help of an ISA savings account racked up to a whopping £30,000 in just three years.
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The 43-year-old mum got herself into debt after she and her husband moved into their first home.
Furnishings and home essentials such as a new boiler were all piled onto credit cards and before she knew it things spiralled.
But Ruth has now regained control of her money and she says it’s all due to increasing her income – working seven days a week.
She even spent time completing surveys online and engaging with matched betting in hope of earning extra funds.
Additionally, she cut back on non-essential bills, only purchased second-hand clothes, and cut her own hair to save on expensive salon visits.
Ruth, who posts under the handle moneysavvymumuk, shares money-saving tips online with her 44,000 followers.
She told money-saving community LatestDeals.co.uk: “We set ourselves a goal of saving 6 months’ worth of expenses for our emergency fund.
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“We carried on making sacrifices and working extra hours to get this money together as quickly as possible, and we managed to save the whole amount within 7 months.
“We now have £10,000 in our emergency fund, which is just under 6 months' worth of living expenses. Sometimes we can send a lot but other months, not so much. We currently have £30,000 in our ISA which took us three years to accumulate.
“There are loads of other ways to watch your spending. With energy bills rising, I’ve decided to keep the heating off for now. I've invested in electric blankets for us all, as these are much cheaper to use than the cost of heating.
"I'm constantly running around after everyone and switching off lights they've left on!
“When it comes to groceries, I'm vegan, but my children aren't. So I'm trying to add more pulses to their meals in order to make the meat go further. I buy own-brand foods as much as possible, and if I need to pop into the shop, I'll walk instead of driving.
‘For those who want to make money on the side themselves, I recommend first looking through your budget and making cuts.
"To get ahead financially, it's essential to live below your means so that you can invest your surplus money. I know it's extremely difficult in today's climate. Right now, it feels like my money is being stretched in all directions.
"Absolutely everything has gone up in price, and the pound is not going as far as it used to. But if possible, make cuts where you can”.
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