On our first ever guest episode of The Vault, content creator Ella Hewitt told us all about leaving her role at fashion startup, Luxe Collective. She was on a startup salary, and in her words, BROKE. The office was moving out of town, and the strategy she’d built was changing direction. So they parted ways, and Ella went solo with 17,000 followers and no brand deal to her name.
In the episode, she told us exactly what was in the bank when she made that call (plus what happened in the first week, which you’ll want to hear for yourself).
What is a f*** off fund?
A f*** off fund is money you’ve set aside so you can say no. No to a job that’s grinding you down, a flat you’ve outgrown, a relationship that isn’t working, or a role that’s changed into something you never signed up for.
It’s different from your emergency fund. Your emergency fund is for the boiler and the vet bill, the things life throws at you. Building a f*** off fund gives you choices.
Why it still matters once the money comes in
Ella’s first week solo went better than she could have planned (she’ll be the first to tell you luck played a part). She never touched the six months of savings, but that doesn’t mean she didn’t need it.
That August, she had a £0 month. There was plenty of work, but creator invoices often run on net 60, meaning brands pay 60 days after the job. As she put it: “You’ve got to figure out, okay, what am I going to do for 2 months whilst I wait to get paid for a job I did weeks ago.” She lived on her savings until the money landed.
If you’re thinking of going freelance or self-employed, this is the bit to plan for. Your income might be fine on paper and still arrive months late.
How much do you need in a f*** off fund?
When Ella went solo, she had six months’ salary saved. We’d measure your 6 months in expenses instead, because you only need to cover your outgoings while you work out what’s next, and that number is usually lower than your pay. Add up your fixed expenses and the flexible spending you can’t live without, then multiply by however many months would let you breathe. Three is a solid start. Six gives you real breathing room. If you’re going self-employed, add a couple of months on top for late payments.
Then build it in the right order (follow the Playbook!):
- Know your numbers. You can’t size a f*** off fund until you know what a month costs you.
- Build your mini emergency fund and ditch your debt. A f*** off fund sat next to a credit card balance is costing you interest.
- Set it up as a sinking fund. Give it its own pot, a target and a monthly amount from your excess, separate from your emergency fund (here’s how to check yours is big enough [link]).
A little every payday adds up faster than you’d think. If you want £6,000 in two years, that’s £250 a month.
Give yourself the option
Pick a number that feels right for you, work out what you need to save per month and start including it in your budget. That means the next time something stops feeling right for you, you can choose what happens next without worrying about bills.
Have you got a f*** off fund, or is this your sign to start one?
Listen to the full episode with Ella on The Vault for the rest of her story (including writing “sink or swim” on her wall).
This content is for general information only and does not constitute financial advice. If you need advice tailored to your personal circumstances, please speak to an authorised financial adviser.