In my latest On the Money blogger interview, I speak to Jennifer at MamaFurFur.
On the Money: conversations with money bloggers
What is your earliest memory of having and spending money?
I can remember fondly my Grandpa giving us a 50 pence piece pocket money each Saturday. At the time it seemed like a huge amount of money to buy a few sweets or save up. When it was our birthdays we used to get a £10 note. That seemed like a lifetime’s worth of money and I would use it usually to buy books from the local book shop.
Have you ever felt out of control with your money?
No, but I have felt what it feels like for debt to be overwhelming. My husband came into our marriage with debt on credit cards of around £22k and I’m proud to say that we cleared it off as a partnership over 3 years and I am so thankful for the experience it taught me.
What was your worst money decision?
Being honest right now – I wish we didn’t have car payments. However, a few years ago when I didn’t know a lot about financial freedom and goals we took out loan deals to get new cars. Very soon though we will be at break even for those deals and we can hand them back. Personally I know I don’t want a car payment again.
What was your best money decision?
Waking up to the fact that financial freedom can be achieved by absolutely anyone if they know how – and that is my mission – to inform as many people as I can how to get rich enough to live their ideal life. It’s all maths really and just dedication.
What is your best tip for saving money at home?
Spend your hard earned money as wisely as you can. Simplify your life and then pay yourself and your family in the future before you spend your pay cheque. I’m all about investing our money as much as we can, with the balance of living life.
What is your best tip for saving money out and about?
I’m amazed at the cost of eating out, as I make most of our meals at home from scratch and take lunches to work for myself and my husband. The cost of a “meal out” or takeaway is enough to put me off it, never mind the health benefits of avoiding it.
What would be your advice to the 18 year old you regarding finance?
Pay yourself first a minimum of 10% of your income – pay that into your pension and some form of savings – and then spend the rest if you want. That one 10% rule will change your life and make you thankful you learnt and applied it from a young age with the power of compound interest and time.
What was your biggest ever bargain?
I would have to say our home as, for the cost of it, it contains everything I love most and keeps it safe and dry (aka my husband, my two young boys and my cats).
What was your most recent purchase?
I purchased two new tops for work from Tesco actually – I am amazed by the quality of supermarket clothes and find that most of the time the fit and material is better than most shops in a higher price range too.
Do you stick to a monthly budget?
Yes, I work on a zero budget system so each penny is accounted for. Usually we have money left over each month which I then put in our holiday fund or invest.
Do you have any long term financial goals you would like to share?
Absolutely – I have plans and strategies in place to be financially free within the next 10 years and live off our investment incomes. I also have plans to help people do likewise with my blog and youtube channel. I don’t want anyone to suffer having to choose between the life they want and financial stress and burden.
If you won a million on the lottery, what is the first thing you would do?
With the knowledge I have right now, I would invest the amount I needed to live financially free off the interest payments, then pay off our home. If there was some left over I would purchase property outright for my family each to stay in with an amount also to invest to live financially free.
If the world should bless me with a lottery win, I’ve got it all planned out and saved already!
Jennifer blogs at Mamafurfur.com. She says:‘I know that other parents and individuals might be struggling to balance family commitments and put food on the table. I want to give them as much information as possible to create financial security and freedom, so that they can create the life they truly want without those stresses and pain.’
For more of my On the Money series with your favourite money bloggers, see here and here.
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