Every fortnight or so I run another in my On the Money series, talking to money bloggers about their mistakes, wins and advice they would give us to help manage our money. This time I speak to Eileen Adamson from Your Money Sorted.
Conversations with money bloggers
What is your earliest memory of having and spending money?
I remember taking my bank book to school and paying money into my TSB account. I loved seeing the figures grow each week. My first memory of spending money is probably when I got my Saturday job. I felt that I could buy things for myself that I had previously not been allowed to have. Pringle jumpers were all the rage, but I had to have M&S ones, because my mum refused to spend the money on a Pringle! Being able to buy my own felt good!
Have you ever felt out of control with your money?
Yes, just after I graduated with a massive overdraft and a student loan. I remember getting paid each month, taking me back into the black, and then straight back into overdraft again as soon as the rent was paid. I hated this, and vowed that once my overdraft was paid off, I would never have another one. And I never have!
After our twins were born, I felt out of control of my money for a good 10-12 years. I am a planner, who is much happier when I know that I am financially secure. We had planned to have 2 children, and a fairly comfortable lifestyle, but a surprise set of twins changed all that. A new car, an extension, and 3 lots of uni fees to save for, suddenly changed our lives. Financially it made a huge difference to us, and I let that really get me down for years. It wasn’t until I started working on my mindset, that I realised that actually I was the problem, not the money!
What was your worst money decision?
Not considering the impact that part-time working would have on my teaching pension. I had always planned to retire at 55, but discovered a few years ago that my pension will not support that. I have now taken steps to remedy this, but I kick myself at the missed opportunities.
What was your best money decision?
Buying a book by Denise Duffield Thomas for a tenner – it has completely changed my outlook on money, and subsequently my life!
What is your best tip for saving money at home?
Be very clear about what is important to you and your family. Don’t get caught up in a competition with the Jones’s – they are probably up to their ears in debt anyway!
What is your best tip for saving money out and about?
Simple – always shop with a list.
What would be your advice to the 18 year old you regarding finance?
Start investing in the stock market now. Little and often for the rest of your life will help you to become financially secure, and therefore free to do what you want.
What was your biggest ever bargain?
Getting gifted a £10k car has to be the biggest bargain ever! A family member no longer needed their car, and gave it to us. I know – I still can’t quite believe it either!
What was your most recent purchase?
A new screen protector for my phone.
Do you stick to a monthly budget?
Kind of. We don’t spend more than we earn, prioritise saving and things that are important to us, so we are happy with the way we spend. However, I don’t actually budget – I use mindful spending, and think carefully about my purchases, so I don’t need to set myself rigid budgets.
Do you have any long term financial goals you would like to share?
I plan to retire from teaching at 55, and head off travelling round Europe in a camper van with my hubby. I plan to still be running Your Money Sorted, but that can be done from anywhere in the world, so it’s all good.
We should have the mortgage paid off in 3 years, but I have always had a wee hankering to buy and run a holiday cottage, so we might be looking at doing that instead of paying off the mortgage.
If you won a million on the lottery, what is the first thing you would do?
Buy a holiday cottage!
Eileen blogs at Your Money Sorted and is a financial coach working online with UK based women, helping them to develop a better relationship with money, and become happier, healthier and wealthier. By gaining an understanding of how their personality affects the decisions they make, Eileen can help them to implement changes which will allow them to feel calm, positive and confident that they are in control and making good financial decisions. You can find her here: