My Story Continues …

I started at £35,907.04 in 2019

Total left at October 2021 was £16000.54

I previously worked in banking for 13 years in various roles in personal banking, commercial banking and I qualified as a regulated financial advisor. I left the banking world when I had my daughter and wanted to try something new so completed a degree in Biology. Being a single parent, I thought the obvious choice was to go into teaching so I completed a teaching degree and started as a science teacher in 2020. I quickly realised it wasn’t for me and left in 2021.

I now work full time in a complaints department and am based at home. I have never been so happy in a job since I left banking and have no plans to leave this fabulous organisation I am working for. I have had a part time job on a Sunday as a self employed courier since August 2020 which I also really enjoy. I use the money earnt from this job as over payments on debt and if I have no childcare, I take my daughter with me. I rave about this job on my Instagram page every week being perfect for single parents or parents who may struggle to arrange childcare and find a job around school hours.

Over the last year (2021) I have been selling anything and everything to get rid of this debt and to declutter. The house is starting to look so much better and I feel lighter in my mind not having to look at piles of clutter everywhere.

This year I have tried matched betting, mystery shopping, surveys, music magpie and Ziffit to make some extra money this year and managed to make £5113.62 for 2021. Some I’ll carry on in 2022 and some I’ll leave behind.

I am currently working my way through all the finance books in the library and have some recommendations which you may want to look at. Always use the library to get books out before buying them. If they aren’t in the library you could always buy second hand before paying full price.

I set up this blog as a way to keep me accountable in my own financial journey and as a way to off load some of the emotional baggage which comes as part of the packet when paying off debt or dealing with finances.

But as my journey progresses, I see the future of The Money Wise Mum as a platform where I can combine my banking knowledge and teaching skills and offer help to others who are in the same predicament I was. You will find free resources throughout my blog, as well as posts that look at the highs and low on a debt payoff journey. You can also follow me on Instagram where I post daily.

Disclaimer: I no longer hold a Financial Advisor Regulation right now, so advice given in this blog is purely educational and based on ideas that have worked for me.

My Story

Looking back, I always had a bit of debt, nothing major but the odd credit card or loan and then a mortgage. It wasn’t ever a problem as I earned a good wage in the finance industry and at the time I was super financially savvy with money because looking after money was all I knew.

But things quickly changed when I became a single mum with a brand new baby. I did go back to work full time, but with nursery fees higher than my mortgage and no childcare help from the now ex-husband, I soon realised I was going to spend at least the next few years totally broke. Whilst I pondered my future, it occurred to me that my current career in banking and working 10 hour days didn’t suit me and my little one anymore so it was time to think of something else I could do. With the following reshuffle in my life, it wasn’t long before debt started to mount up.

I decided to go to university full-time and get a degree in Biology – something completely different to anything I had ever done before. It was great, I was only in university a few hours each day which meant I could be there for my little girl and I got a part time job at Asda to top up the student loan I received.

My wages had drastically reduced and it was super tight but it felt invigorating to be doing something so challenging and different. It helped me to focus on the future and leave the painful past behind.

Since 2014, I have been at university, I got my degree, finished teacher training, started a masters and got divorced. I am super proud of what I have achieved and have enjoyed being able to spend precious times with my daughter – watching plays at schools and attending sports days.

But what I hadn’t been doing was paying much attention to my finances and this has resulted in me accumulating lots of debt.

This debt is crippling and I am sick and tired of never having any money or being able to afford nice things.

The total amount I am almost too embarrassed to say, but here goes … £35,907.04

So in 2019, I started chipping away at the huge debt and managed to pay off £11,942.18, but this still does not clear even half and I don’t want to be paying this off forever, I need a new PLAN!

Edit: It’s now April 2021, I have paid off £19,505.42 and have £16,307.96 to go!!!

What I need is a project, a motivational challenge – a great whopping push to get it done!!

The plan – I am going to be trying as many things as I can to make and save money. I am going to get as Money Wise as I can to help myself and in the process hopefully help others too.

I want to be FINANCIALLY FREE so bad and will do whatever it takes to get there.

I am still at the beginning of my journey and if you’re in the same boat, well we can support each other and do it together.

So, if you fancy joining me on my journey or you have some great saving/money making tips, follow and join me.

Heidi x