Welcome to a new series from Good Housekeeping, where we ask our favourite financial gurus for their thoughts on everything from investing to what their splurge their money on. This week, it's author and Instagrammer Clare Seal. When Clare reached what seemed like a breaking point in her relationship with money in spring 2019, she turned to Instagram to make herself accountable, posting anonymously about her journey out of debt as @myfrugalyear. She immediately struck a chord, and now has over 70k followers. Last year she published her first book, Real Life Money and has also written for the Telegraph, Huffington Post and Grazia. Her most recent book is The Real Life Money Journal.
What did you learn from your parents about money?
My parents separated when I was a baby, so I never lived with both of them at the same time. They each had really different approaches to money – my Dad was meticulously frugal and my Mum is an emotional spender like me – so I think my money lessons were probably a bit confused. I did inherit good genes for maths from both of them though, so that’s a plus!
Are you a saver or a spender?
My natural inclination is to spend, but I’m pretty good at curbing that need now. I think a lot of us spend as a bit of an emotional crutch, either to make ourselves feel better or to try and correct something about ourselves or our lives that we don’t like, which can be a really hard habit to break. I’m much better at saving now than I ever have been before in my life.
Have you ever struggled to make ends meet?
A couple of years ago, when I first set up my Instagram account, things were really, really tough. There was always too much month left at the end of the money and My husband and I's debt repayments were eating into our income by a horrible amount. It was the result of years of poor money management and big, expensive life milestones, like having children and getting married.
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What’s the most expensive thing you’ve ever bought (apart from property)?
Our wedding. It was still less than the national average, but we didn’t budget for it very well, and it ended up going mostly on credit cards, which is where the bulk of our debt came from. I think if we were to do it now, we’d obviously go about it differently, but it’s hard to regret as it was such a wonderful weekend, and we love being married.
What’s your favourite money app and why?
I’d have to say the Plum saving app, because it takes little bits of money every few days and it really adds up. I’ve referred lots of people from my audience, and get so much really great feedback – lots of people saying that they’ve managed to start saving for the first time ever.
plum
What do you splurge on and what do you save on?
I haven’t really been splurging on much for the last couple of years, but my Achilles Heel is stationery. I’m quite particular about it and I absolutely love Papier, but I try to ask for expensive notebooks and planners for Christmas and birthdays rather than buying them myself. I save on clothes, mostly – I always look on eBay first to see if I can get a second-hand version, and I consider every new addition to my wardrobe really carefully now.
What’s the best money decision you’ve ever made?
Setting up my Instagram account, probably! Growing a community of people talking about money in a different way has helped to keep me accountable and motivated. It’s also opened the door to a brilliant new career and writing two books!
What is your biggest money mistake?
Keeping my head in the sand about how much I owed on credit cards, definitely. I was so anxious about it, even when I owed relatively little, that I just allowed it to spiral out of control.
Do you invest your money?
I’ve just started! Very small steps, but I use a robo-investor to simplify it and invest a small amount each month, for me and for my two children. With interest rates so low, it’s a really good time to dip a toe in the water with investing, I think.
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What’s your money mantra?
“We are so much more than what we earn, what we own and what we owe.”
Don’t get me wrong, money is a really important tool for building a happy and fulfilled life, but our salary, our possessions and our debts don’t define us. It’s important to keep money in perspective, no matter your material financial situation.
The Real Life Money Journal by Clare Seal is out now
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