Welcome to How I Made It Work — Bustle UK's financial series which aims to demystify money and the process of achieving financial stability. This time, HIMIW hears from a 31-year-old business owner in Norfolk who uses matched betting to boost her income and believes its crucial to never get complacent about your finances.
Occupation: Business owner
What is your current salary and how long have you been earning this amount?
On average, I take a salary of £2,000 per month from the business and then take a larger dividend in the region of £5,000 once per year to pay for an annual holiday. Anything that I use for my work, such as my laptop, desktop, or mobile phone is paid for via the business, but all living expenses come out of my monthly salary.
Do you receive regular financial help from friends, family, or a partner? How do you think this has impacted your relationship with money?
I have never received any financial support from anyone. Even when I was initially struggling to find work and decided to find ways online to make money, I did not ask for or receive help from any family members or friends. In most, they wouldn’t have been able to — my father, for example, is on a state pension and wasn’t in a position to financially support me when I was looking for work. However, if I did have this financial support, I may not have developed the business, or at least wouldn’t have developed it as quickly as I could.
How would you describe your relationship to money?
I have always been very frugal with money. I try to get the best deal on everything that I buy and work hard to source any new offers – whether that’s as part of my weekly food shop or if I am purchasing higher ticket items such as a new laptop or mobile phone.
I am also a big believer of saving money and aim to save at least 15% of my salary on a monthly basis, together with any additional income generated through side hustles such as Matched Betting, which has enabled me to save thousands towards a house deposit. And platforms like Profit Accumulator offer a really simple way of generating income, as it is based on mathematical equations.
Do you believe you feel you are currently in a stable position financially?
Yes. I have just finished saving up for house deposit, together with funds for stamp duty, legal fees etc. After completing this purchase, I plan to grow my pension and investments to increase this sense of financial security, but I am pretty happy with how things are going right now.
How did you achieve stability?
This level of stability and financial security is a recent thing and has taken me a number of years to achieve. For example, while I was building the business, I often dipped into savings to pay for day-to-day items or bills, but now that I have a strong and consistent income, I no longer have to do this.
I also think that it is important not be complacent, which is why I continue saving, ensuring I get the best deals on everything I can and continuously topping up my income with side hustles like Matched Betting.
Do you own any properties?
I am just about to purchase my first house for my husband and I. This should complete any day now. We haven’t received any financial support to enable us to get on the property ladder — this has all been funded through my business, which now turns over six figures.
What does financial stability look like to you?
I believe that financial stability is having enough money to cover all outgoings on a monthly basis, together with money in savings, i.e. an emergency fund. I also believe that financial stability comes with getting rid of consumer debt, which is a massive problem for a lot of people nationwide.
What advice would you give to young women who are worried about achieving financial stability?
Don't worry about the whole amount you need, start building your savings on whatever you can. Pay off debts, start a side hustle, build wealth, and get excited about investing.
What one piece of advice would you give to young women who want to improve their relationship to money?
Find out exactly where you stand — with your income, assets and debts. Make sure you are earning enough to cover your outgoings and if not then cut back and make more money.