A steady income and great savings… coupled with debt
Miss H was earning a decent and steady income in her career as a Head of Year at a Secondary school in London. Prior to her role in teaching, Miss H had started her own business in custom design leather products. Unfortunately, during that time in 2006 there was a downturn in the economy causing a negative impact to her business and this lead to debt accumulation. Miss H decided that it would be best to instead train and transition into secondary school teaching helping provide her with a steady monthly income.
Miss H was earning a decent salary; she was also saving her money but couldn’t comprehend how she was in this tough financial situation.
“I was tired knowing I was consistently in the red even though I had savings of around £6,500. I required guidance on how to utilise my money as I was in red due to overspending, paying my student loan, repaying credit card increases and receiving overdraft fees”.
The first step
Miss H met with Neala and articulated her goals to her. With assurance she could meet her goals, Neala advised Miss H that even though she was great at saving her money, she lacked a sturdy budgeting plan where she could pay her debts and still continue to add to her savings without going into the red.
Neala highlighted possible “cracks” in Miss H budgeting and gave her some helpful hints and tips to implement. This helped Miss H solidify her financial gameplan.
Financial strategies for life
Miss H was able to keep on top of her finances, implementing her own money management strategies advice along with some of Neala’s finance educational advice.
“I had a few months where I was overdrawn by £30-£50 but was an achievement for me”
Miss H credit score increased and within the space of two to three years Miss H was able to take out a mortgage on a property for the first time.
Miss H is now confident utilising her money effectively, resulting in set personal finance strategies for life!
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