How I Blew My Inheritance and Found My Financial Footing

So, I Blew My Inheritance and Now I’m Taking Charge of My Finances

When I was 17, my grandad left me £15K. He was a smart saver and investor, and I was over the moon to get that cash at such a young age. I put it in an Isa for a while, and when I was 21, I got a job as a fashion journalist. My mum suggested I buy a flat with the money, but I thought it was boring. I didn’t realize that I could have paid less in a mortgage than in rent. I was so clueless back then!

When property prices shot up, I missed the chance to buy a house and went freelance instead. I spent the money on a car, holidays, and moving from one rental to another. My grandad and mum would not have been happy about that. It took me until I was 46 to understand the importance of saving and living within my means. Better late than never, right?

In 2016, my husband Tom and I bought a house in Somerset for us and our kids. We’ve always been carefree with money, but now we’re feeling the pinch. We have no savings or emergency fund, and the cost of living is hitting us hard. Our mortgage payments are sky-high, and we’re struggling to make ends meet.

Spending money has become a habit. Even a quick trip to the corner shop for dinner adds up to a lot over time. Subscriptions are bleeding us dry too. We’re signed up to all the streaming services, and it’s probably more than we need.

I also have some debt, and I’m behind on bills. It’s a mess, and I’m tired of it. I want to take control of my finances and make a change. I’m inspired by people who save and invest, and I’m learning from them. It’s like a whole new world to me!

I recently made some changes. I returned a car I didn’t really need, and it saved me money. I also cancelled unnecessary subscriptions and started saying no to unnecessary expenses. It’s a small start, but I feel more awake and in control.

I’m determined to become financially literate and save money. Here are six ways I’m doing it:

1. Prioritise debt repayment
2. Create a budget
3. Start building an emergency fund
4. Negotiate bills and expenses
5. Educate myself
6. Begin investing

I’m on a journey to financial literacy, and it’s never too late to start. I’m ready to learn from my mistakes and make a change for the better.