'My friends knew about the debt I was in but became sick of hearing about it' 💷 In our How I Manage My Money series, we talk to Maddy Alexander-Grout on how she moved from £40k debt to running her own business and saving for a bigger home
I set up my current business, Mad About Money, in November last year. I have a website and social finance app, helping consumers and businesses spend less and make more money. I take a salary of £2,000 a month from my business but hope this will rise as the app becomes a bigger success. I always used to say I wanted to become a millionaire by the time I was 40 when I was little and there’s still time yet.
When it comes to how important money is to me, my business is not called Mad About Money for nothing. My life revolves around making money, saving money and supporting others with theirs. It’s still a taboo subject and I want to get everyone talking about it openly. Having been a spending addict in the past, I’m now very careful and think of myself as a savvy spender. I love buying clothes and shoes but now buy from charity shops rather than pricier stores. I still buy yellow-sticker goods at the supermarkets every now and then and try to make sure I don’t buy other items unless they are discounted. My husband also grows vegetables via his work, which helps us save some money on food.
I put £75 per month into a private pension, which, to date, has around £10,000 in it. I also add £57 to a savings account with Plum and put £85 a month into a Loqbox account, which helps me build my credit rating. I had a credit rating of 999 until my previous business went under last year, so I’m trying to repair it.
I’m keen to ramp up my business revenue and hope to raise money from investors for it. I’d love to have my own TV or radio show to help people reduce their living costs. On a personal level, my husband and I are looking to buy a bigger house in the next year or so, but only once my credit rating has recovered. We’d like a house in a nicer part of Southampton that’s big enough for the kids to have separate bedrooms. I imagine our budget will be around £320,000.
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