Updated: Apr 20
Say hello to the Instagram account we are interviewing this week, Bank and Beacon. Bank & Beacon uses Instagram to speak openly about money without judgement. And so do we at Fempire Finance, which is why we thought it would be perfect to interview Bank and Beacon in our latest money moment. For those that don’t follow Bank and Beacon on Instagram, we recommend you do to follow the life of a 32 year old living frugally (but not selfishly) and saving for a house. Enjoy our interview!
What does financial freedom mean to you?
Financial freedom to me means being able to live life more on my own terms.
Financial freedom will allow me to choose where I will live, what kind of work I will do and how much work I will do, the hobbies I can do, how often I can travel and where I can go… I’ll be able to say yes to so much more.
What is the piece of money advice you wish you knew 2 years ago?
I wish I had known more about the organisation side of budgeting, like having an emergency fund and sinking funds. I had already closed my credit card and had some money tucked away so was on the right track, but I wasn’t organised so I didn’t always know how long my money was going to last. That could be quite stressful!
What’s the biggest money challenge/issue or learning you currently face?
My biggest challenge at the moment is having a low income. I was a freelance contractor full time, but the company restructured and I lost a lot of work in one hit. I have been searching for a full-time job for six months which has really knocked my confidence. I have a part-time job which covers the essentials, but it feels like I’m treading water while I get myself back on track. My second biggest challenge is impatience!
What’s your first money memory?
My mum giving me, my brother and sister 20p pocket money each. I put mine in a ceramic piggy bank, which I still have.
What money habits did your parents practice? How did you feel about those habits?
I was raised by a single mum who had to be very frugal for us to get by. She encouraged us to save for a rainy day, and focus on experiences rather than things. I think they were great lessons to learn from a young age, but I sometimes worry that other people might think I’m a bit tight-fisted or selfish.
What drives your financial decision?
Independence. I want to be able to feel like I have options, and the choice to pick whichever ones I like. I don’t want to feel trapped, and being in control of my money is a big part of that for me.
What area of money management do you wish you knew more about?
Investing. I’m not in the position to invest at the moment, but once my emergency fund and sinking funds are full, that will be a focus. I want to know where the best places to keep my money are; whether that’s stocks and shares, a Lifetime ISA, Premium Bonds, my workplace pension, a property, or something else I don’t know about yet!
What is your favourite money tip?
My mum used to say ‘if you look after the pennies then the pounds will look after themselves’. I try to remember that when I’m making my budgets and tracking every penny, because it all adds up!
What is the mission of Bank and Beacon?
I didn’t start my instagram account with a particular mission, I just wanted to get inspired and learn from others on a similar path. I want to keep doing that, and if someone is helped or amused or inspired by my own journey then that’s great too! I enjoy having a space where I can speak openly about money without judgement too, I’ve found instagram to be a really encouraging community.