We like to think of this weeks #MoneyMoment guest as the best friend everyone needs in their life. Say hello to Laura Ann Moore. The 26 year old money coach helping to debunk money myths and make you feel empowered and confident when it comes to handling your finances, talking about money and encouraging you to not let money control you. Laura is all about living her best life whilst still being financially stable. We talk all about how she saved £15,000 in 3 years, the good and the bad of hoarding cash, emotional attachments to money, and turning into a potato? Laura can be found at lauraannmoore.co.uk (there are lots of great posts) and on Instagram
What is the mission of your brand?
I want to help everyone become financially free. I want to demystify money, and help people feel empowered by their finances. I want to show people that you can have fun AND have money — it does not need to be one or the other. You can prepare for the future financially, and still live your best life in the present moment.
If you were to tell us one high and one low of your financial journey so far, what would they be?
A financial high for me was at 22. I went travelling with the money I had saved. I had initially been saving so hard to go to drama school so got a full-time job at 19, and started saving straight away. I was due to start an acting course but two weeks before it began, my two best friends asked me to go travelling with them instead, and I realised that my decision was not based on whether I could 'afford to go or not,' but it was actually down to which experience I wanted. The December after making the decision to go travelling (the month I was due to fly to Australia), I had just turned 22, and had £15,000 in savings. I had this mini epiphany that was not just about the money itself, but about realising the freedom that money gives you.
A financial low for me was the beginning of 2019, when I had just set up my blog. I started talking to people about money, how I managed to save £15,000 in 3 years, my mindset towards money , etc., etc., and I had this moment where I thought "oh actually I am doing really well financially, I think I can relax a little bit"... so for some reason that month I didn't stick to my usual 'money habits'. I didn't create a monthly budget on my spreadsheet (which I have done every single month since I was 18), I didn't check my bank accounts as much and I kept 'treating myself' for finally setting up my blog (which had been an idea of mine for years). By the end of the month, I had racked up a seriously high credit card bill. I was so disappointed with myself for being so reckless. To pay it off I used money from my savings, so my efforts towards saving for the last 2-3 months felt like a complete waste, all for one month of careless-ness. I have never done that again!!! But it does prove how easy it is to do, when you are not paying attention, budgeting, and practising mindful spending.
What's your first money memory?
I always remember my mum giving me a couple of £'s to walk up to the local shops and because I hate sweets & chocolate, I would always spend £1.20 on a bag of chips from the Chip Shop. I was obsessed. I am surprised I didn't turn into a potato!
What is one thing you would tell your younger self about money?
I grew up in a household with 3 siblings, and money was always quite tight so when I started earning my own money at 16, I hoarded it - I loved seeing the numbers in my bank account. I was far more scared of spending my money than I was of saving it. Luckily, that never actually stopped me from doing all the things my friends were doing at the time (like girls holiday and nights out). Now that I have begun my investing journey and I understand about inflation and how holding all your money in cash means you are actually losing money year on year, I have had to do lots of mindset work around feeling comfortable letting my money leave my bank account and not seeing it in cash. So I would tell my younger self about the benefits of investing... spending money on things or experiences that are going to give me a greater return in the long run, and money will always come back to you.
Tell us your favourite money empowerment tip
Your self worth is not measured by your net worth
This can be applied to anyone in any situation: if you are in debt, it doesn't make you a bad person. If you are investing, but your investments drop, it is no reflection on you as an individual. Whatever your circumstances, you should never be ashamed to talk about money and your current financial position. Try your best to not let yourself be so emotionally attached to your money and your financial position, otherwise you will never be happy, even if you are in negative or positive net worth...
If you could do a Ted Talk on the one topic you were passionate about, what would it be and why?
Oooooh what a great Q.
My TedTalk would be all about mindset, and how that affects everything in your life because your thoughts become words, words become actions, actions become your reality.
I am so passionate about the freedom that money can give you. I love talking about money mindset and how to become empowered by your finances. So many people fear money, they have these deep-rooted, 'money stories' that affect the way they save, budget, spend, and invest and I feel so strongly about opening up the conversation about money to help break those bad habits and thought patterns that keep people stuck. The way you view money is so personal and learning your own triggers, your habits, and understanding what money means to you, you can reach a place of financial freedom. If you don't control your money, your money will control you and it all starts in the mind! All elements of financial freedom can be affected by your mindset, e.g., if someone says "Oh I can't save money, I have always been bad at it," well that attitude towards saving is a negative mindset and means you will continue to be able to not save. So I think it is so important to be honest with yourself and your mindset and how you respond to financial situations.
Could you give us a day in the life of your typical spending?
Well, are we referring to PRE-lockdown or during lockdown — haha!!!
I work from home full-time already so I will give you a breakdown of my usual day....
Pre-lockdown:
6:30am - Wake up, walk to the gym with my flat mates, and then come home around 8am to get ready for the day — £0
9am - I work from home full-time and always start the day in my favourite coffee shop on Bermondsey Street (Fuckoffee) and sit down to do some work, with an oat milk latte £3.20
10am - Usually I take my breakfast with me (overnight oats!) so I don't buy breakfast when I am out
1pm - I like to do a BIG shop every 2-3 weeks to avoid spending loads of money in the little local supermarkets but sometimes I will pop into the Sainsbury's local near my flat and buy eggs and veg for an omelette (for example) — £3
6pm - Most of my evenings are spent meeting friends for dinner or some kind of fun evening activity! I live very close to London Bridge. There are so many yummy places to eat where I live. I finish work, get ready and walk to go meet them. I walk everywhere... very rarely get the tube or the bus, so luckily don't spend heaps on travel — £0
8pm - I love going to Franco Manca for pizza, or the local Ramen bar Hakata (both restaurants on Bermondsey Street). On average dinner will be £15
Total Spend: £21.20
During lockdown:
8am - Wake up, get my daily dose of outdoors and sunshine, usually do some exercise in the park — £0
9am - I try sticking to one shop per week, but I do not order it (because I feel guilty taking up an online delivery slot when there are people who are at risk and literally should not leave the house, so I have chosen to shop at the local supermarket). My weekly shops are definitely coming in more expensive at the moment compared to usual, but that is fine cos girl gotta eat! — £30
10am - Make myself a coffee at home (I try to make frothy lattes, but I am certainly no barista...) — £0
1pm - Yoga in the front room then lunch with the food I bought this morning — £0
6pm - Most of my evenings now are spent either working on my blog, recording videos or researching and reading about money! I also recently signed up to a talk on Investing for women, which cost me £22.50 for the ticket. SO worth it!
8pm - I cook myself dinner every single night, I LOVE cooking, It is one of my favourite things ever... maybe because I love eating? — £0
Total Spend: £52.50
Thank you Laura for her great Money Moment, we couldn't agree more with her nuggets of advice!
Fempire Finance