Updated: Dec 7, 2020
When you type ‘Natalie Sc..’ into Google, Natalie Scott Empowers is the 4th choice that appears. Natalie Scott is on a mission to see more people living their best lives through having lots of savings and providing the best Money Management tips whilst she does it. Natalie started off with a career in Fashion, which lead her to mentoring in schools, encouraging others to break into the fashion industry.
These discussions made her realise there was one thing young people needed to discuss and receive education on, but were not currently getting. This birthed Natalie Scott Empowers, a financial education platform. Natalie also offers a 1:1 coaching calls and a 4-week money mindset. We chatted to Natalie in this weeks Money Moment interview.
What is the mission of Natalie Scott Empowers?
To educate, elevate and empower millennials and those in Gen Z to pay themselves first, save money & banish limiting beliefs surrounding money.
If you were to tell us about one high and one low of your financial journey so far, what would they be?
High: Buying a rental property; it was an amazing feeling and worth the long process.
Low: Losing £10,000 to a bad deal (cries). The older and much wiser Natalie would never allow that to happen today.
What’s your first money memory?
Receiving pocket money (£10 a week) and saving up to buy some cool Nike trainers
What is one thing you would tell your younger self about money?
Start investing earlier. The wonder of compound interest will serve you well!
*Fempire Finance here* We’re just jumping in with this amazing interview with Natalie to tell you how Compound Interest works. Compound Interest allows you to earn interest not only on the money you’ve saved but also on any interest you may have earned.
Which can build up, generating a snowball effect that adds up over the long term.
Let’s look at an example
If you put £1000 into a savings account, with an Annual Equivalent Rate (AER) of 5%. After a year, £1,000 will grow to £1,050. If in the second year if the interest rate is the same at 5% – you will receive 5% of £1,050.
If you left this £1,000 in this savings account for 30 years, earning a 5% interest the whole time, and never added another penny to the account, you’d end up with £4,321.94. All from your £1000. No more.
Tell us your favourite money tip for autumn/winter?
Ha, well I don’t know about everyone else, but I tend to go out less in the colder months and therefore save more money. My tip is to ditch the nights out. A movie/games/foodie night always goes down a treat!
If you could do a Ted Talk on the one topic you were passionate about, what would it be and why?
Money Mindset because it's the foundation and compass of your financial journey. Without it, you'd be lost.
Could you give us a day in the life of your typical spending?
£2.65: Tube into office for work
I save money by not buying hot drinks, as I carry green tea bags with me everywhere. I also don’t by breakfast, as I make yogurt and berries with honey.
I save on lunch too by meal prepping weekly.
£2:65: Tube home £2.65 spent