In my adult life, I have learned to stay on top of my finances, but it hasn’t always been that way. During my university years, I spent years living out of my overdraft (let’s be honest, most students do) and then had to work multiple jobs for several months just to pay back the debt.
After completing my Master’s degree and landing my first job, I felt like I was constantly playing financial catch-up. While I never needed to use my overdraft again, living in London with sky-high rent and all the additional costs that come with city life made saving money feel nearly impossible.
Embracing frugality to find financial freedom
Determined to build an emergency fund, I adopted incredibly frugal spending habits. I often choose to walk or cycle instead of paying for public transport, rarely make big purchases, and honestly can’t remember the last time I bought something brand new – just in case an emergency arises.
While this financial discipline has given me a sense of freedom, it has also meant that I rarely treat myself.
Taking on the 1p Saving Challenge
To change that, I decided to take on the 1p saving challenge – a simple yet effective way to build a savings pot over a year. The concept is straightforward; you save 1p on day one, 2p on day two, 3p on day three, and so on.
If completed correctly, this challenge results in £667.95 in savings by the end of the year.I set one strict rule for myself: this money must be spent on me – no exceptions. Whether it’s investing in a new wardrobe, indulging in a cocktail of beauty treatments, or booking a flight to a dream destination, this pot is exclusively for personal enjoyment.
© Getty ImagesThe logical choice might be to reinvest it into my general savings, but since I’m already extremely careful with my finances outside of this challenge, I view this dedicated savings pot as guilt-free gold. After all, financial stability is important, but so is enjoying the rewards of your hard work.
I’ve done it for five years now, and always look forward to my yearly splurge!
Financial empowerment is a form of self care
Ayesha Ofori, founder of Propelle, the UK’s first financial education and investment app designed specifically for women, believes that financial empowerment is just as vital to mental health as exercise or meditation.
© Yolande De VriesMoney is one of the leading causes of stress and anxiety. “This is particularly true for women, who often suffer from lower pay, lower levels of wealth and stereotypically lower levels of knowledge when it comes to finances,” Ayesha told HELLO!.
“This is why it’s so important to work on improving your financial knowledge, having a financial and investment plan in place and sticking to it.”
Three practical ways to take control of your finances and build long-term stability
© Getty ImagesAyesha Ofori, founder of Propelle, offers her tips on how to make smarter choices with money to fast-forward financial freedom.
Build an Emergency Fund: Aim to save 3-6 months’ worth of expenses. This safety net helps you cover unexpected costs without relying on debt.
Set clear financial goals: Define what you’re working towards and create a step-by-step investment plan to get there. Tools like Propelle can help simplify this process.
Invest for growth: Holding too much cash can limit wealth-building. While saving is crucial, investing is what drives long-term financial stability. Start small and stay consistent.
Join a financial community: Learning about investing doesn’t have to be overwhelming. Seek out supportive communities that provide education and guidance, like Propelle and others.
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