If you could roll back the years, what would you tell your younger self about money? Perhaps it would be to buy fewer designer ‘It’ bags that weighed a tonne and only lasted a season, or to ask for that pay rise when you deserved it, or maybe you’d tell yourself to start investing much earlier.
To inspire us all to be better with money, we asked six successful women, from CEOs to editors to business owners, for the one piece of money advice they would give their younger selves.
Become an expert negotiator
“Learn to negotiate so you feel comfortable asking for a pay rise. (Have a look at makeyourask.com, which could be the best £10 you ever spend). Even a seemingly small incremental increase can make a huge difference.” – Lydia Slater, Deputy Editor, Harper’s Bazaar.
Be less scared of banks
"Don’t worry that you’re more skint than the rest of your friends throughout your 20s. Continue pursuing what you love. A career is a marathon, not a sprint.
"Set up an ISA and even if you’re living pay check to pay check, try to put something - even if it's just £20 a month - into it. I wish I hadn’t been so scared of things like mortgages and investments, and been smarter about where I put my money - it can be hugely intimidating, but equally you’re a fool if you don’t get savvy and save towards your financial future.
"Fear paralysed a lot of my financial decisions as a younger woman, I wish now I’d just asked the questions and taken the plunge to invest earlier. But it’s never too late." - Katherine Ormerod, Founder, Work Work Work
Maybe one day you’ll want to travel the world
Investing doesn't have to be intimidating. You can start with as little as £20 a month, or a £100 lump sum, with . You simply assess the level of risk you’re willing to take and the amount of money you want to invest and then choose between ready-made funds that spread your money across investment types (and do all the decision-making for you), or building up your own portfolio from Legal & General’s full fund range.
Always have a safety net
“I’d tell myself to always maintain your financial independence and have something to fall back on. Even if you have a joint account with your partner, always keep your own personal bank account that everything you earn goes into and all the money you spend comes out of. And build up some rainy day savings so you always have options – because maybe one day you’ll want to travel the world, or retrain, or start that business.” – Jessica Vince, Commercial Editor
Swap Instagram for investment
“Take ownership of your finances, always. Live within your means, always. Plan, save, invest. Don’t be afraid to take higher risk on part of your savings portfolio when investing. With internet banking, it’s much easier tracking currencies or stock values and you could be spending time doing this rather than scrolling through Instagram. You’ll end up with more valuable experiences to share once that investment pays off.” - Alina Barlow, founder and designer of ALINKA jewellery
Unless it sparks joy, don't buy it
Savings may be secure, but with interest rates on savings at record lows, investing can offer a higher rate of return, as long as you’re willing to accept an element of risk and are looking to invest for a minimum of five years. With Legal & General, you can select from their ready-made options that spread your money across a range of investments, helping to spread the risk, or you can choose from their range of funds and decide how you want your money to be invested.
There are over 50 funds to choose from, including their Future World funds that seek to make a difference around issues such as climate change or gender diversity.
Think less high street, more high net worth
“My money advice to my younger self would be to spend less money on material things (unless it sparks joy, don't buy it) and to save and invest more. You can have it all, but you don't need it all, is my realisation. The good thing is that I was diligent in putting aside spare cash, but I definitely could have done more and also put that cash to work by investing it. Money doesn't grow by just sitting in your bank account." - Lu Li, Founder, Blooming Founders
Don't be afraid to ask
“I wish I’d known that no one ever got fired for asking for a pay rise. The worst thing that can happen is you just don't get what you ask for. While I’ve also been a big believer in chasing the opportunity, not the cash – a mantra that has held me in good stead over the years - I actually never asked for a pay rise in my 20s, and waited for my boss to offer me one. I’ll never know if I might have got it – and even if I didn’t get it, I missed out on invaluable feedback on what I needed to do to be eligible for that next pay rise.’’ - Pip Jamieson, founder & CEO, The Dots
Take ownership of your financial future by investing from just £20 a month with .
The value of your investment may fall as well as rise and any income is not guaranteed. Legal & General (Unit Trust Managers) Limited.
