Clare Seal is the creator of the @myfrugalyear Instagram account and is author of Real Life Money and Five Steps to Financial Wellbeing. She is also a financial coach working with brands and individuals to address financial wellbeing and bring a new perspective to what sometimes can be a stale conversation. She chats to Lynda Clark about how it all began, her plans for the future and gives her top tips to help first time buyers save to get on the property ladder.
FTB: Tell us about your first step on the property ladder?
Clare Seal: We bought the house we now live in, which is a new build, in 2022. My husband was initially keener than I was on a new build but we have two young children and apart from the fact we are not very “handy” when it comes to DIY, we don’t have a great deal of time. It was the right choice as it was ready to move into and we didn’t have to do anything to it. We saw the development and really liked it and reserved off-plan, so we were able to choose the flooring and kitchen, which was great. It is a three bedroom terraced house with a lovely garden and garage and is the perfect design for family living, plus it’s near the school where my son goes, so it ticks all the boxes!
FTB: You struggled with personal debt – can you tell us about that?
Clare Seal: In 2019 I had a big wake-up call as things had been tight for a while but I kept telling myself it was all ok, but it really wasn’t. I am sure my story resonates with a lot of people especially since the cost-of -living crisis – we were very young when we started a family and we also got married so there were a lot of extra costs. Luckily, my husband got a new role at work which came with a pay rise. I worked as a brand manager in marketing, but I was never a high earner and I really didn’t like the job. I had a baby under one and my son just starting school and I was very unhappy about my job and decided to go freelance. I was lucky as one of my old companies offered me 12 weeks’ work, which worked out very well. At last, we managed to save and it was a sprint finish to pay off our debts and get our deposit together.
FTB: Tell us about the two books you have written?
Clare Seal: The first book I wrote is called Real Life Money, which is partly a memoir and partly a guide on how to be wise with your money. It is extremely hard to save consistently and there is a wilful ignorance about how to save to get on the property ladder. There is a huge psychological effect that goes with trying to save. Many people believe that saving for your first home and getting on the ladder are way out of reach, but I do believe that sometimes you should just buy that takeaway coffee and cheer yourself up! But when you are saving, the small things do add up – for example if you buy a latte if will cost you £4.50 and if you decide to forego the coffee you can save the money and you would be surprised how the savings pot grows. The secret is that you need to save the money straightaway and not think you will do it at the end of the week as you probably won’t. The other book is called Five Steps to Financial Wellbeing and this is more about how our sense of wellbeing is impacted by money and things associated with it.
FTB: You are also a financial coach, can you explain what you do?
Clare Seal: I am a certified financial coach and I do corporate coaching with large company employees so they are equipped to understand the way money works on both a practical and emotional level. I talk to everyone from graduates to directors, so it is a very diverse range of people. I am now looking to broaden my expertise with an FCA-accredited DipFA. Next year I would also like to start a foundation year as a psychological therapist, which is someone who can give people financial therapy. It was established in the US and is only in its fledgling stages here in the UK – it will help with money worries, spending problems and is not just limited to people on low incomes. It will also advise anyone on what their next steps might be.
FTB: You have a big social media influence, can you tell us about that?
Clare Seal: Originally I was only on Instagram but it has now spread but I am just getting my head around TikTok! I have about 120,000 followers on Instagram which is great.
FTB: What are your top three tips to help when trying to buy your first home?
Clare Seal: 1. When saving, don’t forget to add the extra costs that are involved like Stamp Duty if applicable, moving costs and conveyancing fees. So, ensure your house buying fund and deposit take these into consideration, which will save so much stress in the long run.
- It is a very exciting time but you don’t have to make your home perfect straightaway. Take time and live in the space before you go out and buy a big purchase.
- Keep a net worth spreadsheet so you can see all that happens to your money when you move your cash around. Sometimes it can feel very strange when you have to pay an amount to say a conveyancer for example. Suddenly the money is gone, and you can worry, but you have to remember that ultimately it is equity in your new home, so don’t let it cloud your judgement.
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