In partnership with Laybuy, four successful women answer eight burning questions about money.
Are you ready to make 2022 the year that you take control of your finances and master your money? Of course you are! There’s no denying that there’s always been a stigma attached to the topic of personal finances, especially for women, but we’re here to help you break down those barriers. It’s time to open up the conversation around money - empowering you to make your hard-earned cash work even harder!
If you're someone who worries about your finances, then fear not - you’re not alone. The conversation around money is changing fast. While it can often be difficult to know where to turn for financial advice, approaching the topic with friends or seeking guidance from a professional is often the first real step towards taking control of your cash. This is one of the reasons behind Laybuy’s recent Master Your Money campaign, with TV and radio presenter, Laura Whitmore, and financial educator, writer and speaker, Ellie Austin-Williams.
Laybuy gives consumers the ability to pay for their purchases in six, interest-free instalments, with responsibility at the core of the brand’s business model. Female financial wellness is an important topic for Laybuy, and the brand hopes that this campaign will open up the conversation around money and empower women like you to take control of their finances.
With this aim in mind, AllBright has partnered up with Laybuy to ask four powerful women to answer eight of our biggest money questions. Read on to find out the answers…
Robyn Rohloff, Founder and Chief Brand Officer at Laybuy
Robyn founded the Laybuy business in 2016 with her husband, Gary Rohloff, and serves as Laybuy’s Chief Brand Officer. Robyn is responsible for all the brand, creative and PR aspects of the business. Robyn has led the development of Laybuy’s brand and creative initiatives from the very start of the business.
What is the best piece of financial advice you've ever received, and what impact did this have on you?
The best advice I was ever given was that if you are facing a money issue, ignoring it will not make it go away. Far too often we get embarrassed, stressed or try to carry on as usual, hoping that the issue will magically disappear. Unfortunately, this is only going to make the situation worse. When you are facing a money issue, the best thing you can do is acknowledge it, make a plan and then learn from it.
To prevent money stresses, I’d advise setting up a realistic budget that includes putting money aside. This will remove a lot of the stress when facing an expense that comes out of the blue. Be sure to put money aside to cover all the expenses, as well as having money to have some fun. Budgeting often gets a bad name because we think about a budget as being restrictive, but that’s not its purpose. A good budget helps you manage your money so that it works for you and makes your life easier. It’s about planning ahead so that you can buy the things you want and love.
If you don’t have a budget, start one by just listing out your expenses and making sure you are putting money aside to cover them. Trust me, it will make your life easier.
What advice do you have for making it easier to talk to our female friends about money?
Talking about money with your friends can be hard, especially if you’re having money problems. But it’s time to normalise talking about money with our girlfriends, in the same way that we talk to them about other things that are happening in our life.
We need to stop feeling embarrassed or awkward and start having more open and authentic conversations – that is what real friends are for. We are there for the good times and the bad times. We need to help each other.
If you think a friend might be having money issues, ask them if they’re OK. If you have a question or would like some advice, be brave and ask her.
This doesn’t need to be scary – drop it into conversation over a glass of wine or on a girls’ night out. You’ll probably find out that they have the same questions and concerns that you do. You’ll soon discover that a problem shared is a problem halved, and in the process you’ll make your friendship even stronger.
Laura Whitmore, Broadcaster and Author
Laura Whitmore is an established TV presenter and radio broadcaster. She is known for her roles hosting Love Island, I’m a Celebrity Get Me Out Of Here Now, and having her own BBC Radio 5 Live series, The Laura Whitmore Show. Her first book, ‘No One Can Change Your Life Except For You’ went on to become a Sunday Times Bestseller.
How often do you talk about money with your friends?
My girlfriends and I will talk about everything under the sun but when it comes to money, we really don’t talk about it enough! There seems to be a stigma around it, especially for women, which is why it’s so important that we break down the barriers. After all, why wouldn’t we discuss such an everyday (and important!) part of our lives?
I was surprised when one of my close friends recently told me that she was in debt, because she has always been so generous with her money; but it made me realise that I really do need to have more open conversations around finances with friends. Now, I try to make sure that our social plans work for all budgets, as I know we all earn different amounts of money. For example, we’ll have a night-in where we all cook a dish or bring a bottle, rather than choose to eat out. Small things like that can make a real difference, and eliminate the possibility that someone might feel left out if they can’t afford to join us.
I want to encourage all women to be able to talk about money with their friends, to empower them to become better financially equipped for the future – but also the present. It’s time we bring this vital conversation into our everyday lives.
Why is it so important to talk about our finances?
According to Laybuy’s research, women are twice as likely to discuss politics (17%), the intimate details of their relationships (16%), or an embarrassing medical problem (11%) than talk about their finances with their closest friends. I totally understand this; it can sometimes feel like there’s an element of shame or embarrassment involved in talking about finances, especially if we think we have less than someone else.
However, the first step in taking control of our finances requires us to talk about them – it’s that simple. We all use money everyday, so it makes sense that we discuss this more naturally. Opening up this pivotal conversation will help us to earn more, save more and put more into our future. I know it can feel like a taboo subject, but the more we talk about money, the more we’ll pull those barriers down. Don’t be scared – just get talking!
Ellie Austin-Williams, Founder of This Girl Talks Money
Ellie Austin-Williams is a Financial Educator, Writer and Speaker. She founded the platform and community, This Girl Talks Money, to help open up the conversation around finances. Ellie has joined Laybuy’s Master Your Money campaign to provide expert advice.
How can I make sure I save money every month?
Saving more money on a regular basis can feel like a huge task, so start small. I’d recommend transferring 10% of your monthly income into a savings account as soon as possible after it reaches your account, making it less tempting to spend it as the month goes on. I’d also recommend doing your research on the best savings accounts available – you want one that will pay interest on your balance, meaning your money really works for you. Take the extra time to browse online or pop into local banks and have a chat, and this will pay you back in spades.
What tips do you have for creating a budget?
My advice is to go through your bank statements from the past few months to determine exactly what you need to spend your money on each week, from bills and grocery shopping to transport and one-off purchases. It might sound boring, but being smart with your money from the outset can help you save a tonne of cash over time. Working out a strict weekly budget also helps stretch your monthly income without leaving you in the red by the end of the month.
Another tip is to be smart about contract expiry dates, such as your mobile phone or home WiFi. As soon as you sign a contract, set a reminder in your calendar for a month before the end date so that you can either negotiate or move to a better deal. Also, make sure you include fun things such as social events in your budget as well as bills and groceries – this will make it easier to stick to, as we all need rewards when heading towards our goals!
Eshita Kabra-Davies, Founder of By Rotation
Eshita Kabra-Davies founded By Rotation, a social fashion rental app, in October 2019. This game-changing concept soon went on to become an award-winning phenomenon.
What is the biggest money lesson you learned from launching your own company?
As my dad always said to me growing up, “Money saved is money earned!” This principle is very applicable, even to our start-up business. We've been extremely resourceful since our launch only two years ago, and very quickly became a large and fast-growing fashion rental platform. Focusing on being resourceful and highly efficient with what we have has also made me careful to not give away too much equity, which tends to be a mistake that many first-time founders make.
If you could give your younger self one piece of advice about her finances, what would it be?
To be much more organised about keeping a (personal) money diary, so I am fully aware of which categories my personal finances are going towards. I had little awareness of how much I was spending on purchasing (new) fashion, and now, with the By Rotation app, I've actually become more aware of how much I've reduced my expenses in this category.
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