Your stories: introducing Tricia

Biog in brief: I’m Tricia, I live in London (although my parents are Caribbean) and I work in Internal Communications.

Describe you and money: Where do I start?! Probably… impulsive, challenging yet optimistic.

Investing goal: As a single mum living in London, at this moment in time I am really just trying to invest my money for long-term financial stability for the both of us. Building a fund for the future is my number one priority. It would be nice to also use some of my investment on a deposit for a property.

Savings tips: To achieve my goal, I’ve had to make a lot of sacrifices. It started with moving back home two years ago, and since then it’s just about finding the confidence to say the word ‘no’ a lot. Unfortunately, I can’t go on endless amounts of nights out with friends, weekend breaks and mid-week drinks or I’d definitely have no money!

Also making sensible decisions like cancelling my gym subscription and working out at home, being more creative with meal planning and food shopping goes a very long way. Every little bit saved is an extra £5 here or £10 there to add to my investment pot.

How does Moneybox help? Moneybox has helped me by teaching me self-discipline. I can check my account balance on my phone in a matter of seconds, but withdrawing it takes weeks – which prevents me from being impulsive and taking my money out to spend it on something frivolous. I love seeing the value of my investments grow, and regular direct debits have taught me to manage the money in my account better. My weekly savings are due to come out on a Monday morning, meaning I have to be far more sensible over the weekend so when my payments are due to come out they don’t bounce and I don’t get bank charged!

Before 2018 I had nothing invested. Not a single penny. Towards the end of 2017 I started reading more personal finance blogs, listening to financial podcasts and they all agreed the same thing – interest rates with high street banks are low, and for better ROI long-term, investing rather than cash savings are a better option. I’m now 9 months in and looking at my balance in my Stocks & Shares ISA gives me pride everyday. I can finally call myself an investor!

Moneybox feature I ❤️ is the fund summary. I love seeing how my initial investment is spread out because it really demonstrates transparency and I can see exactly where my money has gone and how it’s grown. I also really love the colour scheme! The vibrant green is eye catching and engaging and sometimes I just like to open the app and look at it for fun. The user interface is so attractive it really does invite you to continuously explore around the app .

This much I know: I’m probably still yet to learn my most important money lesson. However the quote that resonates most with me is: ‘Try to save something while your salary is small; it’s impossible to save after you begin to earn more.’ – Jack Benny

I started this year with caution, only investing £5 a week and a small Payday boost, but Moneybox has converted me to a believer and a few months in I was really pleased with my investments. So as time has gone on, I’ve increased this considerably. I definitely recommend everyone to start small, build trust with your investment platform, and take it from there!