Vicky Meets... Sally Austin, Austin Wealth Management

The New Year is traditionally a time for resolutions. What should our financial resolutions be?

Take control! Compile a complete income v expenditure list and give yourself a budget – then stick to it.

If you have debt, such as on credit cards, work out exactly how much it adds up to, so you know where you are.

Pay off your highest interest rate debt (usually credit cards).

Shop around, especially for utilities and insurance.

Get advice if you need it – finances can be complicated and you don’t know what you don’t know.

Some of us find financial matters scary and incomprehensible. Is there a simple ‘getting started’ rule of thumb to keep in mind?

Know your monthly and annual expenditure and don’t be afraid of it.

If you get paid monthly, you could move all your monthly direct debits to a couple of days after payday so whatever you have left is yours – no end of month surprises.

Build an emergency fund (no matter how small, and preferably out of sight in a separate account).

DON’T use payday loans. Ask for help; you don’t need to be wealthy to benefit from financial advice.

Use places like Citizens Advice, MoneyHelper.org.uk and Money Saving Expert to guide you and give you extra help and information.

How did you come to be a Finical Advisor?

I was made redundant in 2020, which gave me an opportunity to take stock and think about ‘what next’.

Knowing there was a shortage of financial advisers, especially female advisers, I decided to investigate that career path.

I passed the CII exams and completed the St James’s Place Financial Adviser Academy, qualifying in early 2021.

I am now studying towards my Chartered status and have added mortgage advice and long-term care advice to my qualifications.

Were you a spender or a saver as a child?

I wouldn’t really say I was a saver, but I have also never liked having debt so I was more of a ‘live to my means’ child.

My dad was a very generous man (useless with money!), but my mum reined him in, so I’m probably a good mixture of the two.

I was always taught that credit cards or overdrafts only help you once, so use them sparingly.

It all needs paying back and you can easily fall into the monthly ‘Robbing Peter to pay Paul’ financing.

What’s the best single piece of advice you would give someone about money?

Pay into your pension, the earlier the better.

Very few of us will be able to (or want to) live on the state pension (which is currently £10,600 a year, just £883 a month) so having your own income in retirement is essential.

Pensions are one of the most underrated savings vehicles and are hugely tax efficient.

I sincerely wish I had known 20 years ago what I know now as I would have paid substantially less in tax and had a much better income in retirement.