Name: Nicola Knight
Age: 40
Income: £30,000-£40,000 from a combination of business, Universal Credit and child benefit
Occupation: Chocolate festivals manager, Exmouth
Admittedly I’m not naturally a very good saver but due to recently becoming a single mum to my three kids – two boys aged 10 and seven and a girl aged 14 months – and reaching 40 and still renting and not having any savings, I’ve become a lot more organised.
I’m definitely trying a more grown-up approach to my finances. I now open bills and deal with them straight away. I’m no longer in debt. In the past I might have panicked about a council tax bill that I couldn’t pay for but now I deal with bills head on rather than pretending it’s not happening. It’s less stressful and I feel more in control. Saying that, unexpected bills such as school trips are tricky as we’re just reliant on me.
I quit my teaching job two years ago as I wanted to carve a career for myself that fits better around family life. Now I run a chocolate-related events company, Celebrate Cacao. I love chocolate! I used to live in the Caribbean and I have a qualification in chocolate tasting. I’ve set up the Exeter Chocolate festival and Torbay Chocolate festival. The festivals focus on promoting ethical bean-to-bar chocolate businesses. If they’re not, we ensure traders are local. I also teach kids in school about chocolate, and hold corporate and private tasting events. I make about £20,000 a year from the business.
I’m currently taking a social media management course and one on Facebook advertising. I’m always learning. I like to upskill and I want to grow the business more.
I spend two solid days a week working. One day I’ll hot desk in Exeter as it’s good to get out and see other people. The rest of the time I’m just catching a moment here and there. I often work from bed.
I was worried that I’d have to go back to teaching to make ends meet. But financially it’s not been as bad as I thought as my business has started taking off. Initially I was terrified, thinking what am I going to do, but I’m actually managing OK. There’s been no major panic as yet.
I also receive universal credit. It’s actually been really straightforward. I just submit my earnings every month and I receive an amount depending on my income. It can range from £300 to £900 a month.
The bulk of my money goes on rent and bills, which come to about £1,400 in total, which is a lot.
I’m a recent convert to online food shopping. It’s a means to save money and does help me. I’d got into the habit of going food shopping every other day. I ended up spending a fortune on food. I now do an online shop at Asda every week. It forces me to be more organised; I buy in bulk and cook proper meals. I spend about £45 a week on food. In a bid to save money, I’ve stopped buying alcohol.
I spend about £100 a month on fuel, mainly due to the 25 minutes it takes to drive to the kids’ school. My plan is to find a place nearer to the school to save time and money.
I also just try to buy what we need. This year I’m going to try my hardest not to buy anything new unless we absolute need it as the kids have got loads of stuff already. The exception to that is shoes and underwear as that’s different.
I’ve set up a Monzo account and that rounds up your spending to the nearest pound and saves the change. I’ve put away £50 since Christmas.
I don’t really spend on my own entertainment. It’s practically impossible to go anywhere at the moment. I go out and run as often as I can. I rarely head out with friends; maybe every two to three months I’ll have a girls’ night out. I just haven’t got the time and energy. I’m ploughing everything into work and the kids. The two oldest go to martial arts every week, with which my parents help out financially. We also go swimming and watch movies at the cinema and that costs a bit. I’ll treat the children if I’ve got money, but won’t if I haven’t.
My plan this year is to save up for a holiday – our first since 2013. I’m not sure where yet. I used to take them on holidays in a motorhome but the kids are getting too old for that now and too big to be in a cramped small space. But I’d love a bit of sunshine.
I’ve written a fake cheque for £50,000 that I look at now and again. That’s my income goal for the next calendar year. I’m more focused on positive thinking and working hard towards my business. I don’t have a step-by-step goal on how I’ll get there, but I have a good feeling about the next year.
