Get Your Glow Back – Episode 48 – With Emilie Bellet

I am joined today by Emilie Bellet, founder of Vestpod and author of You’re Not Broke You’re Pre-Rich to talk all things finances. This episode is purely educational and not financial advice. For more details on everything we discussed my show notes are below:

When should we begin saving money? 

It never feels like the right time to save 

Always easier to save for the short term – to go out, holidays, clothing 

Need to be thinking about the medium – long term by breaking down exactly what you are saving for

Moneybox, Monzo, Revolut: autosave by rounding numbers up on your spending and saving the difference 

Sit down every quarter and look at your money journal to see on paper where you are standing financially 

Ways to Save: 


Short Term Saving: Next 5 years

If you are looking at your goals, for anything in the next 5 years it’s good to keep the money in cash savings i.e. in a cash ISA, fixed deposit account 

Cash ISA: hold money as cash, low interest rate (around 1%) but it’s safe and protected so you can get it when you need it 

Long Term Saving: for pension, retirement 

Investing money in the stock market or stocks and shares ISA 

Lifetime ISA: can use the money either for retirement or to buy a house up to 450,000

Once you understand your goals 

Pension salary calculator: 6% return on average, gives a rough ballpark of how much you should be putting away each month banks offer one

Budgeting methods: 

Automate savings as a percentage of our earnings – don’t wait until the end of the month.

Decide every month to save 20% + of your salary, start at 1% and work your way up slowly

Create a financial plan 

Emergency fund – £500 to prevent yourself from getting into debt 

Write down your short term goals and begin saving for it

Save for retirement also 

Three Budget Categories: 

Fixed costs: rent, transportation, bills, mobile phone, the same amount going out every month

Savings: after you’ve paid fixed expenses, what are you putting away?

Lifestyle spending: what you have left to spend for the rest of the month – this is where you can make cuts to save mor

Where is all our money going?

There’s always less than we think in our bank account 

New banks such as monzo and starling will show you where you are spending your money

“What on Earth are we doing with all our money” diaries on Vestpod mostly on food, sometimes clothing 

If it’s making you feel good that’s fine but can you try and save money somewhere else 

Need to understand where we are spending our money to know how to save 

Saving for a property: 

Ask yourself: do you really want to buy a home? 

It can be seen as an investment but sometimes it’s better to rent 

Whether property is a good investment or not depends 

Be really strict about your spending if you want to buy a house, be quite drastic by moving back home and trying to increase your salary as much as possible and getting your costs down as low as possible 

It’s still important to think of other goals: short term, pensions and retirement 


Investing can be scary 

Women are really good at investing, women have higher returns on investments in research because they are more diligent and less likely to trade and tend to invest for the long term

The issue is that only 10% of women invest their money

If you have a pension you are already investing

To get started on a small scale: 

Don’t just pick one stock 

Try and spread your money over lots of different funds and different shares 

A good way to get started is using robo advisors: online platforms which will take small savings and invest them in the stock market.

Because they put lots of small amounts together they have access to the whole market 

Do we need a credit card? 

We can build our credit report by paying our bills on time 

Can be a good option to have a credit card if you know you will always pay it back on time but if you are still managing your impulse spending it might not be a good idea to use a credit card

No reason why not especially if you are getting benefits or cashback 

If you aren’t paid consistently it can be harder to payback, it can work for people who have money saved as a backup to pay it off when required 

Using a credit card wisely: 

Budget for it say £500/month and set a direct debit to pay it back every month 

Interest can be really high on credit cards which means debt can be difficult to get out of 

Are we worse at saving due to internet shopping, social media, impusle spending: 

Companies are spending billions on advertising products to get you to spend your money 

As a consumer we are constantly bombarded with messages to buy 

Dont compare yourself to others as you never know their real financial situation

Take small steps, try to think about where is a better use for your money

If you see something you want to buy but don’t need – pay yourself first 

We want everything NOW and can now get it with the option to pay later but if we need to think seriously about whether the purchase is affordable or worth it

Your Relationship with Money:

We acquire financial habits as young as 3-7 years old

If you are brought up taught that having the conversation about money is hidden or rude we find it difficult to know what to do with our money 

Traditionally, men have been more likely to talk about money with eachother than women 

Men tend to get into the investment side of things much earlier than men

As a parent it is important to bring the money into the conversation to increase awareness around money 

Change the narrative around your relationship with money, be positive about it, don’t tell yourself im bad with money, im not a saver etc. if you think you can do it you are on your way.

Be rational and pragmatic about how you are going to save

Top 3 takeaways from You’re not broke you’re pre-rich 

  1. Understand your relationship with money and establish your own financial situation, Open up with your partner/family about your financial situation, find out how financially compatible you are
  2. What you earn – what you spend = what you build
  3. Women & Money: when we first start working we earn the same, the gender pay gap emerges when you don’t get much money when you have a child and then you miss out on salary increases, women are less likely to be given pay rises, we don’t invest as much as men so their money is growing much faster which all leads to a big wealth gap

Negotiating your salary: 

Be conscious about the gap and try to have the conversation about money by being more open about our salaries so we can see disparities 

Negotiating salary workshops at Vestpod

Men tend to be more confident to negotiate their salary every year than women 

Women also do it but they dont as often get the salary increases 

We need to be super prepared when we go for a salary negotiation meeting 

Write your achievments every month so you have something to show for what you have achieved over the past year

Find a mentor/advisor and make everyone aware of what you are doing 

When you need support from those people they will be able to support you

Understand what your boss or company really want so you can bring what they need and want 

Prepare as much as possible for that meeting 

Create support groups 

Tackling Debt: 

Having debt isn’t necessarily a bad thing, there are different types of debt 

‘Good debt’ – debt you have that doesn’t mean you can’t sleep at night for example a mortgage, student loans.

Most people will never pay off their student loans as full – the get written off after a period of time, if you feel okay about having some debt it will come out of your salary every months and isn’t too noticeable 

‘Bad debt’ – Short term debt, payday loans, overdraft – debts you took for the short term with high interest rates. 

Banks are very willing to give credit because that is how they make money 

Some debts are more important to pay than others: bills, mortgage, council tax if you cant pay these call the provider and try to make arrangements 

Short term debts: really expensive and can cause struggle when they snowball in interest, try to work out exactly how much you owe and how much interest you are paying, begin with the ones which are the highest interest rate. Move them onto a 0% card to freeze the interest, call the bank to see if they can help you. Then work really hard on repaying. There are also some great debt charities such as citizen advice and step change who can offer confidential support


Don’t put yourself in a position where you can’t pay back your mortgage

Work with a mortgage broker who can give you all the mortgage options on the market to get the best rate instead of just going with your bank (this comes at an extra cost)

Interest rates are low at the moment but what if they go up in 5 years or 10 years 

In the UK you have the option to pay interest only and at the end of the period you either re-finance or repay you also have the option to repay the principle so repay part of the mortgage during the period 

Be careful when you sign your mortgage docummentation looking at the early repayment fees, if you want to refinance some banks won’t let you repay as they are relying on your interest. 

Budgeting for Family finances: 

You will have to shift your spending habits

If you have a partner make sure they are involved in all financial decisions 

Ask your partner to pay into your pension/ISA if you are taking time off to have a baby if they can

Cost of childcare can be more than salary, if you want to go back to work you should look at your salaries together 

Shared parental leave – can your partner take some time off to delay the cost of childcare 

You should start saving for kids as soon as you start thinking about them because they are expensive! 

Start saving for your children using a junior ISA which will be invested in the stock market for 18 years until they finish school and will grow which can be used for university. Prioritise yourself if you can’t afford to save for your children.

Talking about money in relationships:

Most common reason people break up is over finances

Important to get started on the conversation on a small scale, create a budget together to understand how the other person feels about money and where the spend, save and earn. 

Make a budget for a holiday – start with micro money conversations so that when you are making huge financial decisions together it is easier

If you are both signing a mortgage together eachothers credit rating will be linked

When you apply for a mortgage you have to share your finances 

Be open from as early as possible to build up to talking about the big things

Dealing with disparity in income

It should be fair and that doesn’t mean 50:50 

If you earn less than your partner you shouldn’t be saving the same amount

Joint account on top of a seperate current account is a good idea for paying for things together

Decide how much you will each be putting into your joint account – doesn’t have to be 50:50 

Where to Find Emilie

Vestpod Website

Vestpod Instagram

Her Book, “You’re Not Broke You’re Prerich”


Follow me on Instagram @madeleine_shaw_