Savvy Mum-of-Two Reveals Her Journey to Financial Freedom
A former "spending addict" has opened up about her experience of overcoming £40,000 worth of debt. Maddy Alexander-Grout found herself at rock bottom after developing a penchant for frivolous spending. She became addicted to the thrill of swiping her card and found herself signing up for every credit card and loan available. Maddy would spend up to £30 a day on nights out and shopping with friends. But instead of filing for bankruptcy, she decided to take control of her finances and used three clever techniques to climb out of debt.
Three Top Techniques to Get Out of Debt
Maddy shared her top three strategies for tackling debt. One of these methods is called the "snowball" method, where she focused on paying off smaller debts first. This approach allows individuals to tackle overlooked costs that can accumulate due to missed payments and added interest. By clearing smaller debts and rolling the payment amount into the next smallest debt, Maddy was able to gradually eliminate all of her debts.
From University to Full-Time Work: A Spending Spiral
Maddy's spending habits started when she was 18 and began her studies at Leicester's De Montfort University. She saw credit cards as "free money" and quickly maxed them all out. To support her addiction, she took on a hospitality job but found herself spending her earnings right after her shift. Even after leaving university due to her mounting debt, her spending continued as she indulged in designer clothes and expensive shopping trips. Now, Maddy uses her experience to help others who feel alone and overwhelmed by their financial situation.
Money-Saving Tips and Tricks
Maddy not only shares her journey of overcoming debt but also provides practical tips to help others lower their weekly spending and build up their finances. In her videos, she suggests buying fruit and vegetables from markets, shopping for discounted items at the supermarket, and creating and updating a budget regularly. Maddy also emphasizes the importance of mindfulness when it comes to spending by checking her bank account daily.
Avoiding Debt: Maddy's Money-Mistake Prevention
For those who want to avoid debt altogether, Maddy's videos offer valuable insights on how to stay financially responsible from the start. She highlights four common money-mistakes that often lead to financial struggles. By sharing her knowledge and experiences, Maddy hopes to empower others to take control of their finances and avoid the pitfalls of excessive spending.
Did you miss our previous article…
https://hellofaread.com/money/government-urged-to-cut-business-rates-to-help-britains-retail-industry-survive-and-prosper/
