How Does a Finance Influencer with 75,000 Followers Earn, Spend, and Save Each Month?

This article shares the inspiring financial journey of Ambrina Taylor, a 47-year-old money blogger from London, who turned her life around after facing significant debt and personal challenges. Now, she earns around £3,000 a month by sharing her money management expertise with 75,000 followers on Instagram.

Last updated: 29 October 2023 (BST)

Key Takeaways from Ambrina's Journey

• Overcame £21,000 in debt using the snowball method.
• Utilised social media to build a successful money blog.
• Involved her children in financial literacy, turning struggles into lessons.
• Learned to balance spending on experiences versus saving.
• Emphasised the importance of community support in debt recovery.

A Challenging Start: Early Financial Struggles

Ambrina's financial difficulties began in her youth, compounded by the burden of student debt. Growing up in a household where money was a constant source of stress, she entered university with little understanding of financial management. She pursued degrees in psychology and physiotherapy, accumulating significant debt along the way.

Despite working part-time as a waitress, her expenses often exceeded her income. “I remember using my student loan to buy clothes instead of living essentials,” she recalls. This early mismanagement set the stage for future financial difficulties.

The Realisation of Debt

By the time she reached her late twenties, Ambrina found herself in a precarious financial situation. After moving in with her ex-husband and purchasing their first home in London in 2006, their financial strain intensified. They managed to scrape together a deposit but soon fell into a cycle of overspending and accumulating debt.

“I was spending more than I brought in,” Ambrina admits. The birth of her children added further financial pressure, leading to moments of humiliation when her card was declined while out with them. “It was a wake-up call,” she recalls, prompting her to confront her financial reality.

The Turning Point: Facing the Debt

In 2017, Ambrina took a pivotal step by calculating her total debt, discovering it amounted to £21,000—a shocking revelation that motivated her to act. “Instead of feeling defeated, I felt empowered,” she shares. “If I could pay this off, we would have so much more money to enjoy life.”

She adopted the snowball method for debt repayment, a strategy that involves paying off the smallest debts first to build momentum. “It was crucial for me to see progress quickly,” she explains. To expedite her repayment, she transferred her debts to interest-free credit cards and eliminated non-essential expenses.

Involving Her Children in Financial Literacy

Ambrina recognised the importance of teaching her children about money management. They became part of the debt repayment journey, creating a visual debt chart on the fridge that they coloured in as they paid off debts. “It was a family effort,” she says, emphasising the bond it created during a challenging time.

Clearing the Debt and Giving Back

In just eight months, Ambrina successfully cleared her debt. The experience culminated in a heartfelt moment during Christmas 2017 when they used their newfound financial freedom to buy presents for disadvantaged children. “It was wonderful to use the money we now had to do something lovely for someone else,” she reflects.

A New Chapter: Embracing Change

After overcoming debt, Ambrina faced another challenge—her separation from her partner. Although they had operated a successful doggy daycare business, she chose to leave the venture in 2023. This transition impacted her finances, but by then, her social media presence was growing rapidly.

“I wanted to share my journey because being in debt is lonely,” she explains. As her following increased, brands began reaching out for collaborations, including her dream brand, Plum. “I never expected this to happen, but it felt like a natural progression,” she states.

Finding Balance in Financial Freedom

Now, Ambrina earns approximately £3,200 a month through her social media channels, although her income can fluctuate. She has learned to balance her newfound financial freedom with the need to save. “Travel is my biggest splurge,” she reveals, noting that experiences with her children are now a top priority. “Money isn’t everything, but it can enable us to create lasting memories.”

Teaching Financial Literacy to the Next Generation

Ambrina’s children, Jake and Olivia, have also learned valuable lessons from their mother’s journey. They understand the importance of saving money and making informed spending choices. They often use platforms like Vinted for clothing, demonstrating their ability to find deals and manage their finances wisely.

The Role of Community in Debt Recovery

Ambrina credits the online debt-free community for providing support throughout her journey. “Social media groups have been a lifeline,” she says. “Knowing others are going through similar struggles makes you feel less alone.” This sense of community has been instrumental in her ongoing financial journey.

Practical Tips for Managing Debt

For those facing similar challenges, Ambrina offers practical advice:

1. **Assess Your Situation:** Take a day to review bank statements and understand your financial inflows and outflows.
2. **Create a Budget:** Establish a realistic budget that prioritises debt repayment and savings.
3. **Engage Your Family:** Involve your family in financial discussions to foster a collective understanding of money management.
4. **Seek Support:** Join online communities for advice and encouragement during your debt recovery journey.
5. **Celebrate Progress:** Acknowledge each milestone in your debt repayment to maintain motivation.

Final Thoughts: Embracing Financial Freedom

Ambrina Taylor’s story is a testament to resilience and the power of financial literacy. Her journey from overwhelming debt to financial stability serves as an inspiration to many. By sharing her experiences, Ambrina not only empowers herself but also helps others navigate their financial challenges. Her approach to spending and saving has evolved, focusing more on experiences with her children rather than material possessions.

As she continues to grow her presence in the financial blogging world, Ambrina serves as a reminder that understanding and managing money is a lifelong journey. How will you approach your own financial challenges moving forward? #DebtFreeJourney #FinancialLiteracy #MoneyManagement

FAQs

What is the snowball method for debt repayment?

The snowball method involves paying off debts from the smallest to the largest. This strategy helps build momentum as you eliminate smaller debts quickly, leading to increased motivation to tackle larger ones.

How can I involve my children in learning about finances?

Involve your children by discussing family budgeting, engaging them in financial planning, and using visual aids like debt charts to show progress. This fosters financial literacy and responsibility from a young age.

What should I do if my card is declined in public?

If your card is declined, try to remain calm. You can explain the situation to the cashier and offer to return with payment, or consider keeping a small amount of cash on hand for emergencies in the future.

How can social media support my debt-free journey?

Social media platforms offer supportive communities where individuals can share experiences, tips, and encouragement while navigating their debt-free journeys. Engaging with these communities can provide motivation and practical advice.

What are some practical steps to start budgeting?

Begin by assessing your income and expenses, creating a simple budget, setting financial goals, and regularly tracking your spending. Adjust your budget as needed to ensure it aligns with your financial situation.