36 hours in Paris...
...with minus £400 in the bank
Thank you for the lovely messages and comments following last week’s paid post. I was worried it was too upsetting, but I thought it was important to offer a space to share how things don’t always work out, despite your best intentions.
Going to try to keep this post a bit (a lot) lighter. Last week, I spent about 36 hours in Paris. Yes, I have no money. I’m skinter than I’ve been for a long time. Have, in the last couple of weeks, genuinely worried I wouldn’t be able to pay my rent. But Paris was booked ages ago. I was meeting - and staying with - friends who I couldn’t and wouldn’t let down.
And my friends are the best. A couple of days before the trip, one friend told me not to worry about paying for my portion of the (incredible, but also incredibly cheap!) accommodation until some work comes in. And then on the first night there, offered to pay for pretty much everything and I can pay her back whenever. (I mean, I'm pretty sure she’s thinking in the immediate future rather than when I cash in my pension in 2026, but that works for me.)
I know that most weeks I say I was listening to this podcast… but I listen to a lot of podcasts, and a while ago I heard someone say that they’ve always believed themselves to be rich, even when they had no money. Because they’re rich in love or experiences or cheese or whatever, you know the kind of thing. And it is, indeed, cheesy, but I also really feel it. And I felt it so much last week in Paris.
My friends wanted me there so much that they were willing to cover my expenses?! While we were there, tickets went on sale for a show I’d like to see next year and another friend offered to buy mine. And it stings a bit because I haven’t yet paid for the ticket for the show I saw in Paris (can you guess who it was?). I don’t want my friends to feel like they need to be constantly extending me credit. But also, I’m so, so happy and grateful that they do. That they want to.
I want to accept it as the gift that it is rather than beating myself up about needing it at this point in my life. Particularly after saying I would never be in this position again.
I am. It sucks. I’m trying as hard as I can.
But aren’t I so lucky to have these friends? And to have had 36 hours in Paris.
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An interview with… Sue Ransom
Sue Ransom is a full-time author based near Chichester in the UK. She has published a number of teen books and is now concentrating on thrillers for adults and ghost writing memoirs and life stories – see more at www.sueransom.com. Sue is represented by Charlie Campbell at Greyhound Literary.
Why do you think women are often reluctant to talk about money?
I grew up in an era when the mothers didn’t work, just had their housekeeping money, and we were told repeatedly that you don’t talk about money, so it became an almost conditioned response.
Later, at work in a big corporation, we were told it was against policy to discuss our salaries with other employees. The whole atmosphere made it difficult to talk about money.
What is your relationship with money currently?
It varies, depending how much is in my savings account. I’ve recently gone freelance, and the lack of regular monthly income is becoming challenging. In the past, I’ve gone through periods when I’ve been really profligate with cash, and others when I wake in a sweat at night wondering how I’m going to cover the mortgage. I’ve always been a saver, and I feel very uncomfortable if I don’t have a big enough cushion.
What’s your earliest money memory?
I remember at decimalisation my pocket money went up from a shilling to 10 new pence, and I’d spend it at the sweetshop, getting a bag of assorted treats. I’d spend a lot of time working out which were the best value sweets – 2 fruit salads for ½ p, or one foam banana? - which used to annoy the owner.
My dad opened a savings account for each of us when we were little, and he would put money into that. We’d be paid for chores around the house, and we could either have cash in our hands, or he’d double it if he could put the money into the accounts. I always opted for the double option.
What’s the biggest money mistake you’ve made?
When we bought our first flat we got an interest only mortgage with a low-start endowment. At the time interest rates were about 15%, so the low-start meant we could afford it and I assumed that we’d cash it out before we ended up paying the much higher rate.
That never happened, and with negative equity we ended up owning that flat for much longer than we expected. That policy cost us a fortune and when it eventually paid out it came nowhere close to covering the mortgage debt.
What’s the best thing you’ve ever spent money on?
I’ve got two answers to this. The dull answer is property. Each time we’ve moved we’ve been able to sell for huge amounts more than we paid (with the exception of that first flat), and at some point we’ll be able to downsize and release some of the value. This rise in prices has been great for our generation, but I’m not sure how our kids will ever be able to afford to buy unless we help them.
My best purchase was when I got a £600 tax rebate one year, and we bought a Labrador puppy. Over the years she’s cost us a lot more than that (a LOT more!), but the joy and comfort she brings is priceless.
Do you have a pension? If not, do you have a plan?
I have several from each of the jobs I’ve had over the years, and I’m due a full state pension eventually. I keep putting all the figures into a spreadsheet and hoping that the pitiful number it adds up to will be enough. Most of our savings are in the house, though.
What would you do with £10,000?
I’ve just got the rights back for a clutch of teen novels I wrote a decade ago, so I’d invest a chunk of it in self-publishing the books in the US where they were never sold. I’d also use some to publicise my memoir-writing business, and anything left I’d keep to one side as part of my safety cushion.
If you were me, what would you want to ask women about money?
Do you feel you’re financially literate? If not, what would help you? Schools have been terrible at teaching some of the basic life-skills in finance, and not all of the information out there is trustworthy.
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Did you see Beyoncé? There's someone whose financial life I would love to learn more about!