I think it's important to think about these money issues as two different things -
1 - the patterns we may have that create money scarcity/debt on a loop/accepting low wages etc and that we have to untangle to thrive and prosper.
2 - the state of the economy/culture/jobs market which means many of us are working harder for half the money we earned ten or fifteen years ago.
While it's important that we each look at our own patterns, the fact it, it is WAY more challenging to be an arts/culture freelancer these days. I've been freelance 23 years, back when print media was a thing. When I started out, it was an absolute joy and there was plenty of money floating around. Work was easy to find and I had a lot more leisure time and disposable income. Ever since the economic crash. and the internet, working in the arts in any way is a totally different landscape - not to mention life just being increasingly so massively more expensive - and I think we need to remember that no amount of reading money self help books is going to change the aspects of this that are entirely external!
Yes I think so much of it is external. I got unwell so couldn’t work as much so my income halved. Then there was a coat of living crisis so people have less money to buy what I create. Believe me, I am open to wealth and riches if they came knocking! 😂 but I do have an attitude of ‘enough’- for now at least!
When I started working as a freelance music journalist in around 1998, the word rate for the Melody Maker hadn't gone up in 10 years. Whilst I was there, they did increase the word rate, but at the same time they decreased the word count, so I ended up earning less per piece, usually about £180.
I recently looked at freelance journalism to see if it could supplement my income and was horrified to see that rates haven't gone up at all, and in many cases are less than what I was earning back then. I abandoned all thought of going back to freelance journalism there and then!
"I think we need to remember that no amount of reading money self help books is going to change the aspects of this that are entirely external" - oh this was like a lightbulb going off in my head...!
Such an essential topic. I can so relate to the squeeze of looking at earnings of the past few years. After an abundant 2021, when enrollments were huge for online courses, 2022 and 2023 were so much harder. I so appreciate reading stories of people looking honestly at their numbers and understanding our needs and fears around money. Thank you for sharing your story and for the excellent interview, too.
I’ve been earning the same figure as you for the past few years. Not enough to cover my outgoings (hence why I sold my house and currently live in a static caravan without central heating). There has been purpose to it though - my health has had to come first and be my utmost priority. In the past year I dedicated a big chunk of my healing to the energy I give to money (fear, scarcity, lack) and have been raising the vibration of it to gratitude, abundance and love. Looking into my money stories too (greed, power, doesn’t grow on trees, not enough, not good enough etc). Change is coming so I’m sure I’ll be sharing how this all pans out at some point. Like yourself, it’s sure been a hell of a ride🎢
Oh gosh I also have a huge huge shortfall! On the news recently there was an article about pensions, and how to be comfortable we will need £30k per year. 😵💫 I’m hoping that’s also b*llocks!
I was interested in your guest saying they won’t have a state pension-I saw someone else mention that in a news article.
is this because they have not paid national insurance? Didn’t earn enough to pay tax ?
I think this whole area is seemingly quite foggy for people !
I know you added a link a while back where people can check where they are up to. It hadn’t occurred to me that people might not get state pension, it seems mad that it’s not somehow compulsory.
My problem is that I've never paid National Insurance. When I started being self-employed, I just didn't earn enough money, and then when I shifted to a limited company structure, I was advised to minimise tax by only paying myself up to the NI limit in wages and make the rest up in dividends. I did that, primarily because I still didn't have enough money. I had no idea that this would affect my pension. By the time I did realise... well, it's all rather too late now.
It is possibly I've misunderstood, but I don't think you get a pension if you've not paid NI?
I don't want to be flippant, but aside from my husband's pension, my own pension plans appear to be 'somehow get rich first'.
It's madness that many of us went freelance and didn't know any of this! They should force you to attend a course or something. It would be so helpful.
Yes, I think if you haven't paid NI for a minimum number of years then that's the case. I had a few years where I didn't earn enough to have to pay, and think it's only because an accountant advised me to make voluntary contribution that I did that, and didn't end up with gaps.
Considering how important it is, I think there needs to be a big red flag opt out message so you know what the implications are! I do know you can make it up by paying voluntarily and also by paying for years missed. I think you can pay NI for 10 years and still get something - though not the full pension. Ans then there are things like pension top ups etc. Definitely worth looking into it to see what might be available when the time comes - if only to get the full picture, you might get nothing but you might also get something. Ps- Get rich is definitely on my to do list too!
Honestly, I think it should be seen as malpractice for accountants not to warn you of this. I only found out about voluntary contributions last year, but I still don't really have enough money to make up the lack. Plus I think there's a limit to how much you can pay in?
People about voluntary contributions? Yes I think there is a limit and yes it does require you to have the extra money which of course is the problem to begin with! 🫣 But worth looking into - the gov website is quite useful and knowledge is power!
I recently found your publication, and I have to say it is so refreshing to see you be so transparent about what you are making and your personal struggles. Thank you!
Love the transparency and honesty in this piece. Timely piece for me too, as I just listened to the audiobook Overcoming Underearning and revisited the Financial Feminist podcast. Both made me feel more power over money! ❤️
Thank you so much for the opportunity to share my story, Keris. I have to admit, I don't think I would have been able to write this even a year ago, because my relationship to money was just so fraught. But I found myself a mentor who has really helped me go believe that it is OK to want to earn a decent amount of money, and I've committed myself to doubling my earning over the next few years.
I did just look back at what I've earnt over the last 7 years, and my low point was £8,870 in 2020, and my high point was £26k in 2022. My average is under £19k. The average salary for someone of my age in the UK is £36,156. My aim is to earn £40k pa, and to do that I've put my sponsorship prices for Ada Lovelace Day up significantly and am taking on some comms consulting work, but it all still feels a bit out of my control. I am going to really try, though!
It's so important for women to be transparent about these issues, even if it's hard. I confess I felt quite scared about being judged a failure – and have frequently felt like a failure because I earn so little – but there's a lovely solidarity in the comments here that makes me feel a lot better.
That sounds like a really good plan. And my high point was around the same as yours. And, yes, it is a comfort to know others are in the same boat, even though it’s infuriating too.
Such a helpful article & comment thread. I’m in my early 40s an self employed. And I have definitely been underpaid in most of my jobs. Over the past 20 year I can count on about 2 fingers the times I felt like I got paid ok and where I could actively and easily save. I don’t own a house and though it would be nice to, at this stage I will need a lot of cash to be able to buy one outright.
I’m lucky to have relatively low living costs and a partner to share costs with. I know that if I a could get my business to a place of consistent income/ work I’d be ok. But getting there isn’t as easy as it seems 🥴
I’m wondering as I read this article and the comments and kept thinking “Oh, me too!” whether being so severely underpaid is the next Me Too movement. I have felt so alone in relative poverty because the rest of my family and friends don’t seem to live like me. But I wonder how many of us are hiding just how financially precarious things are?
My highest year income was 2002 when I worked at a corporation. That was £35,000 or so. It’s been a decline ever since when I left that job because I hated such an empty meaningless job, and most of the last 13 years has been 0. That’s because of chronic illness which I’m finally recovering from. I’ve just earned £87.26 on my Substack, which was a thrilling moment.
Point being, I think our silence and self-blame is keeping us down. I think it’s not about figuring out the right strategy for financial success just like it wasn’t about learning self-defense and dressing right to avoid sexual harassment. It’s not us who are the problem, it’s the culture.
But of course changing the culture is hard, especially when you’re lacking power. So I feel we need to help each other instead. We need to unite. We need a movement for change. I have ideas on this which I clearly need to write more about :)
Thanks for having this space Keris, and thank you to Suw as well for sharing.
"I wonder how many of us are hiding just how financially precarious things are?" I think a lot! Twice recently I've read that the majority of Americans couldn't cover an unexpected $400 expense. For YEARS I thought everyone else had it together but me. Much like when I started telling people I was unhappy in my marriage and learned that all the couples I had previously thought had great relationships very much did not, writing this newsletter has taught me that I am far from alone in struggling with money. And, yes, like you say, it's not because we're all bad at money, it's because, you know, capitalism and patriarchy. The usual. Sigh.
That’s really hard. I hope you find something soon.
Great post as usual!
I think it's important to think about these money issues as two different things -
1 - the patterns we may have that create money scarcity/debt on a loop/accepting low wages etc and that we have to untangle to thrive and prosper.
2 - the state of the economy/culture/jobs market which means many of us are working harder for half the money we earned ten or fifteen years ago.
While it's important that we each look at our own patterns, the fact it, it is WAY more challenging to be an arts/culture freelancer these days. I've been freelance 23 years, back when print media was a thing. When I started out, it was an absolute joy and there was plenty of money floating around. Work was easy to find and I had a lot more leisure time and disposable income. Ever since the economic crash. and the internet, working in the arts in any way is a totally different landscape - not to mention life just being increasingly so massively more expensive - and I think we need to remember that no amount of reading money self help books is going to change the aspects of this that are entirely external!
I'm reading this and it's got me riled up! https://www.amazon.co.uk/Do-Nothing-Overworking-Overdoing-Underliving/dp/0349422249/
Yes I think so much of it is external. I got unwell so couldn’t work as much so my income halved. Then there was a coat of living crisis so people have less money to buy what I create. Believe me, I am open to wealth and riches if they came knocking! 😂 but I do have an attitude of ‘enough’- for now at least!
Absolutely this. It's changed so much and so quickly, and continues to change.
It has and we can’t take full responsibility for the tories greed 😂
When I started working as a freelance music journalist in around 1998, the word rate for the Melody Maker hadn't gone up in 10 years. Whilst I was there, they did increase the word rate, but at the same time they decreased the word count, so I ended up earning less per piece, usually about £180.
I recently looked at freelance journalism to see if it could supplement my income and was horrified to see that rates haven't gone up at all, and in many cases are less than what I was earning back then. I abandoned all thought of going back to freelance journalism there and then!
Absolutely. The rates are insane now. I was working in journalism around the same time as you and little did I know they were the glory days!
I was just talking about this today! The rates now are lower than when I started in 2004. Awful.
"I think we need to remember that no amount of reading money self help books is going to change the aspects of this that are entirely external" - oh this was like a lightbulb going off in my head...!
Right? So true but so hard to remember!
Such an essential topic. I can so relate to the squeeze of looking at earnings of the past few years. After an abundant 2021, when enrollments were huge for online courses, 2022 and 2023 were so much harder. I so appreciate reading stories of people looking honestly at their numbers and understanding our needs and fears around money. Thank you for sharing your story and for the excellent interview, too.
Thanks, Caroline.
I’ve been earning the same figure as you for the past few years. Not enough to cover my outgoings (hence why I sold my house and currently live in a static caravan without central heating). There has been purpose to it though - my health has had to come first and be my utmost priority. In the past year I dedicated a big chunk of my healing to the energy I give to money (fear, scarcity, lack) and have been raising the vibration of it to gratitude, abundance and love. Looking into my money stories too (greed, power, doesn’t grow on trees, not enough, not good enough etc). Change is coming so I’m sure I’ll be sharing how this all pans out at some point. Like yourself, it’s sure been a hell of a ride🎢
Looking forward to hearing how you get on!
Oh gosh I also have a huge huge shortfall! On the news recently there was an article about pensions, and how to be comfortable we will need £30k per year. 😵💫 I’m hoping that’s also b*llocks!
I am still mostly head in sand about pensions because I've no way of catching up. (I'm 52 and my pension pot is currently about £7k.)
I have a lot riding on my Substack dreams! Ambers choice above is an option too 💛
I was interested in your guest saying they won’t have a state pension-I saw someone else mention that in a news article.
is this because they have not paid national insurance? Didn’t earn enough to pay tax ?
I think this whole area is seemingly quite foggy for people !
I know you added a link a while back where people can check where they are up to. It hadn’t occurred to me that people might not get state pension, it seems mad that it’s not somehow compulsory.
My problem is that I've never paid National Insurance. When I started being self-employed, I just didn't earn enough money, and then when I shifted to a limited company structure, I was advised to minimise tax by only paying myself up to the NI limit in wages and make the rest up in dividends. I did that, primarily because I still didn't have enough money. I had no idea that this would affect my pension. By the time I did realise... well, it's all rather too late now.
It is possibly I've misunderstood, but I don't think you get a pension if you've not paid NI?
I don't want to be flippant, but aside from my husband's pension, my own pension plans appear to be 'somehow get rich first'.
I didn’t know this until recently either. You can check your contributions here https://www.gov.uk/check-national-insurance-record
It's madness that many of us went freelance and didn't know any of this! They should force you to attend a course or something. It would be so helpful.
Yes, I think if you haven't paid NI for a minimum number of years then that's the case. I had a few years where I didn't earn enough to have to pay, and think it's only because an accountant advised me to make voluntary contribution that I did that, and didn't end up with gaps.
Considering how important it is, I think there needs to be a big red flag opt out message so you know what the implications are! I do know you can make it up by paying voluntarily and also by paying for years missed. I think you can pay NI for 10 years and still get something - though not the full pension. Ans then there are things like pension top ups etc. Definitely worth looking into it to see what might be available when the time comes - if only to get the full picture, you might get nothing but you might also get something. Ps- Get rich is definitely on my to do list too!
https://www.gov.uk/new-state-pension
Honestly, I think it should be seen as malpractice for accountants not to warn you of this. I only found out about voluntary contributions last year, but I still don't really have enough money to make up the lack. Plus I think there's a limit to how much you can pay in?
I agree - how can they fail to tell
People about voluntary contributions? Yes I think there is a limit and yes it does require you to have the extra money which of course is the problem to begin with! 🫣 But worth looking into - the gov website is quite useful and knowledge is power!
I recently found your publication, and I have to say it is so refreshing to see you be so transparent about what you are making and your personal struggles. Thank you!
Thank you so much!
Love the transparency and honesty in this piece. Timely piece for me too, as I just listened to the audiobook Overcoming Underearning and revisited the Financial Feminist podcast. Both made me feel more power over money! ❤️
Thank you! I haven’t listened to the Financial Feminist podcast; must check that out.
Thank you so much for the opportunity to share my story, Keris. I have to admit, I don't think I would have been able to write this even a year ago, because my relationship to money was just so fraught. But I found myself a mentor who has really helped me go believe that it is OK to want to earn a decent amount of money, and I've committed myself to doubling my earning over the next few years.
I did just look back at what I've earnt over the last 7 years, and my low point was £8,870 in 2020, and my high point was £26k in 2022. My average is under £19k. The average salary for someone of my age in the UK is £36,156. My aim is to earn £40k pa, and to do that I've put my sponsorship prices for Ada Lovelace Day up significantly and am taking on some comms consulting work, but it all still feels a bit out of my control. I am going to really try, though!
It's so important for women to be transparent about these issues, even if it's hard. I confess I felt quite scared about being judged a failure – and have frequently felt like a failure because I earn so little – but there's a lovely solidarity in the comments here that makes me feel a lot better.
That sounds like a really good plan. And my high point was around the same as yours. And, yes, it is a comfort to know others are in the same boat, even though it’s infuriating too.
I guess we'll see how much I can make reality line up with the plan!
Such a helpful article & comment thread. I’m in my early 40s an self employed. And I have definitely been underpaid in most of my jobs. Over the past 20 year I can count on about 2 fingers the times I felt like I got paid ok and where I could actively and easily save. I don’t own a house and though it would be nice to, at this stage I will need a lot of cash to be able to buy one outright.
I’m lucky to have relatively low living costs and a partner to share costs with. I know that if I a could get my business to a place of consistent income/ work I’d be ok. But getting there isn’t as easy as it seems 🥴
Thanks, Linn. It was only recently that I realised I'll probably never be able to buy a home again. Good luck with your business!
Thank you Keris ♥️
I’m wondering as I read this article and the comments and kept thinking “Oh, me too!” whether being so severely underpaid is the next Me Too movement. I have felt so alone in relative poverty because the rest of my family and friends don’t seem to live like me. But I wonder how many of us are hiding just how financially precarious things are?
My highest year income was 2002 when I worked at a corporation. That was £35,000 or so. It’s been a decline ever since when I left that job because I hated such an empty meaningless job, and most of the last 13 years has been 0. That’s because of chronic illness which I’m finally recovering from. I’ve just earned £87.26 on my Substack, which was a thrilling moment.
Point being, I think our silence and self-blame is keeping us down. I think it’s not about figuring out the right strategy for financial success just like it wasn’t about learning self-defense and dressing right to avoid sexual harassment. It’s not us who are the problem, it’s the culture.
But of course changing the culture is hard, especially when you’re lacking power. So I feel we need to help each other instead. We need to unite. We need a movement for change. I have ideas on this which I clearly need to write more about :)
Thanks for having this space Keris, and thank you to Suw as well for sharing.
I absolutely agree.
"I wonder how many of us are hiding just how financially precarious things are?" I think a lot! Twice recently I've read that the majority of Americans couldn't cover an unexpected $400 expense. For YEARS I thought everyone else had it together but me. Much like when I started telling people I was unhappy in my marriage and learned that all the couples I had previously thought had great relationships very much did not, writing this newsletter has taught me that I am far from alone in struggling with money. And, yes, like you say, it's not because we're all bad at money, it's because, you know, capitalism and patriarchy. The usual. Sigh.
Was so nice to read this & the comments - thank you.
This little fact of “underpay” is our version of the Caste system.