Three Years of The Ladybird Purse

No schitt.

Hi and welcome to The Ladybird Purse, my weekly newsletter about women and money. I’m not a financial advisor and am in no way qualified to give financial advice.

The actual anniversary was a couple of weeks ago, but I was busy with the Decades series (there may be one more to come, but we’re done for now) and book club, so I put this post off… until today.

I’ve been a bit nervous about the update this time. Maybe because while I know I’ve made progress practically and emotionally, I haven’t made much financially. But let’s dive in anyway.

Actual finances

When I started this newsletter, my credit score with Equifax was ‘Excellent’, last year it was ‘Poor’ and it’s currently… actually I don’t know because I stopped using Equifax and I stopped checking my credit rating. Let’s have a look at Experian, which I still have on my phone. Oh it’s ‘Fair’. I’m using too much credit, which I knew, so that’s fine.

(I told my 20yo about credit scores a few days ago and his WHAT FRESH HELL response was very funny, but also completely understandable.)

Last year, I was deep in my overdraft and planning to get rid of it altogether, but I haven’t done that. I’m not currently using it, but every time I try to shut it, I bottle out. It’s fine. I’m happy leaving it for now.

When I started this Substack, I had £5,026 of short term debt and last year I had £103.25. I currently have £2,192 over two cards which is not ideal, but was taken on consciously and I’m paying it back steadily, with the intention of reducing the credit limits on both once they’re paid down.

I woke up at four this morning and was thinking that I probably owe more on credit cards than I have in the bank, but turns out that’s not true. I have £2,829 in the bank and £90 in a savings account that I can’t access. (I haven’t checked that account for a while so I was hoping it had magically increased, but no.)

Last year, my pension was at £7,245.14. Now it’s £8,553.56 and I’m paying in £30 a month. (I was planning to increase by a tenner a month - only to a maximum of £50 - but the total has fallen this month so I’m not increasing my payment until it perks up again.) I’m thinking of it as a high interest savings account rather than a pension, since obviously eight grand’s not going to get me very far.

Income

Last year, I got my biggest book advance of my career (so far) - £10,000. Paid in four instalments. £3,333 on signature (which was paid in October 2023) and £1,000 on acceptance of a synopsis (paid December 2023), £2,333.33 on acceptance of final draft (paid September this year) and £3,333.33 to be paid on publication, which is June next year.

So while £10k is very much not to be sniffed at, it’s paid over three years.

I currently have another book out on sub (but hopes aren’t high since it’s been out for ages), I self-published one of my teen novels, Starring Kitty, to commemorate ten years since publication (the copyright reverted to me). I have a book about Harry Styles coming out in March next year for which I received a tiny advance (but maybe it’ll sell like hot cakes!). And I’m working on a novel I’m really proud of, but I don’t know when that’s going to be done. (But you can subscribe to my author Substack, Happy Endings, if you want to know more.)

I finally accepted that I can’t rely on the possibility of a big book deal to change everything. I’ve been published for fourteen years now and while it could happen - it could always happen - I need to actually earn money outside of publishing. So I invested some of the grant money I got in September (I don’t know if I’m allowed to say how much that was, sorry) in Trauma of Money™ financial literacy training, with the intention of becoming a money coach, focussing on midlife, creativity and joy.

Money mindset

I don’t want to say it’s fixed and jinx it… but I’m feeling good about it. I always feel better when I’m proactive and so taking the of Trauma of Money™ training has really helped. Plus everything I’m learning on the course is helping too.

What’s next?

Same as last year and, like, forever. Build my savings and pension and increase my income. Spend on things that bring me and my boys joy.

Keep writing this Substack because I love it and I love all of you for reading it.

I would love to earn enough through Substack that I don’t need to worry if and when book money is coming in (and also be able to relax and let my new novel take the time it takes rather than thinking I NEED TO FINISH AND TRY TO SELL IT).

On previous anniversaries, I’ve increased the price of the paid subscription a little. I’m not going to increase the monthly sub this year, it’s staying at £6, but I am going to put the annual sub up from £40 to £50.

I think that’s good value. I hope you do too.

But before I do that and to celebrate three years, you can get 50% off if you subscribe before the end of November. (This will lock you in at the discount price for as long as you’re a subscriber.)

If you would like a paid sub, but can’t afford it right now, email me and I’ll sort it.

If you’d prefer not to sub, but would still like to support this newsletter, you can buy me a coffee.

As always, thank you so much for reading, commenting, sharing, and all your support. I appreciate you all so much.