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Kick Off 2019 with the Right Money Mindset

My life with money has been up and down.

By that, I am not talking about my income but about my trials with debt.

When I was in my teens my identity was stolen by an abusive partner. In a matter of months, he racked up over £20,000 of debt in my name.

At the time it was a very emotional time for me. Not only had been through a lot mentally, physically and emotionally. But I had to then deal with debt collectors calling on me for items I had never ordered, bought or for credit I had never taken out.

Thankfully I had people around me who were able to take me under their wing. Helping me explain to the companies involved.

Pink piggy bank with house funds on the side

What Happened Next

I lost my bank account, as it alone was overdrawn by nearly £2000. With all this behind me, I found it almost impossible to open another one.

In the end, I was able to open a cash account, which at least let me be paid. Though I became a regular at the bank and post office having to pay all my bills in cash.

It was then I had to learn about credit. As while the debt was fraud, it had taken its toll on my credit account and I need to over time bring it back up.

You may not be aware, but it takes a number of years for things to be removed from your credit report. For instance, things like CCJs and defaults last for 6 years.

So, I had to bide my time and then slowly open up new credit accounts to help it grow.

As after all, for your credit to grow you need to be able to show off you can payback credit on time, consistently.

Silver piggy bank with coins at the side

Where Am I Now?

Honestly, I checked my credit score the other day and was quite impressed with the number that was thrown up at me.

However, I then went and took this quiz and realised I had let my credit and money knowledge slip and could 100% do with a refresher course in money matters.

The quiz goes through things we should all know such as what does APR stand for? As well as harder questions such as can you work out APR rates over certain time frames.

Yeah, I wasn't so good at that second part whoops!

Grey pound sign vector

I even managed to fail when it came to naming three things which can help raise your credit score. As I thought more than 3 of the items listed played a part.

One of the questions that left me quite sad was the number of British workers who have less than £500 savings. I have to admit while I over guessed higher than the reality, it is still very sad to know that so many people struggle to save.

If you give the quiz a try I would be interested to see how you do! I managed a poultry 4 of 7.

How has money played a part in your life, do you feel like you know enough about money matters?  





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This article has 37 comments

  1. candy

    At least you had people that you trusted and help you through this difficult time of your life. Life experience difficult and hard. Now you know so much more about how to handle your credit so it never happens again.

  2. Alvern @ Success Unscrambled

    Hopefully these days there is this kind of education available in schools at both primary and secondary level. It is so important to understand this kind of information while you are still young and before starting your first job.

  3. Lori Bosworth

    It sounds like you had a few financial challenges earlier on. I’m glad to hear you have overcome them!

  4. Jessica

    This is so impressive and important. Ones credit and ability to manage their funds especially going into the new year!

  5. Nabanita

    So important to take care of all things money. It is not life but so vital to a good life.

  6. Tasheena

    I feel that I can never know enough about money. I’m always learning and always trying to improve myself.

  7. Blanca

    Holey smokes. Talk about a violation of trust. £20,000??? That’s no small chunk of change. Thanks for sharing your experience, we put so much trust in our partners, that it must be so isolating when things like this happen. Thanks for the positive tone and the great tips.

  8. Monidipa Dutta

    U r lucky that you have people by your side. I never got help.

  9. Dani Flanders

    My husband and I have learned so much more about finances this year. It’s so helpful to have people around you that can give you advice and explain some of the trickier things to you!

  10. Anonymous

    I think that these should be taught at schools. We go out there on the world without knowing how to manage our finances. That’s vital right there! I really wish that I had someone give me this type of advise.
    Merry Christmas!


  11. Catalina

    Thank you for the quiz. I will do it right now. I think I don’t know about money matters too much. I need to study a little bit!

  12. Heather

    At the top of my list, I would love to fix my credit next year. I’ve been working hard at it and hope that it will be the year I’m able to buy a home!

  13. Grace

    Looking forward for 2019 to start saving real money for the future. Love this kind of post of money motivation.

  14. Mimi Green

    I was not taught money management as a kid. As a young adult I ruined my credit. Mid 20’s I actually learned how to budget and pay off all my debt. Now my score is great.

  15. Katie

    I’m so sorry hat happened to you but I think it’s wondeful you’re sharing the knowledge you’ve gained. This is an area where so many people are unaware of huge factors that can negatively affect them for years!

    • Sarah-Louise Bailey

      I really hope it helps some people, it’s hard somethings to say yes I’ve been through this but hopefully it will help others know they aren’t alone.

  16. Traci Frett

    So funny I just read this – while I was opening your page my husband was talking about the market and the money he invested last night. Not something I’m too familiar with but have learned a lot through him! I wish more people were educated on this topic. They should teach it in schools.

  17. Thena Franssen

    I can’t imagine losing that much money overnight! Way to overcome! and thank you for sharing your story!!!

  18. Dalene Ekirapa

    A right money mindset is just what I’ll need this 2019. And I’ve started that by saving and investing a lot.

  19. Blair villanueva

    We all fail but what is important is we learn to rise up and be strong, more better. Remove those anchor that stops you so you can sail freely.

  20. Caroline @ The Caro Diaries

    Oh my gosh, I am SO sorry you experienced all of that at the hands of an ex! That’s insane, and i’m so glad you’ve been able to rebuild your credit after all these years. Definitely an eye-opener to be mindful of your credit!!

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