Friday 19 July 2019

Wallet Watch...with personal trainer Maeve Madden: 'Spend that little bit extra on yourself'

Ellie Donnelly

Ellie Donnelly

Born and raised in Ireland, Maeve Madden is a personal trainer, model, actress, blogger. Today she lives in London. Here she gives us an insight into her spending habits.

Spender or Saver?

I’m a more of a saver. But when I do spend, I spend.

When you are self-employed, because you are not sure how much money you are going to make each month, but over the years – I have been self-employed for 8 years - I have come to understand the pattern of the market that I work in, and I know now that certain months will be very busy, December and August are always really quiet, so I will know to save up throughout the other months and to really push for work in busy months.

Biggest purchase to-date?

I have a house, so I guess that is, but at the time my car was my biggest purchase, I was younger and I wasn’t thinking of leasing a car.

Cash or card?

I think for tax purposes it is better for me to have everything on card, so when it comes to the end of the year with my accountant I have a track record of everything I am spending – before I would have been a cash person.

Three things you couldn’t live without?

Gym membership, coffee and my phone.

I really enjoy going for my morning coffee and I think that you should have that one thing that you do for yourself every day. If it is something you do every day I feel you should spend that little bit extra.

And all of my work is from my phone.

What would be your largest monthly outgoing?

My rent. I rent my apartment in London and it is extortionately expensive.

Even if I moved a little further away I would be paying more on travel and taxis to get to different jobs I do. I feel like everywhere in London is just very overpriced.

We did look at buying a house in London, but you just get so little for your money, it hasn’t made sense, you would need a huge deposit and lots and lots of money for something so small.

Best financial advice?

I think everybody is different and deals with their finances in their own way, but my own advice to myself is, save a third of the money that you make, invest a third, and spend a third.

So investing a third does not mean investing in stocks or other businesses, it would be like investing in myself, putting money back into my business and things that I need.

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