Money Talk with Cleo Founder House of Cleo
In this interview series we chat about all things money (sans-shame) with an array of inspiring women from all walks of life. Our goal is to break the money taboo, share mutual experiences and learn from our amazing community.
“Treat money as if it was your best friend, treat it with appreciation and respect. Give abundantly where possible to encourage the flow of money.”
Hi Cleo! Please give us a little background about yourself
I’m 36 and feel like I’ve lived many lives already - all of which has given me a little something to help me realise my vision/goals whether that be perspective, clarity, knowledge, skill or tolerance. I’ve always wanted to be my own boss and I am currently on the path to make that happen. A goal of mine is to be able to take my children traveling and world school them so that they can experience different cultures first hand and truly see the beauty of the world and the people in it.
What are your passions?
Oh my I have so many! I’ve always loved dancing and singing but these days I watch more than partake. Audiobooks, without them I’m not sure where I’d be. The ability to learn something new or open my mind to something different while I cook, drive or at work is my sanity, my escape and gateway to a new way of thinking I may never have been exposed to in my everyday life. Food is also a big passion for me. I love to eat it, cook it, find new places and experiences around food.
What’s your secret to career success?
I feel like I haven’t any real career success, because I haven’t really had a career in the traditional sense. If I had to put down something, it would be starting House of Cleo last year - a company that aims to help women live life on their own terms. I’ve learnt so much in that year and gained knowledge that has helped me and that I can use to help others.
It’s only the beginning and there are challenges building a business around an active toddler and zero funds, but I am confident that with patience and dedication and knowing when to switch off I will achieve my vision for the company and make a positive impact on many women's lives.
What’s your relationship like with money and personal finance?
Right now, I would say it is good. I try not make any unnecessary purchases, always asking myself do I really need that? How much value will it bring into my life? Can I wait to make this purchase?
My financial situation has changed a lot recently as I am pregnant again. It is a high risk pregnancy which leaves me debilitated, unable to do my job and heavily dependent on my partner. This is not ideal and causes me lots of stress.
Last year, I started using a robo-investment app, so I have a long term savings pot because I was finding that my ISA savings with my bank were constantly being used for bills or unexpected emergencies.
I also started setting myself a budget. I set a budget for food, fuel, travel - say £50 a week - then whatever doesn’t get spent that week gets put into jars - and on each jar is a post-it note with the total amount of the different types of coins in it, and a grand total of what is in the jar. These totals are then written into a book so I can see the patterns in the amounts being saved each week. It is really satisfying to see the jars grows and surprising how quickly £5.23 can turn into £123!
Has money ever been a source of stress for you? If so, how did you manage?
Yes, for sure… to a detrimental effect. Being a teen single parent with no knowledge of how to effectively handle money other than to save 20% of what you earn is receipe for disaster. I would get into a deep depression around money because I was unable to save 20%. Being a sole income, sometimes my wages didn’t cover the bills - overtime or selling my stuff (which I had very little of) were the only options to getting more money.
Back in the day, they had these people that would come round to your house and lend you money and you would pay them back each week. I would see my friends' parents doing it, my friends grew up and then did the same when they moved out and so did I. Now I can see the patterns of where bad money habits come from. These loans were dangerous because the interest was always high. Once I paid everything off I never used them again.
I had ideas for starting my own business and was discouraged by everyone because apparently nobody would take me seriously as a single parent and I wasn't the business type. Unfortunately, I let those comments go a little too deep and they really affected how I saw myself and what I could do. I eventually went back to college to study health and social care. The care sector is something my mum and dad did and still do to this day, and I was walking straight into their footsteps of minimum wage, long hours and not enough staff. I would work as many hours as I could, setting myself financial goals so I can get a car and go on holiday when I really should have been looking at the long game - but it is so difficult when you don’t know any better.
I used to hate money. I would get a tightening in my chest when I opened letters and I hated checking my bank account as it was all a reminder of how little value I perceived myself to have at the time, and how I was failing to provide for my daughter. Failing to adult. I was depressed and wasn't looking at myself clearly, so I made a plan of what I wanted and how to get it. I read books, watched documentaries about money and did anything to get me away from that self sabotaging mindset and behaviour.
What do you feel is the biggest obstacle women tend to face when it comes to careers and personal finance?
For each woman it is different, but the whole biological clock thing doesn’t help! Girls are also taught from a young age how to please others rather than investing in themselves and exploring what they really want to do. These messages stick with us so we end up in jobs that we probably settle for rather than taking risks or putting ourselves out there for the things we really want. Things like finances are left to male partners to sort as they’re portrayed as automatically knowing these things. Applied knowledge is power! Learning from other people’s experiences can really help to give context and tangibility to things that seem so unattainable.
Have you ever experienced a financial epiphany? A sort of wake-up call, where you suddenly think - “I must start doing things differently”? I
I did the No Bull Business School’s Money and Manifestation course about three years ago, and do it every time the course goes live again. It really made me see the money blocks I had and where some of my thoughts and feelings towards money had come from. This made such an impact and really changed my mindset and the habits that were keeping my bank balance low.
What is the best piece of money advice that you received?
Treat money as if it was your best friend, treat it with appreciation and respect. Give abundantly where possible to encourage the flow of money.
If you don’t have it don’t spend it.
What does financial independence really mean to you?
Freedom to be myself fully. Choose what I wear, where I go, and what I experience. Being able to help, gift and invest in others.
It is something I want for myself so badly, the ability to choose without stress or sacrifice, to be able to enjoy give my children, family, friends and others a different kind of support that can really move things forward for them.
What’s the one thing you don’t feel guilty indulging in?
Myself, I’m not sure it is really classed as an indulgence but I do buy a lot of courses because I love learning new skills.
What is the best financial decision you have ever made? And your greatest long term investment?
To take hold of my finances and live a more meaningful life making sure most of the decisions I make are intentional with both the short term and long term in mind.
If you could travel back in time, what single piece of advice would you give your younger self (relating to money or otherwise)?
Stop focusing on what you don’t have and what you feel others are doing wrong to you. Focus on what you want and what you need to do to get it.
What does Vestpod mean to you?
Since I discovered Vestpod it has really helped me look at my situation and make small changes to make it better. I often recommend Vestpod to others as a great source of knowledge and skills.
What are your plans/goals for the future?
Financial freedom and literacy is my goal.
With the new pregnancy things are slightly on a go slow, but this doesn’t stop me gaining knowledge, ready for when I am able to execute all my plans with House of Cleo. The bigger picture is to have a couple of hubs where I can serve women and children to learn who they are, that they are worth more than they know and capable of so much more than what they can see around them or have been told they can. Another goal of mine is to get into property because I love architecture, and since studying interior architecture and design at university I have such love for it. I really want to build my own house, grand designs style.
Favourite book and podcast?
This is a difficult one as there are so many great books!
Fiction I’ll choose Children of blood and bone
Non-fiction is harder as I have a bit of a self development junkie.
My go-to is Jen Sincero - You’re a Badass at Making Money. I’m always worrying that I’m running out of time to do things that I wish to achieve, but this book gives me hope that I will get there.
Podcast - Sarah Akwasombies - No Bull Business Women. I love listening to how women from different backgrounds build their own businesses in different sectors with no income or funds or with investment from others. I really admire Sarah and what she has achieved in her own life.
@house.of.cleo - coaching womxn rediscovering themselves to live life on their own terms
Lastly - where can we find you on social?
Instagram: @house.of.cleo
Facebook: The House that Cleo Built
Website: House of Cleo
Thank you for your time!