Welcome to the My Life In Money series from Good Housekeeping, where we ask our favourite financial gurus for their thoughts on everything from investing to what their splurge their money on. This week, it's Jude Kelly, founder of the Women Of The World festival. She has directed over 100 theatre and opera productions and was previously Artistic Director of the Southbank Centre. In 1997, she was awarded an OBE for her services to theatre and in 2015 she was made a CBE for services to the Arts. In 2019, she founded SmartPurse, a platform that aims to inspires women to get a grip on their money with on-the-go learning, courses and events.
What did you learn from your parents about money?
They were "tidy" with their money and pretty traditional; my dad organised it in planning and longterm ways and my mum did the household stuff. We didn’t really discuss money and I never learnt money skills, except raiding my sisters' piggy banks! Looking back I can see they went through some money anxieties but never shared them. We were four girls and though I’m glad of the protection from worry but really I wish I’d been helped to think about money as a practical tool for shaping your life. Olga Miler and I started SmartPurse to support women with the practical and emotional tools to have money in their life as a positive and useful thing, like good exercise or diet .
Are you a saver or a spender?
Both! I tend not to save "for a rainy day" but instead to have goals in mind... I left it too late to organise a good pension (which was stupid) so I started saving for investing in property and that’s been a really excellent way of maintaining myself. I did and do like clothes so probably spent too much there! Recently, though, I’ve really become annoyed by how much women are persuaded to spend on our appearance because we are so judged by that. I’ve begun to buy art that I like and I choose women artists. For centuries women weren’t given a chance or taken seriously as artists - we need to change that story.
Have you ever struggled to make ends meet?
Definitely, and for different reasons. In my early days in the arts, money was very very tight. I do have to acknowledge that I was always able to borrow bits and pieces from my parents who were comfortable enough to help and that was a huge source of security and luck. The bigger problem was when one of my children was ill and needed expensive care. That changed my attitudes and attention to money as I needed to borrow a lot and face up up to how to really get good at managing it. I wanted to be able to give my kids the security I had. It makes such a difference.
What’s the most expensive thing you’ve ever bought?
Most recently, my convertible mini... it's not really practical but such a joy to have the top down in whatever sunshine the UK offers. It makes me happy. I think we need to enjoy the fruits of our labour by investing in things that give us daily pleasure.
What’s your favourite money app?
SmartPurse launches its app in early autumn and since we’ve been working to make it totally female-friendly I’m really excited about it. We are covering everything from basic tools to help get a grip of your money through to sustainable investing. There will be lots of inspiring ideas for moving from anxiety or indifference about money to real confidence and interest in it. Money isn’t an enemy but historically women have been taught to feel nervous of it and that it’s really a "man's thing". But this is the 21st century, we’ve got bank accounts and credit cards and we need to get savvy. Women are 50% poorer than men on average by the time we’re 60. That’s an appalling statistic and we need to do everything to change it.
What do you splurge on and what do you save on?
Splurging is probably food shopping for lovely things to eat and saving is buying reduced price food in the same shop. It’s totally illogical.
What’s the best money decision you’ve ever made?
Buying a house by the seaside from friends of ours even though I couldn’t afford it. I borrowed money and also went 50/50 with my brother-in-law who saw it as an investment. It’s a wonderful place and I never regret it. It’s a perfect example of being brave and purposeful with money to improve your life.
What is your biggest money mistake?
Buying gadgets that I don’t use and never will. I think I’ve cured myself but I went through a phase of buying electronic tech to try and make me me more "efficient". I never even read the instructions of most of them because I was always too busy. I’ve realised it’s my quality of life that needs investing in and you can’t buy that in Dixon’s!
Do you invest your money?
Yes, in property but now I’m also following SmartPurse methods of sustainable and ethical investing. I want a better planet and I want supply chains that don’t exploit and give opportunities to people. So I’m getting very enthusiastic about this new knowledge and it’s proving fun, as well as financially positive.
What’s your money mantra?
Humans invented it, everything about it can be understood and women need to be central to humanity's future, so let’s get involved.
What’s the best advice you’ve ever been given about money?
It’s never too late to build your skills with money. Just decide to start and make one decision. Then another.