Maddy Alexander-Grout shares her journey from £40,000 debt to near financial freedom

Maddy Alexander-Grout shares her journey from £40,000 debt to financial freedom and the lessons learned along the way.

Lessons from overcoming repeated debt challenges

Maddy Alexander-Grout faced £45,000 in debt in January 2023 after closing her business during the pandemic. This was not her first experience with debt, having previously been £40,000 in debt at 24. Impulsive spending and undiagnosed ADHD contributed to her financial struggles. After considering bankruptcy, she set micro-goals and followed the 50/40/10 rule to manage her money and pay off her debts. She lived frugally, canceled subscriptions, and started a discount card business. However, when the pandemic hit, her new venture failed, and her debts resurfaced. Following a formal ADHD diagnosis, she learned better money management and is now close to being debt-free again.

Maddy's story highlights the importance of understanding personal financial habits, especially for those facing challenges like ADHD. Her experience underscores how acknowledging one's mental health can lead to better money management. The 50/40/10 rule not only serves as a practical framework for budgeting but also offers psychological encouragement through small wins. The journey from debt to financial awareness is complex, yet Maddy’s shared practices can resonate with many who struggle with similar issues. This narrative promotes a sense of community and support among individuals dealing with financial hardships.

Highlights

Maddy's journey serves as a reminder that financial recovery is possible with the right tools and support.