Clare Seal, aka My Frugal Year, needs little introduction. Since she became an internet sensation in the spring of 2019 for posting about her struggles with personal debt, Clare has since risen and rebuilt her relationship with money from the ground up, sharing her journey along the way and growing a community of more than 119k people on Instagram.

To mark Financial Literacy Month, we spoke to Clare about her journey from debt to financial freedom, her top money tips for kids, and what's the best purchase she's ever made is. Read on to find out!

Clare has written the foreword for Rebel Girls' newest Growing Up Powerful manifesto, Money Matters - a fun and informative guide to saving, spending, and everything in between!

Rebel Girls Money Matters

View Book

How did you become a financial coach?

I realised that, having had my own struggles with money, helping others to overcome theirs was something I was really passionate about. I found the most highly regarded financial coaching training course that I could, and trained with Simonne Gnessen of Wise Monkey Financial Coaching, who has been a financial coach for more than 20 years. I certified in April 2022, and have amassed several hundred practice hours since then.

What's the best thing a caregiver can do to boost their child's financial literacy?

I think there are so many answers to this question, but the most important one is to talk about money, openly and without judgement or negativity. Explain how things work to your children - and if you don’t know yourself, then find out! Discuss their own decision-making processes with them, allow them to have the freedom to make spending mistakes and talk to them about how it makes them feel, and what they could do better next time. We can all be great financial coaches to our children!

What do you wish you had known about money when you were a kid?

So much! But mostly, I wish I’d know that the sooner you start being positive with your money - even if you can only afford to save or invest a tiny amount - the better. I always thought that I would save money ‘when I could afford it’, but actually just creating that saving habit, even with the tiniest amount of money, is something that I wish I’d done earlier!

What advice do you have for caregivers who want to empower their children to make their own money decisions?

This is where an allowance or pocket money system is really handy - and giving your children their allowance monthly, and digitally can be really helpful to teach them how to manage something close to a salary, because this is unlikely to be paid weekly in cash. You could take them through some basic, age-appropriate lessons about money management, but then do let them spend and save as they choose - offer guidance without telling them what to do. In order for your child to feel empowered when it comes to money management, they need to practice making their own decisions, rather than having choices made for them.

What's the best thing you've ever spent money on?

It may be a little obvious, but I’d have to say my house! I never thought I’d be able to become a homeowner, and renting is so insecure in the U.K. Being able to provide a secure home for myself and my family is so important to me.

What are your top three money tips for kids?

1. Get used to saving! You could start by saving around 20% of your allowance or pocket money - this is a good percentage of your salary to save, when you get older too.

2. Don’t be scared to spend your money, though. You need to get used to making your own choices with your money, and regretting buying something small isn’t the end of the world - it’s just a good lesson to learn!

3. Ask questions! If you don’t know how something to do with money works, make sure you ask a grown up that you know and trust to explain it to you. Being curious about money is always a good thing!