Not all TV presenters earn huge sums – I am struggling to buy a home
The One Show’s Michelle Ackerley on property and the scent of success...
Q What did your parents teach you about money? A THAT you have to work for it. When I was growing up, my dad ran a vehicle finance business and my mum was a personal trainer. They were – and remain – passionate entrepreneurs.
They made money, lost it and made it back again. It taught me that doing something you enjoy involves risk. These might be turbulent times but you have got to stay focused and go for what you want. Q Was money tight when you were growing up? A BOTH my parents were selfemployed, earned good money and we had a good life. We would go on lovely holidays to fantastic places all around the world and they sent me to private school.
But on the other hand, they did not have a regular wage coming in and they had to work hard for their money. Sometimes, the market dipped or demand for their businesses was low. The presenting world is similar in that one minute you can be flavour of the month, the next moment you are not. That is quite scary for me.
It is really important for me to have money coming in every month as a result of growing up with selfemployed parents. I want to be secure for the rest of my life.
I am saving as much as I possibly can. My career is going well but I am not stupid enough to think that is how it is going to be for the rest of my life. I know it is important to plan for the future and to save today. Q How much pocket money did you get as a child? A I DID not get any regular pocket money. My parents would give me odd jobs to do, such as sweeping the leaves off the driveway or washing up, and I would get money for that. The message was: if you need money, you have to earn it. Q What was the first paid work you ever did? A BABYSITTING for neighbours when I was 15. I get on really well with kids. I would charge £15 for an evening’s work and save everything I earned. I liked the feeling of saving and then being able to buy something nice – like a pair of shoes or a handbag. Q Have you ever struggled to make ends meet? A YES, when my father’s finance business went bust. I was at university at the time. My parents sold our family home to pay their debts and started renting. I remember them not knowing how they were going to pay the rent.
So I took on two part-time jobs and moved back in with my parents during my second year of university. That way, I could be there for them and get food in and share the cost of petrol instead of spending the money I earned on rent.
But it was not about me supporting my parents. We pooled our resources because we were all in it together.
It was difficult to stay focused on my education while that was going on, but I did. No one around me could tell what was going on – I just held my head up and tried to forget that it was happening. Q Have you ever been paid silly money for a job? A NOT yet. I think people have a perception of presenters getting paid amazing amounts of money. Of course some do but I work 14 or 15-hour days and do not feel like I am getting paid a ridiculous amount. Q What was the best year of your life in terms of the money you made? A THIS year, definitely. It has all come together in terms of my presenting. There is not just my One Show work. I am also presenting Council House Crackdown and the Crimewatch Roadshow over the summer, both for BBC1. Q What is the most expensive thing you have ever bought yourself? A IT has to be a £1,200 L-shaped sofa from Multiyork. Q What is the biggest money mistake you have ever made? A I HAVE not really made any big financial mistakes. I have wasted a lot of money on rent, but that was not really a mistake because I did not have a choice. I would like to buy my own property, but house prices have spiralled out of control. If you are single, it is hard to get on the property ladder. Q What has been your best money decision? A DECIDING to stop house-sharing. I started renting a one-bedroom flat this year. When you have a busy, sociable career, it is really nice to be able to go back to your
own place. Q Do you save into a pension or invest in the stock market? A NO. I am planning to start investing in a pension in the next couple of months, but it is not a priority to invest in the stock market right Q Are you planning to buy a property? A YES. I have been saving hard for the past four years, and I am hoping to buy a one-bedroom or two-bed property soon. I want to buy where I am renting now, near my friends and family in Alderley Edge, Cheshire, but property there is expensive. Realistically, I will not be able to buy this year. Q Do you pay off your credit cards in full? A I HAVE never had a credit card, but I am planning to get one. I have been nervous about spending money on a credit card in the past because I have always wanted to make sure I only spend what I can afford. But now I need to build up my credit rating to get a mortgage. Also, you can earn cashback and loyalty points, so it can make financial sense to use one. Q What is the one little luxury you like to treat yourself to? A SCENTED candles. My favourite is a lemon and neroli Neom candle called Happiness. It costs £40 and I think it does smell of happiness and success. Q If you were Chancellor what is the first thing you would do? A I WOULD sort out housing. From the work I do on Council House Crackdown, I know demand for social housing is high and that sometimes tenants are charged high rents by private landlords.
To reduce demand for social housing I would try to make it easier for first-time buyers to put down their initial deposit through greater tax incentives. I would combine that with a cap on rents and I would definitely build more social housing for people who are genuinely in need and stop private investors buying up social housing properties in bulk. It is a minefield, though, so I would set up a working group to research the best solutions. Q Do you think it is important to give to charity? A YES. I think it is key to give time as well as money if you can. I am a patron of Venture Arts, a visual arts charity for children and adults with learning disabilities.