Money Stories: Sophie Ferguson
Sophie Ferguson is the social media coordinator of Better Homes & Gardens on Channel 7, the smooth talking host of the High Tides & Salty Vibes podcast and a pilates instructor in training. Sophie is about as radiant and energetic as the sun itself, let me tell you! She’s a seasoned traveller and after completing her degree as a journalist and a post-grad at WAAPA she moved across the country to pursue a 3-month internship with Channel 7. After 5 weeks, 3 houses and a couple of quiet meltdowns she was hired! Fast forward six months and Sophie has settled into a fabulous share house in Bondi, loves her job and has the best boyfriend a gal could wish for. Today we welcome her as she shares her money story.
What’s one of your earliest money memories?
My earliest money memory is quite funny. I remember being in year one and my best friend, Paris, and I were checking our bags for money to go and buy a 5c gummy bear from the school canteen. I knew I had two 5c pieces to get us each a gummy bear. I pretended I didn’t have any money and acted sad and then she checked her bag and didn’t actually have any money, so I pulled out the two 5c pieces to surprise her. She snatched one of them and ran down to the teacher on duty accusing me of stealing her 5c. A big meeting was called with my mum and her mum and our teacher and no-one believed my story so she was given the whole 10 cents. Safe to say it scarred me for a while, such a shame. I wish it scarred me from shouting rounds of drinks for my mates these days when I’ve had a few too many.
Was there a particular moment or event where you decided to make your financial wellbeing a priority?
Only just last year, when I turned 25. I got the “Barefoot Investor” as a Christmas present and read it and realised I can actually take control of my finances and I shouldn’t be scared to take that control.
What’s your biggest money regret?
I have never spent a huge amount on things, as I have never had a huge amount to spend, but probably my behaviour around money. I used to feel so inadequate when my guy mates would discuss money as they were working in finance and I just didn’t understand anything they said, and felt too silly to speak up and ask questions. I wish I hadn’t shut those conversations off and had explored the world of saving and investing a bit earlier.
Best piece of financial advice you’ve ever received?
It would have to be a quote from Betsy!!! I have never felt confident around money until I met Betsy and went to one of the Ladies Finance Club talks. There was Prosecco and croissants and it was all female and she made it super fun. I think she literally said “you can make finances fun, and even do them with a Prosecco in hand,” and it made me feel quite empowered. She also told me to make an “OMG fund for emergencies” and I have since developed one which I am proud of.
What’s your favourite thing to splurge money on?
100% socialising and drinking and food and partying. And also I have an obsession with cute crockery and op-shop knitted jumpers… HELP! Also live music gigs and festivals for sure.
Can you tell me about your proudest money moment?
I would have to say it would be when I paid rent on time for six straight months recently. Living in Bondi is super expensive but I budgeted enough to keep track of my spending and to stop overspending and now I can live in a cute house in a stunning area and still be able to afford to eat and drink wine!!!!! How amazing is that?!
Where or who do you go to when you wanna learn about money?
Honestly, Betsy and Molly from Ladies Finance Club, I will be taking no further advice from anyone else unless there is Prosecco involved.
What would you do if you won $100,000 today?
You’re probably not meant to say this but I would buy a li’l boat. Then I would help out my mum, dad and sister. And then go to another Ladies Finance Club seminar and learn how to invest properly. And also definitely keep shouting my friends rounds at the pub !!
How do you use your money as a force for good?
I try to buy local where I can and always support my friends' businesses and buy from them rather than large chains. I wish I could say I donate a whole lot but I really don’t as I can’t afford it. But I also talk very openly about money and try to change the taboo topic of talking about money!!! It’s a big part of our lives, we need to normalise the conversations around it.
You can learn more about Sophie by listening to her podcast High Tides & Salty Vibes and by following her on her social channels. She’s on instagram as @sophieleeferguson and @hightidesandsaltyvibes.