“I built everything from my own salary”

Victoria sets her happiness income at 4.600€ and her happiness capital at 750.000€.

Victoria made the most of every opportunity that came her way. She took advantage of being able to borrow up to 120% of a property's value, buying first a one-bedroom flat, then gradually upgrading. Alongside that, an employee share ownership program let her grow a separate sum.

What is your attitude towards money?

I tend to be cautious. I have two children to support, so I keep a year's worth of savings aside. I am also aware that my generation cannot be sure of getting much from the state pension, so it makes sense to plan ahead there too.

I use every resource available to me. Through my job, I have access to group insurance and pension insurance, both employer-backed retirement schemes, plus an employee share plan funded through a loan repaid from my salary. I put what I can into an Easyvest portfolio. I also bought property, starting small and then bigger, thanks to banks that allowed borrowing up to 120% of a property's value at the time. I built all of this myself, from my own salary.

My situation clearly changed after the divorce. I had to adjust certain habits, though that happened fast. I no longer buy expensive clothes, I shop a bit more around promotions, and I sometimes skip an outing or two. Still, I have nothing to complain about. I have two healthy children who are happy with what they have, and we never have to go without food.

For a long time I worked four-fifths time, a four-day week, but I had an unpleasant surprise recently when I had to repay part of the career-break allowance I had received from the Belgian unemployment office, through my taxes. Now I make sure to check these things with a friend who works in HR, so I do not have to dip into my emergency savings again.

How did you learn about personal finance?

My parents always talked about money openly. They were actually the ones who encouraged me to buy out half of the house when I separated, and today I am glad I did. They bought their own home late in life, and I did not want to end up in the same position, so I bought as early as I could. I should have my house paid off by the time I turn 57.

That said, I did have to fight a little for this new mortgage. On my own, with two children to support, I had to submit a motivation letter to the bank to get an amount somewhat lower than what I had asked for. In the end, I dipped into my company shares and made it work. I will have to grit my teeth for a few more years, and then everything will get easier.

What did you do with your first salary?

I spent it all! I had told my mother I would spend my entire first salary, and I kept my word. It went on nights out, holidays and weekend trips. I was still living with my parents at the time. From the following month, I started saving, and six months later I moved out.