Charlene White, 44, is a prominent journalist, broadcaster, and author who has been co-presenting the ITV daytime talk show Loose Women since 2021. Her journalism career began at the age of 22 with BBC Radio 1 and 1Xtra, after which she transitioned to ITV News. In 2014, she made history as the first black woman to present ITV’s News at Ten.

White has co-hosted notable documentaries, including Has George Floyd Changed Britain? with Sir Trevor McDonald, and created her own documentary titled Empire’s Child, which delves into her personal family history. In 2022, she participated in the ITV reality series I’m a Celebrity … Get Me Out of Here! Her memoir, No Place Like Home, was released in September. She resides in south London with her partner, Andy, and their two children, Alfie, seven, and Florence, five.

How much cash do you typically carry?

Who actually carries cash anymore? I rely entirely on my phone for payments. Change is a rare occurrence for me, which can be a hassle during bake sales. I keep a small pouch with coins and notes in my kitchen drawer for emergencies, but I rarely have physical money on hand. I honestly can’t remember the last time I used cash.

What about credit cards?

I no longer use credit cards. In my twenties and early thirties, I often mismanaged them. My partner, Andy, is much better with finances, and when we bought our house six years ago, he insisted I use some of the money from selling my flat to pay off an accumulating credit card debt of around £20,000. Since then, I’ve steered clear of credit cards and have developed a more responsible attitude towards money. I simply don’t purchase things unless I can afford them, unlike my younger self.

Saver or spender?

I’d classify myself as a saver now. I no longer have all my income in one account. Part of my income goes into my everyday account, which covers bills, while the rest goes into a separate account that’s harder for me to access. This serves as my savings account for significant expenses like holidays. I’m aware of my tendencies with money, so I set up barriers to be more prudent.

Your first job?

At 16, I worked weekends and Thursday evenings at a local Italian restaurant in Sydenham, earning around £2.50 an hour. Oddly enough, we didn’t get many customers. One day my uncle picked me up and mentioned he knew the owner, insisting I should quit the job. After some resistance, I complied. A few months later, the restaurant was shut down for operating as a front for drugs. Additionally, at 16, I spent a day acting in an episode of The Bill, where I earned around £600, which was a fantastic experience.

Do you own property?

Andy and I own a four-bedroom house in south London, purchased for £900,000 five years ago.

Are you financially better off than your parents?

Yes, and that was always their intention. My parents immigrated from Jamaica and worked incredibly hard to ensure their children had a better life. They juggled six jobs between them to fund private education for my siblings and me. My father worked long hours as a postman and driving instructor, while my mother was a social worker with additional freelance commitments. Their objective was to secure us a good education and stable jobs, which I was able to achieve. They labored intensely because they had to; I love my work and do it out of enjoyment.

What was your earnings like last year?

Since I published a book, my earnings were higher than the previous year.

Have you ever faced financial struggles?

Yes, especially during my less prudent financial years when I would put bills on my credit cards due to tighter budgets. However, along with getting older and learning from Andy, I have improved significantly.

When did you first feel financially secure?

It might sound odd, but I felt quite wealthy during my time at university. Living at home, I received a student loan that covered my fees and books, while I also worked part-time at SegaWorld, an amusement park in Leicester Square. Occasionally, I even had to dress up as Sonic the Hedgehog to distribute flyers. My parents didn’t charge me rent, freeing up my earnings for spending on holidays and clothes, and I genuinely felt flush with cash.

What’s the best investment for retirement: property or pension?

Property is preferable since it generally maintains its value and is less susceptible to external fluctuations. With pensions, your financial situation relies heavily on management decisions, while property ownership allows for more personal control. Despite this, I also invest in both workplace and private pensions. I encourage younger freelancers at my job to take an interest in private pensions as they often overlook this vital aspect. Money management decisions made today can greatly influence your options in the future.

What was your best investment?

My best investment, inspired by my father’s advice, was purchasing a two-bedroom maisonette in south London at age 25. During a time when 100 percent mortgages were available, I purchased it without needing a deposit or parental assistance. I acquired the property for approximately £165,000 and later sold it for about £250,000, which played a crucial role in allowing me to co-own my current family home.

What was your worst investment?

After graduating, I treated myself to a brand new Ford Puma that cost roughly £12,000. What I learned too late was how quickly new cars depreciate. When I sold it a decade later, I received little more than a couple of thousand. Since then, I haven’t bought a new car; they’re simply not a wise investment and I would have been just as satisfied with a used vehicle.

What’s your financial weakness?

Instagram! It’s always tempting me to buy shoes. There was a phase when I couldn’t escape the ads for Duke+Dexter. Eventually, I succumbed, spending £250 on a pair at Selfridges. I love them, but I wouldn’t have known about them without Instagram. I also made a recent purchase of shapewear from a company I discovered there and ended up facing hefty import duties from Australia. The product was poorly made, didn’t fit at all, and the return was costly. Now, I thoroughly research companies before making any impulsive decisions based on ads.

What has been your most extravagant purchase?

A Gucci handbag I bought for around £1,000 after my time on I’m a Celebrity … two years ago. I had never owned a designer item before, but thanks to Jill Scott from the show, who is a fan of luxury bags, I was coaxed into purchasing one as a memento of my Australian adventure. She guided me through the shopping experience, and although I had reservations, I’m glad I invested in it. It’s a small evening bag that I cherish, representing a significant challenge I faced in my life.

If you won the lottery, what would you do?

I would fund an incredible holiday for our families, preferably to a private island. I would also settle everyone’s mortgages and invest the remainder.

What is the most important financial lesson you’ve learned?

Being responsible with money is crucial, and developing financial literacy is one of the most vital skills to acquire.

No Place Like Home by Charlene White (Renegade Books £22 pp256).