Lichfield Yoga teacher finds added peace with money
As a self-employed yoga teacher based in Lichfield, Katie Russell built her business Soul Yoga Relax around helping others find balance, but behind the scenes, her own financials needed a little more help.
Like many solopreneurs and micro-business owners, Katie launched her wellness venture with passion and purpose, but with little formal guidance when it came to money management.
“I knew how to teach yoga, build a loyal following and run a class, but I didn’t invest as much time in understanding the importance of setting aside funds for a rainy day or my tax bill,” she admits.
In her first couple of years as a sole trader, Katie made the mistake that countless small business owners quietly make - assuming that staying afloat month-to-month meant she was doing fine. But when her first tax bill landed, a sinking feeling hit hard.
“I just didn’t have all the funds to cover it,” she says. “It was a horrible feeling. I wasn’t being reckless, I was just never told how to structure things properly.”
This experience, while common, is rarely talked about. Many solopreneurs, freelancers and creative professionals work in isolation, often picking things up as they go along, with few formal systems or support to fall back on. The assumption is that you’re either good with money or you’re not, but for people like Katie, there’s a grey area filled with trial, error, and costly lessons.
After using spreadsheets to stay on top of her finances, Katie discovered Money Squirrel, a money management platform designed specifically with self-employed people in mind.
“I only wish I’d found it sooner,” Katie says. “It’s changed the way I think about money entirely.”
Money Squirrel allows users to link virtual "pots" of money for different purposes — tax, savings, future investments, and allocate income as it comes in. Importantly, those pots can earn interest too, meaning Katie’s hard-earned cash is working quietly in the background while she teaches.
“I love that I can now set aside money for tax automatically. I’ve even got a pot for a future retreat in Portugal I’m planning,” she laughs. “It feels empowering rather than scary.”
What sets Money Squirrel apart, Katie believes, is that it understands the mindset and chaos of solopreneur life, irregular income, busy schedules, and the need for tools that work with, not against, you.
“There’s not enough practical, emotional or educational support for people going it alone in business,” she says. “We’re often juggling everything and just hoping we’re doing it right.”
Katie now shares her experience openly with other wellness professionals and creative freelancers, encouraging them to get to grips with their money sooner rather than later.
Founder of Money Squirrel Andreea Daly says: “We’re delighted that our platform has helped to structure Katie’s finances better and importantly, add interest on a monthly basis.
“For thousands like Katie across the UK, managing money while running a one-person business can feel overwhelming. But tools like Money Squirrel are proving that with the right support, and a few smart habits, even the most anxious entrepreneur can go from financial firefighting to future planning.”
