About Gary:
Gary is originally from Northern Ireland and currently lives in Amersham, Buckinghamshire. He’s lived in Amersham for about 10 years, having previously lived there before working abroad. His professional background is in HR, and he’s spent his career working for various companies, including Diageo, the drinks company, where he travelled the world in HR roles. For the last 10 years or so, he’s held senior HR positions in London and the surrounding areas. His HR experience, particularly in reward, pensions, and payroll, gave him insight into the various financial benefits and tools companies offer their employees.
Gary joined M4 Money just over a year ago at the last Annual General Meeting (AGM) and has enjoyed the opportunity to meet new people, learn about the organisation, and understand how it supports its members.
About becoming a director
- What inspired you to become a Director at M4 Money Credit Union?
It stemmed from conversations with Marjory, the Chair of M4 Money. My background is in HR, with a focus on reward, pensions, and payroll. I’ve seen firsthand the various benefits and tools companies offer to help people manage their finances. Marjory felt my experience in this area, particularly understanding how large employers operate, could be valuable to the M4 Money board. I joined just over a year ago at the last AGM.
- Briefly describe the role – what does being a Director involve?
It’s about bringing your life experiences, both professional and personal, to the table. We’ve all encountered situations where people needed financial support or guidance. My HR background helps me understand how to potentially expand M4 Money’s services to more employers. My experience in communications and engagement is also useful for thinking about how we connect with our members. Other directors bring skills in finance, accounting, or community engagement. The strength of the board comes from the combined wisdom of the group.
- In your opinion, what makes a great Credit Union Director?
A willingness to contribute your skills and experience, a genuine interest in helping members, and an understanding of the needs of the community. It’s also about recognising the importance of good governance, especially for an organization managing significant funds.
- How does your role as a Director allow you to make a difference in the community?
By contributing to the overall strategy and direction of M4 Money, which directly impacts the services and support available to the community. It’s about helping to ensure the credit union is well-run and effectively serves its members.
- What have you personally gained or learned from being a Director of M4 Money?
I’ve become more aware of the needs within the community, particularly regarding financial support. I’ve also gained a deeper understanding of the governance and regulatory aspects of running a credit union, which is crucial given the responsibilities involved.
About M4 Money and membership
- When and why did you join M4 Money Credit Union?
I started talking to Marjory around September or October of 2023 and joined around that time. I’m a relative newcomer compared to many long-time members.
- What sets M4 Money apart from other financial institutions?
The local focus. M4 Money understands the specific needs of the community it serves better than a large high street bank with a broader view. This local understanding is invaluable when arranging loans or discussing individual financial situations. Our rates are also very competitive, especially compared to high-interest lenders like loan sharks or short-term loan providers. We offer a well-regulated and competitive alternative. The ease of operating, including the new website, is another advantage.
- What would you say to encourage someone considering joining M4 Money?
Consider the benefits of a local, community-focused financial institution that understands your needs. We offer competitive rates, particularly for loans, and provide a valuable alternative to high-interest lenders. It’s easy to do business with us.
- Personal finance is a competitive market. What are your top three reasons to choose a Credit Union over a high-street bank?
- Local understanding and focus.
- Competitive rates, especially for loans.
- Ease of operation.
Financial advice and insights
- Can you share any money-saving tips that work for you?
I’m naturally a saver, not a spender. My tips revolve around conscious spending. Before buying something, I ask myself if I truly need it. It’s about balancing needs and affordability. Building good saving habits early in life is also crucial. Finally, learn how financial products work. Understand the implications of things like 0% credit offers and their impact on your credit rating. Don’t bury your head in the sand when problems arise; seek advice from reputable sources like Citizens Advice or your bank.
- What’s the best financial decision you’ve ever made, and why?
Buying property in the South of England. While the mortgage can feel burdensome, it ultimately builds a substantial asset and provides security that renting often doesn’t.
- What do you think is the biggest challenge in successful money management, and why do many people struggle with it?
Changing habits and behaviours. Often, spending is driven by an impulse, a thought that you need something. You have to challenge that impulse and ask yourself if the purchase is truly necessary. It’s about recognising the difference between needs and wants.
- What one piece of advice would you give to someone looking to improve their financial habits?
Start by questioning your spending impulses. Ask yourself why you want something and if that reason is truly valid.
- “Saving for a rainy day” is often recommended – do you agree? If so, what is your personal ‘rainy day’ saving goal?
Yes, absolutely. The ideal amount depends on how quickly you think you could find new employment. If you’re confident you can find a job within a month, then a month’s salary might be enough. However, for many people, finding a job can take three months or more. Therefore, I’d recommend at least three months’ salary as a minimum rainy day fund, and six months would be even better. You also need to be realistic about how long your savings will last and consider taking a job that may pay less than your previous one if necessary.
Help us help you
M4 Money’s goal is to increase membership and loan activity. We encourage everyone to spread the word about the credit union and its benefits. Our 3,000 members are our best advocates. If you’re a member, talk to your friends and colleagues about M4 Money and what we do. This will help us reach more people and ultimately benefit the wider community.