Gymnast Becky Downie talks to ME & MY MONEY

Champion gymnast Becky Downie is a super savvy saver who makes sure she can pay her bills – even when she’s injured and unable to compete.

The 31-year-old two-time European champion, along with her younger sister and fellow gymnast Ellie Downie, won silver for Great Britain at the 2019 World Championships.

She tells Donna Ferguson that she is careful about how she spends her money. On the night before her final Olympic trial in 2021, her brother Joshua died unexpectedly from an undiagnosed heart condition while playing cricket.

Becky then missed selection for the British Olympic team and has since suffered an injury and a reduction in her monthly funding from UK Sport.

But she says her parents taught her that if she works hard, she can achieve anything and is determined to keep training and competing. Both she and 23-year-old Ellie are ambassadors for the British Heart Foundation.

What did your parents teach you about money?

To be wise and careful. My father was an accountant who later ran his own security service, supplying doormen for clubs and pubs all over Nottingham. My mother worked as a receptionist and then had a career gap while raising five children. Now she works at Wilko. Money wasn’t tight when I was growing up and we were very comfortable.

My parents put a lot of time and effort into supporting me and my siblings in our extracurricular activities and never put any restrictions on us. They made us feel like we could achieve anything if we just worked hard, and they encouraged us to do what we wanted. For me and Ellie, that was gymnastics.

Have you ever having trouble getting around?

Not struggled, but sure, my finances have changed in recent years. Most of my income comes from a UK sports lottery grant, which ranges from around £1,500 to £2,200 a month for gymnasts at my level, tax free [equivalent to a salary of between £20,500 to £33,000 a year]. It’s all based on performance, so it’s not stable income. That means it can be quite stressful if, like me, you have an injury and haven’t performed for a while.

I used to get the top end of the scholarship, but I’ve had some tough challenges over the last two years and my funding has been reduced as a result. I was not selected to be part of the team leading up to Tokyo and I suffered an Achilles tendon rupture after an already difficult year. Like Ellie, I considered retiring, but decided I still love what I do and want to try for another Olympics.

With the cost of living crisis, the change in my income has made me conscious of spending, so I’m not in a position where I buy everything I want and I’m looking for ways to bring in some extra cash.

Have you ever been paid stupid money?

When Ellie and I got our big World Cup medals in 2019, opportunities came in from sponsors worth significantly more money than we were used to. We had one deal where we got £20,000 each to do three shoots. It’s not really work to do something like that – especially compared to the work I do as a gymnast.

When we gymnasts hear what athletes from other sports receive in terms of prize money and sponsorship, it shows that our sport is at the lower end of the pay scale.

What was the best year of your financial life?

Thanks to the brand sponsorship deals that Ellie and I got off those 2019 Championships, it was 2020. Plus I was at the top end of UK sports funding and the lockdown meant I didn’t really spend any money. I lived with my parents so I saved up for a deposit on my first house.

What’s the most expensive thing you’ve bought for fun?

My black Mercedes GLA, which I bought second hand in 2021 for around £17,500. I bought it outright because I didn’t want a £300 bill around my neck every month if my funding was cut.

What’s your biggest money mistake?

I haven’t made any crazy mistakes because I’ve always been more than careful with money. I don’t know why, but I’m always afraid I’m going to lose my money. My mother will say, “You have all this money in the bank, you can afford to buy this or that.” But just like in my sport, I like to plan ahead with my finances and I always have a plan B.

My siblings are not so careful. Ellie is the opposite of me – when she really wants something fun, she says, “Life’s too short, I’ll get it.”

The best money decision you’ve made?

Buying my house in a village near Nottingham, end of 2020. It is a three bedroom semi-detached new build house and I paid £160,000. Until then I lived at home and saved money (I paid board to my mother, but not nearly as much as if I lived on my own). This has allowed me to save quite a substantial down payment of £60,000, so my mortgage is around £450 a month. I knew my income was unstable when I bought my house, so I made sure my bills would stay affordable no matter what.

Save in one pension and investing in the stock market?

I started a few years ago after speaking to a St James’s Place financial advisor. I put £200 into my pension each month and have £30,000 invested in Isa shares. It didn’t make any money – at least I lost money. But I see Isas as a long-term investment.

If you were chancellor, what is the first? you would do?

I would spend more money on sports in schools. There are so many life lessons you can learn through sports, so many friendships and opportunities. For me, taking up sports has completely changed my life. I’ve traveled the world and had experiences I never would have had otherwise. Good financing can make a big difference, giving you better facilities and coaching and more staff.

Particularly in gymnastics, there is a high demand for participation, but there is not the space to meet that demand. We need more locations to make the sport more accessible.

Do you donate to a good cause?

I support a charity that means a lot to me. Two years ago I lost my brother Josh who was 24 and had an undiagnosed heart condition. It is still very difficult for me to understand what happened to him.

Since then I have had the immense honor of being asked to work as an ambassador with the British Heart Foundation. It’s incredible to me to see the work the charity does every day to support families and fund new cardiovascular research.

What is your first financial priority?

Build a gym with Ellie. Until I do, I’m not going to waste my money on vacations or extravagant clothes. I will save as much as possible.

• Visit bhf.org.uk to donate to the British Heart Foundation or learn more about the charity’s work.