In our How I Manage My Money series, we aim to find out how people are spending, saving and investing money to meet their costs and achieve their goals. This week, in our celebrity edition, we speak to BBC Radio 1 presenter Dean McCullough, who talks about growing up on a council estate in Belfast, spending £75 of his last £90 to see Beyoncé and previously claiming Universal Credit.
What was money like growing up for you?
We definitely didn’t have much money, but my mum did a really good job of making sure I didn’t realise that at the time.
We had good birthdays, good Christmases and she’d save all year to take us on holiday. Looking back now, I can see how hard she worked to make that happen.
I grew up on a council estate in Belfast, and we were very much a working-class family. My mum was a hairdresser and had me on her own when I was young.
We often talk about how growing up with very little shaped our attitude towards money. We look after things because we remember what it felt like not to have them.
What was your first job?
Technically, my first job was helping my dad, who was a lorry driver. My payment was a bottle of Lucozade, a chicken tikka sandwich and a Twix.
My first, proper paid job came when I was 14 working in an Indian takeaway around the corner from my mum’s house. I earned £3 an hour in cash and got a free takeaway at the end of every shift.
I’d finish at 2am, sit at the kitchen table eating a chicken tikka and count the £21 I’d earned that night.
What was your first big money splurge?
Beyoncé. I had £90 in my bank account and spent £75 of it on a ticket to see her.
I called in sick to work, went to the concert and then made the mistake of checking in on Facebook. My boss saw it and sacked me. I have absolutely no regrets.
When did you first feel financially secure?
Probably when I joined Radio 1. Up until then, I’d always been freelance.
I’d worked in radio, presented events, DJ’d, worked in Selfridges, Liberty and Harrods as a makeup artist and basically pieced together a living from lots of different jobs.
Getting a proper payroll job, paying into a pension and having regular income made me feel like a real adult. I’ve been at Radio 1 for six years now and that’s probably the point where everything started to feel more stable.
What’s the most lucrative work you’ve ever done?
Surprisingly, it isn’t radio. It’s social media. The money in brand partnerships can be incredible.
In fact, I did one TikTok after coming out of I’m a Celebrity… Get Me Out of Here! that paid more than I earned for appearing in the jungle itself.
Have there been times when money felt uncertain?
Absolutely. During the pandemic, the radio station I was working for lost a huge amount of advertising revenue almost overnight because so much of it came from travel companies.
I was asked to move onto the breakfast show, but it came with a pay cut of more than 50 per cent. At the same time, I already had debt and suddenly found myself struggling to keep on top of bills.
I had to ring creditors, utility companies and finance providers to explain my situation. I even claimed universal credit while hosting a national breakfast radio show.
How did you turn things around?
The pandemic completely changed my relationship with money. I sat in my kitchen and called everybody I owed money to. I’d say: “I know I owe you £600, but I’ve only got £100.”
I set up payment plans, negotiated settlements and slowly worked through everything.
By the time the pandemic ended, I’d paid off all of my debt. Then I started saving for a house.
What’s the best investment you’ve ever made?
Financially, it has to be my house.
Emotionally, it’s my dog Freddie. I bought him in September 2020 after deciding to stop drinking.
I lived on my own and wanted a little companion. I drove six hours in a car I’d bought on Facebook for £955 to collect him and he’s been the best thing I’ve ever spent money on.
Was getting a mortgage difficult?
It took two years. I was turned down repeatedly because I’d missed payments in the past and because I’d been self-employed.
Some lenders wouldn’t even consider me. Eventually, I found a specialist mortgage broker and kept pushing.
At one point I needed a bigger deposit than I’d planned for, and the following week I landed an ITV job that paid exactly the amount I needed.
When I finally got the keys in 2023, I couldn’t believe it.
Every penny of the deposit came from my own work. My mum wasn’t in a position to help financially, so buying that home remains one of the things I’m most proud of.
What’s your biggest money mistake?
Tax. Without question.
I registered as self-employed when I left drama school and completely misunderstood how the system worked. I thought tax was already being deducted from the work I was doing. It wasn’t.
Then, I ignored letters from HMRC because I didn’t understand them.
Eventually, I ended up with a huge bill, most of which was penalties rather than tax. It was a horrible lesson, but I learnt it.
These days my accountant and I make sure everything is done properly because I never want to be in that situation again.
How do you invest your money now?
Last year, I invested £10,000 through Hargreaves Lansdown. That was the first time I’d really thought seriously about making my money work harder for me.
Now I invest every month, and I also pay extra into my pension alongside my workplace contributions.
What does retirement look like for you?
For the first time in my life, I’m actually planning for it. I’ve got investments, pension contributions and protection policies in place now.
Growing up, I didn’t know what a hedge fund was. I genuinely thought it had something to do with gardening.
Nobody taught us about tax, pensions or investing. Everything I’ve learnt has come through experience, mistakes and asking questions.
If you could give your younger self one piece of money advice, what would it be?
Honestly, I don’t think I’d change much. The mistakes taught me everything.
What I would say is: work to live, don’t live to work. Save money, invest money and be sensible.
But also spend it. Go on the holiday, buy the concert ticket and make memories. You can’t take the money with you.
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