Money and me: Getting her act together

As an actress, theatre company founder Hayley Doyle had to be prepared for those times when there was no work - something that has helped her save more efficiently now that she receives a regular income from her business.

Hayley Doyle says money is not everything, it is following your heart. Satish Kumar / The National

Hayley Doyle is the founder of Hayley's Comet Theatre Company, specialising in play-writing and musical theatre for children. The Briton, 33, who has lived in Dubai for five years, trained as an actress in the UK and later performed in the West End in the musical Mamma Mia.

Describe your financial journey so far.

As an actress, it is hard to save money because you never know when or what your next job will be. I decided to enter the acting/theatre industry as I am extremely passionate about it, rather than for the money, luckily. Because of this, I have always been prepared for the hard times. I like to think of myself as a risk-taker in life, although in the past I never really had a lot of money to play around with and take any major financial risks with. Deciding to set up my own business – a children’s theatre company and writing courses for adults – in Dubai was definitely a major risk and I had to pour a lot of my life’s savings into doing so as I didn’t want to take out a loan. I self-funded and had to believe it would work. There aren’t many companies here in Dubai that focus solely on these specific theatre aspects and I knew that there was definitely a market for it, especially with a focus on children. This has been an incredible journey and it would be amazing to expand and set up a branch of Hayley’s Comet in the UK, specifically in Liverpool, where I grew up.

Are you a spender or saver?

I’m a healthy mix of both. I’m definitely not a big spender on luxury – by that, I mean that I don’t own any designer clothes or have a fancy car. Even if I had all the money that I could wish for, I wouldn’t choose to spend vast amounts on those things as they simply don’t interest me. Since turning 30 I have become a better saver, although I think that this has coincided with the fact that I currently earn more than I did in my 20s. I am saving to buy a house in the UK, as I feel that property is a good investment and a great way to focus my savings.

Have you made any financial mistakes along the way?

Who hasn’t? I put some savings into producing a show once and made a loss. The show was featured in the Edinburgh Festival, the largest theatre festival in the world, but it is renowned for causing performers to make a loss financially to get invaluable exposure. I had co-produced a show there previously – an already famous off-Broadway musical – and made a profit, so I was confident about doing it again. However, the new show was a brand new piece, which meant it still had to create a name for itself. It was so much more difficult to sell, although the reviews were excellent. In a positive way, I learnt not to take such a risk without thinking it through.

What is your philosophy towards money?

Don’t only follow the money. Following your heart will always be more fulfilling.

What has been your biggest financial lesson?

I’m still learning. But I guess my biggest lesson came from deciding to set up my company. To make it the best that it could be, I had to put everything else in my life on hold so that the company had my ultimate focus. I quit my day job because I knew that my work there would have suffered, and my new company wouldn’t get the time and effort that it needed from me.

What do you like to spend your money on?

Travelling. Seeing new countries, enjoying different cultures and visiting good friends around the world. I like to think that life is about experiences and making memories, rather than material things. So my money gets spent on creating the opportunity for those experiences: holidays, seeing great people and seeing beautiful theatre and art.

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