Inside Harry and Meghan's cost of living crisis as they're 'more desperate than ever'

Meghan Markle and Prince Harry have worked to become financially independent from the Royal Family, but it's been reported they're facing 'long-term financial challenges'

Prince Harry and Meghan Markle are believed to be struggling, with one expert suggesting they are facing "financial challenges".

The Duke and Duchess of Sussex announced they wanted to become financially independent when they stepped down from the Royal Family in 2020. The couple signed a number of lucrative deals, but their exclusive $25million (£19million) partnership with Spotify was axed last year.

There were also rumours that Meghan and Harry's Netflix deal was at risk. It was reported that they were asked to come up with "more great ideas" if they wanted to be paid £40million in outstanding fees.

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However, a Netflix spokesperson said the couple's deal isn't ending "anytime soon". They said: "The bond with Archewell Productions is one we deeply value. Harry & Meghan launched as Netflix's most spectacular documentary debut to date. Our exciting journey with them isn't ending anytime soon."

Royal author Tom Bower isn't convinced though and said the Sussexes have "no new income streams, no new companies". Speaking to Closer magazine, he added: "Everything they've attempted to do to relaunch themselves I think in the end has been utterly unsuccessful and has failed."

Tom believes the couple's "desperation" to find their new career could continue into 2024 if they fail to make any announcements soon. He also said they were unfortunately "tarnished" after being slammed by Spotify executive Bill Simmons.

Meghan and Harry have some pretty high outgoing they will need to consider when thinking about their careers. For starters, the couple bought a $14.6million (£11.8million) mansion in Montecito, California, when they left the Royal Family.

The Sussexes snapped up the nine-bedroom home just months after stepping down as senior members of The Firm. The luxury property boasts chandeliers and marble coffee tables. Meghan previously admitted they weren't going to view the home as they didn't have jobs. She said the thought of them living there "wasn't possible". However, Meghan and Harry fell in love with the mansion and did "everything they could" to buy it.

They also spend a lot of money on security for themselves and their two children - Prince Archie and Princess Lilibet. It's been reported that the bill for security is $2million (£1.5million). Speaking to Page Six, a source said Meghan and Harry forked out the money after the Royal Family took away their bodyguards.

As well as security, the Sussexes pay for their own private travel. Back in November, they were pictured boarding a private jet to travel from California to Nevada as they went to watch Katy Perry's Las Vegas residency show.

Meghan and Harry travelled onboard a 2009 Gulfstream jet that belongs to one of their friends, oil company heir Michael Herd. The couple also travelled on a private jet as they went on holiday to the Caribbean.

The Duchess of Sussex likes to splash the cash on designer fashions and has some high-end pieces in her wardrobe. Last year, she was seen showing off a wardrobe worth £86,612.16. It's not clear if Meghan pays full price for her clothes, or if she receives discounts from designers for wearing their fashion.

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