October is Financial Planning month. What better way to celebrate all things finances than to highlight some amazing people we have worked with over the years at New School of Finance? This October we will be shining our spotlight on some fab folks who have graciously answered questions about personal finance, business finance, and entrepreneurship. (Don’t miss our posts about Avery, Marie, and Hannah!)
Henry is one of our amazing clients. He was super-open with us about his strengths and weaknesses when it comes to personal finance.
New School of Finance (NS): What would you say is your biggest strength and biggest weakness when it comes to money management?
Henry (H): Strengths – Making a budget for each pay period and sticking to it. Also having an understanding of my short term financial obligations and trying to avoid major surprises which could cause me to spiral further into debt.
Weakness – I seldom have a need to do an ad hoc purchase. Once in a blue moon, I can be guilty of seeing an item which catches my eye then use sound rationalization to purchase the item. This unplanned purchase can range from $100 to $500.
NS: What was the hardest financial lesson you ever learned?
H: Walking through the University Centre at my first year in Guelph was tough as a freshman. There were many kiosk in the University Centre and some included vendors offering credit cards to first year students. Needless to say, I got 2 credit cards and that was a mistake. Difficult to pay credit bills when you’re a student.
NS: What was the best financial decision you’ve ever made?
H: Buying my home in 2008 then selling it in 2013!
NS: When did you make your first real budget?
H: I think this would have been in my first year of University. My accounting 101 class had us create a personal “mock” budget which I did not follow.
NS: What was the hardest part about making your budget?
H: Since I had to rely on OSAP instalments coming in, it was hard to understand how much I needed for groceries and personal spending with the amount of pressure for students who live on campus to always have to go out on the weekends and “socialize”.
NS: What motivates you to stay on track with your budget?
H: The end goal! Looking at early retirement, continued debt free living, being able to make smart decisions, etc. Those factors motivate me on a regular basis.
NS: Thanks for being honest about dat $$$ with us, Henry!
Do you need to get on track with your finances? Book a session with us today. We can cover all sorts of topics including setting your financial goals, cash flow management, savings, home ownership, baby-proofing your finances, retirement, budgeting with your partner, and what to do if you’re a new grad.