We hope you learned something new and came away feeling more confident in your adulting abilities.
After our Intro event we conducted a highly scientific survey and have based our sessions on your feedback. We brought in another one of those "experts" we had mentioned. This time it was Fee-For-Service Advisor (see the pros & cons of the sources of advise on the Adulting Intro page) Liz Schieck from the New School of Finance.
We discussed things like -
How to break the cycle of guilt around managing money and life.
What specifics Liz would have us consider to understand why we overspend, and how to banish unhappy spending from our lives.
Interesting pieces of overall guidance from Liz on getting our money under control, along with some thought-provoking tips & quotes.
As a bonus you'll find your glamour shots at the bottom!
Alleviating financial anxiety
Building intergenerational bridges
Adulting with Liz
“Budgeting is not about telling you how to spend your money. It’s about figuring out how much money you can spend without sacrificing your financial security.”
“Conventional budgets are broken – they usually have unrealistic spending targets that make you feel guilty or bad about yourself when you can’t meet them.”
“Pay off your highest interest debt first.”
“Spend money on what makes you happy. As long as you know you can afford it … do what makes you happy!! If it doesn’t make you happy … don’t buy it.”
4 categories to consider: Fixed Expenses, Meaningful Savings, Short Term Savings, Spending Money”
Fixed Expenses: Money you must pay each month or year whether you like it or not
Phone bill, Cable, Rent/Mortgage, Minimum payments on Line of Credit/Visa
Meaningful Savings: Money set aside to increase your net worth
Eg. TFSA/RRSP payments, any amount over your CC/LOC minimum payment, Long-term savings (down payment on house etc)
Short Term Savings: Money set aside for spikes in spending
Eg. Monthly savings for car/house maintenance, Christmas shopping, vet bills etc
Spending Money: Money left over! SPEND ON WHATEVER YOU WANT!