Adulting with Liz
We brought in fee-for-service advisor Liz Schieck from the New School of Finance to reframe budgeting and expenses.
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.
- Overall guidance from Liz on getting our money under control, along with some thought-provoking tips & quotes
As a bonus you’ll find photos of the event below!
Liz’s Adulting Advice
“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.”
The 4 Money Categories
- Fixed Expenses: money you must pay each month or year whether you like it or not
- Eg. 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 credit card/line of credit 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 it on whatever you want!
