When I first began planning out this blog one of the things on my to-do-list was to run a weekly series titled Let's Talk Money. The series would include a number of questions about money and people's personal experiences with money. Basically it is a written interview with other personal finance bloggers.
This week's interview is with the author of the blog known as the Canadian Budget Binder. He lives in Ontario, Canada, which is where I am originally from.
We've been getting to know each other over the past 5 weeks through our blogs and on Twitter. I asked him to be the first PF blogger for this series and he happily accepted. He is famous for his Grocery Game Challenge.
Here is the first interview for Let's Talk Money.
Please provide a brief introduction about yourself and your personal finance blog including when you created your blog. If comfortable, please share if you are married and how many children you have.
We're your average married Canadian couple in our 30's who are budgeting to live a comfortable life. We got married 6 years ago and I am new to Canada from the UK so bear with me and my antics. I promise you a laugh here and there. We have no children yet but hope to soon one day! We live in Ontario Canada and I blog about our budget, net-worth, frugal tips, frugal recipes. You can also see our Monthly Budget and Net Worth Updates.
We don't aspire to be Multi – Millionaires, (but if it happens we won't complain) just to save and live a comfortable life, and this is why I started Canadian Budget Binder in January 2012. Our incomes are not what I would call executive, rather average, but the key for us is not how much we make it's how we spend it. I wanted to show others what we had learned and how we managed to stay out of consumer debt and live a comfortable life.
Join me weekly as I post our Grocery Budget and play The Grocery Game Challenge along with our fans to see if we can follow the budget we all set out.
You can find his blog at Canadian Budget Binder.
What is your view point regarding money? Money is meant to be saved? Money is meant to be spent?
Our viewpoint on money is one that is balanced. I will say that we are a bit obsessive when it comes to saving and our future but at the same time we set money aside for the present. I believe if someone becomes so engulfed in their finances they lose touch with the present and focus too much on the future.
I believe in paying yourself first and this is simply what we have done over the years.
Do you own or rent your current living accommodations? Why?
We purchased our first home 3 years ago for $265,000 even though the banks offered us over 500K for a mortgage. We simply didn't need that type of space nor did we want to live to pay it off. We are quite happy in our home and are currently doing some renovations to modernize the home. We did however in the past rent to save more money for a down payment while we were in school before we purchased the home.
If you had a friend or a co-worker that was in debt come to you for financial advice on how to get out of debt, what are the first 3 steps you would suggest for them to work on?
This has happened on more than one occasion and the advice I would give if it happened again is:
- Get rid of your credit and debit cards and live on cash.
- Organize all the bills they owe and what they pay for each month and when- I want to see how much they owe, to who and when.
- Start using The Canadian Budget Binder Budget which is crucial for anyone not just people in debt.
If you suddenly won, inherited, or received $25,000 as a gift, what would you do with it?
We actually received a large amount of money last month that we loaned out to a family member a few years back. We now have to decide what to do with it. In the meantime it is in our savings account but likely we will use it to maximize on our TFSA for the past and current years as well as RRSP's. I would make sure the money is working for us, essentially.
What stresses you out when it comes to money?
What stresses me out is the fact that at any given moment it can all stop. Being prepared for loss of job, injury, or health problems is a stress and being optimistic won't pay the bills. Having a backup plan set in place (insurances) is crucial as well an Emergency Fund with at least a years worth of income to offset any potential problems.
I'd like to thank Mr. CBB for sharing his knowledge about money and finances through this interview. I really appreciate it. Make sure you check out his website and connect with him on Twitter.