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The senior vice president of retail and wealth at Meridian shares the importance of budgeting and investing in your company’s pension plan, if you have one.
Dilys D’Cruz didn’t grow up around open discussions about money. But now, she found a career in finance as the senior vice president of retail and wealth at Meridian Credit Union. She found that understanding and talking about money enables her to do what she loves, like travelling the world. With over 35 years of experience in the financial industry, D’Cruz now works with her own financial advisor to guide her with her budgeting, planning and financial goals. Here she shares her money heroes, her early memories about money, lessons and mistakes and more.
Likely a combination of many. Warren Buffett is the obvious guru of investing, but I admire people who come from nothing; people with tremendous hardships, who work hard to achieve their wealth and, most of all, are good people. They care about humankind. I like Oprah Winfrey and Tina Turner.
Doing Pilates and hot yoga classes. I just took up line dancing, so I’m having some fun with that. And I’m going to my personal trainer twice per week, although I can’t say I like to do that.
I’d have a place on the beach in Bali or Thailand, and I’d volunteer to work with elephants in Thailand or Africa. I’d also eat my way through Italy, Portugal and Spain.
We were a first-generation immigrant family in Canada. My mom was a stay-at-home mom, and my father worked two jobs to support the family. Although money was tight, he always found ways to provide us kids with the opportunity to participate in activities they were interested in. For example, I took up figure skating, painting lessons and team activities. We never had any open discussions about money. Although money was tight, I never really understood what my dad had to do to ensure food was always on the table—and to provide us with the various childhood experiences we had (eating out, camping vacations, etc.).
So, I guess the good thing is, although we didn’t have money discussions, there was never a sense of fear or scarcity. Maybe there should have been. It would have taught me to save and budget differently and at a young age.
A name-brand pair of running shoes. If I told you the brand I’d give away my age. OK, it’s North Stars. It was very big in the late ’70s.
Delivering newspapers at age 13. It was my parents’ tradition that we kids had to buy the family a treat with our first paycheque. So, I went to the ice cream store, bought sundaes. By the time I walked home with them, they were melted. At least the thought was there.
When I first started working at a big financial institution, I got bad advice to not invest in the company defined benefit pension plan. “You can do better by investing in yourself,” I was told by my peers. And, eight years later, I finally joined and realized what a dumb mistake that was.
I now have a financial planner who is very balanced. My financial planner knows I like to travel but also need to pay off debt. I survived a long drawn-out divorce, which set me back financially. After raising my three children myself, with one in university, my plan is based on my personal situation and goals. I take a third of my year-end bonus for travel and fun, another third for paying down debt and the remaining third is for investing. This year, I put more into the latter two, but this structure gives me freedom and removes guilt of spending money. Having a financial plan is also a game changer for me, as my financial planner updates and tweaks it when necessary, and reassures me that I am on track to achieve my retirement goals. I have someone by my side, guiding me.
I would rather receive a large sum and invest it wisely with advice.
Painless saving, as I like to call it. It means setting up several accounts and having automated transfers go out to each one whenever your paycheque is deposited. I have one for my kids tuition, one for travel and fun expenses and one for long-term savings. Having it transferred from my chequing account when my pay hits automatically makes saving for the future easy.
Along the same line, investing bi-weekly to a mutual fund via pre-authorized contributions aligned to when your pay is deposited is smart. Start small, $25 every two weeks, or whatever you can manage, and then increase as your salary increases. Everyone should do this when they start working, because before you know it you’ll have thousands of dollars saved up.
That you have to be super smart about investing and the markets.
Not having a strong financial advisor to give me good advice when I was younger and navigating various life events, including moving out, getting married, buying a house, having kids, going through a divorce.
If I’m going to spend a lot of money on something it needs to bring me immense joy or something that impacts my mental or physical well-being in a positive way. For example, I spent what some would say is a lot of money on an African safari trip in 2022. I went on three safaris and trekked in the jungle with gorillas. It was a bucket-list trip and was life-changing. It was worth every penny for me.
Our first house. It was a big decision, but the timing was right from a price point. My then-husband and I made a fairly quick decision over a few weeks.
Debt is part of life. You just need to manage it wisely as it can creep up on you easily when using credit cards and especially with high interest rates, it can become overwhelming to manage.
I hadn’t planned for this, but I just booked a summer vacation that turned into a big family event. There are now 12 of us going, and I just couldn’t say no to this opportunity.
My driver’s license, debit card and credit card.
My Mercedes C300. I just love it. And, I just bought a $30 instant crepe maker, which I love as well. It’s so easy to make crepes with it.
To continue to pay down as much house debt as possible.
Own a house.
Buy. I leased two cars for eight years and I will be back to owning.
Invest.
Like anyone else, budgeting is not my favorite thing to do, so I have a financial plan that keeps me on track to achieve my long-term goals. I have a flexible budget approach around that for daily living.
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