The smart way to pay for “experiences” and other money tips

Who are your finance heroes? 

I don’t really have any, but if I were to think about someone whose approach resonates, it’s the straightforward, common-sense approach of Dave Chilton [author of The Wealthy Barber]. And I learned a lot about how not to approach my money decisions from my mother.

How do you like to spend your free time? 

With my family, especially my three grandchildren. Walking around cities—I suppose I’m a flâneuse. There’s really no English word for it, but [it means] meandering, especially in urban spaces with history. I love old churches, museums and galleries. And I write a lot of stories and poems I never show anyone.

If money were no object, what would you be doing right now? 

Pretty much what I’m doing now, but with a little more balance of personal time to travel. I love the idea of living in a different city for a few months at a time, long enough to develop habits and a sense of what it means to be a local.

What is your earliest memory about money? 

My parents fighting about it. It’s not a good memory, but I learned a lot about the importance of transparency and goal-sharing around money as a foundation of a healthy marriage. 

What’s the first thing you remember buying with your own money?

A book, specifically: Leonard Cohen: Selected Poems. I still have it.

What was your first job?

A checkout girl—that’s what we were called back then—at Loblaws. I quite liked it; I was fascinated by what people bought. And, yes, I did judge. I saved all that money I earned. I wanted to leave home to go to university very badly.

What was the biggest money lesson you learned as an adult? 

When I got my first job, I took a course called “Nancy Thompson’s Investing for Women.” The first lesson was that investing wasn’t any different for women than it was for men. But when there were men in the room, women stopped asking questions. I had a lot of fear about money because it was such a matter of friction growing up and I was terrified of debt. The course helped me set priorities and understand that there are different kinds of debt, and it gave me permission to invest in myself and my future.

What’s the best money advice you’ve ever received? 

Don’t invest in anything you don’t understand. This kept me out of the tech bubble—and out of crypto!

What’s the worst money advice you’ve ever received? 

I took the advice of my broker at the time to sell my Apple shares when Steve Jobs died. 

A large sum of money all at once or a smaller amount regularly for life? 

Assuming tax neutrality, a large sum at once, so I could invest and gift it. 

What do you think is the most underrated financial advice, tip or strategy? 

The importance of developing the habit of saving regularly, even if it’s just a few dollars a week to start. 

What is the biggest misconception people have about growing money? 

That you need to have a significant amount of money to start investing. 

Can you share a money regret? 

Not taking more chances. I’m a very cautious person and have always prioritized safety over risk-taking. I kept all my savings in laddered GICs for an embarrassingly long time. 

What does the word “value” mean to you? 

“Experiences” over “things.” I love to travel and learn. 

What’s the first major purchase you made as an adult? 

A painting. I had just started my first job, and it cost me three months’ rent, which I had saved up for. But it was a huge amount for me. Still have it, still love it, no regrets. 

What’s your take on debt? 

It depends on the debt. Debt that enables you to invest in your future, in things that increase in value, is reasonable. Incurring debt for consumer goods or discretionary spending makes no sense to me. I’ve always felt that if you can’t pay off your credit card every month, you’re living beyond your means. 

What was your most recent splurge? 

A trip to Italy and Spain. 

What is the last money-related book you read? 

A proof copy of the next book in CPA Canada’s financial literacy series. It’s called The Last Act, by Larry and Kimberly Short, and it’s a thoughtful, straightforward guide to estate planning. It will be out in January. 

What is something you always have in your wallet? 

Cash. I carry and spend cash. I support small local businesses, and they appreciate it. And my Presto card for public transit.

What is your favourite possession? 

Maybe my Movado Museum watch. It was a gift from my husband many years ago, and it reflects my general approach to time. It has no numbers, just a single dot at the 12 point. 

What’s your next money goal? 

The next trip abroad. We haven’t decided on a destination yet. Maybe Ireland. 

My MoneySense quick questions

Rent or own? 

Own. 

Buy or lease? 

Public transit. I live in downtown Toronto and no longer own a car. I used to own cars, and kept them for a long time. And, generally I bought good second-hand cars. If you can write it off for tax purposes, leasing may make more sense. Run the numbers.

Save or invest? 

Both. I have accessible savings for emergencies and actively save for planned expenditures, like a trip or a major purchase. Everything beyond that is invested with a conservative investment strategy. 

Budget or not? 

Yes and no. We don’t have a spreadsheet or a formal budget for regular expenses anymore, as we know where everything goes and how much our lifestyle costs. We review expenses regularly and save for trips so that all costs are pretty much covered before we leave. I do use my banking app to keep track of expenditures by category. When I was a stay-at-home mom, though, I was very strict about cash-flow management. 

I think in general having a plan is important, and it should be as formal as you need it to be to keep yourself honest and on track. 

About MoneySense Editors

MoneySense editors and journalists work closely with leading personal finance experts in Canada. Since 1999, our award-winning magazine has helped Canadians navigate money matters.

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