What does “value” mean to you? What is something you don’t mind spending money on that someone else might not?
To me, the word “value” means I’m getting a lot of emotional return for my money. Right now, I like spending money on a house cleaner. With three children, cleaning the house is a never-ending chore for me and my husband. It’s an incredible gift to ourselves to come home to a clean and tidy house every few weeks.
What’s the first major purchase you made as an adult? What purchase took the longest to decide to buy?
The first major purchase I made as an adult, aside from my car, was my first condo. I spent a lot of time learning about and understanding the condo market in Calgary.
Surprisingly, the purchase that took me the longest to decide to buy was an iPhone. My family is a PC family, and they value the customization PCs are known for. For myself, the iPhone’s usability and style were more valuable. I was a late adopter, but it was still an oddly difficult decision.
What’s your take on debt?
High-interest debt should be paid off as soon as possible and avoided. Some debt is good, but all debt can lead to the “debt spiral,” which we want to avoid. The debt spiral is when a relatively small increase in our debt level doesn’t seem like much because we’ve already gotten used to the overall debt amount. For example, as a student I racked up $100,000 of debt, so the idea of adding $1,000 here and $1,000 there didn’t seem like a big deal. This is when money works against you, and it’s working instead for the person lending the money.
What was your most recent splurge?
I don’t like the term “splurge” because it romanticizes the concept of spending money unconsciously. It takes something that should be seen as a warning signal and turns it into a normal occurrence. If you feel the need to splurge or spend without restriction, it’s an indication that you probably need to make changes to how you allocate your money.
When you spend without proper reflection, or as a way to manage your emotions, at Untangle we call this “[email protected] It Money.” Splurging is often directly opposed to what you’re hoping for yourself financially, and it often means that the way you’re spending your money isn’t aligned with your needs.
Here’s how I would reframe this: recently my husband and I realized we weren’t spending as much time together as we needed to feel connected. To address this, we adjusted where we were spending money, we brought in a babysitter, and we had a few date nights. To make room for those expenses, we cancelled some apps and subscriptions and cut back on gym classes.
What’s the last money-related book you read? What did you think of it?
The Pink Tax by Janine Rogan (Page Two Books, May 2023). Such a great read. It combines frustrating information about the price gouging that women experience when they purchase products and services, with excellent financial insights, tips and tricks. Janine Rogan does all of this with a refreshing, wry and honest sense of humour.
MoneySense Editors
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