My Money Sorted: Ben

A bit about Ben: Kia ora, I’m Ben King. I am happily married to Saralee. We both have worked in various jobs within the financial industry, and as such are both quite fascinated with all aspects of money. Additionally we both love yummy food, good music, and a great read. 

What is the best money advice you’ve been given? 

While not necessarily about money, I’m a believer in the saying “don’t let perfect be the enemy of good” which I think is important when thinking about aspects of money. We don’t have a crystal ball to tell us which investment or KiwiSaver fund is going to perform the best in the future, so if your return is good but not the best that is still okay, and you shouldn’t be concerned. I don’t like the idea that if it’s not perfect, or the best, then it’s not worthwhile. Be kinder to yourself, good is good. 

Are you a spender or a saver? 

I am more of a saver than a spender. It can sometimes be difficult when spending money, as I strongly weigh up whether I need to spend or not. To find the right balance, I provide myself with an allowance to spend on whatever I want so I don’t feel bad about spending instead of saving.  

What’s a memorable money moment? 

I have been fortunate to work alongside colleagues (now friends) who have taught me many things about money that changed my views. The importance of being true to your values and setting goals that resonate with who you are and aren’t influenced by others. That everyone has their own story and journey, to let money be a tool to help you realise the life you want to live. It takes a bit of introspection and self-reflection, but it makes budgeting and goal setting more meaningful when you understand your purpose. 

What makes you feel Sorted when it comes to your money? 

Having a budget that works for me and allows me to enjoy my life. Having achievable goals to work towards and plans if unexpected things happen. Having the knowledge and skills which gives me confidence when dealing with various aspects of money. Having conversations with my wife so we are on the same page. 

What money beliefs have you inherited from your friends and whānau? 

I think I have a different perspective on money than most of my friends and whānau. However, I think the main thing related to money that I inherited from my parents is working hard, and respecting the money I earn.  

What would your bank account say to you right now?  

My emergency account would say “I’m here if you need me!”, my bills account would say “car repairs and dentist bills eh?”, my fun money account would say “okay, when are we going to have some fun?”, my long-term savings goal would say “more more more!”. 

What’s your proudest money moment? 

My proudest money moment was when I was younger and had my first job outside of university. My mum asked me “are you saving money son?”, I said “yup, I have saved $x amount”. My mum quickly replied, “how much!?”. I repeated myself and then mum said, “that is so good, I am really proud of you”. I will never forget that.  

When you think about your retirement, what do you see? 

I see the freedom to create the life I want to live. Not worrying about bills and expenses because I have saved enough money to cover them. The freedom to choose if I want to work or not.  

With the rising cost of living, have you changed your spending habits, or tightened your spending belt? 

I have had to adjust the budget slightly, as the rise in costs means that I cannot save as much as I would like. Otherwise, I typically have frugal spending habits already, such as bulk buying and seeking specials. But being aware of your spending is important, as certain price increases make you question whether it’s necessary or not. Some prices for things are outrageous and makes me say “nope, no more of that”. 

What are your tips to make your money go further with inflation and interest rates driving up prices? 

I think cooking is a skill that people should enhance. Being able to cook a variety of different food and cuisine will allow you to take advantage of seasonal fruit and vegetable prices, and specials on meat and other items. Learn how to make the food you would order when eating out. Once you learn how to cook the meals you enjoy, it’s even more difficult to justify eating out when you see the prices they are charging. You end up saying “why would I spend that much money when I can make it yummier and at home for less”.