My Money Sorted: Deiryn

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

If you’re starting a business SAVE as much as you can in that first two years. We started our business during “Covid” times and saved every penny in case anything went wrong.  

We had to close down for three months and had no income. Putting enough aside for three months to cover wages, bills and rent means you will be okay and saved me from using my own personal savings. It’s a massive protection for you and your business and is the best advice I was ever given. 

Are you a spender or a saver? 

I'm a bit of both when it comes to money, I'd say I'm equally comfortable with spending and saving. There's always a tidy sum in my savings account, but I'm not shy about treating myself or others to a little splurge every now and then.  

Striking a balance between financial responsibility and enjoying life's pleasures keeps things interesting and it doesn’t feel like I am restricting myself all the time, (restricting is a bit doom and gloom for me). 

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

The wealth of information, tips, and assistance at our fingertips is incredible. A quick Google search provides me with insights, new budget templates, or financial guidance in mere seconds. Living in a time where information is abundantly available around the clock is a remarkable privilege.

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

I picked up this smart debt strategy from the friends and family playbook. No credit cards for me, just some necessary debt like my mortgage for my first home. The lesson: don't go into debt for small stuff, like clothes or furniture. Unless it's absolutely unavoidable, it's a no-go. Keeping it simple and avoiding unnecessary money stress.

What would your bank account say to you right now?

“Well done mate, you’ve survived another year.”

We’ve been travelling this year, employed a new operations manager and two new staff, and saved, spent.

It has been a rough year for business this year in general, with the recession word chucked around, but having that savings account with three months’ worth of money saved to run the business has really helped. The bank account would say well done on surviving, now it’s time to top me up!

What’s your proudest money moment?

Starting a successful business at the age of 27. I never would have dreamed of owning my own business, and if it wasn’t for budgeting and being smart with money, I wouldn’t be here today.

I don’t buy a brand-new car because there is money in the account, I don’t buy the best of the best. I research and shop for cheaper options and having those “what if” accounts really helps. You never know when you might need it.

Starting a business in the middle of Covid, and then surviving that, then a recession. It’s been a wild ride, but I couldn’t be prouder.

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

We've tightened our spending belt, making necessary cuts in both business and personal life. Saying no, though challenging, proves highly beneficial. When friends opt for an expensive restaurant outing, declining, or suggesting a later meet-up lets me enjoy responsibly.

Splurging is okay, but it's about doing so wisely, finding a balance between indulgence and financial prudence. It's a lesson in disciplined spending that ensures both financial stability and the occasional treat.

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

Budget wisely. Create realistic budgets that account for everything.

Have multiple accounts in your bank that you spread your money across when you get paid! Shop smart, shop around, ask for discounts or compare prices. Watch when sales are coming up, look at their news and offers. There is always a bargain of the century every day, just must be smart when to get the right one.

Do your research. With all the info you have at your fingertips get down with it. I spend a lot of time researching and finding things out for myself, budget advice, templates, guides, how to guides. It’s all there!