Money Pro Tips: A Q&A with Financial Adviser Sarah Montoya
Each week, we ask a personal finance or business expert for their money pro tips. This week we talked to Sarah G. Montoya, a financial adviser and financial planning specialist. Here's a look at her approach to managing finances and her best advice.
Last Thing You Resisted Buying
Q: What was the last thing you resisted buying?
A: With the Los Angeles food scene being as robust and expensive as it is, my husband and I made a pact to limit the nights we would eat out each month.
Last Thing You Splurged On
Q: What was the last thing you splurged on?
A: Travel. In 2019, we went backpacking in Canada and took a little getaway for the holidays.
Q: Why’d you OK the splurge?
A: Balance is mission critical. I find that I recharge and derive so much of my power from the time spent away from the hustle and grind. A digital cleanse is so helpful for my mental endurance and, for me, sometimes that means going somewhere that has no cell service.
Current Money Goal
Q: What’s your current money goal?
A: Between my husband and I, as is the case for so many millennials out there, paying down our combined student debt.
Q: How are you working toward it?
A: Budgeting is key. When there is an interest rate being charged on any portion of your money, you have to think about your purchases in the context of “Is my money better spent here or applied to my highest-interest debt?”
Money Thing You’re Most Proud Of
Q: What money-related achievement are you most proud of?
A: To be honest, I have been financially responsible for myself and my family from a very young age. I put myself through college at an incredible university (University of California, San Diego) and have continued to be a financially independent and stable woman throughout my life without any real advantage that many folks enjoy. I have worked so hard for everything that I have achieved and have figured out how to rub two pennies together to make things happen every time.
A Money Regret
Q: Do you have any money regrets?
A: Not completely understanding the ramifications of the student loans I received when I was in school. I think I would have more seriously considered a lower-cost community college or transfer arrangement if I had better understood rates and repayment terms.
Best Financial Advice You Ever Got
Q: What’s the best financial advice you’ve ever received?
A: Start saving for retirement early. Even the smallest amount saved early in life makes a major impact later on. Your future self will thank you.
Worst Financial Advice You Ever Got
Q: What’s the worst financial advice you’ve ever received?
A: To use a credit card to pay for large expenses. In my case, it was tuition for a few semesters. As far as I am concerned, if you can’t afford to pay for it, using a credit card will not fix that issue. It will likely only make it worse.
What Would You Do with a $1 Million Windfall?
Q: What would you do if you received a $1 million windfall?
A: Pay down student debt, put a down payment on a home, and save any excess.
Best Financial Resources You Recommend
Q: What book, podcast, newsletter, or blog do you recommend to help people be better with money?
A:
- “Rich Dad Poor Dad” by Robert Kiyosaki
- “AgeProof” by Jean Chatzky and Michael Roizen
- “The Total Money Makeover” by Dave Ramsey
- “The Richest Man in Babylon” by George Clason
- “Your Money or Your Life” by Vicki Robin
Best Tip for Spending While Traveling
Q: What’s your best tip for spending while traveling?
A: Find a debit card that has no foreign transaction fees, no currency conversion fees, and works at almost any ATM.
Best Tip for Saving for Travel
Q: What’s your best tip for saving for travel?
A: I like to fund my goals by setting up a direct deposit of a portion of my pay into a savings account.
Best Travel-Related Purchase
Q: What’s the best travel-related purchase you’ve made?
A: I collect hot sauces when I travel. I get to enjoy a different culture or a different take on hot sauce and continue to enjoy it long after I return home.
Want more money pro tips? Check out our finance blogs.
Description: A person reading financial tips from Sarah Montoya, reflecting on their own money management strategies.
