Money Pro Tips: A Q&A with Insurance Expert Beth Koscianski
Each week, we ask a personal finance or business expert for their money pro tips. This week we talked to Beth Koscianski, an insurance expert. 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: A pricey vacation.
Q: How did you resist it?
A: I took a hard look at my budget and decided it wasn’t the right time to splurge on a luxury trip.
Last Thing You Splurged On
Q: What was the last thing you splurged on?
A: An Amtrak ticket to visit my parents (instead of taking the much cheaper bus).
Q: Why’d you OK the splurge?
A: It saved me a lot of time on this particular day, making the extra cost worth it for the convenience.
Biggest Money Worry
Q: What’s your biggest money worry?
A: Credit card debt.
Q: What are you doing about it?
A: I recently started a strict budgeting program to tackle my debt more effectively.
Money Thing You’re Most Proud Of
Q: What money-related achievement are you most proud of?
A: My good credit score.
Best Financial Advice You Ever Got
Q: What’s the best financial advice you’ve ever received?
A: Don’t ignore bills or financial issues! They don’t go away if you just ignore them. You’ve got to make a plan and tackle them head on.
1 Money Tip
Q: What’s your number one money tip?
A: Have an emergency fund that covers at least two months of expenses. This cushion can make a huge difference in a financial emergency.
What Would You Do with a $1 Million Windfall?
Q: What would you do if you received a $1 million windfall?
A: I’d buy a house! Then, I would split the rest between investment accounts and high-yield savings accounts.
Debunk a Money Myth
Q: What’s a common money myth you’d like to debunk?
A: It’s not “impolite” to talk about money with your friends. You’d be surprised how many great conversations can come from it, and it can be incredibly informative.
How Do You Budget?
Q: How do you budget?
A: I use the app You Need A Budget (YNAB) right now!
Money Must-Read
Q: What’s a must-read money book you recommend?
A: "The Financial Diet" — It’s approachable financial advice written by women, for women.
Best Money You Ever Spent
Q: What’s the best money you ever spent?
A: The difference in rent I pay every month for a place in New York City vs. my hometown. Living in the city offers me opportunities and experiences that make the higher cost worth it.
Worst Money You Ever Spent
Q: What’s the worst money you ever spent?
A: An Equinox membership. I didn’t use it nearly enough to justify the cost.
Credit or Debit?
Q: Do you prefer credit or debit?
A: Credit.
Most Common Question People Ask You About Money
Q: What’s the most common question people ask you about money?
A: Is it rude to ask for more money when I negotiate my salary?
Q: What’s your answer for them?
A: No. If you believe your skills are worth it, then you should always feel OK asking for more.
Want more money pro tips? Check out our finance blogs.
Description: A person reading financial tips from Beth Koscianski, an insurance expert, reflecting on their own money management strategies.
