Money Pro Tips: A Q&A with Insurance Expert Pat Howard
Each week, we ask a personal finance or business expert for their money pro tips. This week, we talked to Pat Howard, a homeowners insurance expert. Here's a look at how he manages his finances and his best advice.
Last Thing You Resisted Buying
Q: What was the last thing you resisted buying?
A: A Dyson vacuum.
Q: How did you resist it?
A: I just went on a pretty big spending spree for my new apartment and realized I already went way over my monthly budget for nice stuff that I don’t necessarily need. (Thanks Wirecutter.) Also remembered I still don’t have a dresser, shoe rack, bookshelf, or a rug to use a cool high-powered vacuum on.
Last Thing You Splurged On
Q: What was the last thing you splurged on?
A: A mid-century modern media cabinet.
Q: Why’d you OK the splurge?
A: Most of the furniture I’ve bought thus far has been budget buys, and I’ve never really owned a nice piece of furniture, so I figured I would treat myself to something that’s essentially the centerpiece of the room.
Current Money Goal
Q: What’s your current money goal?
A: To not eat out on weekdays.
Q: How are you working toward it?
A: I’m trying to get back to meal prepping on Sundays. It’s something I’ve been good at in spurts in the past, but I’m trying to be consistent about it. I know I’m not going to want to cook much during the week, so taking care of a lot of the prep work on Sunday—and making it a habit—saves a lot of time, money, and stress.
A Money Regret
Q: Do you have any money regrets?
A: Not realizing at the time what I was getting myself into with student loans.
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.
Worst Financial Advice You Ever Got
Q: What’s the worst financial advice you’ve ever received?
A: That I shouldn’t worry about investing until later in life. It’s crucial to start early, even with small amounts, to take advantage of compounding interest.
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 home and invest the rest in a diversified portfolio. I’d also set aside a portion for travel and future financial goals.
Best Insurance Tip
Q: What’s your best insurance tip?
A: Always review your insurance coverage annually. Make sure your policy limits keep pace with inflation and that you’re not underinsured or paying for unnecessary coverage.
Biggest Insurance Myth
Q: What’s the biggest insurance myth you’d like to debunk?
A: That renters don’t need insurance. Renters insurance is affordable and can protect you from significant financial loss due to theft, fire, or liability claims.
How Do You Budget?
Q: How do you budget?
A: I use a simple spreadsheet to track my expenses and ensure I’m living within my means. I also set aside savings automatically to ensure I’m consistently building my financial safety net.
Best Money You Ever Spent
Q: What’s the best money you ever spent?
A: Investing in my education. It’s paid off in terms of career opportunities and financial stability.
Want more money pro tips? Check out our finance blogs.
Description: A person reading financial tips from Pat Howard, reflecting on their own money management and insurance strategies.