It’s certainly fitting that Brandon Benner is a banking advisor. A 22-year-old wunderkind, he’s spent that last five years working his way up from stock boy at his local Loblaw’s Superstore to the role of small business manager, the job to which he’s recently been promoted and will soon take on.
“I used to be your typical young person living paycheque to paycheque,” he says. “I was working at Superstore and didn’t have any financial goals. Over the past two years, I’ve actually adopted a few resources and tools to help me track my net worth.”
“On average, I’ve seen my net worth grow by $2000 every month.”
In fact, his net worth now stands at $38,072 – up from $21,352 this past January – the result of a very careful budget, meal planning, maxing out his RRSP and company share ownership plan contributions -- and personal sacrifice.
He uses the financial planning app Mint to help him monitor his expenses. “I stumbled across it six months ago,” says Benner. “I use it to calculate all investments and my net worth. I track my net worth on a weekly, biweekly and monthly basis to make sure I’m on track.”
Benner too has certain advantages over his peers from a debt perspective. He got his job straight out of high school and has no student debt. He also lives in a basement apartment in his parent’s home, paying $200 a month in rent. “I’m no stranger to the huge benefit of my situation,” he says.
To augment his education, Benner has been taking courses offered by the bank. He’s taken the Investment Funds Canada course and is now working towards his personal financial planner designation. “My ultimate dream job is a financial planner or investment retirement planner.”
Benner concedes his life is very regimented. “It has taken a bit of dedication. I keep a running balance so when I go out with friends and I see [on my phone] that I have only $10 or $15 until the end of the month, that really makes me think: Do I really need that burger?”
As for his friends, Benner tries to sell them on his savings strategy. “I try to educate them. But some of them think I’m cheap.”
Yet with rental property on the horizon and his travel plans, Benner feels it’s all worth it. “I’m not making a huge salary. It makes me prioritize:
“You always have to be thinking of your next goal.”
His typical monthly expenses:
$200 on rent (includes utilities). “I’m living in the basement suite in my parents’ place. I live with a roommate too in the basement suite, which makes it even cheaper.”
$140 on groceries. “I have a President’s Choice credit card for gas and groceries. My girlfriend and I both believe in the same thing – trying to save money as much as possible. We both believe in doing food prep at the beginning of the week because it saves us so much money. We do about 10 meals – lots of stir-frys – chicken and veggies. It actually only costs $3-$4 for every dinner or lunch we’re making.”
$100 on eating out/drinks/going on a date. “I go out and get a drink of maybe an appetizer or two – cheap eats, two for one. I limit myself to $15-$20 each time. I go out four or five times a month.”
$15 on coffee. “I pride myself on making a great cup of Joe - I grind beans at home.”
$115 for cell phone and Internet.
$0 on haircuts. “My girlfriend actually cuts my hair. It’s something we do together. She usually gives me a buzz cut.”
$20 on e-books. “I have a contract with Audible. I listen to e-books when I drive back and forth to work—and I listen when I go for a jog at home. I’ve been trying to mentor myself – getting books to read—and learning all I can about investing.”
$0 on a gym membership. “I come home, put everything away and go for a jog. There’s a beautiful regional park two minutes from my door. I go play sports with friends. And I like biking. I try to find free and fun ways to get fit.”
$30 on alcohol. “I enjoy the odd beer now and then. As soon as I have a receipt I run it through my phone—it tracks my expenses.”
$160 on gas. “I have a decently big commute. I live in West Kelowna and I work in lake country, 40 minutes away.”
$83 on car insurance. “I drive a 2002 Toyota Echo which I adore, because it saves a lot of money on gas.”
$10 on clothing. “When I joined the bank, I went out and bought office attire. I went to Moore’s: It was $400 for a whole new wardrobe. I take very good care of my clothing. And I do thrift store shopping. I can get some sharp clothing at thrift stores—you just have to be good at hunting.”
$200-300 per year on holidays/trips. “I’m a big outdoors guy. My girlfriend and I went to Revelstoke for a camping trip. So I set up a budget just for that.”
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