Spending Habits: I have a property I rent out, it was always my intention to keep it as my pension

Stef McSherry is the founder and creator of Kinderama.com which runs virtual summer camps for children.

Stef McSherry founder of Kinderama

What is your relationship with money?

I have a pretty healthy relationship with money. I don’t stress over it even when things are getting pretty tight. I think the more you worry the worse it gets!

Are you a spender or a saver?

I’m both. I make sure I put money away for a rainy day (but there were quite a few of those last year!) and then if I feel like treating myself or the kids I will.

Do you find it hard to splurge?

I would certainly take my time over bigger purchases and make sure that it can be afforded, so yes, I guess I do!

What is the best money-related advice you were ever given?

If you spend more time focusing on the outgoings that is where your energy is going. Try and focus as much on the income and picturing that. That gem is from Jennifer aka @themoneymedium. I love her mindset.

Do you follow a budget and what is your process?

The honest answer is no (sorry if my accountant is reading this!!) but I do always have a fairly good idea of what is coming in and going out.

What's the most expensive thing you have ever bought?

My house – does that count? I’ve never had flashy cars, so after the house would be holidays. We did a massive trip to California with the kids in 2019….Disney, Sea World, Golden Gate bridge. I am so glad we did it when we did!!!

What is the most important thing you have ever bought?

The investment I made in taking my business online and creating Kinderama.com. I never intended to film it all on green screen, but I am glad I made the extra investment as it looks amazing and really brought our product to life.

What age did you start your pension and did you know it was important at the time?

I don’t have a pension, but I do have a property that I rent out. I have had it since my mid-20s and it was a huge risk at the time. I had to rent out rooms to keep up with the mortgage! It was always my intention to keep it as my pension.

What is the biggest mistake you have ever made financially and what is the lesson you take from it?

Lending money! You often have that gut feeling about it at the time but if it is a friend or relative in need you don’t listen to it. The lesson I take from that is only lend it if you can afford to lose it – because the likelihood is you will never see it again!