Taking a long, hard look at your finances
When’s the last time you discussed your finances in depth with … well, anyone?
That’s what Mitch Augarten thought.
Augarten has a passion for personal finances, and actually finds the above question fascinating. A CPA/MBA, Augarten, of Cherry Hill, had worked at large pharmaceutical company for almost 30 years. Recently, his position was eliminated, and he’s spent the past year working on turning his passion for finance into a class on spending habits.
His next class, “Where Does My Money Go?” is a five-week course. It will be offered at the Cinnaminson Branch Library Sept. 12, 26, Oct. 1, 17 and 21 from 10 a.m. to noon each session.
“The concept is, if people had a way to better organize and examine what their spending habits are, would they change their spending habits?” Augarten said. “It’s for people who are perplexed [about] where their money is going.”
For the past four of five years, Augarten has held informal classes on spending habits for his friends. Most of them would say that they make a nice living, but would add that, at the end of the month, they would have no money left over. Augarten would sit them down, examine their spending habits for six months to a year, and use an Excel workbook he created to help them categorize their money usage. Augarten will use the workbook in the upcoming library class, and jokes that there will be some research and homework involved.
The class starts out with a very abstract thought: What is money? Augarten said “money” is more about choice than anything else.
The first class is a general overview of the methodology, he said. Also, he talks about very basic things that many haven’t talked about in a while – like why you should use a check register, and what information should be captured in it. He also talks about the use of credit cards versus debit cards, and keeping track of every time you visit the ATM.
“They have to do some research, and while it sounds painful, most people have a wealth of knowledge at their disposal when it comes to tracking their money, but most people don’t take the time to sort through it,” he said.
It’s not so much prodding his students into figuring out where the money is going, but rather analyzing the spending. He adds that the average person may only have a vague idea of where his or her money is spent on, because he or she is not categorizing things.
Augarten taught the course last spring as part of Temple University’s adult education program. Many participants, from college students to those right up against retirement, signed up for the class. And they signed up for a slew of reasons, ranging from wanting to save more money for their kids’ education, to just wanting a better vacation.
He said he takes great lengths to make sure no one in the class is judgmental, adding that spending habits are very personal.
Oh, and he’s not the “spending police,” he said.
On the last day of class, he puts an action plan together to help each person reach his or her goals. He said the project gets very specific in changing a person’s behavior – that is, if a person wants to change his or her spending habits. Some people take the course, analyze their spending, and are happy with it, he said.
“I’m not like one of those people that says, ‘You have to listen to me,’ and, ‘This is how you have to do things,’ he said. “Everybody’s spending is very personal.”
But, the best piece of advice Augarten can dole out is to take the time to look over your spending in general.
The free program is limited to Burlington County Library Cardholders. To register, call the Cinnaminson Library at 856-829-9340 or visit the Web site at www. www.bcls.lib.nj.us.
Augarten has a passion for personal finances, and actually finds the above question fascinating. A CPA/MBA, Augarten, of Cherry Hill, had worked at large pharmaceutical company for almost 30 years. Recently, his position was eliminated, and he’s spent the past year working on turning his passion for finance into a class on spending habits.
His next class, “Where Does My Money Go?” is a five-week course. It will be offered at the Cinnaminson Branch Library Sept. 12, 26, Oct. 1, 17 and 21 from 10 a.m. to noon each session.
“The concept is, if people had a way to better organize and examine what their spending habits are, would they change their spending habits?” Augarten said. “It’s for people who are perplexed [about] where their money is going.”
For the past four of five years, Augarten has held informal classes on spending habits for his friends. Most of them would say that they make a nice living, but would add that, at the end of the month, they would have no money left over. Augarten would sit them down, examine their spending habits for six months to a year, and use an Excel workbook he created to help them categorize their money usage. Augarten will use the workbook in the upcoming library class, and jokes that there will be some research and homework involved.
The class starts out with a very abstract thought: What is money? Augarten said “money” is more about choice than anything else.
The first class is a general overview of the methodology, he said. Also, he talks about very basic things that many haven’t talked about in a while – like why you should use a check register, and what information should be captured in it. He also talks about the use of credit cards versus debit cards, and keeping track of every time you visit the ATM.
“They have to do some research, and while it sounds painful, most people have a wealth of knowledge at their disposal when it comes to tracking their money, but most people don’t take the time to sort through it,” he said.
It’s not so much prodding his students into figuring out where the money is going, but rather analyzing the spending. He adds that the average person may only have a vague idea of where his or her money is spent on, because he or she is not categorizing things.
Augarten taught the course last spring as part of Temple University’s adult education program. Many participants, from college students to those right up against retirement, signed up for the class. And they signed up for a slew of reasons, ranging from wanting to save more money for their kids’ education, to just wanting a better vacation.
He said he takes great lengths to make sure no one in the class is judgmental, adding that spending habits are very personal.
Oh, and he’s not the “spending police,” he said.
On the last day of class, he puts an action plan together to help each person reach his or her goals. He said the project gets very specific in changing a person’s behavior – that is, if a person wants to change his or her spending habits. Some people take the course, analyze their spending, and are happy with it, he said.
“I’m not like one of those people that says, ‘You have to listen to me,’ and, ‘This is how you have to do things,’ he said. “Everybody’s spending is very personal.”
But, the best piece of advice Augarten can dole out is to take the time to look over your spending in general.
The free program is limited to Burlington County Library Cardholders. To register, call the Cinnaminson Library at 856-829-9340 or visit the Web site at www. www.bcls.lib.nj.us.
