Why CTV’s Seamus O’Regan saves a little at a time

Seamus O’Regan is a correspondent for CTV National News. In our series on the financial habits of notable Canadians, O’Regan told the Star’s Emily Mathieu why people should stagger home renovations, why he splurges on eating out and what he learned by mistakenly buying what turned out to be a classical score for The Empire Strikes Back.

Did your family influence your attitude toward money?

Yes, they taught me to keep spending under control. Sweat the small stuff — it adds up.

What is the best financial advice you ever received?

Diversify.

What was your first job and what did you learn from the experience?

I was a paper boy for 3 years. Trust me, delivering papers in wet and windy Newfoundland winters taught me a lot about persistence and how serious people are about getting the news.

What was the first item you purchased with your own money?

The soundtrack to The Empire Strikes Back. I thought I was buying the audio of the film and was brutally disappointed when it was the John Williams score. But a few days later, it grew on me, and it introduced me to classical music.

What has been your savviest investment?

My education. I received my Masters in the UK and had to borrow the money for all the fees. It took me a while to pay it off, but it’s been worth every penny.

What is your best money-saving advice?

Automatic payments to RRSP and TFSA accounts on the day you get paid — you can’t miss it if you don’t have it.

What is your worst spending habit?

Eating out. I love really good food and a nice night out with friends. It brings me real joy.

Have you learned any financial lessons the hard way?

Don’t get in over your head with home renovations. Stagger them and pay as you go.

What advice would you give to young people interested in entering a career in television?

Be prepared to work hard and remember to keep your horizons broad; never stop asking questions and never stop trying new things. I moved to a very different job at CTV National News last month and I’m learning so much. It’s exhilarating.

How do you prefer to pay, cash, card or debit?

I usually put larger items on my credit card so insurance covers damages. I put smaller day-to-day items on debit and I get a monthly Metropass for transit so that I don’t have pockets full of change for the streetcar.

Do you bank online?

Didn’t we always? What did we do before? My home branch is in Newfoundland and while I try to get there often — it’s not THAT often.

How do you tip?

Fifteen to 20 per cent, if it’s very good. I have a huge amount of appreciation for people in the hospitality industry. Courteous and professional service makes ALL the difference and I want to be sure to deliver in return.

Do you worry about retirement?

I do. I find it a little daunting, but I’m a regular saver to RRSPs, TFSA, work pension and employee savings plans. I love my job, so I really can’t picture myself not working, but I’m doing my best to plan for that stage. Hopefully it’s a long way off.

Are money and success the same thing?

Not at all. I gauge my success by my happiness at home and by the opinions and support of my peers. But money never hurts.

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