The men and women who work the Alberta Oil and Gas industry are some of the hardest working people in the world. Every day, they endure volatile climate changes and face a diverse range of conditions that can change by the hour. Their work week is rarely less than 50 hours and at the end of their work day, they don’t get to go home, because their job site probably isn’t anywhere near their home. So what is the last thing they’re concerned with? Saving for that rainy day.
This is why we recently had Financial Advisor Patricia French come in and train our drivers on how to properly manage their day-to-day finances. Here are a few tips that were shared, that may help you get started:
- Have non-perishable snacks on hand instead of stocking up at convenience stores. What seems like a few dollars here and there can quickly add up.
- Stop smoking! Think about it: if you smoke 1 pack a day, which has an average cost of $11.32, that works out to $339.60 a month! This is a huge and unnecessary expense.
- Encourage your employer to stock quick food items that you can grab from the office. At Fox Oilfield, we actually have fresh apples, bananas, oranges, and cereal bars that employees can grab on their way through our office.
- Plan out your expenses! Simply writing out where you’re spending your money can show you where you are going wrong.
- Stop using credit cards and start using cash! Studies have shown that when you are physically losing money, you’re bound to spend less.
- Talk to a financial advisor! It can never hurt you and they may be able to show you a few tips and tricks that you had no idea even existed.
- Use the thirty day rule! Whenever you are thinking about making a big purchase, wait 30 days. If in 30 days, you still want it, then go for it, but you’ll often find that you no longer find that purchase necessary.
If you want to better structure your financial life, you can also visit this fantastic brochure (HERE) that Patricia, our financial advisor, has supplied us with.
This is all a part of our company culture at Fox Oilfield, where we believe in setting up our drivers both on and off the job site. Furthermore, the less they have to worry about off the job site, the better they will perform on the job site, which benefits everyone involved! It means they can focus on doing the job at hand safely and efficiently.
If you would like to work with a company that cares, request a quote HERE or email us at email@example.com
Patricia French is a Financial Counsellor, Registered Retirement Consultant (RRC®), and Professional Human Ecologist specializing in planning with those who are under the age of 50. She began as a Financial Counsellor with the not-for-profit agency, Credit Counselling Services of Alberta Ltd, now called Money Mentors. Patricia is now employed with SISIP Financial, the provider of Financial Planning, Counselling, and Insurance services for the Canadian Forces, and provides financial counselling and educational programs to members of the Canadian Forces and their families. With 18 years of experience working with individuals and families, she believes financial roadblocks can be avoided or overcome with good planning. She helps families get through the rough patches, steer clear of obstacles, and get on track to achieve their financial goals. She holds both a Bachelor of Science in Consumer Studies and a Master of Science in Family Ecology and Practice, with emphasis in Family Financial Management. She is an experienced facilitator and has taught workshops on topics such as budgeting, building and rebuilding credit, debt management, and pre-retirement and retirement planning. She is a co-author of the book“10 things I wish someone had told me about retirement” with Rein Selles and Jim Yih. She is also an award-winning Sessional Instructor with the Department of Human Ecology at the University of Alberta teaching in the area of Family Economics and Family Finance. She is driven to providing participants, clients, and students the key knowledge, skills, and strategies to find their own path and safely navigate the often potholed financial road ahead.