“Interest is either something you’re earning or something you’re paying—learning to manage your money wisely ensures that it’s working for you, not against you.”
— Roger Knecht
Managing personal finances can feel overwhelming, especially in today’s world of rising costs, increasing debt, and financial uncertainty. Many people struggle to live within their means, save for the future, and achieve financial stability. Without a clear understanding of budgeting, debt management, and smart investing, financial stress can take a toll on both individuals and relationships. That’s why it’s more important than ever to develop a plan that helps people regain control of their money, reduce financial anxiety, and create a path toward long-term security.
In this insightful interview, Roger Knecht, president of Universal Accounting Center, shares expert advice on how to build a solid financial foundation. He discusses common financial mistakes, practical strategies for getting out of debt, and the importance of balancing present enjoyment with future planning. Whether you’re looking to boost your income, set realistic financial goals, or prepare for retirement, Roger’s guidance offers actionable steps to help you take charge of your financial future.
Thank you so much for joining us, Roger! Our readers would love to get to know you a bit better. Can you tell us about your backstory?
Certainly, and thank you for having me. I’m the president of Universal Accounting Center, a post-secondary school that specializes in training accounting professionals. Over the years, I’ve worked with thousands of individuals, helping them build successful accounting, bookkeeping, and tax businesses. While accounting isn’t the same as personal finance, people often turn to accountants for financial advice. This led me to develop a personal finance course that I’ve taught to both young adults and seasoned professionals. My goal is to help people live a debt-free life, achieve financial stability, and reduce the stress that comes with money management.
Personal finance is such an important topic, especially now with inflation and economic uncertainty. What are some of the biggest mistakes people make when managing their finances?
One of the most common mistakes is living beyond their means. Many people rely on credit cards and accumulate debt without a plan to pay it off. Another major mistake is not having an emergency fund—unexpected expenses like medical bills or job loss can put people in financial distress. Finally, failing to plan for the future is a big issue. Many people don’t think about retirement or long-term financial security until it’s too late.
Debt is a huge burden for so many people. Why do you think so many struggle with credit card debt?
Credit cards are easily accessible, and companies make it tempting to overspend. Many people only pay the minimum balance, not realizing they’re primarily paying interest rather than reducing the principal. When interest rates can be as high as 30%, debt can spiral out of control. The key is to pay off credit card balances in full each month to avoid unnecessary interest payments.
That’s so true. I learned that lesson the hard way in my younger years. What advice do you have for someone trying to get out of debt?
First, track every expense and create a budget—knowing where your money is going is crucial. Next, focus on paying off high-interest debt first while making minimum payments on other debts. You can use the snowball method (paying off the smallest debts first for momentum) or the avalanche method (tackling high-interest debt first to minimize costs). Most importantly, avoid accumulating new debt—stop using credit cards unless you can pay them off monthly.
Budgeting plays such a key role in financial health. What’s your take on living within one’s means?
It takes discipline and awareness. A great way to manage spending is through the envelope system, where you allocate cash into categories like rent, groceries, and entertainment. While cash is less common today, using budgeting apps or tracking expenses digitally can be just as effective. Also, avoid lifestyle inflation—just because you get a raise doesn’t mean you need to upgrade your lifestyle immediately.
A lot of people don’t know where to start when setting financial goals. How can someone create realistic and achievable goals?
Start by defining short-term, mid-term, and long-term goals. Short-term goals could be paying off debt or saving for a vacation, mid-term goals might include buying a home or starting a business, and long-term goals often focus on retirement. Break your goals into actionable steps, set deadlines, and track progress. Make sure they’re SMART—specific, measurable, achievable, relevant, and time-bound. A clear plan keeps you motivated and disciplined.
Many people struggle with saving money. What are your top tips for saving?
The best way to save consistently is to automate it—set up a direct deposit into a savings account so you don’t have to think about it. Build a short-term emergency fund with at least three to six months’ worth of expenses to cover unexpected costs like medical bills or car repairs. Lastly, start contributing to a retirement plan early—even small amounts grow significantly with compound interest. If your employer offers a 401(k) match, take full advantage of it, and if you’re self-employed, explore IRAs or other investment options. Consistency is key—small, regular contributions add up over time.
Speaking of retirement, what should people be doing now to ensure a secure financial future?
Start as early as possible—the sooner you save, the more your money grows. Maximize employer-sponsored retirement plans like 401(k)s, especially if there’s a match. If you’re self-employed, consider IRAs or solo 401(k)s. Diversify your investments to spread risk, and consider working with a financial planner to tailor a plan that fits your goals. Most importantly, review and adjust your strategy regularly as your financial situation evolves.
Balancing present enjoyment with future planning is tough. How can people find the right balance between living for today and planning for tomorrow?
It’s all about intentional spending and prioritization. A great approach is the 50/30/20 rule—allocate 50% of income to necessities, 30% to wants, and 20% to savings. Align spending with your values—invest in experiences that truly bring you joy rather than impulse purchases. Setting specific savings goals for short-term and long-term priorities, like vacations or homeownership, ensures you can enjoy today without sacrificing tomorrow.
Financial stress is one of the biggest issues in relationships. How can couples avoid money-related conflicts?
Open communication is key. Couples should have regular financial discussions to align their spending habits, goals, and expectations. Establish a joint budget that covers shared expenses while allowing room for individual financial independence. Setting a spending threshold—an agreed-upon amount that requires discussion before a big purchase—helps prevent misunderstandings. Planning together for major financial goals, like homeownership or retirement, fosters teamwork and reduces stress.
Teaching kids about money is so important. What should parents be teaching their children about finances?
Kids should learn basic money management early. Give them an allowance and teach them to budget. Show them the importance of saving with a savings jar or account. Encourage them to earn money through chores or part-time jobs and talk to them about taxes and expenses. The goal is to make money tangible and teach responsible spending habits from an early age.
Investing can be intimidating. Should people invest even if they have debt?
It depends on the type of debt. If it’s high-interest debt, like credit cards, focus on paying that off first. However, if it’s low-interest debt, such as a mortgage or student loans, you can invest simultaneously. The key is finding balance—paying down debt while growing wealth through smart investments.
A lot of people want to earn more money but struggle with finding ways to increase their income. What are some practical ways to boost income without drastically changing their lifestyle?
First, ask for a raise—many people hesitate, but negotiating your salary can be highly effective. Second, explore side hustles like freelancing, consulting, or selling digital products. Third, consider passive income streams like stocks, rental properties, or online courses. Lastly, upskilling or further education can open doors to higher-paying job opportunities. The key is exploring different avenues to see what works best for you.
What services does Universal Accounting Center offer to help people gain financial stability?
We offer professional training programs for accounting, bookkeeping, and tax preparation, equipping individuals with practical, industry-recognized skills. We also provide free financial literacy courses, including Money Management 101 and Couples Finance, to help people budget, reduce debt, and build long-term wealth. Our goal is to make financial literacy accessible to everyone. You can explore these courses at universalaccounting.com.
What additional resources do you offer for individuals looking to improve their financial literacy?
In addition to our training programs, we offer a Free Personal Finance Course, which provides essential money management strategies to help individuals take control of their finances. This course covers key topics such as budgeting, debt reduction, saving, and financial planning, making it a valuable resource for anyone looking to achieve long-term financial stability. You can access the course for free at Universal Business Builders – Money Management Video Course.
Roger, this has been an incredibly insightful discussion. Thank you for sharing your expertise and practical advice on financial stability. I truly appreciate your time!
Thank you, Stacey! It was a pleasure speaking with you. I hope these insights help your readers take control of their financial future.
Tune in to this insightful podcast episode with Roger Knecht as he shares expert strategies on managing debt, saving for the future, and achieving financial stability—listen now! https://www.spreaker.com/episode/stop-drowning-in-debt-here-s-how-to-take-back-control-live-free–64486004
