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'My love of boats means on occasion I have spent too much on my hobby'

A businessperson confesses all about their personal finances. This week, Ross Boyd of Ross Boyd Chartered Accountants.

Q. Are you a plastic or a cash person?

A. Plastic. It's easy and secure.

Q. How much money do you usually carry around with you?

A. Less than £50 unless I'm out for an evening.

Q. Do you see personal debt (ie, credit card, personal loans) as inevitable, or best avoided?

A. I see personal debt as essential to modern life but because high levels are so readily available at high costs it is dangerous.

Q. Apart from a house or car, what's the most expensive thing you've ever bought?

A. My love of boats means on occasion I have spent far too much on my hobby.

Q. Are you a saver or a spender?

A. A bit of both. I have just invested in a bigger house which needs money spent. Most of my saving these days is linked to my pension plans. With a young family there are always reasons to spend.

Q. What are your best - and worst - spending habits?

A. Positively, I love shopping online as it offers competitive prices. However, I travel a fair bit with work and family and spend far too much on eating out - and on my 'boating habit'.

Q. Did you get pocket money as a child and, if so, what was the first sum you received in pocket money?

A. I did but I can't remember how much it was, although it was not a lot.

Q. Did you have a part-time job as a youngster? What was it?

A. I worked in a Chinese restaurant for a while. I also worked in outdoor pursuits centres, which I loved.

Q.If you had a huge fortune would you leave it to your children?

A. Yes, but probably with some strings attached. I would also support good causes. I believe having a fortune without the ability to handle it is in no way a gift.

Q. Where do you do your food shopping?

A. In local shops - as a business owner myself I like to support them - as well as in large supermarkets.

Q. Did the recession teach you anything about personal finances that you're bringing with you into the recovery?

A. I set my business up during the recession and had to make radical changes to my personal finances to support it. I learnt wasted expenditure is always bad and investing in property can be risky.

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