You probably know Scott Cam from his role on The Block, guiding would-be renovators around a job site, but it was while swinging a hammer for his own building company that he learned the ins and outs of money. Scott says he may not have had the best business head but the father of three is proud that his hard work meant there was always food on the table.
What are your money memories?
Not having much! Money was always a struggle when my wife, Ann, and I were younger – we had three kids under three and one income. We were getting by and living week to week, which was fine. We were happy. Money was important to us to move forward and make sure our kids grew up happy and healthy and got a good education. People say you can do all of that with love but it takes money as well.
Did you budget during that time?
We’ve never really done a budget but we knew not to waste money. For example, Ann and I have been married for 30 years and I don’t think we bought a bottle of wine until we were in our 40s – we drank cask wine.
How did you learn about money?
I had my own business from a young age so I was in charge of the money. If I didn’t work I didn’t get any money in so that’s why I never had time off work. I’m not suggesting I was a great businessman but I worked hard, I got by and I raised a family.
Are you a spender or a saver?
I’m a spender but the good news was I never had much money when I was younger to spend. If I’d had a lot of money when I was young, I wouldn’t have a lot now – I’d have spent it. But I don’t spend on small things like clothes or shoes because I only wear two types of shoes – work boots and thongs.
Have you made money missteps?
I invested in shares when I didn't really understand the stock market and I lost that money. The areas I don’t know anything about are where I’ve lost money. The things I know well – housing and building – are where I make money. Stick to what you know.
Do you have any tips for Aussies renovating their homes?
Know your limitations and get a good idea of the budget before you start. And stick to the plan. The main thing that hurts people is variations. If you decide you should add a door or put a roof on an area that wasn’t on the plans, they’re called variations, and they quickly add up. That’s where people come unstuck – by not sticking to the plan.
What’s your trick to maintaining a good relationship with money?
I’ve always lived by this rule: I’ve dug a thousand holes in my life and back in the day I’d quote $10 per hole. Then, every time I passed $10 over a counter, I’d equate that to digging a hole. That almost stopped me from spending money – I knew exactly how hard it was to make that 10 bucks so I wasn’t going to hand it over lightly.