Budgeting was the topic of a presentation by Dale Reese IV ’13 on October 22, in the first of five evening seminars on personal finance for interested members of the senior class.
“The theme for tonight’s topic is discipline,” Dale told the seniors gathered in Hubbard Hall. He described what he learned about discipline in the classroom and on athletics teams at Loomis Chaffee and suggested that the discipline they learn on the Island will serve them well in other areas of life, including their personal finances.
Dale said that many people see budgets as restrictive, but he countered that budgets give you the freedom to set and achieve personal finance goals and avoid debt, which is limiting. A budget is a plan for reaching a goal, he told the students, and with the discipline to follow and track that plan, you have the freedom to control how and where you direct your money. Budgeting is useful regardless of one’s income, he said, because everyone has personal financial goals.
Dale showed a sample budget and a method for individuals to track their income and expenditures and make choices for discretionary spending. He talked about defining “wants” versus “needs”; delaying gratification; setting aside money for emergencies; and funding savings before other expenditures, known as “paying yourself first.” Dale suggested other learning resources for budgeting and budget tracking, including books and smartphone apps.
After Dale’s presentation, the students broke into groups to play a game focused on budget decision-making.
Alumni speakers will make presentations at each of the senior financial seminars, spread across the academic year. The series was organized by Loomis economics teachers Mat DeNunzio and Liz Leyden to help students expand their knowledge of personal finance basics before they head to college and enter the workforce.
“Sixty-three percent of Americans cannot pass a basic financial literacy quiz,” Mat said. The seminars aim to make sure Pelican graduates are not part of that statistic, he added.
Dale is a senior associate in the audit division of KPMG professional services in Hartford. He earned a bachelor’s degree from Grove City College in Pennsylvania, where he majored in finance and accounting. Dale is one of four Reese siblings to attend Loomis Chaffee. He was a captain of the soccer, basketball, and baseball teams; leader of the Christian Fellowship; a head admission tour guide; recipient of the Charles Edgar Sellers Faculty Prize at Commencement; and class speaker at Commencement. He and his wife, Maddie, live in Wethersfield, Connecticut.
Support from John Pearse ’58 and Sally Crowther Pearse ’58 make the senior financial seminars possible.