Welcome to another installment of the Centsible Life Family CFO interview series. This series will share a look behind the scenes at how other families manage their money with useful advice, funny stories, and hopefully we’ll all come out of it a bit more money savvy.
Want to be featured as a Family CFO? Simply click over to the interview form and fill it out. It should only take you about 5-10 minutes. I’d love to feature readers and fellow bloggers alike. If you have suggestions for additional questions I’d love to know what you’d like to ask.
This week’s interview is with Jennifer from Live Simply, Live Thrifty, Live Savvy. Jennifer shares advice and wisdom on living simply with sales, deals, and loads of practical advice.
Q: Do you currently work or stay at home?
I work from home. (Jennifer is self-employed as a freelance writer, blogger, and social media and research consultant.)
Q: Do you have kids? If so, how many and what are their ages?
I have 2 sons– ages 14 and 13.
Q: Who is in charge of everyday spending in your home?
Q: How do you track your finances?
I use a good old fashioned check register to record our personal transactions and our online bank website to reconcile.
I use Wave Accounting for my business expenses and Excel spreadsheets to record monthly bills and to track expenses I will need for tax time.
Q: How do you track your net worth?
Considering that we are a household and not a business, it’s not something I am really concerned about.
Q: Do you create a budget?
Very loosely. A lot of it is based on what our monthly bills are and how much we bring in– everything else is “play money.”
Q: How often do you check your accounts?
At least weekly.
Q: How often do you assess you spending and budget?
At least weekly.
Q: Who is in charge of the managing bill paying in your home?
I am in charge of the finances in my household, though we have taken turns at some points.
Q: What’s your biggest challenge when it comes to your finances?
My self-employment income can vary and may come in monthly instead of weekly or bi-weekly. It requires more advance planning.
Q: What has been your biggest success financially?
Our biggest success has been recovering from financial troubles, including repairing our credit, qualifying for better rates on our auto loan (refinancing), and purchasing a home.
Q: When you and your spouse disagree about a financial issues how do you come to a compromise?
We may have to revisit the issue before making any final decision. Even though I handle the daily finances, larger decisions are run by my husband to make sure we are on the same page.
Q: What is the best advice you have for being a successful CFO of your family?
Be proactive and develop a system that works for you and your family.
Notes from Kelly:
Jennifer’s site is a great resource for Centsible Life readers and it’s clear she’s doing a great job as family CFO.
Income that fluctuates like Jennifer’s (and mine) can be challenging to manage. We are fortunate to have a steady income from my husband so we live off that and my income goes towards debt repayment, extras, and back into my business.
What questions or advice do you have for Jennifer?
Many thanks to Jennifer for sharing.