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 we welcome Kate Horrell from KateHorrell.com. Kate is a military spouse with 4 kids (that seems to be a theme lately!) who shares my goal to live a good life on less. Kate says it has taken a lot of work to get her family on firm financial footing, but through her love of learning and her writing at The Paycheck Chronicles they have come a long way.
Family CFO Interview: Kate Horrell
Q: Do you currently work or stay at home?
Work from home as a writer and consultant.
Q: Do you have kids? If so, how many and what are their ages?
Four girls, aged 16, 14, 13 and 11.
Q: Who is in charge of everyday spending in your home?
No one? We aren’t big spenders, so no one is really in charge.
Q: How do you track your finances?
It changes all the time. I’ve tried Mint and YNAB, and I haven’t been able to commit to either one. Our finances are so simple that it is mostly in my head.
Q: How do you track your net worth?
Once a year, I calculate our net worth.
Q: Do you create a budget?
Q: How often do you check your accounts?
Several times a week.
Q: How often do you assess you spending and budget?
Q: What’s your biggest challenge when it comes to your finances?
It is hard to remain vigilant when you are saving a ton and not carrying any debt. We could be saving so much more but it is hard to force myself to pinch pennies when we’re doing well.
Q: What has been your biggest success financially?
Paying off and staying out of debt, building passive income, having a long-term plan.
Q: Who is in charge of the managing bill paying in your home?
Q: When you and your spouse disagree about a financial issues how do you come to a compromise?
I’m not sure we ever have. Occasionally, my husband will want to buy something that I wouldn’t consider buying, but he asks for so little that I indulge him.
Q: What is the best advice you have for being a successful CFO of your family?
Simplify and pay attention! Get rid of excess accounts. Pay off debt, both for financial reasons and so you don’t have to think about it. Have a backup plans, such as overdraft protection, so that you are aren’t thinking about money during other important times (family emergencies, travel, your sister’s wedding.)
Kate shared the importance of long-term planning in several of her responses. Have a long-term financial plan and creating backup plans in case of emergencies is definitely a key to financial success.
It’s clear from Kate’s responses that she and her husband have a ‘saver mindset.’ With a mindset like this in place it’s easy to see why they’ve been able to pay off debt and stay out of debt.
Thanks Kate for sharing with us! What comments or questions do you have for Kate?