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 Family CFO is Michelle Schroeder who the blog Making Sense of Cents. Michelle is a 25 year old freelancer who paid of nearly $40,000 in student loan debt!
Q: Do you currently work or stay at home?
I currently work from home as an online freelancer. I manage websites, manage social media for websites, staff write, and more.
Q: Do you have kids? If so, how many and what are their ages?
We don’t have children yet, but we plan on hopefully starting a family in around two years.
Q: Who is in charge of everyday spending in your home?
We are both in charge of everyday spending in our home. We go over pretty much any purchase over $50 with each other to keep each other accountable. It also helps us analyze each purchase since we talk about it with one another.
Q: How do you track your finances?
We track our finances the old school way, mainly with a pen and paper. I don’t know why, but I like having a piece of paper in front of me to do this.
Q: How do you track your net worth?
I keep track of my net worth the old fashion way as well. A piece of paper!
Q: Do you create a budget?
Yes.
Q: How often do you check your accounts?
A few times a week.
Q: How often do you assess you spending and budget?
Weekly.
Q: What’s your biggest challenge when it comes to your finances?
My biggest challenge is to not be such a money worrier. I am constantly calculating our budget and I always have money fears lingering in the back on my mind. I wish I wasn’t like this, but I truly think my husband helps me in this area because he always like to keep me in check that money is meant to be enjoyed as well. It doesn’t mean that you have to spend more than you earn, it just means having a healthy balance.
Q: What has been your biggest success financially?
My biggest success financially would be how I paid off my student off my student loans just a few months after I turned 24. This then led to my other big success which is how I left my day job to pursue full-time online freelancing. The comfort of not having a large student loan payment each month made me feel more comfortable with pursuing my passion.
Q: Who is in charge of the managing bill paying in your home?
I manage paying the actual bills each month. We go over our bills and spending together, but I’m the one who manages it all. I’ve always been good with money and managing it, and he’s never said no 🙂
Q: When you and your spouse disagree about a financial issues how do you come to a compromise?
I am an extreme saver, and he is definitely a person who likes to enjoy our money. Whenever we disagree, we try to think about the pros and cons, whether or not we really need the purchase, and how it will or will not affect our financial goals. Our disagreements usually don’t last long and we usually come to a fair compromise.
Q: What is the best advice you have for being a successful CFO of your family?
My best advice would be to be realistic with your finances. Too many people put their finances and tracking their finances on the backburner, which is not a good idea. Running away from your finances will not solve your financial issues.
Kelly’s Notes
Get Real
I love the advice that you have to be realistic about your finances. You literally can’t spend more than you can make. You can’t get out of debt by hoping for a raise-you have to work at it.
Don’t Worry
Finding a balance between managing your money consistently and not worrying can be a challenge. I love that Michelle’s husband is able to help her keep her worries in check. If you can’t lean on your partner in that way maybe you have a friend or family member that can help you stay focused while still having fun.
What questions do you have for Michelle?
Kelly
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