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 Shannah who blogs at The Money Game Plan and Shannah Compton. Shannah is a Certified Financial Planner and has a MBA from Pepperdine. She helps everyone from business owners to individuals create solid financial plans with a dash of fun.
Q: What do you do for a living?
I am a bit of a money misfit. I am a Personal Financial Strategist working with private clients, but I also teach Financial Literacy at Cal State Northridge in a class I created, write financial literacy curriculum, speak, and write for both myself and magazines on everything money.
Q: Do you have kids? If so, how many and what are their ages?
Q: Who is in charge of everyday spending in your home?
My husband and I both are. We have a budget and keep a page of paper on the fridge with our weekly budget numbers.
Q: How do you track your finances?
I have an Excel budget that I use month after month and I have a piece of paper that I list the weekly budget numbers on. We keep it on the fridge and jot down the expenses as we go through the week. It is a great visual reminder.
Q: How do you track your net worth?
My same Excel spreadsheet.
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?
Being a financial professional you are expected to be perfect. It has taken me quite a while to realize that it is ok that I’ve made money mishaps. That actually helps me relate to my clients and helps my writing.
Q: What has been your biggest success financially?
Honestly, I have credentials and degrees galore, but it wasn’t until I really followed my heart and chased after my writing desires that opportunities opened up. I never saw myself being a Professor (never thought that would happen) to creating financial products to my writing for blogs and magazines.
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?
We actually can come to a compromise fairly quickly. We are both aligned on our goals and know what we are marching towards.
Q: What is the best advice you have for being a successful CFO of your family?
I think it is important to have one person that is “in charge” of handling the money. As long as communication lines are open and you can easily talk about any large expenses or when you go off budget. I always say you have to know your numbers, trust your numbers but also track your numbers.
Follow your Dreams
I know it sounds cliché, but Shannah is a great example of how following your dreams can pay off both personally and financially.
Everyone Makes Mistakes
I can relate to Shannah’s comment about money mishaps. I often feel the same way, but believe me I make money mistakes more frequently than I care to admit! The key is to not let them get you completely off track.