Organize It: Family Finances

This week, I am doing a series called "Organize It: Family Finances"

Source

Today's Topic: Why I organize my family finances

To understand how I got to this place, I need to you fill you in on my upbringing.  My dad, Stu (spell-checked stud) is a hard-core type of person.  Frugal, careful, planning, but must of all practical.  There must be systems in place for things especially big ticket items like money, home and vehicles.   

My sister, brother and I started doing our own laundry in the the 7th grade.  Sunday was our laundry day.  My sister and I were VERY active people so we went through about 3 outfits a day - school clothes, ballet, soccer, gymnastics (just depending on the day).  We were a bit careless with how many outfits we wore each day so mom implemented the "you do your own laundry" and we quickly learned the massive amounts of clothes that we wore each week.  

My dad would watch patiently as we folded clothes, put them in laundry baskets and repeated for each different load.  We worked our little tail ends off to make it happen (at least that is how I remember it happening) each week.  We (back to the identical twin thing... I always refer to my childhood as a "we" instead of an "I") would leave out the laundry basket overnight.  This happened a few weeks in a row before a new consequence was put into place.  It became the "if-you-leave-the-laundry-out-you-have-to-buy-back-your-clothes" consquence.  Yep, we had to buy back the clothes that we already owned.  #hardcore #ilovemydad #consquenceswork  

Bottom line: There MUST be systems in place to ensure things runs smoothly.  Sidenote: my dad is an engineer.  SHOCKER OF THE CENTURY.  I will let you catch your breath here.

Before I left for college, we worked out a budget for each semester.  We estimated my expenses each month and then I was given a lump sum check for the semester.  My fall freshman semester I went negative, my dad's response, "that stinks."  We worked together to fix the issue and to ensure that I paid closer attention to my finances so going negative wouldn't happen again.  

Fast-forward to present day: I am a stay-at-home mom for my family (You can read more about My Story here).  My husband works extremely hard to provide for our family.  He works far from our home so in addition to his time at the office, he spends around 2 hours a day on his commute.  I consider organizing our family finances as a gift of service to him.  It allows both of us the ability to know our spending habits without placing the extra burden on him to try to prepare/organize this.  

I am not a skilled accountant.  The last time I took math was high school Calculus where I "placed out" of taking Math in college.  Nothing I am going to be showing you requires a Statistics degree or anything of the sort.  You will need to know the basics of Excel (or the Mac equivalent of Numbers) and a willing heart to learn new things.

Some of you may be thinking, "this sounds WAY too overwhelming" or "It's not for me" or "I don't even want to know how to do this."

My response to question #1: 

Overwhelming?  Now, THIS is overwhelming. Total YUCK.

Laundry room before picture

But if you work really hard on the overwhelming things then slowly but surely, it can become beautiful.

Laundry room after pic

My response to question #2:
"It's not for me" - Maybe it's not, but it wouldn't hurt to think/talk through with your significant other about how you can contribute to managing your family finances.  Maybe not this way, but is there another way you can help?

My response to question #3:
"I don't even want to know how to do this" - Okay, then join me next week after I have finished the "Organize It: Family Finance" series!

 Okay, who is excited?  Anyone?  I AM!  See you guys tomorrow for the "How to Get Started" post!