I am horrible with money. I don’t like talking about it, negotiating or thinking about it. I come from a family who was fixated on saving and gifting money. Fights over who pays the bill at brunch and then the expectation of endless thank yous made me tempted to skip the meal in the first place. I know I’m an ostrich and want savings made simple, but really, I shouldn’t blame anyone but myself. I’m certainly not setting a good example for the kids with my avoidance.
I’ve decided to take part in the Family Financial Challenge and would love to encourage you to join me by sharing your own tips to save money throughout the month of February.
Here are what I’ll be focusing on each week:
• Week 1 – Cash, Cash, Cash
• Week 2 – Food
• Week 3 – Family
• Week 4 – Clothes
Financial guru Gail Vaz-Oxlade. will be participating in a Chatelaine Twitter Party on Thursday, February 6 from 7 p.m. – 9 p.m EST. We’d love for you to join the conversation by tweeting to @GailVazOxlade and @Chatelaine using the hashtag #SavingMadeSimple with all of your questions. Learn more on Chatelaine!
So my goals? For this first week I’m focused on CASH to see where my money actually goes. (bites nails).
First I signed up on mymoneymychoices.com to begin the 23 step guide. By following the process I will examine your financial habits, understand where mymoney goes and set up financial goals. The tasks below are going to be painful but worth it!!
• I will set up my personal profile on mymoneymychoices.com
• I completed the first activity which includes a six month personal spending analysis, debt repayment plan, net worth statement and personal budget.
• After setting up my family budget, I will be living on CASH for the remainder of the month divided into jars.
• I will complete a spending journal and document every purchase, payment and credit coming into and out of your account for the next month.
I think I’d rather get a root canal. That is all.
Depending on how this all unfolds I may just be able to share some cool tips with you. Or at least share what I TRY to accomplish. Wish me luck!!!