As CEO of our home another department I have is the one that
manages our finances. Financial
management is critical and must be done properly. Financial management includes my budgets,
bill paying, capital expenses (mortgage, cars, etc.) and improvements, asset
management, taxes, income, investments and so forth.
It helps a lot that I have a bookkeeping, tax and accounting
background. I am able to draw a lot from
that experience so as you can imagine I handle all of my finances as an
accountant would handle finances for a business. I track my income, expenses and financial
assets as well as project for future income and expenditures. I also have a financial statement that shows
my net worth. Knowing my net worth and
where I stand financially is important.
Home finance is one of the areas a lot of people struggle
with. It is always an area I find
challenging, however since I enjoy a good challenge this is an area I really
enjoy. And since things constantly
change I am definitely never bored. In
the following weeks I'm going to share in more detail some of the things I do
to keep our little empire financially healthy and prosperous.
I can't wait to hear more, personal finance is my favorite. As many people are right now, we are in a precarious position. Our income has come to a complete halt, due to the pandemic. Thank goodness we have set aside an emergency fund for something like this. It hurts to have to actually use it though. I'm revisiting some of my better habits that I had lost due to "lifestyle inflation" such as better rationing of food, washing the car myself instead of taking it to a carwash, and so on.
ReplyDeleteI'm looking forward to your finance posts!
D.
I can't say enough how important an emergency fund is. Good for you.
DeletePlease readers, during this challenging time, when a bill comes, call the "vendor". Discuss delayed payment without penalty. It is my understanding that utilities and mortgage companies as well as rental owners, are working with everyone.
ReplyDeleteBusinesses are banding together to help everyone who needs the help. Feed your family first, then do what you can on your bills.
Together our community will move forward. Take good care and above all, stay safe!!!
Great advice! Some landlords are even willing to forgive rent. It never hurts to ask.
Delete