Saturday, October 04, 2008

Finances

Hubby appointed me chief financial officer of our home when we got married. Even before we were married he often had me do his finances for him. That's the way it goes in our household, but frankly, I'm not entirely comfortable with it. I feel I have too much "financial power." I feel like I'm the current US government, and my hubby is the typical hard-working American man....just coughing up his hard-earned cash to the institution and not knowing much about it otherwise.

I've tried various budget books and budgeting systems, but I always fall behind and find that many budget books don't show full accountability. You just jot in a number under a title, but it could mean anything. Not only could hubby not figure it out if he asked to see the books, but I couldn't answer for anything or figure out why we overspent here and where the money went there.

So now I've simplified and just have to add in a large amount of self-discipline. I just took a sheet of loose leaf paper and inserted it into the budget section of my Home Management Binder and labled the paper thus:

Date, Transation Description, Minus, Plus

So now, at the simple glace at the page, hubby and I can see what days I handled money, where, how and why, and whether or not it was spent or incoming.

It's no longer, ok, my wife spent $100 on groceries this week, but what's she got to show for it? Now it's, ok, my wife spent $30.00 at Walmart on infant formula, diapers, and that power cord I asked her to get. She spent $25.00 at Aldi's on food for the week. She spent $20.00 on gas at the Mobile station and $25.00 at Hannaford to stock up on meats for the freezer.

Not only does it hold me fully accountable for every red cent spent (because I DO have a tendancy to impulse buy and over spend), but it also shows hubby exactly where I went and what I did for the days.

This isn't a "leash" or an "over protective" or "controlling" thing. It's to make sure he can fully trust me the way a husband should.

4 comments:

Dawn said...

Hubby has me in charge of the finances as well. Sometimes that's a blessing, other times I have to be really careful at where the money is going.
He's the type of person that I can buy whatever I want, as long as I put a good chunk of the money in our savings. So, that's what I do. And he's a happy camper. :)

He trusts me with the finances so he doesn't ask where the money goes. Once in a blue moon he will ask to look at the checkbook but that's rare.

May you have a safe and blessed Sunday!

~Dawn

Saved Sinner said...

I do our finances too (and my husbands business accounts) but really it's mostly just a case of keeping the records and making sure our bank account is correct. A lot of our stuff is paid automatically (rent, water, power etc) and apart from groceries we always discuss things before getting them so I feel it's more that I'm "keeping track" of the finances rather than "controlling" them.

As Simply As We Can said...

My husband has me do the same in our home. He works hard and gets home late and there is always things for us to tend to on the weekends. Me doing the paperwork is a help to him. But like you and the others, I'm not "controlling" the money. Far from it and I would never want that!

I don't think there is anything wrong with the system you set up. It sounds like a wonderful way for all of the dollars and cents to be accounted for. I hope no one has given you grief over it.

Jenn said...

I do that in my checking register, which is why I go thru them so fast. I always make a note underneath about what it was for, and I do the same on checks I write.

It looks something like
#344 cash -200.00
groceries, oil change, phone bill

I never question where what went this way.