I like to call myself the CLO (chief life organizer) for my family. What is this? This is a person who organizes and creates a strategy for life to progress as smoothly as possible.
What are some of the responsibilities of the CLO?
- Oversees a specified budget based upon the household income
- Manage revenue and expenses (family savings, checking, and bill pay)
- Assure appropriate resources are available (food, toiletries, clothing, etc.)
- Schedule meetings (school, church, extra-curricular activities)
I keep a very detailed calendar of the things that need to be done for each month. This includes my work schedule, my hubby’s work schedule, baby boy’s school schedule, miscellaneous appointments, etc. Next, I created a home work area that houses an organizer for the household bills and a wall calendar of reminders for the family. I pay 95% of our bills online and rarely use cash for anything (debit card). You have to be a strict manager of money in order to use a debit card only. You don’t want to run into the issue of “overdrafts” from you bank.
A chief life officer needs to assess how much money is required to provide for the “needs“ of the household. I don’t include the “wants“ into this equation because that can add greatly to your bottom line. If you have anything left over after “needs” are taken care of, 10% should go to savings, 10% to an emergency fund (they are not the same..will explain later) and then take care of your “wants”. I separate my savings and emergency funds because I have found that emergency occur more often than anticipated. My emergency fund is for things such as:
1. car repair
2. home repairs
3. An unexpected bill
4. Unexpected travel
5. Application deposits and fees
My savings fund is set aside for vacations and potential loss of income. This shouldn’t be touched more than twice per year and money should continually be put back into this account.
The biggest issue many people have is how to keep it ALL straight!! Create a routine for you and your family and try your best to stick to it.