Welcome to week 1 of the Family Financial Challenge featuring Gail Vaz-Oxlade brought to us by our friends at P&G! 

Throughout the next four weeks you will see a series of Family Financial Challenge blog posts, tweets and more as we go along the road to better budgeting! 


The first step to this challenge was setting up a personal profile on mymoneymychoices.com and completing activity one which includes a six month personal spending analysis, debt repayment plan, net worth statement and personal budget. 

The first step is a process, getting everything organized and crunching numbers. You can use Gail's handy online and downloadable spreadsheets to help get organized and see what should be in monthly and weekly money jars. 

It can be painful but this is the moment when the truths be told and you really find out what your bad (or maybe not so bad) spending habits are on a monthly basis. This first step is also a crucial step toward getting where you want to be financially and learning to save along the way.

Once the family budget is set up, we live on CASH for the remainder of the month in weekly allotted money jars. Each week we will take out our "allowance" and divy it up between the jars as our budget says.

Living off cash isn't completely a huge issue for us because we don’t usually use debit or credit cards to pay for everyday purchases, we will just have to learn to budget our weekly allowance better. Plus cash gives us a chance to physically see what we have, what we are spending and where we need to improve our spending habits to make the dollar stretch further. Gail’s money jars will be our best friends next to the spending journal.

Our spending journal will document our spending habits for the next month using our money jars to organize our budget week by week. After the month of challenges is over, we can check out our spending journal to see how we did.

Living off cash completely can be done and there are simple ways you can save on everyday products you use with P&G Brandsaver

Save up to $102 on your favourites like Dawn, Cascade, Charmin, Bounty & Puffs this month!  Discover great tips, solutions, reviews, recipes and get coupons by mail by signing up at P&G site HomeMadeSimple www.hms.pgeveryday.ca!

Join the Twitter party! Gail will be participating in a special Chatelaine Twitter Party on Thursday,February 6 from 7 p.m– 9 p.m ESTBe sure to tweet @GailVazOxlade and @Chatelaine using the hashtag #SavingMadeSimple with all of your questions! 

Do you want to live SMART by saving more? Take the challenge along with us and tweet out your results using hashtag #SavingMadeSimple! Sign up for your own personal profile on www.mymoneymychoices.com!

Posted in participation with P&GMom Ambassador program. Perks and incentives are received as part of this program. Opinions and comments on this blog and via social media are honest and those of the author.

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