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<\/a>\u201cAfter I fired myself from being the CEO of my own finances, I took a course that forced me to look at my spending and examine my priorities,\u201d she told the crowd.<\/p>\n
It was that review of a year\u2019s worth of monthly financial statements that showed Courtwright she had to make some changes. Using highlighters to color code what she spent on the mortgage, car, food, clothing, utilities and a twice-daily Starbucks habit that opened her eyes.<\/p>\n
\u201cI spent more than $1,700 on coffee,\u201d Courtwright said. \u201cThat\u2019s a Disney trip, people!\u201d<\/p>\n
Courtwright advised that reviewing monthly financial statements is a good strategy because it \u201cmakes you confront your wants versus your needs.\u201d She added, \u201cBut it was also hard for me because Starbucks was my treat. It was a want. It made me feel good.\u201d<\/p>\n
Courtwright shared candidly that being a single parent made her feel like a failure in some ways, and her financial audit helped her identify the ways she was spending money just to make herself feel good and overcompensating to make her children happy. She offered her own realization, \u201cYour children will still love you if you spend time<\/em> with them and not spend money.\u201d<\/p>\n \u201cGone are the days when every time we go to a store they get a toy,\u201d she said.<\/p>\n Courtwright noted such conversations need to be age-appropriate and based on each family\u2019s own circumstances, but it helps for everyone to \u201cbe on the same team\u201d \u2013 another strategy she says will help parents manage money. \u201cYou may have to break down the finances for them or explain to them why they can\u2019t have everything they want. You all need to be on the same team.\u201d<\/p>\n For her younger child, that meant framing the discussion around choices, explaining that she could have either a toy or<\/em> dinner at Chick-fil-A, but not both. Describing her older child as \u201cmath-minded,\u201d Courtwright and her son looked at her paycheck together. His first reaction? \u201cWow, that\u2019s a lot of money,\u201d said Courtwright imitating her son\u2019s joy at their \u201cwealth.\u201d After talking about the payments adults have to make for their homes, cars, food and then the importance for saving for emergencies, her son better understood their financial obligations. Courtwright said she did highlight for her son the \u201cline item for fun\u201d on the Excel sheet, telling him that she makes sure to save and budget for entertainment.<\/p>\n Reflecting on the financial challenges she faced and the reorganization of her lifestyle, Courtwright told attendees that she had to make adjustments, and it was uncomfortable.<\/p>\n \u201cBut,\u201d she coached, \u201cthen you rehire yourself as a CEO; you are a start-up company with good potential and you have some strategies to make your money work better for you.\u201d<\/p>\n<\/a>That may mean talking to your children about money, said Courtwright.<\/p>\n<\/a>