You would think that having a degree in accounting would mean that my financial house is in tip top shape. While it is certainly true that I understand the theory behind most financially related topics, my application of the basics of personal finance is erratic at best. I have found that just because you are good at managing other people’s money, it does not really mean that you are smart with your own money.

For whatever reason, I simply ignore anything that is not easy or anything that takes any effort at all. Important things such as creating, and sticking to a budget, tithing, and building our emergency fund often goes unnoticed from month to month.

With that being said, I have decided to start over with the basics. That’s right; I am going to take my household, blow up everything that has been done, and start over. Some things will go smoothly (I hope), while others will probably feel like I am pulling teeth.

One thing is for sure; something has got to change. Living from paycheck to paycheck is simply no longer an option. Not only is it extremely stressful to continually have my paycheck run out of month, I often feel like I am not doing a good enough job protecting my family’s future. Another bad year and I don’t know what we are going to do!

With that being said, I am going to start with an overlook look at our financial position. Then, I am going to take a long hard look at our budget to see if, and where, we can put it on a diet. Unlike many families, I am absolutely confident that my wife will support whatever decisions I make. She should, seeing as how she is part of the budget committee.

Like most things in life, mastering the art of personal finance takes practice. One building block builds upon another until your foundation is built. Even after your house is built, it is crucial that you inspect it from time to time to make sure that there are no cracks.

That is what I am going to focus a bit of effort on over the next few weeks. What about you?

Have you taken the time to analyze your finances? Do you feel as if your family truly understands the basics of personal finance?