Here is another blast from the archives from the year 2008. This was just before I was laid off. Note how critical I was of the government. Do you have your own Financial Auditor General?
The Canadian Government is a mega-business in terms of size and jurisdiction. The Office of the Auditor General keeps this monster organization in line. Yesterday the Office of the Auditor General put out its 2008 Annual Report. As usual, it is full of many interesting issues with the Government. These issues are specifically in the area of spending. There are some very interesting comments on User Fees in general. These fees have been arbitrarily added by many government agencies. There is no specific accounting of what the “fee” is for. Interesting reading.
The concept of the Auditor General got me thinking. Could I stand an audit of any kind by a 3rd party of my finances? My answer is I don't think so. However, it might be a great idea. It could force me and my family to explain some of the purchases we made. We would also need to explain the financial decisions over the past little while. Think of having to explain to someone why I held on to my High Tech stocks for so long? Makes me cringe just thinking about this whole idea, but to me it sounds like a good idea.
I have previously written about the Quarterly Financial Review. We are almost halfway through the second financial quarter. I have also discussed your Financial Resume. These ideas are great concepts to help families communicate about their current financial status. This is especially helpful once you have a few reviews completed. It allows you to compare and contrast quarter to quarter. However, I am thinking that maybe these ideas aren't quite enough. If you add more accountability (pardon the pun) to your Personal Financial Life you may be forced to make more informed decisions (i.e. you are less likely to rely on your "gut" or impulses, if you know you have to explain later to someone why you did what you did).
Any ideas where this kind of "Personal Audit" could be implemented are welcome.
Yep, you can get a review of your budget and the rest of your finances from these folks:
http://www.moneycoachescanada.ca