“Honey, it’s time for our financial date!”
At More Than Enough Coaching, one of the essential financial habits we teach is encouraging people to have a financial date with their spouse, or if they are single, with themselves.
A financial date is a 30-to 60-minute meeting where you talk about your spending plan together. If you are single, you set time aside with yourself to work through your practical financial decisions. You look at upcoming expenses, plans, and income, and you pay your bills. It is a time to look ahead and make that four-week, or eight-week spending plan.
What are the benefits of a financial date?
- There are few “surprises” in terms of expenses or bills because you are talking about it and looking at your regular billing cycles regularly.
- You are creating unity in your marriage around money as you learn to communicate and anticipate what is coming up in the days ahead.
- You have a specific time once a week to think and talk about money, so that you don’t need to “fit in” a money discussion when it may not otherwise be optimal timing.
When do I have this date?
- Pick a time that is good for you and your spouse once a week.
- Put it on the calendar and stick to that time. Treat it like a doctor or dentist appointment.
- Don’t make excuses for skipping a financial date, and set a timer for your meeting. You are creating good boundaries for these meetings so that you will keep coming back.
When is the timing “bad” for a date?
When you are Hungry, Angry, Lonely or Tired – So HALT before you talk about money.
Financial Coaches Dave and Rebecca van Noppen try not to have a financial date after 9 p.m. They have discovered that not a lot of good decisions are made at that time of night when they are tired. However, you need to find the time that best suits you. Just keep in mind, you want to be in the right spirit and thinking to have those financial discussions.
Make that date and let us know how it helps you on your financial journey!