Picking the Perfect Self Money Date
Introduction “Welcome to Stacked Intent today we are going to chat about setting a money date and why these can be important for you.
Brief Summary of objectives (3):
• Objective 1: To introduce the concept of "money dates" and importance in personal finance management, providing practical tips for initiating and conducting these conversations.
• Objective 2: To offer actionable strategies for scheduling and conducting effective money dates, including tips for creating a conducive environment and setting agenda items for discussion.
• Objective 3: To empower listeners with tools and resources to optimize their money dates, covering topics such as setting intentions, SMART goal-setting, leveraging technology, and fostering collaborative decision-making.
In today's crazy economic picture, there's one thing we can't afford to overlook – managing our hard-earned cash. That's why I’m talking about helping you level up your money game. Let’s look for some practical tips on how to become the boss of your own finances.
Money should be something we can get a straight answer on because after all numbers are facts!
Topic 1: What is a money date?
o A money date is for you to have a regularly scheduled conversation for your finances to happen. This can be with oneself or with a partner to be able to review the day-to-day finances as well as look at short- and long-term goals and plans.
o This isn’t just heading to the bank to open a joint bank account with your partner, it is so much more and goes into credit standards, bill payments. These can all set the tone within your first money conversation. It is important in a partnership to set-up working toward shared goals.
o Money dates are going to help you build financial intimacy through understanding your own goals and within a partnership it’ll help give goals, address fears, and foster dreams.
Topic 2: How do I set a money date?
o Pick a date and time on your calendar! Now stick to it. I personally structure my money dates around paydays and when I was single that was at the end of each month and as a married couple, I review our finances bi-weekly and with my husband monthly. This is the structure that works for us, but it is best to pick a date and time …. then follow through.
o Set the scene of your money date to be at a distraction-free location to have minimum interruptions from friends or family members. This is most definitely something that is easier said than done, but the future you will thank you for cutting the time out today to make sure your goals are aligning with your intake and outpour of funds.
o Money dates help break-up your typical routine and set aside specific time.
o Be sure that you decided the agenda of the money date such as money values, budgeting, saving for XYZ, retirement planning, household spending, or just a follow up. What might the purpose to this money date be?
Topic 3: What is a part of a money date?
o Begins by setting your intentions of for the next thirty minutes and say, “ I am going to be kind to myself as I review my last month’s spending to compare to my spending plan.”
o Is this the first money date? If so then you are going to want to reflect on the money that you had come in over the past year (or start with the last three months). This can most definitely be an overwhelming place to start, but I encourage you to not let it be scary or too overwhelming. You can take it in mini steps and in small pieces as you get started in knowing where you are financially. These money dates will be shorter as they become a regular practice.
o What are your biggest dreams? Draw it or write it out. This will help you to really think about the biggest picture and then bring it back down to creating a realistic pathway.
o Now let’s use SMART Goals to create the steps you need for having an achievable goal to get to your larger financial goals. This way you can keep up as a calendar entry or journal or note to yourself for seeing the progress in your goals.
o You are going to need a laptop or your phone to be able to only review online accounts, statements, goals, your monthly budget and how you are tracking your monthly spending.
· Pay any bills that are due.
· Update account information as necessary.
· Reviewing from your previous month of: income, what was spent on necessary expenses, what was spent on discretionary spending, debt repayments, savings contributions, and did you have a surplus or discretion?
· Review you online accounts: checking, savings, credit cards, loans, bills, retirement, and any other accounts. Now you can set different dates to look more specifically at each account, but during your date it can be a summary for one partner or a review together.
o During your money date if you have a partner or with yourself — avoid blame and seek to understand. This means approach the conversations with an open mind and remember that you are there to work together.
Call to action: Place a money date with yourself or a partner on the calendar to begin a monthly check-in with your finances.