Why You Need a Money Date (With Yourself)
Even with the best of intentions, it’s easy to fall out of touch with your money. With everything else going on in life—family, friends, work, and life—keeping tabs on your finances falls by the wayside. But you spend 40 hours per week working hard for your money; shouldn’t you take 20-30 minutes per week to make sure your money is working for you? That’s where money dates come in!
What is a money date?
A money date is a regular time to review your finances and plan ahead. Money dates keep you aware of the details of your financial picture and ensure that your finances don’t get out of control. And they are not just for couples! All my single people should have money dates too. Everyone’s money date looks a little different but these are some of the things you might include in yours:
Check your account balances: Pull up your checking, savings, and credit card balances to see where things stand.
Review recent charges: Make sure you recognize all of your recent charges and cancel anything you forgot you were paying for but no longer need.
Add up your weekly spend: If you have been tracking your expenses throughout the week, this will be easy. If not, comb through your transactions to calculate it.
Plan your spending for the upcoming week(s): Think ahead about upcoming occasions or expenses and how much they will cost. Do they fit in your weekly spend or do you need to make adjustments to your plan?
Plan your meals for the week: Planning out what you’ll eat during the week goes a long way with sticking to your food budget.
Review your quarterly goals: Look over the goals you’ve set for yourself and plan out your next step for each of them.
How can you get the most out of a money date?
Schedule your money dates
Money dates are most effective when they happen at regular intervals. Weekly is a good cadence for most people but you can figure out what works best for you. The key is to schedule them at a time that you can commit to on a regular basis. If you can pair it with an activity that you already do, it will be easier to remember. For example, if you have a ritual of drinking your Sunday morning coffee on the couch, schedule your money date for that time too.
Set your agenda
Having a clear purpose for your money dates will motivate you to keep up with them. Choose tasks to do that will help with your specific goals. For example, if you’re working on reducing your food spending, meal planning should be part of your routine.
Keep a record
Create a central place such as a notebook or spreadsheet to keep track of what you do on your money dates. Having a record of your account balances or weekly spending will help you recognize patterns. For example, if you are working on paying off debt, tracking your credit card balances on a regular basis will tell you whether your current approach is working or if you need to make a change.
Make it fun
Create a positive association with your money date by making it as enjoyable as possible—listen to your favorite music, light a candle, or pour yourself your favorite beverage. There’s no reason you can’t enjoy yourself in the process.
Evolve your money dates
Your money dates may evolve over time as you get a handle on certain aspects of your finances. Sticking to a weekly spend goal may take a lot of effort and monitoring at first but over time it might become second nature. At that point, a quick review of your account balances will be enough to tell you that you’re still on track with your plan.
Ready to take your finances to the next level?
To get started, schedule a free 20-minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and answer any questions you may have. No pressure to join! Need advice quickly? Talk to one of our Trainers on Demand.