It’s month 5 of my husband and I having monthly money meetings and we’re pushing full steam ahead. We began our debt free journey in February 2012, but we didn’t start having monthly chats until January 2013. I was the main one pushing us to get our financial house in order, so naturally I just went about it, rarely sharing information with my husband. I would casually share things with him, but that left me feeling overwhelmed if something unexpected came up, and him in the dark about our expenses. We were in the same book, but definitely not on the same page. Ah, well. Experience breeds wisdom and I’m proud to say that having open communication about our finances is just part of regular life now. It’s so reassuring to know that we can talk about OUR money is an open, honest, supportive and matter of fact way, and do so on a consistent basis. Hi-5 to us!
Here are some highlights of what happens during our meetings so you can have an example of what might work for you.
- We review the bills, debt payments and upcoming events (i.e., children’s outtings, etc.) to make sure we’re in agreement about where we plan to spend money.
- We discuss anything that may need to be budgeted for and how we will cover the costs. This includes things such as, summer vacation, household fixes, etc.
- We discuss our long-term goals to make sure what we’re doing now aligns with meeting them. These goals mostly involve saving for retirement and college for the kids.
- We dream! Lately we’ve been going back and forth about whether we should stay in our current home (which is paid off) or sell it and move to another area where we can have more land. So far, we plan to stay put and eventually build a summer home off a lake somewhere. I’m excited to see what happens!
There you have it. Pretty simple and to the point, huh? Now, don’t think you have to be married to have money meetings. Everyone needs to sit down and do some financial planning every month. How else can you know where you are and where you are going? If you haven’t done so, there’s no better time than the present. If you need some motivation to start or keep going, get it here!
Do you have money meetings? How is it structured? I’m always open to learning new ways of doing things!