Money Meetings
A Guide to Better Money Communication
TL;DR: Strengthen your financial partnership with open and direct communication. Schedule time each month to review finances with your spouse. Ensure you're both on the same page about your spending plan, account transactions, and savings strategy.
While our schedule changes frequently, one thing you can be sure of is that on the first of the month, a chime goes off in our calendar for our Money Meeting. We started this a few years ago to improve communication around spending, saving, and investing. We also use this time to educate our son on personal finance and help him track savings, spending, and other financial milestones like getting a credit card and paying for college.
Your personal finance decisions and discussions are unique to you and your relationship. In this post, I'll talk about what we do, but your approach may differ—perhaps cracking open a bottle of wine, sitting down with your child when giving them an allowance, or if you don't have a spouse or children, just having a snack and reviewing your accounts. The key is to set aside the time and communicate/review finances, goals, and plans to achieve those goals.
Lauren Buckley LPC, NCC, who specializes in couples counseling, has noted:
I often advise my couples to have check-ins both emotionally and financially/logistically each week (or less, depending on how they are doing)… This has been a key factor in helping many of my couples who have had trouble managing finances or where there has been some break in trust financially.
https://www.quietlightcounseling.com/Goal
Think of a money meeting like a huddle in football. They don't just huddle once at the beginning of the game and then play—they huddle nearly every down and use this time to adapt their strategy and communicate tactics to people on the field. That's what a money meeting is: you're reviewing your spending plan to see how you're sticking to it or if changes need to be made due to changing circumstances.
Best Practices
Schedule: Meet at regular intervals: weekly if a lot is happening, monthly if things are normal, or quarterly if finances are stable. Hold the meeting every time; don't skip sessions.
Agenda: Have a simple agenda and let anyone add topics for discussion. I recommend including the following items:
Review current spending and upcoming expenses
Progress toward near-term financial goals
Saving and investments for the future
Keep it simple: You don't need to create anything special for these meetings. Use whatever tools you already use to manage your financial plan. Look at your account statements and review your documented spending plan.
Stay positive and solution-oriented: While it might be tempting to criticize your well-meaning spouse for visiting the coffee shop 18 times this month, focus on what's truly impacting your financial goals and how to solve those issues. And yes, if going to the coffee shop is the issue, then discuss it.
Address issues immediately: We don't keep an action item list from the meeting. We drill down into issues right then and there. That is what the time is for. We look at goals and whether we need to change the amount going to one account, add auto bill pay, or put in a trade order. In today's digital age, there's no need to wait to do it later.
Allow for follow-ups: Some conversations may require "cooling off" before making final decisions. Give yourself a day and follow-up to discuss.
Teach your children: Plan similar meetings with your children as soon as they’re ready, such as when you give them an allowance.
Topics to Consider
How does spending look? Anything out of the ordinary?
What's coming up next month that we need to account for?
Are we on track with savings for upcoming vacations?
How do our debt levels look? Do we have any extra money to put toward paying down credit cards?
Longer-term decisions like annual savings goals, planning for house purchases, car purchases, etc.
How to start
Just start! At the first meeting, talk about what you want to do during these meetings and when you will schedule them. Don't focus on having everything right for the first few meetings; focus on communicating with your spouse, or if there is no spouse, use the time to review your accounts.
So go ahead and try it. If you want help, reach out to me. I can help break down money challenges, create a collaborative environment, and maximize the value of your meetings. If you're single and want an objective sounding board for your financial ideas, I'm here to help you navigate your unique financial journey confidently and purposefully.
Ultimately, you are the only one responsible for your financial decisions; take that responsibility seriously at all stages of your financial journey.