So this is the first post in a series I would like to continue on my blog on Fridays. Every week to two weeks, my husband and I sit down and discuss where we are financially and re-evaluate where we need to be. I would love to share some of the ideas we discuss during our “meetings”.
Therefore, for the first post, I couldn’t think of a better topic than discussing the concept behind having “financial meetings.”
Personal finances are all about making decisions on what is most important to spend our money on. Who decides that? You and your family. By having meetings, it allows you to collaborate on what is truly most important. I will outline a few tips we have found on having a meeting including some important topics to discuss.
- Schedule meetings around a time that works for you and your spouse. Set a meeting time and stick to it. Be sure to make this a regular routine so you can continue to re-evaluate where you need to make changes.
- Decide spending limits. Set spending limits on each area of your budget. Remember, there may be two of you buying items, so be sure to discuss your spending to make sure that you aren’t exceeding the budget between the two of you. You may even want to set individual budgets to make sure the total budget isn’t exceeded.
- Set Goals. Set goals of where you would like to be in a month, 6 months, 1 year, 5 years, and so forth. When you have united goals, it helps you work better toward reaching those goals and realizing where your priorities lie. Take the time to lay out a plan to reach those goals and figure out where there can be cutbacks in order to do so. Continually reevaluate these goals so you don’t lose focus and make sure you are staying on track.
- Work Together. Nothing can be more frustrating than working really hard to meet a goal while your other half is working against you to meet a different goal. Work together and it’s amazing how much faster a goal can be reached.
- Re-evaluate, Re-evaluate, Re-evaluate. As life changes, your situation changes. A plan that worked 6 months ago may be out of date depending on the place life has you now. Our financial plan is updated on a monthly basis to make sure we aren’t falling behind due to new situations.
- Always Move Forward. Even if you take a few steps back, keep your eye on the goal and don’t fret over the past. Move forward.
Realize that each person and family are different. Use these tips as a starting point and tweak them according to your situation. I look forward to continuing to share some of the tips we find helpful and hope that you will share some of yours in the comments below.
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