Staying on top of your finances can be a tedious and boring task for many people. Often it is put off and then you miss something or have to be reactive to deal with something that went wrong. Especially if you are single, there is no one else to share the task with! What if you could have a 20-minute money meeting with yourself, once a month that would eliminate all of the dread and confusion? It’s simple and painless, I promise!
These meetings will look different for each person who does a money meeting. Prioritizing the parts that are really important to you is key. Set up and use tools to help you with the tracking of these.
How to do a money meeting?
Tools like You Need A Budget, Mint, or a budgeting tool provided by your bank can help with tracking your spending. If you are comfortable with your spending and are still able to meet all of your savings goals, then don’t spend much time on the budgeting sections. But, keep an eye on lifestyle inflation. It is small changes that accumulate and they can be sneaky!
These money meetings are only helpful if they actually happen! Make sure this gets on your calendar for either the same date each month or the same time each month (like the first Saturday of the month). If the scheduled time doesn’t work for a month, reschedule it but don’t skip it!
Your finances are a priority so treat it as such!
Budget check-in
Look at your budget and spending for last month and see how you did in the different categories. If you are over in a category, look at the details and see if there was a one-time reason for the overage or if you need to rein in your spending in that area next month.
Not everyone does a full budget, which is absolutely ok. I track my spending one month a year and then will check in more often if it feels like my spending is high.
If you don’t do a budget, look through your credit card or bank account and check on the following variable spending categories.
- eating out/coffee
- groceries
- fun/entertainment
- Amazon spending or other “impulse” spending stores you use.
- any other “trouble” areas that you are worried about overspending on
Do a quick total for the month to see what you spent on these areas and do a “gut check” with yourself on that total.
My “gut check” asks myself the following questions
- Did I get XXX amount of value from spending XXX on this category this month?
- Did I have a memorable moment from spending XXX or is it forgettable?
- Is this a sustainable amount to spend each month?
A real example of this may look like this:
- I spent $160 on coffee this month. Did I really get that much value out of it? That answer is probably no, and I will look to cut that in half next month so it becomes a meaningful treat expense.
- I spent $110 on bougie fancy food and drinks at the local co-op this month. This translated into a charcuterie and game night with 12 friends that were the highlight of my month. Hell yes, this was worth it!
Net worth check-in
Update your net worth spreadsheet with the current values of your assets and updated amounts owed for all of your debts. Notice any significant increases or decreases and see what caused the changes.
Ask yourself, is there anything you need to do or change based on the information you see here?
If you don’t already have a net worth spreadsheet, this one is super helpful and similar to the one I use.
Financial goals check-in
How are you coming on your savings, debt repayment, or other financial goals this year? Is there any way you can squeak in an extra $100 transfer to savings, or an extra $100 towards debt without breaking your budget? Those small successes are great motivators to keep going towards bigger goals!
Upcoming month review
Take a look at the calendar and your work plan for the next month and see what is coming up. Will there be anything unusual happening or anything planned that will require dipping into savings or making a large purchase? Any large amount of money coming in like a bonus or gift?
Are there any changes you need to make to your budget, goals, or spending plan to accommodate these?
Homework from this meeting?
Is there anything you need to do as a result of this meeting?
These could be things like making any changes with your benefits or retirement at work? Make any retirement plan contributions or transfers to savings? Change up any goals?
If so, either take care of it now or make a note on your calendar to make sure it gets done at the appropriate time.
Treat yo-self!
You are on top of your finances! Good for you! Take some time and give yourself a little treat. This may be enjoying some fun activity, grabbing a sweet treat from your favorite bakery, doing something enjoyable with a friend, or anything that is a small luxury to you.
You accomplished a lot in a short 20 minutes to stay on top of your financial health. Pat yourself on the back!
Annual money meeting
Once a year, (probably around January 1st or when you get your annual raise) I would take some extra time for a longer meeting to set goals for the next year, decide on spending or budget amounts, and dive a little deeper into your finances.
By doing this once a year, you already have the plan in place for these monthly money meetings and all you are doing during the meeting is just following the plan and checking on your progress. It makes it super quick and simple!
How about you? Do you have a money meeting with yourself or your partner? If so, I would love to hear your favorite tips or tricks to make this a painless process in the comments below!
If you are partnered and share finances, you can still use this method and meet together once a month. Since there are two of you offering thoughts, you might need a little more time to get through everything without rushing. You might also add a section where you share how your month went and do a little checking in with each other about future financial plans.
Don’t be afraid to change things around or do something different if this doesn’t work for you. If you have a money-savvy friend, plan a friend date and both have your own money meetings with yourself at the same time. You can do it without sharing information.
Good luck with this! If you have questions about setting up your money meeting, leave them in the comments below or over on our Instagram page and I will be happy to offer suggestions!
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I love this advice SO much! Money meetings are such a great way to refresh your budgeting skills and get yourself back on track. My husband and I usually have a finance meeting once a month and it is super helpful.
Yes! It is so important for you both to be on the same page and working towards the same goals! Thanks for sharing how a money meeting works for you!
YES! I do this every year and I focus on those “little” expenses like food and small ticket items that add up..and those monthly subscriptions add up too!
Those little things accumulate so fast into a big budget problem! I don’t look at my entire budget each month but instead focus on my “problem” areas of eating out, coffee, and home spending because those are the ones that can get out of control quickly!
This is a really great post. I already do a lot of what you said but never really formally thought of it as a meeting with myself or a scheduled meeting, I like that. I also like how you breakdown the expenses in some categories but then go a step further and ask yourself if it was truly worth it. I never ask myself that, but it’s a great question. Thank you!
Thats great to hear you have a sort of a money meeting. Make sure you do the last step and treat yourself afterward for a job well done!
I love this so much! I’m the worst about not keeping to my budget! I’ll use this the next time I need a money meeting!
Absolutely! I am so glad it was helpful! It is a simple way to stay on top of things!
This is really great. Money meetings are essential. I have never used a budgeting tool, but would easily track my finances. However, I think getting one would be great. I liked the gut questions when spending money. I’ll try those because it will help cut out some unnecessary spending without feeling guilty.
If your spending is at a comfortable level for you to save plenty, you don’t need to be budgeting every penny. I focus on looking at my spending for the areas I tend to overspend in, which are eating out, coffee, and buying stuff for my house! I am not concerned about my fixed living expenses like if my utility bill is $10 higher than last month. Hope that helps!
This is such a brilliant post! I’ve learnt so many things about budgeting and how to organise my finances, thank you so much
I am so glad this was helpful for you! Hopefully, now you can feel like you have your finances under control and they will grow!
Great idea! I started a monthly spreadsheet of assets and debt in 2009. I am so happy I did. It is so fun to see the growth.
I have that too and it is such a motivation for me to keep going! I love seeing the assets grow and the debt decrease! I am so glad that worked for you!
This is really fantastic! I sit down weekly and go over expenses and spending to remain mindful of our budget, but this is a helpful, thorough guide. I’ll be sure to refer back to it, so that I can make sure I’m making the most of my “money meetings” and not overlooking important items. 🙂 Thanks so much!
Weekly is great if it works for you! I had a few years where I got paid weekly, so I did the same thing!
Didn’t know it was called a money meeting and I love that name. I’m grateful that a year ago I started to do a monthly money meeting, & it changed my life.
I know not a lot of people are not doing this so I pinned it. Let’s spread the info. Thanks a lot.
You can name it whatever you like! I call mine the Money meeting, so that is what I shared! Thanks for sharing it with your social network!
Money meetings are a must and it can help bring to light what we need to cut spending on. We are all bound to find some unnecessary purchase that can be cut back on. Great post.
Absolutely! It keeps you in tune with your spending so you are not overspending in one area without being aware of it! Glad it helped!