The Guide To A Successful Financial Date Night
Financial freedom is a phrase thrown around a lot these days. Everyone dreams of financial freedom. We love to fantasize about how we would live our lives if financially free. Buying mansions on the beach, sports cars, a shopping spree, travelling the world, etc. For me, what comes to mind is the scene from Forrest Gump where he receives a call from Lieutenant Dan telling him that he invested his Bubba Gump Shrimp money in Apple and they no longer have to worry about money. To which Forrest modestly replies:
“Well that’s good, one less thing.”
That's it, "one less thing". His reaction to becoming endlessly wealthy was equal to shooing a fly away from a picnic. Not exactly the reaction you'd expect that glorifies the rich and the famous as if having money will solve all your problems. The truth is money only solves one problem. Money. The key is not to allow the money problem to spread and cause problems that money cannot fix. Like creating resentment in our relationships.
Why You Need A Financial Date Night
There is a lot that goes into maintaining a healthy happy marriage. According to an article on MarketWatch.com the number 1 predictor of divorce is a married couple’s relationship with money.
Since most of us do not have a successful shrimp boat company or are not large shareholders in Apple. A great way to ensure your marriage remains healthy and happy is by planning, organizing, and maintaining control of our finances.
A great way to control your finances and making sure you never stop dating your spouse is to have a financial date night!
What is a financial date night?
A financial date night is a planned date night with your spouse where you can either make a meal from home or go out and discuss your current financial situation and financial plan for the future with your spouse.
Holding a financial date night is a great way to gain control of your finances as a team while also keeping the relationship between you and your spouse strong. It's not bad for the romance either. 😉
4 simple things you can do to ensure that you have a successful financial date night with your spouse
1.) Plan A Financial Date Night- Monthly
The first thing you and your spouse have to do is show up. Once a month is a great frequency for your financial date night as it allows you to review the previous 30 days and plan for the next 30 days. Treat this as a night out and make sure you do not prioritize anything over this night just as you would not prioritize anything over your marriage.
2.) Put It All On The Table
For you to make a plan, you have to know where you stand. No secrets, no egos, only honesty. All debt, all spending, all income, and all bills need to be discussed. My wife and I created a spreadsheet that has our monthly bills, our bi-annual bills, all subscriptions, debts, spending, and income. Put yours on a spreadsheet as well. This will make creating a monthly budget super easy and fast as all the information you need is right in front of you.
Some additional tips to help you keep track of spending: I use the mobile banking app, Truebill to help me keep track of my spending during the week. I make sure to check this app daily. It is one of my Morning Habits. I keep track of this habit using the habit tracker in my Unsung Hero Journal.
3.) Define Success
For anything to be successful in life you have to know what success is. When you think of financial freedom. What does that mean to you? Does it mean you make a lot of money? That you have no debt? That you can spend without care? Think of your Financial Date Night in the same context. What does success look like? Are you trying to get out of debt? Pay off the house, car, college? Plan for your kid's future? Your Financial Date Night needs a clear purpose with a clearly defined goal or else it will become redundant and unproductive.
4.) Make it fun – It is a date!
While going over your finances, creating budgets, and planning for the future is important. Remember this night is still above all else, a date night. Not just any date night. This is a date night with the person you chose to spend the rest of your life with! Your best friend. Have fun. If you stay home, make a fun meal with your spouse or maybe splurge a bit on the wine or dessert. If you are going out, go to a fun restaurant! Get a baby sitter and stay out or up late. Never stop dating!
The best part about the financial date night is the amount of stress you take off your collective shoulders. While it may not result in immediate financial freedom. It will allow you to have 1 less thing to worry about.
After The Night Ends The Work Begins
As I mentioned, this is something my wife and I do. What I do after our financial date night to ensure I do not deviate from our plan and end up sleeping on the couch with my new impulse purchase of a golf club is I set quarterly financial goals. I do this using a productivity planner. No surprise here, the productivity planner of choice for me is the Unsung Hero Journal. That said, you can use whatever productivity planner works best for you. The magic comes with the monthly, weekly, and daily planning in the productivity planner. If you are using the planner daily that means that you are thinking about this goal on a daily basis. The best way to overcome impulse is to have a plan!
