Mike and I are spending more time together around our budget lately. I’ve felt renewed motivation to understand every single aspect of our money.
We have a Google spreadsheet with basic budget targets, and we use the on-line financial tool, Wesabe, to track all of our income and expenditures. Mike set these up months ago, and after a flurry of activity at the beginning, my interest waned and I never followed through consistently. Now I’m more committed to it and enter the figures regularly.
Last week, we added something new into the mix, where I could actually reap the benefits of all of those dutifully-entered numbers: a money date. I concocted this idea after realizing that I wanted to sit down with Mike, uninterrupted, in non-crisis mode, and review reports generated out of our spreadsheets, kind of a financial state-of-the-state for ourselves. But I was conflicted about getting a babysitter to do this, having to *pay* someone for us to discuss money. Seems counterproductive to me. So I suggested meeting early, 6am, before the kids wake up, and he was game. After a few reschedules since we kept going to sleep too late, we finally met. It was wonderful.
We went through the budget but had lots of issues with the software. Still, I got a good starting point for an overall picture of our expenditures, specifically in the areas I deal with most: groceries, child expenses, and childcare. It was great to play with the numbers, analyze patterns, and update categories that had changed over time from our original budget and spreadsheet.
Since we couldn’t access more specific data I was hoping for and we still had time, I also asked Mike a number of targeted questions about my business. That was very helpful as well. I was determined to get past abstract answers and got solid answers to questions I had been wondering about. We both left with “homework” in the way of reports and answers to some questions that came up from both of us, as a follow-up for our next meeting on Tuesday morning. I didn’t think we’d make it all happen in a single meeting, but I am surprised by how much came up for both of us in terms of questions and clarifications. We’ll be doing these meetings for a while, I’m sure.
It was great to discuss money in a planned, non-loaded way instead of responding in crisis-mode. I recommend the money date as one way to tackle finances with your partner or family.
That is awesome news. Andy and I used to have money meetings once a week. They were really helpful. We took turns being in charge of running the meeting, we typed up little agendas for them, we had this elaborate spreadsheet with formulas for sharing expenses with separate accounts since we’re not married. Those ended when I quit my last job, and we never got back on track. Hoping that the money class we’re signing up for next month will get us back into the groove. And your inspiring example, too, of course!