Will you be having a money date this Valentine’s? Do you already go on money dates?
A money date is something that can be done individually or with a partner. You set aside time to go through all things money. This could be looking at what you’re spending, what you’d like to achieve, what may need changing. It can also be a chance to question longer term items such as:
Do I have a will?
How much am I contributing to my pension?
Have I updated who is the beneficiary to my pension?
Have I set up a lasting power of attorney?
During a money date it can be a really good time to think about what you value and whether your spending and saving aligns with this.
Someone I was working with recently hadn’t stopped to go through her spending so taking that set time out to look through and monitor what she really wanted to do ended up with some tweaks to her routine. She realised she could save money more quickly by making small changes.
It made me think of James Clear’s point in his excellent book Atomic Habits that if you master continuous improvement and get 1% better each day for one year, you’ll end up 37 times better by the time you’re done. Small changes add up.
Whether you have a money date alone or in a partnership, taking the time to check in will reap rewards today and in the future.
As a certified financial coach I am often asked how should I talk to my partner about money? It is still a taboo subject and one that can make people feel uncomfortable. Suggest that you want to have a conversation with your partner around money in advance. This can help prepare them for the conversation ahead of time so they don’t feel attacked or ambushed.