Most families have some version of a financial routine. Bills get paid. Investment accounts get checked. Tax documents get collected. Maybe there is a household budget, or at least a general understanding of what comes in and what goes out.
But how often do you actually sit down and talk about where your financial life is headed?
Not whether the stock market was up last month. Not whether the credit card bill was higher than expected. I mean a real conversation about your money, your priorities, and what you want your resources to accomplish.
Once a month, set aside an hour to hold, what I call, The Monthly Money Meeting. This is a time to review your financial life with your spouse or partner, or if you're single, do it yourself. The goal isn't to create another financial chore. It's to make sure the decisions you're making month-after-month are taking you somewhere you actually want to go.
Start with the numbers. Review what came in, what went out, how much you saved, and whether there are any financial issues that need attention. Look at your major accounts and upcoming expenses. You don't need a complicated spreadsheet. You simply want a clear picture of where things stand.
Then ask a more interesting question: What did our money make possible this month?
Maybe it funded a family vacation. Maybe you increased your retirement savings. Maybe you helped a child or parent. Perhaps you finally hired someone to handle a household task that was consuming your weekends. Or maybe you spent more than you intended on things that, looking back, didn't add much to your life.
Next, look ahead. What is coming during the next few months? A vacation? College tuition? A home project? A charitable gift? A career change? Something you've wanted to do as a family?
Put those things on the table before they become last-minute financial decisions.
Then ask yourselves three questions:
- Are we spending our money on the things we say matter most?
- Is there something important we're continually postponing even though we can afford it?
- What is one thing we want our money to accomplish before our next meeting?
That second question is particularly important for good savers.
Financial planning understandably emphasizes preparing for the future. Save for retirement. Maintain an emergency reserve. Invest. Protect your family. All of that matters.
But diligent savers can sometimes become so good at preparing for tomorrow that they have difficulty giving themselves permission to use their money today. I see this frequently when I meet with people in retirement. After decades of accumulation, spending can still register emotionally as danger, even when the financial plan says the money is there to be used.
A Monthly Money Meeting creates a place to have that conversation intentionally. Perhaps you've talked about taking your parents and children on a family trip while everyone is healthy enough to enjoy it. Maybe you've always wanted to support a particular organization in the community. Maybe you're saving aggressively but haven't asked whether you could afford to work a little less and reclaim some time. These aren't simply spending decisions. They're financial planning decisions.
The meeting should also include gratitude. Before finishing, identify one thing your financial resources allowed you to do during the previous month that you're genuinely thankful for. Financial planning spends a lot of time focusing on what we still need. It is healthy to occasionally recognize what we already have.
You don't need to solve your entire financial life in an hour. The power comes from repeating the conversation. If once a month is too much, start by doing it once a year. Then graduate up to quarterly. Imagine reaching the end of each year having spent intentional hours asking whether your money is supporting your family, goals, generosity, experiences, and the life you're trying to build. Maybe people live their lives on autopilot. This is your life and you only get one shot at it. If you feel like you need a financial planner to hold space for these meetings, we can be there to help with professional guidance along the way. Contact us to learn more about how to get started.
Your investment statement can tell you how your portfolio performed. Your Monthly Money Meeting answers How is your money helping your life perform? That may be the financial review that matters most.