A Date With Your Finances
Each Valentine’s Day, couples celebrate their relationship with date nights and gifts. But what about our relationship with our own financial health? This relationship, too, should be prioritized and nurtured.
To better connect with your finances, consider planning a “money date,” taking stock of your financial situation and mapping out long and short term plans with your money.
A money date can be whatever you decide to make of it! Without pressure or judgement, take a good long look at your financial standing and goals. Here’s how to make it fun.
SMART goals are specific, measurable, actionable, realistic, and time-bound. When planning any long-term activity, these are an excellent tool to keep your mission on track. As you build for a healthy financial future, define and stick to a set of financial SMART goals.
2. Resolve to Build an Emergency Fund
Point Breeze offers a simple explainer on emergency funds, and tips to get one started. The examples provided can provide a valuable tool when building a new emergency fund. You never know when you’ll need it!
3. Opt Out of Wasteful Subscriptions
It is easy to rack up charges for annual or monthly subscriptions that we no longer use. Sometimes these subscriptions renew automatically, and we miss the reminder to cancel them. Point Breeze offers guidance for managing subscriptions, and saving yourself on money you’ve maybe forgotten about.
To better connect with your finances, consider planning a “money date,” taking stock of your financial situation and mapping out long and short term plans with your money.
A money date can be whatever you decide to make of it! Without pressure or judgement, take a good long look at your financial standing and goals. Here’s how to make it fun.
Money Date Basics
Don't skimp on setting
Select a comfortable, quiet setting for your money date. A cozy part of your home, a cafe, or a park can all make for nice environments. The goal is to allow yourself to focus, while feeling comfortable enough to get your mind working. Bring your laptop, calculator, notebook, and other tools to help you crunch the numbers and make the date count.Checking In
Perform a basic check in on the status of your finances. Consult your checking and savings balance to see where your money stands. Do you keep a monthly budget? What is your credit score? Are you saving at an effective rate? What subscriptions are you no longer using, or where else can you make some cuts? Take the time to weigh your progress against your expectations, and proceed from there.Get the baggage out on the table
Student loans, medical bills, and other debts can feel like an anchor on our financial journey, but it’s important to address them openly. Compile a list of your outstanding balances, and see if adjustments are necessary to your repayment efforts. This part can feel less fun, but it’s important to grasp the scope of financial commitments, so that you can safely commit to your financial future.Discussing Goals
Allow yourself to envision what future financial success looks like. Do you have a major purchase in mind? Do you want to build a substantial nest egg for later use? Pick a goal, define the time horizon, and explore the steps necessary to achieve it.A plan of action
Once goals have been identified, make a commitment to achieving them through specific actions. Perhaps you found cost-cutting opportunities, or new resources for financial guidance. Whatever milestones are on the way, make sure to track progress with a plan that works for you.Schedule a second date
Money dates are steps in a long-term process of maintaining financial health. Commit to a second date at the location of your choosing, and revisit the progress you began on the first date. Planning and scheduling follow up time is an important tool to hold yourself accountable to financial goals.Point Breeze Picks
1. Financial SMART GoalsSMART goals are specific, measurable, actionable, realistic, and time-bound. When planning any long-term activity, these are an excellent tool to keep your mission on track. As you build for a healthy financial future, define and stick to a set of financial SMART goals.
2. Resolve to Build an Emergency Fund
Point Breeze offers a simple explainer on emergency funds, and tips to get one started. The examples provided can provide a valuable tool when building a new emergency fund. You never know when you’ll need it!
3. Opt Out of Wasteful Subscriptions
It is easy to rack up charges for annual or monthly subscriptions that we no longer use. Sometimes these subscriptions renew automatically, and we miss the reminder to cancel them. Point Breeze offers guidance for managing subscriptions, and saving yourself on money you’ve maybe forgotten about.
Point Breeze Credit Union is a full-service financial institution with locations throughout Maryland.