Schedule a Money Date with Your Valentine

Here’s a fun idea for your Valentine’s Day, treat yourselves to a “money date”! Okay, this may not seem quite as exciting as a night on the town, but it does provide a great opportunity to step back and discuss big-picture financial issues you don’t ordinarily give much time and thought to.

Start with the fun things — what are your dreams and goals for the future? Before your date, each of you should make a list of your financial goals, and then compare them over dinner as points of discussion. This is your chance to look beyond your daily financial needs and think big. Would you like to start a business? Go back to school? Own a vacation home? Take time off to be with young children? Travel in retirement?

The next step is to align your goals for the future and then set priorities. For example, how are you willing to modify your budget now to reach these goals? Be sure to think about a plan for both long-term and short-term goals. Here are a few previous articles to get you thinking:

      Budget Diet: The 30-Day Challenge
      It Just Makes Cents
      Be Resolute to Improve Your Financial Health

So going back to the “date” part if this being your “money date,” remember to keep a positive tone during your discussion. For example, if you have a lot of credit card debt and one of your goals is to get out, avoid bringing up the $400 your gal spent on a designer handbag she had to have, or the $500 in electronic gadgets your guy couldn’t live without. Work together until you’re in agreement and respect each other’s ways of reaching that goal.

It’s also a good time to discuss what you would do if something were to happen to one of you. Of course, no one likes to think about that, but it’s a reality of life. It’s good to talk about it, but don’t stop there. Follow up with some administrative work in the days following your discussion. Make sure your wills, insurance, beneficiary designations and other legal documents are up-to-date. Also, review your budget and investments to make sure they’re on track to help you reach the goals you discussed.

Setting this specific time aside for a “money date” is good, but make sure you have another money date again next year to assess your progress and talk about other goals. We agree it may not sound like the most romantic way to celebrate Valentine’s Day, but you’ll be surprised at how much you can accomplish when you share your goals and dreams.

If you’d like a little help kick-starting your budget plan, don’t forget that Vantage offers Accel, a free financial education and counseling service.