How to Have a Money Party
Build the most powerful financial habit there is.
We don’t typically associate money with parties but I’m telling you, it’s a worthwhile association to make.
One of the reasons we don’t make the progress we want in our financial lives is because our financial to-do list continues to get put on the back burner. We have busy lives so when we don’t create the time for something (like dealing with our finances), the calendar fills up and we continue to not have time. It’s a vicious cycle.
The result? A constant low-grade (or even high-grade) stress that our financial to-do list continues to grow.
We have a relationship with money like we have a relationship with anything else. If we treated our best friends the way we treat our money, they’d be pissed. Imagine if we completely ignored them and then when we did spend time together, we were completely stressed out.
A great way to end this unfulfilling cycle and improve our relationship with our money is to have a Money Party. A Money Party is a time we set aside to have a fun date with our finances.
If our finances are a source of stress, it’s also a great way to compartmentalize that stress to one or two times each month. Instead of having a contentious chat with our partners every time something comes up, we can add it to our Money Party agenda and rest assured it will be addressed.
Building the habit of having Money Parties has been the most game-changing ritual for me and my clients. I can’t recommend them enough!
Here are the six steps to having a fun and productive Money Party.
Create the time.
When we don’t create time for something, we’ll never have time for it. That ends now because spending time with our finances is definitely a worthy endeavor. Choose a time and date for your first Money Party. Some people prefer to have them on a weekend morning when they’re feeling fresh, while others prefer to have them during the work day or on weekday evenings once they are back at home. You can try your best to choose a time that will work but the best way to test it out is to do it. If you plan your Money Party for a weekday evening and end up feeling way too drained to jump in, try another day and time combination.
If no time is feeling right, just dig in. The first Money Party will feel like the heaviest lift. After that, it will just get easier because you’ll know exactly what to do.
Once we decide on a time, we want to block off time on the calendar. I recommend setting aside an hour and a half for your Money Party. For the first few, you might not get everything you want done in that amount of time. That’s okay! I recommend stopping after an hour and a half anyway so you don’t get burnt out.
Decide on a frequency.
How often will you have your Money Parties? I recommend having them once or twice per month. If you are just getting started, try twice per month first. That way, we’re closer to what’s happening with our finances and our Money Parties take less time. Once you are in the swing of things, a longer Money Party once per month might be all you need to feel on top of everything.
Once you decide on the frequency, set up a recurring calendar reminder for your Money Parties so the time is carved out. You can always move the time if something comes up, but this will help you to prioritize making space for it!
Set the agenda.
Next, set the agenda for your Money Party? Your Money Party will serve as a time to check in on your spending. Enter in your spending for the last two weeks or the last month into your budgeting spreadsheet (or whatever you use!). How does it compare with what you wanted to spend?
The Money Party is also a great time to check in on progress towards our goals. Are we putting as much as we’d like into our savings, investments, and sinking funds?
Then the rest is up to you! As things come up throughout the month, add them to the agenda to your Money Party. It can be helpful to keep a running list in the calendar reminder so you have your agenda set when it’s go time.
Go in with your to-do list. Here are some ideas:
Take a look at your expenses over the last two weeks or the last month
Check in on progress towards your savings goals, investment goals, and sinking funds
Tackle any financial to-dos that have been hanging over your head (finally rollover your old 401(k), cancel a subscription, or negotiate away a fee)
Make it a party.
Now it’s time for the fun part. I call it a party for a reason - we want to make this fun so we look forward to doing it. You might decide to pour your favorite beverage, put on some music (I have an amazing money-themed playlist), or get cozy in your PJs.
Try out some ways to make it fun and if they don’t work, try something else until you look forward to your Money Parties. In a workshop someone shared a great idea: they love ice cream and only eat ice cream during their money parties so that they really look forward to them.
You don’t have to take it that far if you like to have ice cream more than twice a month, but it’s a great example of how setting up a reward can have us get excited to have a Money Party.
Reward yourself.
It might sound silly, but we work really well with rewards. We can increase the likelihood we’ll stick with our Money Party if we get to have or do something fun when we complete it.
Go out for a date night or with your friends after. Watch your favorite tv show guilt-free or hop in a bubble bath. We want to reward ourselves for prioritizing this important part of our lives!
Bring in friends and family.
Accountability really works. Did you know that if we share what we’re going to do with an accountability buddy we’re 65% more likely to do it? That goes up to 95% when we schedule in regular check-ins.
Just like having a gym buddy makes it easier and more fun to go to the gym, we can have a money buddy (or multiple money buddies), too! Enroll your partner or friends to have Money Parties. Invite them to join you or keep the other updated on progress via text.
To Wrap Up.
Having Money Parties once or twice a month is one of (if not the most) important ritual you can build to enjoy peace of mind around your money and reach your goals. The best part is that they can be fun and include family and friend time. Follow the six steps above to create your individualized Money Party ritual.