Imagine this. You get home from work, put on something super comfy and luxurious, pour a glass of wine or a nice warm tea and turn on your favorite music. You are so excited to get started. No, this is not the start to the sexy scene you might be thinking of (get your head out of the gutter!) but it’s sexy nonetheless. You are ready to kick off your money party!
I have a money party every other week and recommend that all of my clients (learn how you can work with me here!) do the same. It’s one of the most valuable routines I do and as surprising as this might sound, I make it a lot of fun!
What is a money party?
A money party is a meeting we have with ourselves and often our families where we check in on our financial well-being. How did the past two weeks go? What would we like to do different? Are there any financial to-do’s we’d like to tackle? It’s an hour or two that we get to spend every other week dedicated to our financial wellness. It’s really a beautiful practice that builds a harmonious relationship with money and moves us toward our goals.
Why are money parties important?
First off, money parties save us a lot of time and stress. Think about how many financial to-do’s you have hanging over your head just as you are reading this. Have you been meaning to negotiate away a late fee, figure out automatic payment on a bill or finally rollover your 401-K? These are all things you can put on your money party agenda and then can rest easy knowing they will now get done. You can also see that money parties force us to do the things on our financial to-do list. Instead of continually putting things off, we set aside a time in our calendar every other week to get things done and make progress. This in itself is a huge step! Having money parties guarantees that we give our financial wellness some love and attention a couple times per month. Our relationship with money is just like any other relationship. We have to show it some love, dedication and time for a healthy relationship to build.
What do my money parties entail?
There is no one way to have a money party. Personal finance is completely personal and so are your money parties. You will want to experiment and see what works best and what is the most fun for you. That being said, we learn from each other and get great ideas when we see how other people do and think about things so I’m going to share how my money parties run. I’d love to hear how you run yours too!
I have a running calendar date for a money party every other week in the early evening. Mine typically take 45 minutes to 1.5 hours depending on how much there is on the agenda. 1x per month, my husband joins me for the money party so that we are on the same page and continue to work toward our goals together. I keep the running agenda in the calendar invite and add to the list as things come up throughout the two weeks. For example, in this week’s money party, we called our credit card companies to ask for limit increases as part of a “fun” credit score experiment we are doing together to build our credit score (full article on this later!). I love having an agenda because then we know what we are going to cover and can efficiently go through item by item.
It’s important to celebrate all that you have accomplished. When I have my money parties alone, I typically do a fun happy dance celebration (it sounds silly but it works) and a bit of R&R right after. When Justin and I have our parties together we typically celebrate with a fun date night. Rewards work!
Here are some of the things we cover during every money party:
Here are some of the things we cover periodically during money parties:
I’d love to hear how your money party goes! Don’t forget to make it fun, like a party and celebrate the amazing work you are doing to invest in yourself and your financial well-being.