Money Musings 💭 The best kind of party 🥳
You might already know (because I talk about them a lot 😆) that I’m a big fan of having Money Parties.
What are Money Parties?
Money Parties are time we set aside (at least 1x per month, if not more) to manage and track our finances. To show our money some love, if you will. 😍
As our family has grown, our Money Parties take a bit longer and are more tedious but even so, I really do look forward to them at the end of each month. I have been told I have a warped sense of fun 😂 but I’m hoping you’ll catch the bug too.
Money Parties are very personal. While there are certain things you’ll want to do each month, quarter, and year (there is a Money Party Checklist in Financial Adulting), a lot about your Money Party is up to you.
Like… how you make it feel like a party, how you will reward yourself at the end, and who you invite to party with you.
Here’s what mine are like.
I usually have them in my bed, in a very non-ergonomic way. 😆 I’m usually propped up in my PJs with some tea. Mine definitely err on the side of cozy. I have my Money Party playlist playing in the background.
Here's my playlist on Spotify (+ the clean version) and on Apple Music (+ the clean version).
My partner J is more an active bystander than a co-host. He’ll look up info or answer questions as I ask (and I ask him a lot of things LOL), but I’m the one running the show. We play off our money strengths here.
I reward myself with a soak in the tub, spending some time planning upcoming travel or nights out, watching a show, or sometimes even doing a happy dance.
Today I’m kicking off a new money move series in this newsletter, where I’m going to walk you through how to create a successful and fun Money Party ritual. I can’t wait to hear how it goes.
I’d love to hear about your Money Parties. How do you make them fun? How do you reward yourself? Do you do them solo or with friends and family? Hit reply and let me know.
P.S. If you haven't yet, here's my (very quick) 5th anniversary survey! I promise it will only take a minute.
MONEY MOVE OF THE WEEK
PARTY WITH YOUR MONEY SERIES - PART 1: SCHEDULE THE TIME.
Money parties are the most beneficial financial habit we can build. The financial plans you make are wonderful but unless you live and update the plan, you’re not going to see the results of your hard work. 📈
We’re kicking off our Money Party series with an important first step. 🥳 Schedule the time to show your money some love.
Because if we don’t create and block off the time, it’s not going to happen.
If you have your Money Parties once per month, schedule about two hours. Even if you don’t get everything done in two hours, I recommend ending the party and scheduling more time another day so it doesn’t become too tedious.
If you have Money Parties every week, they can be shorter. I put my Money Parties in the calendar. 🗓️
Think about the time and day that will work best. Some like to have them during a leisurely weekend morning. Others prefer to jump in during the afternoon at work or in the evening when they finish work for the day. If the time you choose doesn’t work well, you can always change it.
When will you have yours? Hit reply and let me know.
YOU GOTTA SEE THIS
THE FIRE MOVEMENT AND ITS MANY ACRONYMS.
DEFINE: FIRE. Stands for Financial Independence, Retire Early. These are folks that have goals of retiring earlier than typical retirement age.
When I first started my money journey, the FI/RE movement was just becoming trendy. I saw a bunch of bros eating beans out of cans to save money and thought, I’ll pass. ✌️
More recently, I’ve been inspired by other personal finance experts claiming the FI/RE movement in a very different way.
Here are some common FIRE types:
Fat FIRE. Those who want to maintain a more traditional lifestyle (vs. extreme frugality) and need to save a lot in order to make it happen. Think, living your best life in retirement (no skimping).
Lean FIRE. Achieving FIRE by living a very frugal lifestyle so you can save and also don’t need to spend a lot once you retire. Think, retirement savings that cover your basic needs.
Barista FIRE. Those who want to live off their investments but are willing to get a part-time job to do so. They might use a combo of earnings and savings, and will use the part-time job to get benefits like health insurance. Think, enough retirement savings to cover expenses with a part-time job.
MY TRAVEL JOURNEY
REDUCING MY HOURS - CONSCIOUSLY AND INTENTIONALLY.
While I’m on my trip I’ve made the conscious decision to work less. I know, I know. What a tough choice. 😆
But here’s what I usually do. I don’t make a plan for how I would like to work. I end up taking extra time off, and then I feel guilty about it for no reason.
Anyone else do this?! When I lay it out it sounds pretty silly. 🙃
So this time, I’m going to be very intentional about setting my schedule and my days.
I’m going to take the first week off from work and then during my time in Spain, I’ll be working abbreviated days. I want to make sure I build in at least one fun outing with the kids each day.
I'm sure I'll need to reread this throughout my trip.
your weekly money wins
Here are all the amazing money moves you made this week
Shaan: Opened a new HYSA and automated my savings to ensure I save 6-9 months of bills
Courtney: Maxed out my 401(k) for the year and opened a brokerage account to take its place
Ayla: My husband and I finally opened Roth IRA accounts
Danielle: Being more mindful to limit impulse purchases
Cameron: Bought new tires after putting aside $ in a sinking fund
Rachel: Finally got a travel points CC with a plan to pay it off every month!
Becca: Cut out eating out spending in half
Phoenix: Over $3K in savings and enrolled in student loan repayment plan
Shel: Got my July budget ready and set goals for the month!
Amy B: Shopping for a roofer who will hopefully not scam or gouge me. When I get the new roof, my insurance company will give me a couple hundy back. Laying low on spending as jobs are slim this month.
Elena S: Passed my IBCLC (lactation consultant) exam and got a $50 per paycheck certificate premium!