A “money date” is a day and time that you and your partner set a side, to sit and have a talk about money, investments and future goals.
It is not easy to find lovebirds (in marriage or dating), going on a date to talk about business or money. Mostly is usually about spending on food, drinks, vacation and going back home.
It is recommended to have at least one “money date” per month with your partner. During such dates, you both reflect about money and talk free on your financial plans and goals.
Advantages of having a “money date”.
Money dates help you set financial boundaries: They say marriage is one of the “most expensive institution” when it comes to spending. Mostly, it is often one party that bankrolls everything in a homestead. Having money dates helps you agree with your partners on spending limits and the rules of engagement.
Money dates help you brainstorm on investment opportunities: as you talk about money, and you and your partner can discuss on various investment opportunities and how much each one of you is willing to invest and possible outcomes.
Money dates help you and your partner to plan and budget: you and your partner will have an opportunity to list the things that you spend money more on. You will be able to know which among the things “eating” your money are important and those you can do without.
Simple questions to ask during a “money date”.
What is the most expensive thing have you ever bought for yourself?
What is that financial decision you took that makes you regret?
If you won a jackpot today, how would you react? What would be your first investment?
If you got a job outside the country right now for about 5 years, would you go for it?
Those questions are meant to jog your memories and be able to bring out possible scenarios about money and life.
Where should you have a “money date”?
You cannot have a money date in a club or bar. Definitely not those two places. You cannot have it at home either. A money date should be somewhere silent, and where the two of you can discuss freely.
A nice hotel without crowds is a good choice for a money date. A nature walk and a sit-down somewhere in the wild can be a good place too. Whatever place you choose to have a “money date” should be a place that also tells your financial choices. Don’t break your bank account to go and talk about money.