How do you have a budget meeting?
In episode 29, my wife, Rebecca, and I tackle that. We go through a mock budget scenario where we talk through some of the different situations that can come up while trying to budget with each other.
Some of the talking points that come out of today’s episode are
How can I have an effective budget meeting?
How would I benefit from the raise that comes from budgeting?
How could I improve my budget meetings?
Let’s go over some answers to those in this post.
How can I have an effective budget meeting?
This one can be tricky. There is a lot that goes into a budget meeting that you have to consider. One of the things is how you view money. How does the other person, like a spouse, who is participating in the meeting view money? These viewpoints can be important to consider when different hiccups come up. Which they will.
One of the things that you hear Rebecca bring up in the episode is how helpful an agenda is. Now we know, it sounds a little crazy and ridiculous but it is very helpful for us. I think that an agenda can help a lot of other people too. It can help you stay on task as well as remember what needs to be discussed so that you aren’t trying to have important money conversations 24/7. Save them for a specific and purposeful time.
How would I benefit from the raise that comes from budgeting?
This one is very personal. There are a lot of ways you can benefit. Let me tell you about one way that Rebecca and I benefited. We are able to comfortably give ourselves our own budget that we have no worry or joint interest in. Rebecca is able to spend her “Rebecca fund” on whatever she wants with no opinion from me. I am also able to do the same. This balance that budgeting has unlocked for us allows us both to enjoy our hobbies and put some money into them when we need to. I think this example can be helpful in a lot of couples' lives.
How could I improve my budget meeting?
My first recommendation would be to make them shorter. Nobody likes sitting through a meeting of any sort. So keep them short. But there are countless other ways you can improve the meetings. So here are some ways you can do just that. An agenda, shorter frequent meetings, date nights, dream/goal meetings, combine them with something fun, take turns managing the different aspects of the meeting, and many others.
The Money Talk with Skyler Fleming group
That last question “how could I improve my budget meeting is the perfect insert for our Money Talking groups. These can be found on the website at moneytalk.skylerfleming.com/group. The purpose of this group is for us to share, grow, and encourage conversation around money. I think that many of you reading this or listening to the podcast have valuable insights to share with the rest of the community. So make sure to head over there and share!
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