CLEVELAND — Need the perfect relationship boost just in time for Valentine’s Day? Or, are you flying solo but looking to get on the right track with your finances?
On What's New with Jay Crawford and Betsy Kilng, we discuss the concept of a Money Date with Elizabeth Scheiderer, CFP, from NCA Financial Planners.
The idea of a Money Date is to have a check in on your finances. This is something that can be done with your significant other or by yourself if you’re single.
Many studies link money issues as one of the top two reasons for divorce. It has been reported that partners often have a credit card or checking account that they keep secret.
In theory, a Money Date can help resolve financial arguments before they happen and can also help individuals set and reach attainable goals.
There is no right or wrong setting for the date, as long as all those involved are willing participants.
A Money Date can take an important conversation from stressful to fun this Valentine’s Day. See the steps for how to plan and execute the date below:
What is the first step?
- Discuss your desired outcome for the date with your partner
What should a money date look like?
- Pick a date and a comfortable & private location
- Start with short-term and long-term goals
- Update budget
- Review credit reports and tax documents
- Leave with an action plan
Any other thoughts?
- Share your history with money – how you grew up with finances, why do you feel the way you do now?
- As kids get older, how do you want to support their understanding of money?
- Monitor your progress and schedule your next date
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