It is about time to have another monthly money meeting. This is a great time to check on how your organization when it comes to finances and money choices is working for you and your spouse. Here are five things that you may want to discuss as you plan this next month’s budget.
1) You can quickly discuss how the organization system is working for you. If just one of you records receipts in your computer or checkbook, is the other one getting the receipts all right? Are you both communicating on how much you spend in the different categories, so that you do not go over budget? You may want to come up with simple solutions, like a basket or five minute money meetings to solve these problems.
2) Have there been any major changes in your budget for the next month? For example you may have changed jobs, received a raise or received a one-time bonus. You need to talk about how you want to spend or save that money and make sure that it fits into your long-term goals. You may also have additional expenses such as health care costs, a new car payment or a new bill (satellite or cable possibly). You should make sure you know how you will cover these costs.
3) Christmas is just around the corner, and it is a good idea to sit down and make specific plans regarding the gifts you are giving and the amount you want to spend. If you have a Christmas savings account you can use the money from there as well.
4) You should make one new goal for the month of November. You can focus on reducing costs in one category, increasing your income or increasing the amount you save each month.
5) Quickly check in on your long-term goals. How much debt did you pay off this month? How are your savings goals doing? Is your retirement plan on track?
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