Life is busy, and sometimes things get pushed to the back burner while other things take priority—and that’s OK. But as time goes by, you may realize your money might not be working as hard as it could be, or you may not be making as much progress toward your financial goals as you’d like. This is where “money dates” can help.
What is a “money date?”
A “money date” is exactly what it sounds like—a scheduled time for you to focus on your finances. Think of it as intentional, quality time with your money. Just like you’d plan a coffee date with a friend or an annual physical with your doctor, you plan a session to focus on your financial life. It can be as simple as a 15-minute monthly review or as comprehensive as an annual strategy meeting with a financial professional. If you have a partner or spouse, they should be involved in the financial plan. Planning with your partner and including them in your “money dates” ensures full transparency and that both of you have a holistic view of your household finances.
The goal of these “money dates” is to make financial check-ins feel approachable, empowering, and even enjoyable. Brew your favorite tea, put on cozy clothes, and create an environment that makes you feel confident and in control. Do this consistently to create a financial routine that works for you.
How often should someone consider scheduling a “money date?”
Consistency is key. Breaking your financial routine into monthly, quarterly, and yearly “money dates” can help you stay on track without feeling overwhelmed. Consider these general guidelines when thinking about how often you should schedule your “money dates.”
- Monthly: Quick check-ins that can act as a baseline for your financial picture.
- Quarterly: A deeper dive into your overall financial health and progress towards your goals.
- Yearly: A big-picture strategy session, ideally with a financial professional.
Tip: Physically add these dates to your calendar now. Treat them like any other important plans or appointments—because they are.
What can be covered during a “money date?”
Here’s an example of what you can cover at each interval and roughly how long to dedicate to each date.
Monthly “money dates” can be 15–20 minutes and consist of:
- Reviewing account balances and recent transactions.
- Checking for and flag any unusual charges or errors.
- Reviewing recurring payments (subscriptions, bills, etc.).
- Assessing your spending and overall budget—did this month feel good or “sticky”? Make any necessary adjustments for the following month.
- Use Fidelity’s Plan Your Pay budgeting guidelines to get started creating a budget that fits your financial situation.
- Ask yourself: “Is there one small adjustment I could make for next month?” (i.e., cancel an unused subscription and transfer that money into savings instead).
Quarterly “money dates” can be 30–45 minutes and consist of everything from your monthly check-in above, plus:
- Calculating your net worth (assets minus liabilities).
- Fidelity has a tool called Full View for Fidelity customers that can automatically calculate your net worth for you. Simply input all your accounts, assets, and debts, and track the number on your personalized dashboard.
- Reviewing your credit score and dispute any errors.
- Assessing your investment strategy—Is your portfolio invested in a way that’s appropriate for your goals and do you still feel comfortable with the risk tolerance?
- Identifying any potential opportunities—can you increase your contributions or automate your investments?
- Revisiting your goals and values—are your spending and saving habits aligned and on track to help you reach your goals?
Your annual “money date” is ideally with a financial professional since everyone can potentially benefit from working with a financial professional—and we mean everyone, no matter your situation. Those who work regularly with a financial professional are generally more confident about their goals and their overall financial situation.1 Here’s what you can potentially cover in your annual financial planning session together:
- Share any major life changes, if applicable, and ensure they’re reflected in your financial plan (new job, home purchase, family changes, etc.).
- Review and update your financial plan, including retirement (i.e., savings or withdrawal strategies) and other savings goals.
- Walk through any tax implications for the current year and create a plan for taxes for the upcoming year.
- Identify opportunities to improve or adjust investment allocations and other ways to potentially grow your wealth.
- Set goals for the year to come and schedule your next annual “money date.”
If you do not have one, here’s how to find a financial professional. And note, you do not have to work with a financial professional for your annual review if you are comfortable and confident in your own abilities.
What are the potential benefits of a “money date?”
- Clarity: Regular check-ins can help reduce any financial surprises and potential stress.
- Accountability and flexibility: Scheduled dates can help keep you on track with your goals, prioritize tasks that may have been previously pushed aside, and help you pivot with any life changes.
- Confidence: Understanding your finances as they stand today and what options you have to make any changes can help empower more-informed financial decisions.
- Peace of mind: Automating your finances and planning ahead can help free up time and mental space for what matters most.
The bottom line
A consistent money‑date routine can help you feel more in control of your financial life, especially when you enlist the support of a financial professional when needed. To help you get started, here are a few tips and suggestions. Holding your monthly check‑ins on the same day can help build consistency. Consider scheduling your annual review at the beginning or end of the year to help reflect and plan more holistically—though truly, any time of year works. Most importantly, everyone’s schedule, life, and finances are different, so find what works best for you and stick with it to keep making meaningful progress toward your goals.