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Tuesday, July 26, 2016

90-Day Life Challenge: Weekly Financial Meeting

This is an idea that DH and I had flirted with for months, ever since he started his own small business in October 2014. Now, with the onset of my 90-Day Life Challenge, we are finally going to do it. 

*Alert: FREE Weekly Financial Meeting form HERE.




What Is Covered in a Weekly Financial Meeting?

I took quite a bit of time to develop the form, I worked on it all morning today. I realized that I needed to start with a few important questions:

  • Begin with a review of our monthly budget. I complete these the last week of the previous month.
  • How much money is coming in this week?
  • How much money do we already have available?
  • Which bills are due this week? Which account is paying them? We each have checking and savings accounts to make it easier to sort DH's business responsibilities.
  • Where is the rest of the money going after bills?
  • Discuss our short-term needs and our long-term goals.
Of course, this is just our personal "spit ball" at the key topics to cover. Every family will have their own twist on what is important.


3 Components of a Successful Financial Meeting

Here is an image of the Weekly Financial Meeting form that we use here at "Keen Enterprises." The downloadable form (linked above) is exactly the same except for the family-specific header. 


As you can tell, I like for forms to look a little quirky and strange. It makes me feel more relaxed because I know it doesn't have to be perfect, just functional. The 3 main categories I pulled out for the form are: Review, What's Going On This Week, and Future Planning.

REVIEW
Look at any relevant notes from previous financial meetings
Pull out the copy of monthly budget and update with bills paid

WHAT'S GOING ON THIS WEEK?
How much money is in our accounts, and how much is coming in?
What bills need to be paid this week?
Have any other expenses come up (i.e. car maintenance)?

FUTURE PLANNING
DH is paid weekly and I make some side income, so we need an accurate account of our money weekly
What are our short-term financial goals? i.e. Birthday gifts for Wee-One
What are our long-term financial goals? i.e. Retirement

Well that's it. We will be using this form every Monday or Tuesday (whenever DH receives his payments) for now until the end of our careers. Please take advantage of the FREE form, linked again HERE. I sincerely hope that it helps you feel a little more in control of your financial future.

Happy reading,

Your Devoted Friend

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