Money Money Money

This is what I’m calling meeting 2.


  • Review homework
  • Money questions, spendthrift/tightwad quiz
  • Goals
  • Budget
  • Homework

First, homework review
Andrew and Natalia were all smiles when they told me about their homework from last week. They walked some neighborhoods, took in some open houses, and realized what they really wanted. Their “Must Have” list included:

  • 2 bedrooms plus den
  • in suite laundry
  • a dishwasher

They did a floor plan and posted their Must Have list somewhere where they can see it every day.

Next, $$$$
I asked Natalia and Andrew 5 questions about money:

  1. How do you feel about money and spending?
  2. How much debt do you have?
  3. What is your credit Score?
  4. Will this be an open financial partnership?
  5. What are your financial goals?

Their answers were fairly aligned. We learned that Natalia leans towards the spendthrift side and Andrew the tightwad side, but both we pretty close to the middle.

We also discussed their loan debt (which is low, just some student loans) and credit scores (we all know where they are on that!)

Natalia has a few conflicting emotions about money that she is working on. She is pretty hard on herself and worries about Andrew being upset about her spending. The thing is: he’s usually not upset at all. She is putting words in his mouth. So we made a rule: if they want to spend above a certain amount they have to discuss it.

Andrew has to remember he is 22 and needs to relax a bit about money. He gets very focused on the goal and forgets the little things. That said, this one-track mind will serve him well working towards his goal of being a Police Officer.

They want to have an open financial partnership and they have a joint account, Andrew uses it but Natalia has to make an effort and move her stuff over. They think this will help them keep better track but I did encourage them to keep separate savings accounts as well for planning.

Let’s talk goals
We agreed on these financial goals:
3 months –   $2500 saved
6 months –   $5000 saved
9 months –   $8000 saved

They are excited and I think they can do it.

In addition to their financial goals, we talked about personal goals for 1, 3 and 5 years.  They both had similar aspirations – except when it came to babies.

Oh yes, I went there, folks! And we talked about it. Andrew wants to have his career up and running before a baby and Natalia seems ok with that.

I introduced Natalia and Andrew to the Gina Best budget. I explained how it works and how they can use their spending logs to come up with the numbers.

This month, Natalia and Andrew have their work cut out for them. I asked them to:

  • Keep filling out their spending logs
  • Budget! (better get some drinks!)
    • Schedule a night this month to get started
    • Schedule a night to talk budget each month ongoing. So you don’t relapse!
    • Review spending logs for information on budget
    • Fill in your current spending based on the real numbers in your logs
    • Put together a proposed plan – don’t be crazy! Do this over a couple of evenings.
    • Set your intentions because next month we are really going to run with it!

Final thoughts
Take a deep breath — things that don’t matter to you matter to Natalia.

Listen to him about his worries and try to keep them in mind in some of the categories.
Come up with an idea for a side business.

We will see how they and I will update you next month.

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