The Importance of Weekly Money Dates and How to Conduct Them
I bet dates with your loved ones are fun, full of laughs and love, and all the positive vibes. Now imagine having a date with your money! How would you describe that one? Exciting? Full of surprises? Maybe not so different than the usual dates you have experienced, money dates can vary, sometimes they may be stressful and frustrating, and other times fun, energizing, and downright uplifting! But regardless of how any one individual money date may be when done right, they will help save you from what could be loads of financial trouble down the line.
And in this article, I will share with you the importance of weekly money dates, why we do them, and how to conduct them as small business owners.
What is a money date?
A money date is a dedicated time you set aside each week to review and manage your business finances. It’s like a scheduled appointment with your money, where you can assess your financial health, track expenses, plan for the future, and make informed decisions. Think of it as a date with your financial well-being, where you give your money the attention it deserves.
Why do you need a weekly money date?
Now, you might be wondering, “Marguerite, I have so much to do! Why should I bother with weekly money dates?” Well, my friend, these regular financial check-ins offer numerous benefits:
🎁 Firstly, they help you stay on top of your cash flow, ensuring you know exactly where your money is coming from and where it’s going. By monitoring your finances consistently, you can identify potential issues early on and take necessary actions to address them.
🎁 Secondly, money dates provide a sense of control and empowerment, and help you to process how your business is performing at any given time which prevents you from making uninformed decisions that can lead to overspending or continuing to take on unprofitable actions.
When you actively engage with your finances, you take charge of your financial destiny. You become aware of opportunities for growth, spot areas for improvement, and make informed decisions that align with your financial goals.
How often to conduct money dates?
Now, let’s talk about the frequency of these money dates. As a rule of thumb, I always recommend performing money dates weekly. Ultimately, I do it daily, but when you’re just starting out with this concept, get in the habit of performing these check-ins weekly, don’t wait until the end of the month.
Weekly money dates are a fantastic choice because they strike the right balance between staying engaged with your finances and not overwhelming you with constant monitoring.
TAKE ACTION: Choose a specific day and time each week to conduct your money date (Monday’s are always a good candidate). Treat it as a non-negotiable appointment with your financial future. By making it a regular habit, you’ll develop a stronger financial mindset and maintain a solid grip on your business’s financial pulse.
What to look at during the money date?
During your money date, there are several key areas to focus on.
⭐Start by checking in on your invoices, both invoices due to you and invoices you need to pay. Look for any discrepancies or unexpected trends that may require attention. Take note of any outstanding payments or invoices that need following up.
⭐Next, pull your latest financial reports (it may be from your actual accounting system, a spreadsheet, or perhaps just even your banking activity or statements), your Financial Plan, and your KPI (Key Performance Indicators) dashboard.
⭐Update your KPI dashboard with your latest financial reports/activity for the week. Are you on track to meet them? Do you need to adjust your strategies or allocate resources differently? Use this time to update your KPI dashboards to keep a gauge on the financial health of your business and ultimately gain financial clarity.
⭐Lastly, schedule a meeting with your finance coach during one of these weeks. Just make sure that you have all the necessary data stated above so you can discuss it with your finance coach and strategize accordingly.
How to make your weekly money dates productive?
To make the most out of your weekly money dates, here are a few tips:
Set a recurring alarm on your phone (or through your Google calendar) to notify you ahead of the date set for your weekly money date.
Prepare in advance. Gather all the necessary financial documents, statements, and reports before your money date. This will save you time and ensure you have everything you need at your fingertips.
Minimize distractions. Find a quiet space where you can concentrate without interruptions. Turn off notifications on your phone or computer to maintain focus.
Recognize and celebrate your financial wins however small they are. Acknowledging progress boosts your motivation and reinforces positive financial habits.
Take a moment at the end of each money date to reflect on what you’ve learned. Consider the lessons, challenges, and improvements you can make for the future.
Remember, a weekly money date is not just about crunching numbers. It’s an opportunity to reflect on your financial goals, revisit budgets, analyze business metrics, and STRATEGIZING. By following and doing intentionally your weekly money dates, you’ll gain a better understanding of your financial situation, make informed decisions, and navigate the path to long-term financial prosperity.
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