I recently posted about how we go about organising our household finances. What I didn’t go into was when we actually sit down to update and review our budget.
Every Sunday morning we sit down with a tea or coffee and laptop/iPad and categorise our transactions and see which areas we’re on track with and which we might need to work on.
After we’ve updated the budget, we discuss any issues/projects and plan our schedules and social events. The idea is that when we’re done, our finances, calendars and to-do lists are all up to date.
The whole process usually takes around half an hour, but if we have time we then spend a bit longer working on a ‘current project’ such as holiday planning (fun!) or doing the filing (admittedly not so fun). Sometimes we’ll really get into the swing of it and achieve a lot.
It’s only the two of us but we call it our Family Meeting as we think of ourselves as a little family. Of course there are other things we’d rather be doing with our weekend but it only takes a short time and is well worth it. We’ve been doing it for around six months and we’ve definitely noticed an improvement in organisation and communication. We even schedule it on our calendars so that we stick to it.
Do you have any kind of regular family meeting or budget review?