Date Night Club (April 2021): Maximizing a Financial Windfall

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Have you ever received a financial windfall like a tax refund, bonus, stimulus check, or even inheritance money and didn’t have a specific plan for where the money would go and before you knew it all of the money was gone? It’s all too easy for a financial windfall with no plan attached to it to be spent here, there, and everywhere and let it slip right through your fingers. Whether you have a financial windfall in hand right now, will have one soon, or you don’t know when the next windfall is coming around the corner, this month we’ll make a plan for that money that you can use throughout the year.

Take a Bite:

Imagine you received a $1,000 check out of the blue addressed just to you with no strings attached. What would you do with this money? Remember: No judging your or your partner’s answers. What’s the first thing that comes to mind?

DATE NIGHT MATERIALS LIST:

  • A copy of last month’s budget (if you plan to do a budget check-in)

  • Three sheets of paper and two pens

  • Timer/stopwatch

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10 MINUTE SNACK: PRIORITY PICTIONARY

If you had a financial windfall come through your life in 2021, where would you want the bulk of this money to go? Let’s play a game of pictionary to learn more about your own priorities, your partner’s priorities, and establish some priorities together.

  1. What would your top 3 priorities be for this money?

  2. Play a quick game of tic tac toe in the corner of one of the sheets of paper - the winner is partner A.

  3. Partner A: You have one minute to draw out your three priorities (in order) one at a time. See how many priorities your partner can guess before your time is up. After your time ends, tell your partner any of the priorities they didn’t get.

  4. Partner B: Now it’s your turn. You have one minute to draw out your three priorities (in order) one at a time. See how many priorities your partner can guess before your time is up. After your time ends, tell your partner any of the priorities they didn’t get.

  5. Compare your two images: How are they the same? How are they different? What three priorities would you choose together?

  6. Draw out an image of your top three priorities together. Use the image size to convey the importance of each priority compared to the others.

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If you like, you can take this month's topic deeper ...

MAKE IT A MEAL: APPLY WHAT YOU'VE LEARNED TO YOUR CURRENT BUDGET

One of the best ways to make sure your financial windfall is used to the fullest to already have a plan in place before the money comes in:

  1. Decide what constitutes a financial windfall (i.e.: Any extra money over $50).

  2. Check out this blog post to see my recipe to maximize your financial windfall:

    1. Do you agree with giving 10% away to others - would you want to give more or less?

    2. Do you agree with spending 10% on fun - would you want to spend more or less in this area?

    3. Use your initial conversation and tips from the blog post to decide where you’d like to direct the remaining funds.

MONTHLY BUDGET CHECK-IN

Take a moment to look back at last month's budget together.

  • Did you stay on track?

  • If you got off track, what 1-2 steps can you each take to get back on track again?

  • Did any surprises come up - positive or negative?

  • Take a look over the expenses, did the way you used your money align with your values?

  • What changes will you make for next month?