Tuesday, February 28, 2012

Date night!

Over the past few months (well, year), my Eye Candy and I have frequently said we should have a “date night” and go over our finances together. But something always seemed to get in the way… perhaps opening a bottle of wine and opening up your bank accounts is not the right mix! 

None the less, we had a quiet Saturday afternoon a few weeks ago and we actually took the time to review our financial status as a couple. It was an incredibly eye opening experience.  I’ve been managing my 4-week rolling budgets for 18 months, but now that my Eye Candy and I are a dynamic duo it made sense to get a better idea of our real cost of living and to set goals as a couple. Plus, instead of just complaining about paying the usual bills, it was exciting to envisioning our future life together and to create a game plan on how to make it all happen. 

How sweet it is to be loved by you.

Using MoneySense’s printable guides, we figured out our individual net worth (worksheet 3), our spending & savings (worksheet 4) and our goals (worksheets 5 & 6). From here, we talked openly about the minimum we both need to have in the bank each month to cover our fixed expenses (like the mortgage, taxes, car payments) and where our variable spending goes (groceries, entertainment, gym, weekend trips).

While we’re both diligent about spending our money conservatively and we live below our means, there is always room for improvement. By taking the time to look at each other’s spending habits we were able to offer a fresh perspective. For instance, I’m spending about a $50 a month on gifts and my Eye Candy is still paying bank fees so there clearly are more ways we can put money back into our wallets.

And saving money is exactly what we want as we have so many plans! Not all of our goals are perfectly in sync as my Eye Candy is saving up for a top notch cycling bike while maintaining a professional wardrobe is my guilty pleasure; but we did set 3 that I am excited about. The best part? We are working together to ensure we have lump sum amounts ready to invest or spend. 

Over the next 6 to 18 months, this is why we are stashing cash:
  1. To host a wedding as fabulous as we are! The date is set for 07.27.2013 and my Eye Candy & I have agreed on how much we are going to save & then spend on our Big Day. 
  2. To purchase an urban & chic condo in the Atwater Market here in Montreal. We’ve crunched the numbers and we’re confident that we can afford a love nest in our favourite neighbourhood.  
  3. To continue to vacation like rockstars. We love getting away and exploring new cities so the most stressful decision is where should we go next?
If you and your Prince Charming have not had the chance to review your finances together, then I strongly recommend it. I love being a financially-savvy and independent young women, but I love sharing my dreams with my Eye Candy more and making plans to achieve them together is when the magic happens.



  1. Wow, great post! I think that it is so nice you are so open to each other about your fiances and your financial goals. It also definitely helps that you are both the same financial type of person. I think it's cute you can sit together and plan your dreams :-)
    Me and my bf we are also very open but mostly about current expenses/savings. we could do by also having a financial plan for our long term goals together.

  2. I so want to do this! BF is gonna take some convincing, though. I think he knows I'm pretty good with it and don't hate doing it, and it overwhelms him, so.... I'll work on it, though.

  3. My BF and I do this all the time! It's so nice to talk about goals and where we are at financially together. That's how we saved for our down payment for our condo that we offered on, so exciting! I just wish we had more money to take vacations, but we've been saving almost 80% of our income. It is def nice to be able to be open about our finances because it also reinforces open communication with everything. You got a keeper!

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  5. It's great to see a young couple on the road to a successful marriage. Finances are not romantic but the rewards are worth it.