Halftime! It’s time to get your money back in the Game.

Photo Credit: knoxnews.com

All around the country people are crossing their fingers and praying to the Football gods that we will have a Football Season.  For some the best part of a professional sports game is Halftime, especially at the Super bowl and Allstar game.

If you are the fan watching the game, Halftime is when you run to the bathroom, refill on your drinks and snacks.  If you are the players or coaches halftime is something completely different. Halftime is the opportunity to regroup, reflect and develop a game plan for the second half.  I recently read an article that compared the athletes’ halftime to a business. As I read the article, I realized that this same activity would apply to the area of one’s personal finances.

The article went on to discuss the ritual of the College Basketball Coach with the most wins in NCAA history, Pat Summitt who is Head Coach of University of Tennessee’s Lady Vols.  At the beginning of every halftime, the coaches’ head into the office, the players head to the locker room and for the next 10 minutes each group answers these 3 questions in retrospect to the game.

What are we doing right?

What are we doing wrong?

What do we need to change?

At the end of the 10 minutes, the 2 groups merge and Coach Summitt adds the coach’s thoughts to the players’ thoughts on the white board in the locker room. This then gives them a chance to see where they agree and differ which in turn gives them their game plan for the 2^nd half of the game.

How can you use this for your personal finances?  We are half way through the year and most likely you set goals at the beginning of the year.  Taking some time to ask yourself these same 3 questions will help you develop a strategy for the rest of year.  This is a perfect family activity. You and your husband should take a moment and answer the questions on your own. Then come together and see if you guys are on the same page. Be open and honest to the whole process. This is not a time for judgment or blame. This is a time to reflect on the first half of the game and determine what you are going to do to win the game.   Are you saving enough? Have you taken care of your Will like you said you would at the beginning of the year?  As you guys go over what is right, celebrate that. When you get to what you guys are doing wrong, decide on some steps you can take to do it right.

Wonder if this will work? Well, take a look at the Lady Vols record, they are doing something right.

How often do you revisit your yearly goals?

Andrea

Andrea is the Chief Chick of Smart Money Chicks. After filing BK twice (once because she panicked, second time because the pro messed the first time up), she realized that it all could have been avoided if she understood more about how her Finances worked and the options available. At that point, she wanted to help as many as she could never make the same mistakes again. Our Promise is that all the content you read on here is created or edited by Andrea