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How to be accountable with your money…

Personal accountability can make a huge difference when you’re trying to be better with money, and this applies whether you need to improve your budget or become a better saver.

But although so much goes into this, the most important way to hold yourself accountable is to be proactive. It isn’t enough to say “I want to be better with this or that” –  you have to put things in motion. So here’s a look at things you can do to keep yourself accountable.

Shop with a frugal friend

This tip might not work for everyone. However, if you have a friend or family member who’s good at managing money, careful with their spending, and won’t push you to buy unnecessary stuff, it’s a good idea to have them by your side when you’re shopping or thinking about making a purchase.

While shopping with friends who like to spend can be enjoyable, it’s important to recognize the wrong influence at play.

If you call a money-savvy friend and say, “I’m really tempted to buy something, even though I know I don’t really need it,” they’re more likely to give helpful advice compared to a friend who encourages splurging.

Related: 7 Habits of Highly Frugal People

Freeze your credit card

This is something that anyone can do, and it only takes a couple of minutes. In most cases, you can freeze your credit card directly on your app.

This is useful in many scenarios. For example, if you misplace your card or think it’s stolen, you can freeze it to prevent fraudulent transactions (which is how a lot of people use this feature). But it’s also great for spending breaks, especially if you tend to overspend with credit cards.

Of course, this method isn’t entirely foolproof, as you can always log into your app and unfreeze your card at any time. Despite that, I still recommend this because a frozen credit card can slow you down.

You can’t just whip it out and pay for something; you have to unfreeze it first. This extra step might provide enough time to rethink the purchase and consider whether it’s worth it.

Block certain websites

You can go a step further and actually block your favorite retail websites to hold yourself accountable with money.

Whether you’re on your phone or your computer, you can access your privacy settings and manually block specific web addresses.

This is a great feature, especially if you can’t control yourself with certain retailers. Once you’ve blocked a site, you’ll have to return to your settings to unblock it before making a purchase. Like freezing your credit card, this isn’t foolproof either. But again, it slows you down and allows time to reconsider a purchase.

If you really struggle with online shopping, you might block a website and have someone you trust set a passcode. In which case, you’d need to enter this passcode to gain access to the site.

This approach is a bit extreme, but it might be necessary for severe online shopping problems.

Ask an important question to stay accountable

“If no one ever saw this item, would I still want it?”

I’ve mentioned this tip before. But in case you missed it or forgot, asking yourself this question is a great way to be accountable and reflect on the true intent behind a purchase.

Let’s be honest, some people buy things to impress others – and unfortunately, they get caught in a vicious cycle of continually purchasing things they don’t need or can’t afford to keep up with friends or maintain a certain image.

However, this often comes at the expense of their finances. So do some self-reflection and make sure you’re buying things for yourself and not to impress others.

Related: 15 Questions to Ask Yourself Before Buying Anything (video)

Recognize “budget busters”

You can also hold yourself accountable with money by eliminating choices that lead to overspending.

As you reflect on your spending habits, it’s essential to identify things that make it harder to save money. We’ve talked about the impact of credit cards and online shopping, but these aren’t the only budget-busters.

Consider your recent unplanned purchases and the reasons behind them. Did you end up shopping while browsing or window shopping? 

For some people, having cash on hand is a budgeting challenge. Even if they’re cautious with their debit or credit cards, they might quickly spend the cash in their wallet. If this sounds like you, limit the amount of cash you carry.

Bottom line: Becoming better with managing money involves understanding your personal triggers, and then setting up barriers to overcome them.

Don’t make your savings too accessible

It’s smart to have some cash easily available for unexpected situations. Therefore, it’s a good idea to keep a small rainy day fund in your local bank.

However, for the bulk of your savings, don’t make your money too accessible – especially if you have a habit of using your emergency funds for non-emergency expenses.

Here’s a tip I always recommend: Put most of your money in an online high-yield savings account.

These are great for two main reasons. First, many of these accounts don’t come with an ATM card, so getting your money involves transferring funds to a regular bank account which can take up to two business days. I see this as a positive because it can discourage unnecessary withdrawals.

Second, high-yield savings accounts offer better interest rates compared to regular savings accounts. So not only is your money less accessible, you can also earn more on your balance.