Need Help Meeting a Financial Goal? Get a Money Buddy
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How to Pick the Perfect Financial Accountability Partner (or Money Buddy)!!
It takes willpower to change our spending habits and do better with money – and sometimes, we can’t do it alone.
For this reason, you can never go wrong with an accountability partner in your corner. But not just any partner. You need someone who can help you achieve your financial goals.
To put it plainly, a money buddy is someone who supports and helps you stay committed to your goals. The reality is, some people can’t hold themselves accountable. In which case, an accountability partner or money buddy can make all the difference.
But even if you recognize the benefits of a money buddy, not everyone is right for the job. Here are three things to look for when picking a financial accountability partner.
1. Someone you can trust
You can choose to divulge as little or as much information as you like. Understand, though, this person will likely know details about your finances – whether you specifically state your issue or they gauge it through observation.
But regardless of whether you reveal the nitty-gritty details or you’re a bit more guarded, you must be confident that this person will not spread your information to others.
This might sound like common sense, but it needs to be said. Especially if you’re a private person and you don’t want everyone in your business. As you narrow down picks for your money buddy, consider the person’s track record. Do they gossip? Do they have a history of speaking without thinking? Have they spread your personal information in the past?
2. Someone who can be honest with you
The purpose of getting an accountability partner is to make progress. If you’re moving in a direction that’s opposite of your goal, or if you’re about to make a risky decision, your money buddy isn’t a passive bystander.
With that being said, you can’t have a “yes man” as your accountability partner. This kind of defeats the purpose.
You guys will check-in with each other periodically. And during these check-ins, you want this person to speak up and be honest about your progress. If they feel that you’re not trying or that you need to put in more effort, they shouldn’t be afraid to say this. Truthfully, this is probably what you NEED to hear.
So whether it’s your partner, best friend, sibling, or other relative, ask yourself: Is this person capable of providing honest feedback? Or will they say what they think I want to hear?
***As a side note: Don’t force anyone into this role. The person you choose should actually want the job.
3. Someone who’s good with money
It’s also important to choose someone with similar financial goals and/or someone who’s good with money.
This role isn’t for everyone. The ideal person will encourage you and care about your financial interest. So if you have a problem with overspending, don’t choose an accountability partner who also overspends.
Not to say they can’t provide assistance. However, it might be hard for them to separate how they manage their money.
As you search for a money buddy, choose someone who’s in control of their finances. You can sometimes gauge this through their actions. You might notice their frugal ways and their intentional spending, and their conversations might reveal a solid understanding of financial matters. This is the type of person you want in your corner.
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