Even though our finances are our responsibility, there are times when it feels overwhelming or we slip off the track a lot or we even forget to add intentionality to our finances. If you frequently find yourself in any of these categories, an accountability partner will be a good recommendation.
I run a private finance club and even when we make finance decisions or challenges, I still have to remind some memebers of our tasks. This explains more that accountability partners are good for some people to enable them perform better and remain in track of their goals and wealth plan.
Different accountability options available include a friend, a professional or Mobile App. A professional or a Mobile App mostly attract fees; however having a friend as an accountability partner is free, fun and beneficial. I will be sharing some tips useful in picking a friend as an accountability partner and optimizing the use of one.
Identify your money views, habits and financial goals. To pick someone that will be compatible with you, you should know yourself first.
Pick an accountability partner that has similar money management views and one that accommodates your financial goals. One you can be comfortable with when speaking about your challenges and aspirations. Trust is very important in picking an accountability partner. Don’t pick a friend whose spending pattern does not match with yours. Likewise, you shouldn’t be picking a friend that is lavish or impulsive in spending.
Set challenges together and review performance. Set challenges together periodically. You can make monthly challenges at the beginning of each month and review your performances at the end of the month together. This makes it easy to stick to your challenges, you have a comparison of evaluation at the end of the period. Examples of challenges are Each person is to to save at least 20% of income in a month; Eating and dining out is limited to a percentage of income in a month.
Overall, you should evaluate your money management performance periodically e.g. weekly, bi-weekly,monthly. Whatever you know you can be consistent with, not exceeding monthly.
Encourage yourselves periodically. When you share your money worries with someone, it has a soothing effect on you. Tap yourselves on your shoulders on days of your wins and cheer each other up in moment of downs. Judgement on each other should definitely not be a quality to display .
Discuss your goals often. Speaking out your goals to a trusted person definitely keeps you committed to them. It also retains the excitement with setting out goals. You can also share ideas on how to accomplish your goals and the need to set new goals when it arises. Normalize money discussions in your inner circle.
Evaluate your relationship with your accountability partner. Is it a mutually beneficial one?
We believe in you!
To your financial independence and freedom
