How an Accountability Buddy Can Transform Your Finances

Have you ever tried to do a budget only to end up with something completely unrealistic for your situation? No matter how hard you tried, you end up overspending on the groceries category; let’s not even bring up the ‘Fun Category’ that we miss to fund and every weekend ‘you run the streets’ one too many times.

We completely understand, trust that you are not the only one struggling with this financial monster. Budgeting is tough work and takes trial and error to figure things out. No one ever said it would be easy. This right here, is why an accountability partner is so essential on your financial goal plan.

What’s an accountability partner? Simply put, it’s someone who agrees to help cheer you on and make sure that you’re keeping on track with your goals. Generally, an accountability partner is a two-way relationship — you’re both helping each other — but it doesn’t have to be that way.

When you’re both accountable to each other, though, it can help strengthen that relationship and allow each of you to be supportive, knowing that you’re expecting that in return.
It’s vital to have someone in your life to keep you financially accountable. By having a partner to lean on, we are more successful in meeting our long-term goals and managing everyday spending. Your accountability partner will be able to keep you on track when you are tempted to stray.

Sometimes this arrangement is an organic development (a friend or parent who checks in with you regularly, and with whom you are comfortable sharing your struggles and progress). But sometimes you need to be intentional about it, and make the arrangement a bit more “official.”
We all need someone trustworthy in our lives who isn’t afraid to ask us how the budget’s going and call us out when we’re going against our commitments.

WHAT TO LOOK FOR IN AN ACCOUNTABILITY PARTNER

1. Choose someone who has similar goals and financial management skills. Do not pick a “spendy friend” to hold you accountable financially. It is important that the person you choose to have similar goals and beliefs when it comes to money management. Choose someone who also wants to be frugal and smart with their financial decisions. It is not about having equal amounts of money in your bank accounts, it’s about having similar spending habits and goals.
2. Create challenges and set goals together. Make it fun! Start a saving challenge. Together, you can encourage and compete.
3. Check in frequently. When you choose an accountability partner, set up daily or weekly meetings. Find time to call or text (as per your agreement) just to check in about the previous week. The more often you check in, the more successful your partnership will be.
4. Plan inexpensive outings together. If one of you is struggling to save, peer pressure can be a big problem. Rather than sitting at home, plan outings together that will be inexpensive or free. Resist peer pressure together!
5. Encourage one another. The most important part of your partnership will be encouragement. You are stronger together than you are apart. Encourage one another daily, and especially when you fail. There is always room for improvement, and you can help each other to succeed next time. When they are feeling down, bring them back up! And vice versa.
6. Choose someone that you trust. You need to be able to trust your financial accountability partner. Pick a friend or family member who will encourage you when you fall short of your goals, and never judge you. If you have a strong bond, both of you will be more willing to share honestly about your successes and failures. Trust is key!

Put It Into Practice!

Everyone’s budget is different because every person is different. But we all need a solid budget and accountability partner.

Question: Do you have an accountability partner now or have you ever had one in the past? How did it go? Any advice for creating an accountability group/partnership that I didn’t mention? Let us know on the comment section!