Have you ever tried to create a budget only to end up with something completely unrealistic for your situation? Trust us, that you are not the only one struggling with your personal finances. It’s hard to be able to afford the life you’d like to live - especially when you’re young. But it feels hard to tell your friends “guys, this restaurant is too expensive for me”. We tend to keep our personal finances hidden even from our closest friends. That’s why having a “personal finance buddy” is an absolute necessity to actually meet your goals.
What’s a personal finance buddy?
Simply put, it’s someone who agrees to help cheer you on and make sure that you’re keeping on track with your financial goals. Generally, an accountability partner is a two-way relationship — you’re both helping each other.
How to make it work?
Choose someone who has similar goals and financial management skills. Do not pick a “spendy friend” to hold you accountable financially. It is less about how much your finance buddy earns and more about having similar goals and beliefs when it comes to money management.
Check in frequently. When you choose an accountability partner, set up daily or weekly check-ins, even if it’s a quick text.
Plan inexpensive fun together, so you don’t need to resist peer pressure. Cook together at home, plan a movie night or create your cocktails at home instead of going out. Budgeting doesn’t mean you need to restrain yourself from social life.
Choose someone that you trust. Personal finance truly is personal. You need to be able to trust your finance buddy. Pick a friend who will encourage you whether you succeed or fail and never judge you.