finicity

The Value of Accountability

A research by Michigan State University demonstrated that the simple presence of moderately more capable partner could increase motivation by as much as 100%! Their research was conducted in the field of fitness, but it demonstrates that accountability can serve a critical role as we strive to achieve financial freedom as well.

Find someone who does it well!

In order to succeed in all of these areas you have to break certain unhealthy money habits (overspending, lack of tracking your expenses, etc). Do you have a friend who is very disciplined with his or her money? Are they making financial decision you’d like to be making? Ask them to become your accountability partner! Talk to them about their secrets for resisting overspending and for sticking to the budget.

Arrange weekly chats over coffee and give your friend permission to ask you the tough questions.

Don’t know anyone? Read! There are great books and financial blogs out there that will tell you all you need to know about ditching debt, creating a workable budget, sticking to your goals and saving for the future. Commit to become a student of financial wisdom and spend 15-30 minutes a day just soaking in the information.

Today's tip brought to you by Mvelopes and Monday4Life Coaching.