We may have family. We may have friends. We may have co-workers or acquaintances. But, do we have a "Money Buddy?" What is a Money Buddy? How can having one help you get out of debt?
Roller-coaster of Resolve
During our journey to get out of debt, we ARE going to have highs and lows. Take this month as an example. By successfully using the power of NO, I was able to pay off 2 credit cards. Yet, my spending habits started to go back to their old ways the further into the month I went. Evidence of this can be seen in my January Debt report, as found in my "Sites I Enjoy" area. It seems as time goes on, our resolve begins to weaken at times.
Have you found this to be the case in your life? I know I certainly see it happen in many areas of my life...diet/health, work, family, and even personal finances. Yet, while having dinner with some friends, I had one of them ask me, "How did you do this week?" This was such an amazing question to have asked. Why?
The Power of a Question
First we must discuss why my friend would even ask me such a question. During previous time spent together, I explained how motivated my wife and I were to finally take control of our finances and get out of debt. By sharing this with my friends, they quickly jumped on board providing an environment of collaboration and support!
Fast forward to the dinner referenced above and the powerful question..."How did you do this week?" Having that friend or support system checking up on you can be such a great motivator in getting or staying on track! At the end of that conversation, my friend stated how we were "Money Buddies!" I liked the sound of that. We were not only helping ourselves but helping each other.
Who is Your Money Buddy?
So who is your Money Buddy? Do you have a friend or family member in a similar situation as you? Could you join forces with them to conquer the debt? Here are some quick tips on activities you could put into practice:
1. REVIEW who could be your Money Buddy
2. SET goals together to work towards
3. Once per week REVIEW your progress on goals
4. Find creative ways to stay on track, such as JOINING the 52 Week Money Challenge
The debt may be ours but we don't have to eliminate it alone. A Money Buddy can go a long way in helping us stick to our resolve to get out of debt. I want to hear from you...Who is your Money Buddy? What activities do you do with them to stay on track?
I have found many Money Buddies here in the SA community and thank all for their posts and personal finance blogs!
Who is Your Money Buddy?
January 28th, 2013 at 07:09 pm
January 28th, 2013 at 07:14 pm 1359400483
January 28th, 2013 at 07:19 pm 1359400775
I hope you find yours!!!
January 28th, 2013 at 07:23 pm 1359401028
IRL, I/we are surrounded by people who have continually made poor money choices, are facing bankruptcy, fail to plan and plan to fail, and I have had to close myself off from "other people's money". That said, I have found like-minded friends here who can offer support and advice when needed. I suppose my money buddies are all of the SAers!
January 29th, 2013 at 01:55 am 1359424516
I'm fortunate to have been married to my Money Buddy for almost 20 years. We don't have any debt and have been on a good financial path for our entire married life, so discussions every 2-3 months are sufficient. Back when we were getting started it was every 1-2 weeks.
January 29th, 2013 at 02:45 am 1359427549
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