Wednesday, February 9, 2011

Using the Buddy System in Your Financial Life

Boy, am I tired right now. It’s almost been three days since I updated, but I certainly haven’t been slacking off. In fact, I’ve been “working” way too hard. So what's this complaining about, you ask? Remember that group training membership I spent more than 30% of my "fun" budget on? I’m currently in the middle of my first week of classes. It’s been brutal, but I'm definitely going back for more tomorrow. Why torture myself? Well, there are three main sources of motivation for me: fitness, the chunk of my budget that I already invested, and my workout buddy.

Not only did I bring my own buddy, the class is set up for attendees to mingle and encourage each other. The idea is that by building a community, we'll be more accountable and more driven to keep going. I can tell you that it’s working. I haven’t felt this sore since I first started rock climbing, but I’m excited to go back there every night.

And this has to do with personal finance how…?

Employing this system to money management is a great way to jump start your financial fitness. The same principal applies. Having a buddy or even a community to share your goals will create motivation and accountability. You’ll be able to bounce ideas off of each other and have people who understand what you’re going through. Also, I don't know about you, but I thrive on competition. Other people working just as hard will make me want to work harder and set my goals higher. That way, I can proudly display my success (an euphemism for brag, I guess).

I know finance is a very personal matter, and most people don’t feel comfortable sharing that with others. There are a couple of ways to solve this problem. For one, your financial buddy should be someone you feel like you can trust. S/he can be a relative, a classmate, or a close friend. I would try to stay away from co-workers since money tend to be a more sensitive subject in the work place. Keep in mind that you don’t exactly have to bare your soul, so to speak. You can still make plans and set milestones amongst yourselves without stating dollar amounts or having to disclose your income with one another. But be sure that you’re honest with your buddy, and more importantly, with yourself.

If you still don’t want to fess up your financial life to family and friends, find other communities such as blogs or forums. You can use them anonymously to retain privacy and receive similar benefits. That said, I hope this blog can become your $$$ community. Let’s share, motivate, and learn together. =)


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