Success with Financial Goals: Accountability Partner

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Posted on Wednesday February, 17 2010 | 4 Comments

We're now in the middle of February.  Did you make any financial resolutions back in January?  Maybe you're having a problem with your financials goals.  Maybe it's because you didn't set any (like me). Have you ever failed to reach a financial goal?  What was the reason for failure?  Laziness? Lack of focus? No follow through?   I contend that it's a lack of accountability.  Not having someone to check in with on your goal can let the goal become elusive and out of focus.  The contact with a caring but confronting friend can be the difference maker in successfully reaching a goal.  Below are some steps to follow in setting your goal and picking the right person to hold you in check.

1) Set a good financial goal.  I'll be brief here and let you check other links for details.

  • Be specific.
  • Be measurable
  • Be attainable.
  • Be realistic.
  • Be time specific.

2) Put the goal in writing.

3) Pick someone who you know cares enough to confront you and still be your friend. Maybe it's a best friend from college, best man in your wedding, a friend who works in the finance industry. 

4) Show them the goal and give them their own copy to keep.  That's right. While it can be awkward to show a friend your financial goal, it is also a powerful decision to begin an accountability plan.

5) Decide on a phone call 'check in' once a week.  You or your partner will call the other once a week.  One partner can call on odd weeks of month (1,3,5). The other partner will call on weeks 2 and 4.

6) Meet face to face twice a month and bring the goal paper to the meeting.  If you don't look at the paper together the meeting doesn't count.  Look at the goal together and see if you are abiding by the plan.

IMPORTANT NOTES:

You will fail sometimes.  Don't be hard on yourself.  Mistakes are often our best teachers.

Discuss with your partner (or write down) the reasons why you failed.

Remember that just having a good financial goal is better than 50% of people (I think...I have no research to support that).

I heard it said that people will talk more about sex than money.  Is this true?  Are you accountable to anyone about your money decisions?  What are some barriers to finding an accountability partner?  Please comment below.