Yesterday I wrote about how my accountability partner, my husband, kept me from spending $5,000. It’s important to have an accountability partner to keep spending in check. Even if you don’t have a “spending problem” it’s still helpful because anyone can fall prey to a good sales pitch or shiny. If you find yourself frequently spending more than you intended or not paying one bill to pay off another because of over spending then you could definitely use an accountability partner.
An accountability partner is someone with whom you share your spending. Just knowing you will have to be honest with another person about your spending is often enough to get you to think twice. This partner can help remind you of your goals when the spending bug bites.
If you are married you have a built in accountability partner since you should both be involved in your finances. Hopefully your spouse can give that kick in the pants when you need it. If your spouse is more of a spending enabler than keeping you accountable it’s ok to bring someone else into the picture. I know that my husband and I aren’t very good at keeping each other on a diet when we aren’t on a diet together. If I try to diet without him I need a friend to go along for the ride.
Anyone who you trust and is good with money can be your accountability partner. It could be a relative, friend, money coach or even just an online buddy. This person will help you stay on budget. They will remind you of your budget and encourage you to make better choices.
It’s important to meet with your accountability partner on a regular basis. At least monthly so you can review your budget together. You may also need phone calls or mini meetings in between monthly meetings to make sure you stay on track.
Do you have someone who will keep you accountable?