We each are the other one's financial accountability partner. That means we check in with each other regularly about our spending, saving, and budgeting. Knowing he has to talk to me about the set of new pipes he wants for his bike or that I have to confess that I spent a bit more than expected on new flowers for the garden really helps us keep on track with our financial goals.
I can already hear some of you rearing up in indignation. Why should I have to be accountable to my spouse about my spending. I make my OWN money! It doesn't have to be your spouse. A financial accountability partner can be anyone who agrees to help encourage and support you and ensure that you are keeping on track with your financial goals. But here's the reasons why it works well for us as a couple.
An accountability partner of any sort is usually a two-way relationship. Like your workout buddy at the gym. You're both helping each other meet your goals. And when you're both accountable to each other it can actually help strengthen your relationship. Plus our individual financial goals directly impact our family financial goals. So it just makes sense that we work together to keep each other on track.
I realize that not everyone has the kind of relationship my husband and I have. If you are looking elsewhere for a financial accountability partner, there are some traits you should look for.
1. You will be discussing your financial goals and perhaps even your current financial status. So you will want to be sure your partner can be trusted with this information.
WARNING!!! Your partner does not need to know your bank account number, SSN, or have access to your credit card or bank statements. I don't care how much you trust this person. If they ask for this information, look elsewhere.
2. Your partner must be able to be totally frank and honest with you. If they are afraid to call you out for slacking on your goals because they fear it might damage your friendship or make you angry, they are not a good partner. (On the flip side, you need to remember that your partner is truly trying to help you reach an important goal...and at your request. It does a great disservice to both of you if you get defensive or angry when they hold you accountable.)
3. Your partner has to be available. That means they need to have the time and the desire to help you. If they don't understand the importance of your efforts, or they don't have the time to talk to you regularly, they are not a good fit.
4. If it's a family member, you need to be sure they are able to give you honest feedback. If your (adult) child or sibling is acting as your financial accountability partner, it is imperative they have nothing to gain or lose by you meeting your goals.
Once you have selected your partner, it's important to establish some guidelines. You can write a formal agreement which you both sign. Or you can simply discuss the details of your new relationship. Whatever works for you! Just be sure you include details like how often will you discuss your goals. Will you meet in person or will it be via phone or Zoom? You might even want to create an agenda for these meetings. Again, whatever feels comfortable for you and your partner.
Do make sure your partner is fully aware of what you are trying to accomplish. Which means you need to be sure of your goals. I'm sure you've heard of SMART goals. If not, Google it. You'll find all the help you need to create Specific, Measurable, Attainable, Realistic, Time-Based financial goals for yourself.
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