{"id":3175,"date":"2020-08-25T18:00:55","date_gmt":"2020-08-25T18:00:55","guid":{"rendered":"https:\/\/www.simplifimoney.com\/blog\/?p=759"},"modified":"2024-11-18T10:21:28","modified_gmt":"2024-11-18T18:21:28","slug":"accountability-partner","status":"publish","type":"post","link":"https:\/\/www.quicken.com\/blog\/accountability-partner\/","title":{"rendered":"3 Experts Share Why You Need a Financial Accountability Partner"},"content":{"rendered":"\n

When you\u2019re working toward financial goals, having someone in your corner to cheer you on can make a big difference. Whether you\u2019re paying down debt<\/a>, saving for retirement, building an emergency fund<\/a>, or trying to stick to a budget<\/a>, the practical steps are easy to understand. Following through can be much more difficult. <\/p>\n\n\n\n

Joshua Schumm, a financial coach who runs Steward Don\u2019t Squander<\/a>, says that personal finance is 80% behavior and 20% knowledge. \u201cAccountability and focus are two of the most important things you can have,\u201d says Schumm. <\/p>\n\n\n\n

That\u2019s where an accountability partner comes in. They\u2019re someone in your corner who can help you stay motivated and focused, even when you feel like giving up. <\/p>\n\n\n\n

What Is a Financial Accountability Partner?<\/h2>\n\n\n\n

A financial accountability partner is like a personal trainer for your money. You define your goals and the habits you want to change, and your partner helps keep you on track. <\/p>\n\n\n\n

\u201cYour accountability partner is not there to bail you out, but rather to guide you in being able to make these decisions on your own from a place of knowledge and self-confidence,\u201d says Jennie Webb, founder of Springbok Financial Coaching<\/a>, which focuses on helping married couples stop living paycheck to paycheck. <\/p>\n\n\n\n

You may want to have weekly or monthly calls to discuss your progress. Or, perhaps you text each payday to make a plan for your money<\/a> and check in before making big purchases. <\/p>\n\n\n\n

Finding the Right Accountability Partner<\/h2>\n\n\n\n

Some can double as coaches or mentors if they\u2019re more knowledgeable about personal finances or have gone through a similar journey. However, that isn\u2019t a requirement.<\/p>\n\n\n\n

\u201cI always suggest clients find someone to be accountable to besides me as the professional,\u201d says Andrea Clark, CFP\u00ae<\/sup>, AFC\u00ae<\/sup>, who worked as a military personal financial counselor for 10 years and now runs The Table Financial Planning<\/a>. \u201cA close buddy is going to have a more accurate accounting of how you really live, especially when it comes to spending your money on weekends and going out.\u201d<\/p>\n\n\n\n

You also don\u2019t necessarily need to share every detail about your finances with the other person. But you want to choose someone who you can trust to keep your personal information private, and who you know will hold you to your plan. <\/p>\n\n\n\n

\u201cAn accountability partner will only work to the extent they are willing to tell you what you need to hear and not what you want to hear, and your willingness to receive it,\u201d says Webb. \u201cYou want to look for a partner who will ask the hard questions without giving you advice.\u201d<\/p>\n\n\n\n

She often suggests couples be each others\u2019 accountability partners. However, if couples can\u2019t communicate openly about their finances and personal relationship to money, bringing in a trusted friend or family member can also help. <\/p>\n\n\n\n

Making Accountability Work for You <\/h2>\n\n\n\n

It\u2019s important to set yourself up for success before you ask someone to hold you accountable. You also want to set clear expectations for yourself and the other person, even if you have to make adjustments later. <\/p>\n\n\n\n