How An Accountability Partner Can Help You Pay Off Debt

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Everybody needs a little bit of help managing their money sometimes and escaping debt is one of the hardest things you can do.

One thing that you can do to make this easier though is find someone you trust who can help give you advice and support on reaching your goals to be debt free.

While some people might think they need a professional, all your really need is an accountability partner.

Choosing the right person to help you on this journey is an important part of being able to reach your goals.

There are lots of factors to consider and you have to decide whether to choose someone you are already close to, or to get the help of a licensed professional.

The choice that is right for you depends on your individual situation, your goals, and the resources that you have available to you.

In this post, you will learn how to pick someone to be your partner and how they can help you reach your financial goals.

How An Accountability Partner Can Help You Pay Off Debt

What Are Financial Accountability Partners?

accountability partner

A financial accountability partner is kind of like your athletic coach, spiritual guru, personal fitness trainer, or mentor.

They are there to help guide you as you change your money habits and improve your financial life.

Your financial accountability partner is someone who will make sure you stick to the financial goals that you set for yourself.

They can help talk you out of bad investments and impulsive purchases that could drain your bank account.

Or they could help you stay on track to pay off debt or meet savings goals.

While having a partner who understands personal finance is great, this is a requirement.

In fact, some of the best people you can partner with are close friends and family members.

Why Do You Need A Financial Accountability Partner?

You need to have a financial accountability partner because you need someone who can help you manage your money and achieve your financial goals.

You are more likely to reach these goals if you talk about them to someone who is in your corner and ready to help you.

Financial accountability partners are also important because they can help you find ways to adapt to new challenges, which is critical for financial success.

They can help you invest, track your wealth, and help hold you accountable about your personal finances.

Defeating Debt With Support From Your Friends

It is almost impossible to get out of debt on your own.

You need to have people who are there to help you.

You should find a friend who has similar views about debt, and you should do whatever it takes to maintain that friendship.

They can be a great financial accountability partner.

Living debt free is one of the best feelings in the world.

Unfortunately, millions of people are saddled with credit card debt and they worry about their future.

They fear they will never have the freedom to retire because they cannot start saving money while they are paying off their credit cards.

This is why most people need a coach to help them focus on their future and support them as they try to make their goals reality.

They can be there to quickly pull you up when you fall down and make mistakes.

Tracking Your Progress

tracking progress

Another value of having a coach is because they can help you stay motivated while you track your progress towards your goals.

Being able to track your progress and achievements is one of the most important parts of achieving any goal.

However, it is easy to become discouraged, especially in the early stages of the process.

Having someone to help you keep your chin up and remind you of your progress will go a long way to keeping you motivated to continue escaping debt.

It is also good to have another set of eyes looking at your finances, so that you can have a more objective opinion about what you should be doing.

Creating A Budget

types of budgeting methods

One of the things that an accountability partner can help you with is creating a budget.

This is one of the most basic financial strategies out there, but a lot of people do not do it.

This is partly because a lot of people do not know how to create a realistic budget.

One of the reasons why you should find an accountability partner that you are already close to is because they will know and understand your lifestyle well enough to know what kind of budget will work for you.

They will understand alternative solutions to your problems, and any lifestyle changes that you can make to help stick to your budget.

Finding The Perfect Accountability Partner

Your financial accountability partner can be almost anyone.

It can be a friend, family member, or even a co-worker who has done their own research on debt and savings.

It can also be a hired professional with a license that you have a formal agreement with.

The person that you choose to be your financial coach needs to be someone that you trust and respect.

They also need to trust and respect you as well.

You might feel more comfortable talking about your finances with a close friend or family member, but they are likely not experts.

Even if they mean well, they are likely not giving you the best advice.

If you truly want the best advice when it comes to more complicated financial matters, like investing or taxes, you need to hire a professional financial expert.

Be Careful Who You Choose

It is important to be careful who you choose to help you with this journey.

Money changes people and makes them behave in ways that they normally would not.

Choosing a financial accountability partner who is too close to you can strain your relationship with that person.

Things can become more awkward and uncomfortable between the two of you.

This is especially common between loved ones who have the best intentions for each other.

A well meaning sibling, friend, parent, or child can unintentionally say hurtful things to you in an attempt to motivate you to stick to your goals.

Likewise, you are just as likely to say something under duress that upsets them.

Choosing the wrong financial accountability partner is also a way that you can open yourself up to financial abuse.

This is when an abuser exerts control over their victim’s finances.

This can be through outright theft, restricting their access to their money, preventing the victim from working, or anything else that exerts improper control over the victim’s financial life.

It is important to make sure you pick a financial accountability partner that you know well and trust.

It is also important that you avoid giving them too much influence over you and access to your financial records.

What Are Your Strengths and Weaknesses In Terms of Managing Money?

money

One thing you can discuss with your coach is how you are spending your money.

You should look at the data on what you are spending and go over it with your advisor.

It is a good idea to come up with a list of the things that you do well in terms of money management, but you should also create a list of the things that you do not do well.

For example, grocery shopping with coupons or cancelling unnecessary subscription services would probably be examples of good money management decisions.

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Spending lots of money on fast food, fancy clothes, blowing off important debt bills, or continuing to pay for unnecessary subscriptions could be examples of poor money management.

What About Your Money Situation Causes You The Most Stress?

Another good thing to discuss with your financial accountability partner is the thing that stresses you out the most about your financial situation.

This is a good way to hone in on what is making you the most anxious and what is your hardest financial problem to deal with.

The most stressful part of your situation could be anything.

It could be that you are not getting paid enough money to save, or it could be paying the interest accumulating on your credit card debt.

Maybe your business is struggling or you find it hard to stay focused on saving for retirement and personal economic freedom.

Or you might wonder if your finances are good enough to buy a house or even start a family.

Once you figure this part of the problem out, it will be much easier for you and your financial coach to come up with realistic solutions to the rest of the puzzle.

Having someone to talk this over with is an important part of having a financial coach.

Final Thoughts

Choosing the right accountability partner is an important thing when it comes to keeping you accountable about your financial goals in life.

Millions of people are drowning in debt and they feel like it is impossible for them to escape.

Eliminating personal debt might feel like an Olympic challenge, but it is much more manageable if you have the right support system around you.

Only you can decide who the right coach is for you.

You have to decide whether to seek the help of a trusted friend or relative, or to get the help of a professional expert.

This depends on your financial situation, your goals, and the people that you know who can support you.

Nobody escapes all of their debts on their own, so build a good team around you.

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