Money Matters Story Idea: Give Your Resolutions a Boost With a Financial Buddy
New Year’s resolutions are notoriously tough to keep, especially when they relate to finances. But encouraging your audience members to recruit a “financial buddy” who will provide support and keep them accountable can help one accomplish their goals in the coming year, according to a report by smartaboutmoney.org.
The report outlines several ways that you can help your audience to keep their financial resolutions in check. These might fit very well in a reporter package or web story:
Some of the tips to share with your audience:
1. Find A Buddy
A financial buddy can be anyone—a parent, a spouse, a friend, a co-worker. Whomever you consider, make sure that person has certain qualities. Choose someone who:
- You like and trust. You may be sharing intimate money details with your buddy, so you want to make sure you're comfortable with the person.
- Will set a good example. This person doesn't have to be a money expert, but he or she needs to share your motivation and readiness to stick to goals.
- Will understand your resolutions. You don’t have to be working toward the same goals, but you do need your buddy to know your desired outcomes and be supportive of your efforts.
- Will keep you honest. Your buddy should feel he or she can call you out if you become distracted or less committed to your goals.
2. Start Off Right
Once you have selected your buddy, work together to create long-term plans for both of you.
- Talk about your behaviors with money. Bring up past successes and failures, so your buddy knows what might make you shine or set you back. Take the LifeValues Quiz together to identify what is behind your respective financial decisions.
- Set a goal. Will you start investing in your 401(k)? Write a will by the end of the year? Set up an automatic deposit into your child’s college savings fund?
- Break it down. Make your goal specific and measurable. Instead of saying you want to spend less and save more, pledge to cut your budget by a specific percentage, or to increase your savings by a set amount each week.
- Be realistic about your situation. No two buddies will be in the same financial place, but you might have similar goals. Keep your own situation in mind instead of trying to measure up to what your buddy wants to accomplish.
3. Keep It Up
Once you have created a plan, keep tabs on each other.
- Check in regularly via email, Facebook, or a phone call.
- Contact your buddy for moral support, if you are tempted to stray from your plan.
- Celebrate milestones along the road to your ultimate goals, and spend time together outside your financial lives.
Click here to read the rest of the article from smartaboutmoney.org
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