Accountability. We all know that it can do wonders for us. I mean, there’s nothing like telling someone that you’ll have XYZ done by such and such date and then not delivering on that promise. I know that for me at least, I freak out if I don’t live up to those expectations.
And if you’re in business, you’ve probably heard of a Mastermind Group which was first coined by the book, Think and Grow Rich so you’re already familiar with how one operates and that it is a huge source of accountability.
But how do you harness this power when you’re not in business and you’re simply trying to hold yourself accountable to those financial goals that you’ve set?
I know from experience that trying to set up a “mastermind” of sorts for personal finance issues isn’t so easy. Most people don’t want to discuss their finances openly and they almost never want to discuss them with folks they actually know…in real life.
I attempted to form a group like this but failed miserably at it because well, no one wants to talk about money issues and I get that. So, how do you hold yourself accountable to your goals?
Honestly, this is a hard one. I ended up using this blog as my accountability partner because yeah, telling a bunch of people that I’ll have my debt paid off by a certain time lights one heck of a fire under my tail. But all is not lost if you don’t have blog or you’re more of a private person to hold you accountable.
How to Hold Yourself Accountable to Your Financial Goals
- Pick one person that you trust – this person can be your mom, best friend, or even someone at church. Just make sure this person is someone that isn’t afraid to hold you accountable. In other words, don’t just pick a “yes” person. You want someone that isn’t afraid to say, “well darling, I know you said you really needed to buy that new pair of shoes, but are you sure you couldn’t have waited until next month so you could meet your goal of paying an additional $50 towards your debt snowball this month?”You just need someone that will speak with grace but will be firm enough to not let you run all over the place. They’re your accountability partner so make sure they’re great one.
- Track your progress – keep track of the progress that you’re making in achieving your financial goals by either tracking it in a spreadsheet, a piece of paper, or an app (like this one), or something more fancy. I just recommend that you track your progress somewhere that you’ll see it often so you’ll be motivated to going.
- Imagine your life – this will sound silly but trust me, this works. Imagine what your life will be like AFTER you’ve achieved your financial goals. Picture it. Feel it. Be totally present in that space. Now write it down – write down how your life looks and feels in explicit detail. Seriously, this exercise does magical things for you because it makes those goals more tangible because they become something you’ve actually seen and felt before, even if it’s only been in your mind.
- Keep your eye on the prize – avoid getting distracted by everything shiny. Keep your eye on your financial goals as you write out your budget every month and maybe even keep a piece of paper in your wallet with what goal you’re trying to reach to keep yourself in check when making a purchase.
- This is a marathon – reaching your goals will take time. This won’t happen overnight or at least it won’t happen overnight for the majority of your goals and that’s okay. Remind yourself that this isn’t a race; that it is a marathon. Don’t be hasty and make rash decisions. Keep your eye on the end goal.
“But these things I plan won’t happen right away. Slowly, steadily, surely, the time approaches when the vision will be fulfilled. If it seems slow, wait patiently, for it will surely take place. It will not be delayed.” Habakkuk 2:3
These are just a few of things that you can do to help hold yourself accountable to the financial goals that you set in place. I’d love to hear how you hold yourself accountable so please be sure to leave a comment below!
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