How to Find a Financial Buddy and Boost Financial Wellness

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Like most problems, money woes are scariest when you’re experiencing them alone. Create a financial support for yourself this new year by choosing a financial buddy – someone you can have open, honest conversations about your financial goals and challenges without judgement or shame. 

1. Choose a Buddy

The first step is making a list of people that can work well in the role. There’s a few things you may want to consider before making the decision:

Is this person directly affected by the financial decisions I make?

It might be difficult to feel fully honest with someone that's affected by your financial goals. Choose someone instead who's unrelated to your earnings and wealth.

Do I have any financial obligations to this person?

If you owe this person money, it might affect your ability to feel open and honest with them, and give them an ulterior motive to supporting you.

Does this person have any financial obligations to me?

If this person owes money, it might affect your ability to feel open and honest with them. It might also impact how you start conversations with them, and feel about their support.

Can I talk to this person openly and honestly?

This is such a critical part to having a financial buddy. Reflect on previous conversations and how you've felt sharing personal information in the past, if you can.

Does this person have a history of being supportive, understanding, and attentive?

A history of mutual support can signal how productive this partnership will be in the future.

Can I be a financial buddy for them, too?

Mutual motivation can be really fun! See if this person is interested in taking on this endeavor, too. It's not required, but certainly can be more productive in the long run.

2. Make the Ask

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Ask them to be your buddy! It may feel a bit daunting for you, and that’s totally normal. Here’s some language that can help pop the question.

Hey! I've got some big financial goals this year of _________ and looking for a friend to keep me motivated and accountable. I'd love for you to be my financial buddy! I'd share my progress and pitfalls for you for support and encouragement. I'm not expecting any coaching or training, just a buddy to keep me grounded and inspired. I can be your's too, if you want! Let me know!

3. Stay in Touch

Here’s a few ways to maximize the relationship.

  • Be hyper-clear on your financial resolutions, including your goal number, the steps you’re taking, the timeline, your fears and hesitation, etc.
  • Plan to check in regularly on your progress. A weekly Sunday email or text could be a great place to start
  • Don’t abuse your buddy; they’re here for support and not coaching, guidance or constant cheerleading. Maintain healthy boundaries by reminding yourself that they’re there to support you, not lead you. If it feels like you’re placing too much responsibility on them, you most likely are.
  • Check in frequently on how they feel about their position and how you can best support them to be the best buddy in return.