An accountability partner is a person who helps another person keep a commitment. You can have an accountability partner for the different areas of your life — someone who will hold you to your work deadlines, another person to remind you to do your exercises for the day, or even a loved one to remind you to set your boundaries or to unplug at the end of the work day. And if you are struggling in some areas of your financial life, having a financial accountability partner can be a big help. Specifically, they can:
- Help you set financial goals
- Brainstorm the steps you need to take in order to achieve those goals
- Make sure you stay on track
How to find the right financial accountability partner
“A financial accountability partner does not have to be a financial adviser or financial planner, it’s just a bonus if they are,” assures Enery Franklin Dy, a licensed financial adviser and founder of Financial Literacy PH, an online community that aims to spread financial literacy and where anyone can talk freely about savings, budgeting, insurance, and investments. “Friends, family members, or even team members can be good accountability partners if they are enthusiastic about money and investments and practice good money habits.” If your organization partners with MindNation, MindNation WellBeing Coaches are also available to help team members build better financial habits or have a better relationship with money.
Friends, family members, or even team members can be good accountability partners if they are enthusiastic about money and investments and practice good money habitsEnery Franklin Dy, Financial Adviser
That being sad, it’s also important that the person you choose to be your financial accountability partner posses the following traits:
- Trustworthiness. “Money is a sensitive issue, and some matters like salaries should be kept confidential,” Enery reminds.
- Honesty. “They should be able to give you constructive criticism and push you to achieve your goals,” he adds.
- Diligent with record-keeping. This is important if you need help budgeting, although Enery admits this is not a deal-breaker since there are already many apps available to help you track your money’s movements.
At the end of the day, what’s more important is you find someone who has the same financial goals as you, or who has faced similar financial struggles as you but emerged successful.
And if you absolutely cannot find anyone who fits the above bill, communities like Financial Literacy PH and other personal finance groups are available to anyone interested.
How to work with an accountability partner
Enery says there are no set rules on how often or how long you should meet; it can be daily or weekly, as long as it is done regularly and there is ample time to go over progress and answer any questions that you may have. And even if you don’t have a goal due for completion, it’s still advisable to check-in on your partner so that you monitor your progress and build the habit.
And speaking of building habits — remember that just like with eating healthy or setting boundaries, doing the work is your responsibility. At the end of the day, your success will depend on the efforts you exerted. The financial accountability partner’s job is to simply listen to your progress and provide helpful suggestions if they can.
The MindNation CareNow Plan© includes teletherapy sessions with WellBeing Coaches (available 24/7) to help team members build better habits or advance in their careers. Email [email protected] to learn more about what WellBeing Coaches can do for your organization.