As with most A-ha! moments, this one struck me right between shampoo and conditioner. Deep in my shower thoughts, I had a realization:
Everything I’ve achieved with sustained success had happened with the support of others.
Take my music journey, for example. My parents, dedicated teachers, and enthusiastic friends cheering in the audience all played crucial roles. My fitness journey finally stabilized when I found workout buddies and a yoga studio I love. And my career? It’s been shaped by a host of mentors, good bosses, and office besties.
Community support not only makes the tough times a little easier but also amplifies the joy of the good times!
The people I’ve leaned on throughout my life have offered guidance, motivation, and accountability. They’ve provided fresh perspectives and helped me build healthy habits. They’ve sped up my learning, solved problems, and made me realize I’m never alone.
Personal finance is no different.
To achieve our biggest financial goals, we need at least one financial friend by our side.
A financial friend will celebrate wins with you, keep you going when things get tough, and, best of all, give you honest advice—even when it’s hard to hear.
Whether your financial friend is someone in your inner circle, a money coach, or even a personal finance podcast host, here are five ways they’ll help you on your journey:
Accountability
Motivation & Support
Shared Knowledge
Different Perspectives
Reduced Isolation
Accountability
Financial progress takes time. Lots of time. It’s easy to get distracted, discouraged, or simply bored. That’s where a financial friend comes in to keep you on track!
For me, knowing that someone else will check in on my goals sooner or later is a great motivator to keep pushing forward. I’ll have to explain why I did or didn’t follow through, so I often decide I may as well do it. This accountability keeps me moving when I’m tempted to stop for whatever reason.
Heck, sometimes the only reason I work on my goals is so I can text my sister that I did it and she can send me an encouraging GIF!
But the truth is, sometimes, I don’t make progress, and telling my accountability buddy can be a bit uncomfortable but is still incredibly helpful. Explaining where or why I got stuck sparks ideas on how to fix it next time. That’s real accountability in action.
Motivation & Support
Motivation & support goes hand-in-hand with accountability, but where accountability focuses on tangible progress, motivation focuses on our attitudes and emotions toward our goals.
Truly believing that we can accomplish our goals is a huge part of achieving them, but when the going gets tough it’s easy to wonder, “Can I actually do this?” A financial friend can be there to lift your spirits and support your progress when it’s hard to do yourself.
They'll cheer you on as you tackle that credit card debt, making it feel like a victory lap. They'll turn your vacation savings goals into a countdown to your dream destination. And hey, they might even send you a Zillow link to your dream home, keeping your eye on the prize! When the going gets tough, lean on your financial buddy for that extra boost.
Shared Knowledge
Two heads are better than one, they say. This is especially true when it comes to personal finance.
Most of us were never directly taught personal finance, leading to gaps in our financial education. It’s a bummer of a realization and if you’re like me, it may make you want to scream into a pillow. But here’s the good news: with a financial friend, you can pool your knowledge and cover more ground together.
If you’re a budgeting whiz but clueless about investing, and your friend knows investing but needs help with budgeting, you can share your expertise and help each other out. And if you’re both stumped by a topic, like consolidating credit card debt with a personal loan, you can research together and cross-check your understanding.
Different Perspectives
Usually, there’s more than one solution to any problem, but it’s not easy to see all the options. Especially when you’re in the thick of it. And especially when it comes to money.
Different upbringings, financial education, and lived experiences equip each of us with unique perspectives and tools. For instance, someone with a frugality mindset might trim their budget to the bare essentials, while someone else might focus on boosting their income instead. Neither option is right or wrong, and often, a mix of both is best. But it takes someone else’s perspective to even realize there’s another way.
A financial friend can help you see new or different solutions to your problems, just like you can share your strategies and ideas with them.
Reduced Isolation
Talking about money is often considered taboo, which is unfortunate for many reasons. One of the biggest drawbacks is the sense of isolation it creates.
It can feel like you're the only one dealing with credit card debt, facing a layoff, or struggling to build an emergency fund. But the truth is, nearly everyone around you is facing some financial challenge, and many have navigated the same situations you’re dealing with now.
Here, I’ll reduce some financial isolation for you right now: I graduated college with $50,000 in student debt and a degree in music. I didn’t know what a 401(k) was or why I’d want one. Picking the right health insurance plan nearly gave me an aneurysm. I’ve taken two cuts to my income and experienced a layoff. And now I’m a financial coach. I promise, wherever you are you’re not alone.
Conclusion
Having a financial friend is like having a secret weapon in your financial journey. They provide the accountability, motivation, shared knowledge, fresh perspectives, and companionship needed to tackle financial challenges and celebrate wins. So, find your financial friend, lean on each other, and watch as you both move closer to your financial goals. Remember, you don’t have to do it alone—support makes all the difference.
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