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The Power of Social Saving Comments

  • By DailyWorth Team
  • February 21, 2012

Teamwork

Studies show that social support helps you live longer and lose weight. Now imagine what some pal power can do for your financial goals!

Tip #2 for the It’s An Emergency! Savings Challenge: buddy up.

The Why
Not only will securing a money buddy keep you accountable—it could turn you into a competition-crushing savings warrior. One study showed that watching friends succeed in a fitness program inspired participants to muscle up.

The How

    • Talk to each other about why you’re saving. The more you focus on your reasons, the more you’ll stick to plan, research shows.

 

    • Commit to specific steps: e.g. “I promise to transfer $75 to savings every Monday.”

 

  • Set up check-ins, like a nightly email or text chronicling your progress. You’ll won’t slack when you’re honor-bound.

The Secret
Pick the right person to be your money buddy. Hint: It’s probably not your closest friend, but rather someone you can comfortably talk money with. It might even be (!) your mom.

Spill the beans. Which friends help or hinder your financial goals?

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