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