According to financial expert, Chris Hogan, you will need to get yourself a money buddy if you’re trying to save more money and spend less. You’re going to have to do more than just wishing for a sudden will or character to help you achieve that.
Chris Hogan, author of Retire Inspired, said in his book that people should find other people to hold them accountable to their financial goals.
He said in an interview, “We all know accountability is so important, it helps us to stay focused and avoid distractions.”
One of the most important factors in a “money buddy,” Hogan said, is to choose someone who you trust and respect — meaning someone who understands you and is willing to tell you ‘no’ when it comes to spending.
“You want to find someone that is also very clear and can be honest with you, that can tell you to stay on track, so now you don’t get distracted just because the mall’s having a sale or something else is going on,” he said. “It helps us to remain focused.”
In order to truly save for the long term, Hogan said people need to be cognizant about budgeting, like being aware of how much money is coming in and how much it takes to maintain your household or lifestyle. People then need to be honest about their financial situation and their money weaknesses with their “money buddy” for the partnership to be successful.
“I think when you find someone who has more proficiency than you, you have an opportunity to improve,” Hogan said. “But again, you’ve got to be honest.”