How much could you save if you and your roommate made a pact not to buy anything for a year? Try $55,000. That’s what two roommates in Calgary accomplished last year, according to Forbes. In the spirit of saving, here are some advantages for enlisting a buddy to keep you accountable for your savings goals:
Keeping You In Check. If you start to slip up, a friend can call you out on it and keep you on track. “My girls are accessible and awesome,” says personal finance blogger Athena Lent of moneysmartlatina.com. She enlisted a couple of her blogger friends to go on a 60-day no-spending challenge with the goal of saving $1,200.
Stirring Up Creativity. Your friend can help you come up with interesting ways to save a buck. “J. Money” of BudgetsareSexy.com, who created the “Challenge Everything Challenge” to help people save in different areas of their lives, suggests turning it into a friendly competition. “You could do a Craigslist Challenge, where you list one thing a week for sale and see how many things you offload or how much money you make,” he says.
Celebrating the Small Victories. Hit a minor milestone? Post about it on your Facebook or Twitter feed, shoot your friend a quick message, or announce it on the goal-setting website stickK. With a friend by your side, you’ll have someone to celebrate with when you’re making progress.
Whether it’s cutting down on your bills, paying down debt, or saving more, having a friend that shares the same goal and is there to give you their support can make a huge difference in achieving your financial dreams.