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This post is part of the START SAVING Challenge. Make sure to read previous posts.
Day #1: Your Saving Promises
START SAVING Challenge: Day #2
Today's easy saving task:
Find your accountability tribe, exchange contact information, and share what you have come up with so far.
We are on day #2 of the START SAVING challenge! Today we are going to talk about your accountability plan. You might be wondering why this is a part of the challenge. Studies have shown that you are 45% more likely to complete a goal if you have accountability for your actions. This might mean sharing your plan or goal with a friend, doing regular check-ups with a partner, or simply discussing your plan with someone else. In Day #1 of the challenge we discussed why we call them promises and not goals. It's really hard to follow through on goals we make for ourselves for some of the following reasons:
- You often create goals as only mattering to you. What this means is that if you fail at your goal, you are the only one impacted by the failure.
- You might have a realistic goal, but the plan to achieve the goal is unrealistic and does not fit with the rest of your life.
- You don't have an environment filled with people who support your goal, or they are not even aware of the current goal you want to achieve.
- You only celebrate the huge “wins” rather than the smaller ones that lead to success.
- You don't consistently review your progress or take the time to implement important changes.
If you look at all of these things that keep us from accomplishing our goals, the one thing in common is accountability. You have to take responsibility for your financial promises and think about how it will affect the most important people in your life. For example: if your goal is to save $800 by January 1st to increase your emergency fund, this will provide financial stability for your family. Your family benefits from your financial promise and it gives you a certain level of pride. When we focus less on ourselves and more on the people around us, success becomes much more important.
HOW TO REALLY ACCOMPLISH THIS TASK
- Figure out who has a stake in your success. As a mom and a wife, the people most affected by my financial promises are my husband and young son. Let's look at an example. I take a lot of pride in this blog and it's a huge passion of mine. If I wanted to buy a new program that cost $100 for my blog, that decision doesn't just impact me. It impacts my husband and son as well. That $100 dollar program is something I will get a lot more enjoyment from than my husband and son – which means skipping going out as a family later in the month in order to stick to our budget.
- Think about what will happen if you fail at your financial promises. If you actually sit down and think about the consequences of your failure, you are more likely to realize the importance of your promise. When I was swimming in debt when me and my husband got married, I knew that the life I eventually wanted to have with him (having children and raising family) was not something I could do in my current situation. I knew I had to make financial promises and stick with them in order for us to be in a financial situation to have kids. Failing meant not being able to financially support a family.
- Go back to the promises you made on day #1 and ask yourself one question: Is my financial promise truly realistic? Your promises can be bold and brave, but they must also be realistic. Make sure to create promises where the outcome of your success is not dependent on other people. If your success is determined by things that are out of your control, you are far less likely to succeed.
- Make sure you talk about your financial promises with friends and loved ones. Let them know what promises you are making and ask for their support. If you keep your promises to yourself, you are the only one who knows about the failure. You will be surprised on how incredibly powerful a great support network will have on you as you work toward success. It's also full of benefits! They might provide encouragement, but they might also share some great tips that can really help you.
I have created an accountability plan worksheet to help you with Day #2 of the challenge. Make sure to download your FREE copy below.
Download your free Accountability Worksheet HERE
- If you can't find someone to reach out to, no worries! Make sure to reach out to other TBM Family members, which is a private Facebook group filled with amazing Budget Mom readers. This is a place to ask questions, get support, and receive motivation for your START SAVING journey. You can join this amazing family HERE.
- Let me know you gathered your accountability tribe on social media. Use #startsavingchallenge & tag me @thebudgetmom so I can see your accomplishment!
Day #1 RECAP:
- Find people who you can share this journey with. Remember – accountability is crucial.
- Go back to your financial promises you created in Day #1 and make sure they are realistic.
- Use the free Accountability Worksheet to answer some important questions about your financial promises.
- Document the members in your accountability tribe and gather contact information – today talk to them about your financial promises and about any important changes you have made!
THAT'S IT friends! You just made a huge step in your saving journey! Everyone has to start somewhere – we all start at the beginning and the beginning is a GREAT place to start! So let's do this! Determine your accountability tribe, exchange contact information, and share with them your progress so far. Make sure to share your progress with the TBM Family and with me in the comments below!
FIND ME HERE:
FORUM: TBM Family
If you have been part of my previous Savings Challenges, we shook things up for 2020. Let’s resolve to have 2020 vision when it comes to seeing how we can become better savers. This year we have 24 savings challenges, two each month. These are designed to be fun. Saving should be fun because you make things easier for yourself. My course will guide you on a year of savings so you will be better off when 2020 comes to a close. Sign up for the Savings Challenge course to kickstart your savings.