There can be many benefits to sharing your financial goals with family and friends. I wrote about the different strategies I’ve been using to stay focused while spending less but one thing I have not written about is how sharing your financial goals with friends and family can also help you stay focused and on track.
Don’t be embarrassed to share your financial goals
If you have debt, sharing your money issues and financial goals is nothing to be embarrassed about. Many people you know are probably in the same situation and will understand what you’re trying to accomplish.
Last year we started cutting back on our spending to payoff our consumer debt faster, build up our emergency fund and save for other home improvements. I know, we’re covering many areas but we like to spread the money love plus as I wrote previously, moderation may help you live longer. 🙂 Anyway, we shared that with our close family and friends and for the most part they understood our situation and were supportive.
Find new ways to spend time together
I say for the most part because it may take them little a time to get used to new habits of not going out as much but eventually they will start to offer ideas on how to spend less while still sharing time together. For example, we still go out but will meet up for drinks instead of a big meal at a restaurant or we hang out at home instead.
You may rub off on them
Plus who knows, your new money habits may rub off on them. One thing I’ve noticed is people asking me for advice or my opinion on their own financial situation. It’s possible that they see my new money habits as a learning experience for them and I’m always happy to help out a friend or family member.
Ease the burden of explaining yourself
One thing to remember is that sharing your financial goals with family and friends can help alleviate that uncomfortable feeling you may have when you opt out on an invitation to go out to eat or join a group on a vacation. It’s a good way to ease the burden of having to explain yourself every time, not that you have to explain yourself to everyone, but you know what I mean.
Overall, I’ve seen positive things from sharing my financial goals with family and friends. Who knows maybe it will help you gain new ideas from them or even inspire them to take on some helpful money habits from you.
Have you shared your financial goals with family and friends?
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