Benefits of Sharing Financial Goals with Family and Friends

Life is Sharing

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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Comments

Benefits of Sharing Financial Goals with Family and Friends — 20 Comments

    • The support and understanding are great benefits of sharing our goals.

  1. Thank you so much for sharing my post Raquel! I am a big fan of communicating your goals to those around you, especially family and friends. Other than 1% of the country, the rest of us could stand to save more and spend less, so hopefully your better habits will rub off on those around you. My dad and stepmom were actually the first ones to go extra frugal since they are nearing retirement and now it seems to be a challenge amongst all of us who can find better ways to save money.
    Shannon @ Financially Blonde recently posted…Music Mondays – ForgivenessMy Profile

  2. I actually had only limited success with this. I think that most of my friends are still confused why I blog and what purpose it serves as far as finances go. Overall, though, I think the fact that your ideas and attitudes might rub off on them is enough reason to share your financial goals – in the right setting, of course.
    DC @ Young Adult Money recently posted…You Won’t Believe What Started as a Side HustleMy Profile

    • Yes, this is true. I only share info with people who are very close to me and who I hang out with frequently. I can tell you that is about 5 to 6 people at most. So it’s not something I share with acquaintances.

  3. I have shared our goals with my parents, but we never went into great detail with our friends. For the most part, they understood we simply had more expenses than they did (they all still lived at home), which left us with less to spend on trips and dining out.
    E.M. recently posted…Being Grateful: Thirty-Sixth EditionMy Profile

    • I would say that it also depends on the type of friendship it is. I only share with very close friends and that’s probably 2 people and in my family it’s about 3 or 4 more. I don’t go into great detail either but just them knowing I have certain financial goals is helpful and the support and understanding makes things much easier.

  4. We shared our goal with friends when we got really serious about debt and traveling. Nobody really believed us and we just saw them less frequently as we couldn’t do the restaurants etc several times a week. Cut to 3 years later when we put the house for lease and they couldn’t believe we were actually doing it! Most are still I. The same vicious cycle of spending more than you have.
    Kemkem recently posted…Feast of St. Joseph, MaltaMy Profile

    • That’s interesting. All we can do is be open and honest with those we care about. Sometimes we just have to do what we have to do to make our dreams a reality. We can’t wait for others to be ready to accept our new way of thinking. It sounds like you’ve done great and are living the life you want to live and that’s what matters in the end.

    • This is a good point. I have only a hand full of people that I would talk to about my finances and who I regularly would go out with. I wouldn’t advise sharing this with everyone.

    • It may not be rosier than yours but the important thing is that you are working towards making it very rosy for yourself in the future.

  5. You make a great point about how supportive it can be to share your goals with friends & family. We’ve had that experience in sharing our full financial independence plans with our immediate family. However, we don’t share that with anyone else. Everyone knows we’re frugal weridos (kind of hard to hide), but they don’t know the full extent of our homesteading plans–kind of seems like TMI at this point.
    Mrs. Frugalwoods recently posted…Travel Cheap By Being A Thanksgiving WeirdoMy Profile

    • Yeah, much of my details are not discussed either. I’m a private person and I just share the basics of what I’m trying to accomplish currently. I think it has helped the very few people we hang out with so that they understand the reason why we can’t go out to eat as much or travel.

  6. My financial goals aren’t actually something I talk to my friends or family about. I’d love to have a conversation with them about my goal to be financially independent, but I’m not sure we’re on the same chapter let alone the same page when it comes to personal finance goals like that. But, maybe I should drop a few hints and see if anyone bites.
    Thomas @ i need money ASAP! recently posted…Cash Advance LoansMy Profile