MoneyDo: Share your financial goals with someone.

We just passed Valentine’s Day, which is when we celebrate relationships and feelings that hold so many of us together.  We truly are social creatures. More and more scientists are discovering the power of interacting and learning in a partnership or community. Some are even discovering health benefits to social connections[1].

Perhaps positivity breeds positivity: scientists have recently discovered an interesting correlation – those who believe their closest relationships are thriving tend to be believe they are financially successful[2].

This week’s MoneyDo encourages you to strengthen your goals through teamwork and accountability: share your financial goal with someone.

For some folks, it may seem obvious that you’d share your financial goals with your spouse or significant other. But recent research shows that some relationships keep financial secrets: about 1 in 20 people keeps a checking account, savings account, or credit card secret from their partner. Over 25 percent of those surveyed said they had spent 500 dollars or more without notifying their partner[3].

There are virtues to sharing your plans or goals with someone else. One survey revealed that nearly ¾ of people say they’d be more likely to a financial resolution if they talked about it with others[4].

If you don’t have a spouse or significant other, perhaps you’d rather share with a friend – or turn to a financial advisor you can trust. Ask some tough questions, and find an advisor who is committed to independence instead of a sales commission, and share your dreams.

Whoever you choose to discuss your plans with, having someone you can talk to, someone who can encourage you and hold you accountable, is often a healthy part of planning. Give it a try.

[1] https://blogs.scientificamerican.com/streams-of-consciousness/the-importance-of-being-social/

[2] http://news.gallup.com/poll/187616/financial-social-relationships-closely-linked.aspx

[3] http://theweek.com/articles/691366/does-partner-have-secret-credit-card

[4] https://www.learnvest.com/2017/01/5-ways-to-make-a-new-money-habit-stick