Financial Accountability is Easier Than You Think
January 7, 2019 by Lily Wright
Keeping yourself financially accountable can be hard. We live in a world where buying almost anything is as simple as clicking a button. These temptations make it hard to avoid overspending, especially on unnecessary products. Marketing tactics like social media ads, display ads, and retargeting campaigns make it especially difficult for consumers to know their limits. Namu has a list of tricks and tips that can help you stay financially accountable.
Determine your financial goals.
Is there something you want to save for this year? Do you have major financial needs that require smart saving? The best place to start is to determine a reasonable budget, and stick to it each month. By allocating a specific number to put into savings, it’s easy to stay ahead of the game and track your progress as you go. the more you’re able to spend, the more likely you are to feel positive and motivated to achieve the financial goal.
Find an accountability buddy or group.
Nothing makes sticking to a budget harder than having friends who want to spend frivolously. Surround yourself with likeminded folk to hold yourselves accountable for the amount you’re both spending. Having a finance buddy could help you to stick with your goals and financial aspirations, too.
Establish a Reward System
To keep yourself in the right frame of mind, it’s important to acknowledge a job well done. Did you stay under budget this month? If so, you should find inexpensive activities or items that will provide you with joy as a reminder that you’re doing a great job. Similar to a a strict workout plan or diet, it’s helps to establish a “cheat” day, in order to keep morale high and to see the efforts pay off in small but effective ways. The best part about this tactic? You’ll be reminded of the things you’re actually willing to spend your money on. This will help to train you to be a smarter spender simply by habit.
Get Namu today to help with your finances!