More Than Half of Us Would Rather Do This Than Share Our Credit Score
OK, everyone who knows me can stop laughing right now. I’m actually about as shy as a golden retriever puppy.
But the truth is, when it comes to talking about money there are some things I have a hard time opening up about. Fortunately, it looks like I’m not alone.
LearnVest surveyed 1,000 adults last month and discovered many Americans are kind of angsty about personal finance, especially when it comes to discussing the topic.
- Over 50% of us would rather give up social media for a whole year than apply themselves to financial goals. (Really? My inner Instagrammer just died a little.)
- 38% of millennials would ditch a New Year's personal finance resolution before bailing on a New Year’s diet resolution
I get it. Sticking to a financial goal is hard. Talking about it is even harder.
On the other hand, asking others to hold you accountable to your goals is a proven tactic for everything from weight loss to work productivity, so it makes sense that it also works for achieving financial goals.
Your 2-Step Plan for Goal Accountability
First, decide where to focus your efforts for maximum impact. If impulse buying is your nemesis, make a budget and learn just how much it can help you curb your spending.
No matter your goal, don’t hesitate to rely on science to help keep you from backsliding.
Next up, tell someone about your new financial goals. If it makes opening up about money easier for you, LearnVest’s survey found that 74% of us agree discussing our financial goals and resolutions with other people makes us more likely to stick to them.
Psychologist Maggie Baker told LearnVest the key is sharing with people who enthusiastically support you.
“Excitement has a mirroring effect that can help you stay focused on the positive,” Baker says. “Instead of thinking about what an uphill slog it’s going to be to tighten your purse strings, you’ll imagine the reduction of worry and sense of pride you’ll feel next year, once you’ve made financial progress.”
You don’t have to give up your Facebook account or post a picture of your scale on Snapchat to get your financial act together this year. Just meet a friend or two for coffee and tell them about the money resolutions you’ve made for 2017.
And don’t forget to Instagram your cappuccino while you’re at it.
Your turn: Have you shared your 2017 financial goals with anyone? How are you holding each other accountable?
Lisa McGreevy is a staff writer at The Penny Hoarder. She’ll openly share her credit score but will never part with her social media accounts no matter how nicely someone asks.