Do You Need A ‘Money Buddy’?

That’s what Trent from “The Simple Dollar” blog calls someone close to you who seems to be facing similar financial challenges as you are. While a spouse is certainly a “money buddy,” it’s helpful to choose someone else (with a spouse’s okay) who can lend a different perspective. By linking up with that person (or a couple), you can support each other and benefit financially and psychologically. Here are 5 things you can do for each other:

Relieve tension and talk it out. Most of us keep our financial problems to ourselves. You’ll ease your stress if you have someone you trust to talk to. How much information you share is up to you.

Give and get advice from fresh eyes. When you’ve reached a point of financial indecision (“Which debt do I pay off first?” “What bank should I use?”), a money buddy is a second set of eyeballs to look at the situation.

Hold each other accountable for goals. If you set a goal for yourself, share it with your buddy and remind each other of your goals regularly. Knowing your buddy knows your goal can be a great motivator.

Share knowledge and resources. Split the cost of a warehouse shopping club membership or divide the items you buy in bulk.

Celebrate each other’s progress and successes. It’s even more gratifying when you take the journey together.