Tip #4 – Involve your friends in your savings challenge

Today’s tip is to involve your friends and family in your money saving. Without this, you’ll have a tough time achieving your goals. For more people, the reason they fail to save money is not a lack of money-saving ideas — it’s themselves and their lack of discipline. By involving your friends, you eliminate that lack of discipline and give yourself automatic accountability and a built-in reason to win.

Getting your friends involved is important because your spending is based on your context. For example, if you make $50,000/year, you probably hang out with others who make similar amounts and have similar spending patterns. If your friends shop a lot, and you’ve been accepted into that group of friends, chances are you shop too. To ensure success with this challenge communicate what you’re trying to do with your friends so they are aware and understanding if you can’t go out to eat or need to stay home one evening to avoid spending money. They might even be encouraged to join you and you’ll wind up saving money together.

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