How a “budget buddy” group can help your personal finances

April 25, 2018
Debt is a widespread problem. This fact can be somewhat comforting when you are faced with loan payments and credit card bills. Plenty of other people are “in the same boat.”
How a “budget buddy” group can help your personal finances

You may even be able to create a group of people who are dealing with the same - or similar - budgeting tasks. This can be an excellent way to stay motivated and to get advice about getting out of debt and organizing your budget.

Being part of “budget buddy” group can help individuals in a lot of different ways.

First of all, a group like this will give you a real source for budget advice. Yes, you can find personal finance information on the internet, but that is not the same as getting advice or info from someone you have met face-to-face.

How else can a budget buddy group help its members?

Members can share discounts, prices and sale information. Then, the group will have a significant informal “database” of where and when to get the cheapest items. This research, which one person could never do all by themselves, can help all the group members save on everyday purchases.

Members can offer advice about different budgeting strategies. Budgeting and saving strategies are rarely “one-size-fits-all.” Different approaches will work better for different people, so you can learn the real-life budgeting experiences of various members and then choose strategies that best fit your situation, spending habits and personality.

Members can help keep each other accountable. If you share your budgeting goals, you will have a built-in support group that can keep you motivated and hold you responsible when it comes to achieving your financial goals.

The information that people share should be actionable and positive. For example, maybe you had to get an online personal loan to pay for an emergency repair. Rather than complaining about the repair to your group, you can detail how you got the online personal loan and how you managed your budget so that you could pay it off. Other members may not know about the quick application process or lack of credit check for online personal loans, so sharing this information could teach them about this financial tool.

If you are lucky, you may be able to find a group like this in your area. If not, starting one is pretty easy provided you follow specific guidelines. 

  • Start with a small “core” group of members who are dedicated to improving their finances.
  • Increase the group size gradually. You will want more people so that you can grow your database and get a broader range of experiences and viewpoints, but you also want to keep the members focused on the subject and not have the group turn into a social club.
  • Use social media but, use it wisely. For example, perhaps you can have a casual public “finance” group on Facebook, and then have a separate, private “money buddy” group for people who take personal finance more seriously and want to be actively involved in your group.