credit cards in a cage

Make Progress when Relationships + Money Mix

It’s time to throw away what you have been told: relationships and money do mix. Let us show you how your relationships can promote your financial progress.

Beans member Teresa started 2024 with an aggressive goal: save $7,000 by August so she can move to a new apartment with her daughter. How does Teresa create more space for saving with fixed expenses and credit card debt? Yes, she needs a Plan. How can she ensure that the plan is successful? Her friends and family! It’s time to throw away what you have been told: relationships and money do mix. Let us show you how your relationships can promote your financial progress.

The Why

Social support enhances our resilience to stress. Research shows, “social support is exceptionally important for maintaining good physical and mental health.” There is also evidence to show that these relationships support healthy decision-making and increase our ability to deal with stressful life situations. When we can talk about our finances with those we trust we will make progress toward our financial goals.

The Who

Just like every relationship is unique, everyone’s social support network will look different. For some, it will be their partner, whereas for others it will be a close friend or family member.  Teresa gets together regularly with a small group of friends and they openly discuss finances. They all have financial goals and are committed to keeping each other accountable. Teresa also has her sister in her corner. She’s holding on to Teresa’s credit cards so she isn’t tempted to use them. (Thanks, sis!)

The How

Once you determine the person or people you feel comfortable talking to about money, how do you engage them in your Plan? Accountability champion is the most common role our social support network plays. Just sharing our Plan, and putting those goals and action items out for someone else to hear will make us more accountable to them. Schedule regular check-ins with that person or people. Sharing your progress and setbacks with a trusted friend or family member will help you to keep your goals top of mind and allow your champions to offer support if and when you need it. 

Relationships and money do mix. Whether it’s a partner, friend, or family member, identifying your support network and engaging them in your Plan sets you up for success. Teresa’s story is a testament to this. It’s time to embrace the idea that relationships can be a driving force to you reaching your financial goals.