Ben, a blogger at Money Smart Life asks “Who’s in your personal finance support group?”
I have to admit that until I ran across this headline, I had never considered using a support group to help me meet my financial goals.
Apparently, a number of personal finance blog writers have banded together to support and encourage each other into financial health and beyond.
If you’re not a personal finance blog writer with a circle of friends that includes personal finance blog writers, you can always rely on other people in your life.
I had my own personal network of friends, family, and co-workers that I discussed money topics with offline long before I started writing about personal finance. Source
Here’s more information on how to utilize money management support groups…
Personally, I have always thought of money as a very personal thing. I was taught that it was rude to discuss salary and finances in finite terms.
Sure, you could talk about cutting costs, and buying insurance, and saving for the future, but to discuss your own personal issues in detail or to share your financial woes with others was not something you should do.
As you can tell, I have gotten over these taboos. Members of my church recently spent time working together on a Christian money management video seminar called Financial Peace University.
This program was created by Dave Ramsey to help people eliminate debt, and begin saving money.
Here’s more about Financial Peace University.
While I could not fit the program into my schedule, I did witness that those families that participated in the program have eliminated a great deal of debt and have alleviated many of their own fears about money.
The Secrecy Of Money
No one is willing to discuss the fact that they’re spending more than they’re making. Few people will inquire of a friend, or even a sibling about their debt load or lack of savings. Instead, the very opposite is true.
People look at how each other is living. We assume the other person has money based on their lifestyle, when they are in fact deep in debt. We feel deprived and fall into the same patterns, and no one stops to realize that everyone is suffering in silence.
Perhaps it’s time to start talking about money. It’s time to stop letting shame and inadequacy keep us from being real and honest about money and finances.
- If that next door neighbor utters that, in retrospect, purchasing his Hummer was a bad idea, I would think that everyone else on the block would envy him less and make better decisions.
- If friends were able to turn down a joint vacation and truthfully say that it is just not in their budget, they might not be guilted into spending thousands of dollars that they don’t have.
How To Find A Debt Support Group
Even if you don’t want to talk to your neighbors, family, and friends about how much you make and how much you spend out of a need for your personal safety, there has to be someone who you can work together with to encourage each other to stop spending beyond your means and to save for the future.
You could start a group at your church or civic organization, or you could join an existing support group. Here are some money management support groups:
- Overspenders has support groups at various location in several states.
- Debtors Anonymous is a very large organization that promises to help you “find a new way of living that offers recovery from compulsive debiting and hope for a healthier, happier, more prosperous life.”
- Spenders Anonymous has a 12-step program to help you get out of debt.
- I am In Debt Support Group is a popular online forum for people who need help regaining control of their finances.
- You can even look for investment clubs in your area.
If you don’t feel comfortable working with a group of strangers, and you don’t feel comfortable working with friends and family, then you may want to find one acquaintance you are not all that close to and build a fresh relationship based on mutual needs to get rid of debt and start saving.
- Saving Cash Means A Little Bit Of Group Therapy
- It Takes An Online Community To Control Your Finances
- How A Debt Support Group Can Help
I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.