Personal Finance Tip of the Week, By Financial Fundamentals, LLC of Watertown

​Do you often set financial goals but then struggle to follow through and achieve them? If so, consider forming a support team to help you stay on track.

A support team is a small number of close friends or family members who are willing to help you stick to your plans. You can pick anyone you like as long as they will be truly supportive and won’t undermine your efforts in any way.

Just the act of communicating your goals to other people can boost your chances of success. That’s because your motivation to succeed automatically increases when one you push your dreams out into the open. It’s easy for secrets to remain unfulfilled, but you won’t want public goals to stall.

A support team provides two valuable functions. The first is accountability. Your support team should check in with you weekly to see if you are on track and are tackling any roadblocks that come up along the way. The second is encouragement. Your team should lift you up when you’re down and remind you that you can do it.

There aren’t many financial goals that can’t be achieved through your own persistent effort, coupled with timely and caring accountability and encouragement.

Support teams can be as low-tech or high-tech as you want. A low-tech solution could be a small group of friends who understand your goals and agree to check in with you weekly. A high-tech solution may be a web-based app that handles some of the communications and check ins for you automatically. (StickK is one example.)

The specific approach you choose is less important than the people you choose. Their positive attitude and commitment to your success are the critical factors.

One great thing about support teams is that they are free. So why not give one a try? Experiment with one for your next financial goal and see how it improves the outcome.

Thanks for reading! You can learn more on our web site and Facebook page.

Stephen Barkhuff, CFP(R), CFA is the founder and president of Financial Fundamentals, LLC, based in Watertown, MA. Financial Fundamentals helps couples and singles with modest incomes take control of their financial future. Please feel free to email him any questions or comments.