People get together all the time to help each other achieve personal goals—reading great books, losing weight, etc. Why not apply the same principles to managing your finances by starting a money club?
A money club is a small group of people who are willing to talk with each other about all aspects of their financial lives. In return, they receive support, advice and accountability from other members.
In starting your club, be sure to consider:
- Member compatibility in terms of goals and lifestyle.
- The willingness and ability of everyone to maintain confidentiality.
- Your willingness to be fully honest about your situation, your goals, and your performance.
The idea of a Money Club isn’t new, but it may be newly relevant as financial times become more challenging. Whether it’s reducing debt, managing expenses, increasing income, or managing investments, the ability to share ideas with others and have them hold you accountable to your goals can help.
A typical Money Club meeting agenda helps to keep members on track in terms of their goals. It can include:
- Good news
- A spending check-in
- Debt reports
- Goal setting and review
- Discussion and information sharing
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