Summer Lovin’: Your accountability partner

At the gym the other morning, I saw a poster that read:

"People are 95% more likely to achieve their goals with an accountability partner."

Whoa! That’s a big statistic. If that statistic is true, then having an accountability partner is essential.

One of the things I love about managing money with my husband is that we serve as each other’s accountability partners. Because we share all our income and expenses, neither of us will go rogue on the plan. If I deviate, it affects both of us. When we set a goal, it’s a joint effort to achieve it.

Our financial journey began when we realized that neither of our incomes alone could support our lifestyle. We wanted flexibility and choices, such as having the option for one of us to stay at home or make career changes. Our primary goal was to ensure our expenses did not exceed either of our individual incomes—so either of us could cover our joint expenses.

Achieving this required both of us to be dedicated. But doing it together made it easier. It took two years, but we got there and have maintained it through our joint accountability.

If my money mindset starts to waver, my husband checks in with me. What's actually going on for me? When we're close to going over budget in a category, we sit down and make a plan together. It’s not up to either of us to figure it out alone.

In habit formation literature, there's a concept borrowed from economics known as a “commitment device.” A commitment device is a tool to help us stick to our commitments. Accountability partners are one form of commitment device. When we commit to do something with someone, there is a repercussion to not following through – we’ll feel bad.  

If you’re in a partnership, recognize the role your loved one can play as you work together to stick to your collective plan.