No one is an island and we all need a bit of support and encouragement from time to time. Now that we are all connected on social media, getting the support you need from friends and family is easier than ever before.
But they’re not just a shoulder to cry on or to share Christmas’s and Birthdays with. Family and friends are also very important when it comes to realising your financial goals.
A recent study by Zurich Insurance (see their #shareyourgoal competition below) found that people save more when they share their goals with others.
No, we aren’t telling you to go out and ask your BFF for ten grand (check out our dos and don’ts list if you are going to borrow from friends and family. It’s all about your people supporting you on the road to being financially independent.
Having clear financial goals is as important as career and relationship goals. And your family and friends can help you reach yours if you reach out to them.
8 Ways to Achieve your Financial Goals with Help from Family and Friends
1. Set Your Financial Goals
Before you enlist the help of your friends and family, identify what your financial goals actually are. The Zurich survey found the top three savings goals for millennials are saving for a holiday, a house and starting a family.
Fancy that trip to Australia, love nest or little bundle of joy? Or perhaps you want to be debt-free?
Whatever your targets, make a list of your financial goals now and a ball park figure on how much you want to save, then you know what you’re aiming for.
2. Share, Share, Share
Share your savings goals with your nearest and dearest. They could be friends, family or partner (but don’t share your financial details with strangers or online).
Tell them what you are working towards and ask for their support to help you get there.
It also helps if family and friends are aware of your financial situation. They might even help practically with cash gifts for birthdays or think twice before tapping you up for a ‘mates rates’ loan.
3. Get A Savings Buddy
If you’ve ever tried losing weight you’ll know it’s much easier to do it with a pal. A shared savings goal works in much the same way.
As well as sharing your financial goals with your friends and family, encourage them to do the same. If your goals are similar, then why not team up?
Work out how much you both want to save and encourage each other through phone calls and meetings. Your savings buddy will be there to support you and might even have their own tips on how to squirrel away more pennies.
4. Swap And Barter
Going mountain climbing but haven’t got the right kit? Instead of going out and buying expensive hiking boots, ask a pal if you can borrow theirs.
You could repay the favour with loaning them something, give them a lift in your car, or fix something for them. It’s a win win! And no money changes hands.
5. Stay In And Save
If you are used to going out with your bezzies for a girl’s night out or on a date night with your partner once a week, you know how expensive that can be (average £100 spend per night out).
Instead, invite your friends around to yours, bring a bottle and enjoy a girl’s night in. Or get your partner to cook you a meal.
The money you don’t spend going out really can boost your savings pot. And if your friends know about your savings target, they’ll be well up for it.
6. Set Up A Savings Challenge
Enlist your friends and family in a savings challenge. Choose a target and whoever reaches it first wins a favour (mow the lawn, fix roof, paint the hallway etc.) they can call in from the other members.
This way the other members only have to give their time. The competition element could give a greater incentive to reach your goal quicker and it’s fun. Be careful not to fall out over it though!
7. Learn From The Best
Saving to start your own business? Perhaps you have a friend or relative who has experience or even success in this area. Use their expertise to help you.
Ask them to be your mentor and pick their brains about how they achieved their goals. Reach out and use the wisdom of your network.
8. Give To Receive
Your friends and family love you unconditionally but it can’t all be take, take take. It works both ways. If they support you, you need to support them.
Find out what they are saving for and help and encourage them in reaching their financial goals.
Fancy giving your savings goals a boost?
Four lucky savers could win £5,000 towards their life goal by entering Zurich’s #shareyourgoal social media competition. To enter you must share a description, photo, or video of your life goal.
Remember to use the hashtag #shareyourgoal as part of your post or tweet, or your comment on the Zurich Facebook page. All competition winners will be announced by April 17th.
Find out the full details, including competition terms and conditions at the Zurich website.