The Financial Buddy System | The Financial Diet

The Financial Diet // NerdCon:Nerdfighteria Panel

Hi i’m chelsea and i’m laura and we are the financial diet so we’re actually joining you guys from boston where we’re at nerdcon nerdfighteria and we had a panel here yesterday which some of you may have gone to and if you did and you want to download the powerpoint deck that we used loren turn it into a pdf that you can download and i’m going to link that in the

Description and we’re actually here with our silent third partner matt who is our director and editor and he’s going to say hi and then we’re going to be talking about something that we have both found really really helpful in our respective money journeys and that is something we call the financial buddy system so as you guys know i recently stepped behind the camera

For tfd but i decided to come back for this video because everything’s easier with a buddy so one of the hardest parts about growing up financially is feeling like every money thing that you do or that you spend is kind of a secret and obviously some of us do have romantic partners who sort of become built in financial buddies because you’re sharing expenses but a

Lot of us simply don’t so i’ve actually been with my now husband since i was 17 years old so i’ve actually never experienced a time in my life where i was navigating my finances without a built-in partner so that meant in many ways i had to be even more diligent about reading up on financial things and learning them for myself i never had the experience of living

On my own as a single woman which really throws us into the deep end financially and i’ve been with my fiance for six years which at this point in my life sort of feels like an eternity but i did still have like the 18 to 22 range where i was a young single woman kind of navigating things on her own and during that time i really didn’t feel like i had someone that

See also  AI Robot to Help You Save

I could really talk to about money or confide in and you know obviously i had my parents which most of us do but i think we all know that sometimes especially when you’re starting an adulthood you really don’t want to go to your parents about this sort of thing because a you might be making some mistakes and you don’t want to feel like you’re disappointing them or

Letting them down but being you also don’t want to feel like you’re a little kid again and having to go to your parents for all of the advice and and and for the confiding in them the truth is that especially when we’re young a lot of us just simply feel more comfortable talking to our friends about these things than we do with our parents and i’m someone who can

Definitely relate who had very kind of like well-meaning but almost overbearing parents who constantly remind me to do things in terms of my finances like my mom is so type-a in some ways she kind of function as my own personal secretary and that meant that i didn’t really have to be as responsible or as active with my finances so the point is it was really between

Those sort of eighteen to twenty-two years where i was navigating things by myself but i really really screwed myself over financially i made a lot of terrible decisions with money because i was really allowing my emotions to dictate my spending habits and more importantly i felt like once i made one mistake i had to be really secretive and shameful about it and

Would just compound those mistakes instead of forcing myself to resolve them like a lot of us i’m someone who really internalized that idea of like you just don’t talk about money so it meant that for someone like me who is already having a hard time with it the whole secretive aspect of it just made every problem worse and even though i had a built in financial

See also  Genesis Metals CEO David Terry (TSX-V: GIS) (OTC: GGISF)

Buddy with my long-term partner it still didn’t mean that i was talking about money with my friends or family that often to be honest i don’t even know if my friends at that time we’re struggling with money or couldn’t afford things because we simply didn’t talk about it so ideally outside of the buddy system it’s really important that we push ourselves to be as

Honest as possible about money with all of our friends because it’s essentially the only way to avoid a hurt feelings and be misunderstandings about who can afford what but beyond that we recommend that you form at least one very special money relationship with someone you trust aka your financial buddy the idea of a financial buddy is pretty simple similar to

The way that you’d find a friend who’s interested in going to the gym with you you find someone who’s interested in improving their financial life someone who wants to become informed and who’s also easy to talk to you guys can do money challenges together set up regular check-ins push each other to be accountable for your goals or even just have a safe place to

Talk about the awkward and emotional side of money chelsea and i both have long-term partners but we also use each other as financial buddies in a lot of ways and honestly even if you are in a relationship having someone with whom you can talk about money outside of that relationship is enormous ly beneficial lauren and i often talk about our goals our strategies

See also  BUYING THESE NEW STOCKS NEXT WITH ,750,000

As well as our weaknesses and insecurities and it’s super helpful to have someone outside of your house to bounce these things off of ya we never feel weird being like hey i can’t go out this week i can’t spend money on alcohol i definitely cannot buy another coffee i think that we can both be really candid and honest with each other without ever feeling like the

Other person is going to get weird or judgy about it finding a financial buddy is just a huge relief in a world where money often feels like this shame filled thing that you’re just not allowed to talk about so if you have someone in your life that you think could be a good financial buddy start the conversation meet up with them and bring it up in a fun and casual

Way for example say something like hey i know that you have a lot of long and short term goals that you want to hit and so do i let’s talk about it or you can do something fun like a money challenge together a really good one you can start off with with a friend is doing an all-cash one-month challenge so that you can reduce your spending together it’s easy and

Literally everyone can do it so whether you already have a financial buddy at home or you’re single and navigating the world yourself adding another person to your money team is never a bad idea navigating finances is hard enough you shouldn’t have to do it alone so reach out to someone that you trust and make your financial team that much stronger and as always

Thank you for watching and don’t forget to hit the subscribe button and to go to the financial diet.com for more bye

Transcribed from video
The Financial Buddy System | The Financial Diet By The Financial Diet

Scroll to top