Studio 5 Segment with Brooke Walker
Financial peer pressure is unique and universal. Unique because it affects us all differently. Universal because we can all relate to this feeling. One source of financial peer pressure are those people in our inner circle our family, friends, peers, co-workers, church congregation members, etc. Our financial realities are not all the same. We can find balance between social expectations and financial security with the following tips:
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1. Determine your financial "Why". Your "Why" will matter more to you than those moments of financial peer pressure.
2. Create a Financial Vision Board. There's lots of research about why visualizing your goals is a powerful tool for success. Financial goals are no different. Answer these questions to create your vision board: "What does financial freedom mean to me?" "What does financial security look like?" "What would it take to have financial peace of mind?". Next, add images to your financial vision board that depict your answers. What a financial vision board is not: a list of all the things you want to buy. Some major purchases will surely be on your board but make sure to think "big picture" when adding them.
3. Communicate your financial "Why" and your financial vision board with your significant other. Financial peer pressure may arise more frequently when you haven't communicated your why and/or created a vision board. Make it a goal to find out what does and what does not bring your spouse financial peace.
4. Create YEARLY financial goals that are 1) clearly defined and 2) tied to a reward you are excited about. Examine your financial situation and compare it to your "Why" and your vision board. What would you most like to see change in the next 12 months to become more aligned for the big picture? Once you set a yearly goal, you'll find your monthly goals are easier to set and stick to.
5. Reward yourself! Your reward should not derail your financial progress but it should be something you are excited about. You'll know it is if your mindset starts to shift to become aware of how giving in to financial peer pressure may affect your success. Saying "no" to financial peer pressure moments means you're saying "yes" to your reward!
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Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
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