A ‘money buddy’ is a close friend, relative or well-wisher who is facing the same financial troubles as you are. Finding such a person will help you in many ways when you are having financial troubles.
Emotional support
You will be relieving yourself of a huge mental burden by finding a money buddy. Most people are not able to share their financial troubles with others. With your money buddy around, you can easily talk about your problems, which will help you in releasing all the pent-up worry and frustration inside you.
When you are facing financial troubles, you may have to make big changes in you lives. You’ll have to adjust your spending habits, give up some comforts, or even change your house. Through all these changes, you will need someone to encourage you and boost your morale. Your money buddy can be a huge support system while you are making adjustments to get out of your financial mess.
A money buddy can also help you when you reach important decision points in your road to financial recovery. Whenever you are in two minds about a decision, you can discuss it with your money buddy. An outsider’s perspective will help you make the right decision.
Reduce your expenses
You can partner with your money buddy and buy larger volume of products at discount stores. Things are always cheaper if you buy them in bulk. You can even share the membership costs of a warehouse shopping club. Similarly, when both of you are facing financial problems and have to cut down on your eating out expenses, you can invite each other for dinner at your respective homes. This will help you reduce your socializing costs.
You can also share some of your expensive equipment to cut costs. Share lawnmowers, trailers, and other such products that you only need occasionally. Similarly, carpooling with your money buddy is a great way of bringing down commuting expenses.
Share your joys
Another benefit of having a money buddy is that you not only have someone to share your troubles with, but also your joys. If you find some good way of saving money, then it is fun to have someone to share that discovery with. Whenever you have a small or big victory, you can celebrate it with your money buddy, who will perfectly understand how you feel.