This is a guest post from Evan of My Journey to Millions. Evan is a fellow personal finance blogger, who is also an Attorney and works as a Director with a New York Financial and Estate Planning Firm. If you like what you see here, please consider subscribing to his RSS feed or following him on Twitter.
It isn’t hard to search the internet for tips on how to save on credit cards, cable, utilities, etc., however, I think they all take a back seat to the most important savings tip. This simple tip can change a person’s life and is bigger than how to save 6 cents a mile on gas by dangerously following a truck at high speeds. Being accountable to someone is the best money saving tip ever.
Accountability Will Lead to Success
C. Michael Armstrong, former chairman of AT&T once said,
The ancient Romans had a tradition: whenever one of their engineers constructed an arch, as the capstone was hoisted into place, the engineer assumed accountability for his work in the most profound way possible: he stood under the arch.
The engineer was holding himself accountable to the people of Rome, and in an effort to prove himself he would put his life in danger. When you have to hold yourself out to someone, whether that be a mentor, your spouse, a friend or the millions of the readers of this great personal finance blog there is a drive that builds in most people. As long as it is in good spirits I don’t think it matters whether you are holding yourself accountable so you can brag about your accomplishments or whether you are fearful of failing someone. For me, I know I am fearful of failure and that is why I hold myself accountable to the readers on my blog and much more importantly to, The Wife.
Accountability and Saving Money
Evan, get back on track what does this have to do with saving money? I think before one will stick with money saving tips they have to have a goal for the money saved. Maybe that goal is to increase their liquidity, maybe it is to pay down debt, maybe it is to build a sinking fund to invest in a private business. Regardless of your goal, find someone to be accountable to and watch yourself stick with some of the money tips you read on the internet.
What is your Arch? Who are you Accountable to? Do you Really Stand under your arch?
Great post Evan! The Russians did that too! Sukhoi, MIG, AK-47 they were all named after their architects or founders!
What better guarantee than putting your name on your work!
Moneycone recently posted..Never Pay Full Price
Wow that is amazing…I had NO idea of that tidbit of information.
Evan recently posted..Best Money Savings Tip – Go Metro
The idea of being accountable to someone is terrific, Evan. Thanks for painting a very visual picture of accountability with your story about ancient Roman engineers! A few years ago, a friend and I gave each other our MasterCards for safe keeping. If one of us wanted to use the card, we had to justify our reasoning to the other. We didn’t charge a single thing all year as a result.
Eliza from Happy Simple Living recently posted..Guest Post – Saving Money On Food & Drinks
Wow, that is an amazing idea I have never heard of that. How did it work out for you 2?
Evan recently posted..Best Money Savings Tip – Go Metro
Being accountable for your action is a way of life. You can always hold your head high no matter what happens. What the heck does this have to do with saving though?
retirebyforty recently posted..Pay Off Your Debts Early
If you aren’t accountable to someone for something bigger what’s the point to saving?
Evan recently posted..Best Money Savings Tip – Go Metro
I completely agree! Last year, I blogged about what felt like an unreachable savings goal. I said I was going to do it and had regular readers who were pushing me on. For sure, the accountability helped me to reach my goal. I don’t think I would have done it without that extra push and having to report back that I failed!
@TSQ,
Fear of failure is a HUGE motivator!
Evan recently posted..Is My State Financially Literate
The feeling of meeting my personal financial goals is motivation enough for me. I am personally and psychologically rewarded when our families net worth trends upward. This one’s going in my round up!
Barb Friedberg recently posted..IS IT TIME TO SELL
Barb,
That is great. I bet you are more the norm than me.
Evan recently posted..Financial Freedom – The Obstacles
I’d have to agree with you. Since starting my blog, I’ve been more motivated to save money and invest correctly. It especially helps me to remember to deliver on goals I have set for myself.
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I like the content, I’ve learned a new thing with this part. Hopefully many more article to be post here. Keep up the good work!
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