There’s nothing like the power of Mom (or Dad, or best friend) to help motivate you and keep you on-track financially. That’s why, this month, we’re launching the Share Progress feature. It allows you to set up a monthly e-mail report on your progress that will be sent to a trusted friend or loved one.
When times are good and you’re making all your credit card payments as planned, they can give you some positive feedback. When times are rough, they’ll be there to call, email, or meet up with you to make sure you’re sticking to your plan and reaching your financial goals.
Why this is helpful
Getting out of credit card debt is an all-out war on the mind. Credit card companies, vendors, advertisers, and much of society have set up strong psychological pressures to spend a lot, spend it now, and spend it on your plastic. We’ve written about tricks to stop yourself from spending, and one of them is to use the power of social pressure by placing your cards in someone else’s care.
This feature uses the same psychology. Revealing your spending trends to those that care most about you has multiple effects:
- First, if you’re doing great, they can give you positive support. This helps you feel even better about your progress.
- Second, if you’re struggling, they can see how you’re doing and give you the kind of support that true friends and family are there for. This can be anything from a much-needed conversation to financial support ($).
- Third, if you slip and are thinking about buying that new $350 coat on your credit card, you will be letting your friends or family members down as well as yourself. This is a powerful incentive to stay strong!
How to set it up
Go to your Settings > Notifications page and click the Add button in the Progress Reports Sent to Others section.
We recommend you add more than one person; in fact, 3 is a great number. Can you think of 3 people who can help you accomplish your financial goals?
Let us know how this new feature ends up helping you!