Picking a financial accountability partner in the workplace

At the end of the day, you will spend more of your waking hours at work than you will at home. As a result, many of the day-to-day financial decisions you make will occur during work hours. It pays (pun intended) to have a financial accountability partner in the workplace who will help keep you on the financial straight and narrow.

For example, let’s assume that you spend roughly 20 days a month at work. That’s 20 lunches, possibly as many breakfasts. And then there are snacks, the presence of nearby retail outlets you might frequent during your breaks, the ever-present temptation of online shopping. In other words, you have plenty of opportunities to spend money while you’re at work. The good news is there are just as many opportunities to cut spending.

Budgeting is hard work. Even if you already have a financial accountability partner outside of the office in the form of a significant other or family member, when it comes to staying under budget, it’s best to have the widest support network possible. If you choose the right person, a financial accountability partner in the workplace can benefit you in a number of ways.

Start by selecting someone who’s not only trustworthy, but who can keep you honest. The office pushover is not the ideal financial accountability partner. Neither is the office blowhard. You’ll want someone who will hold you accountable, but who will also offer positive reinforcement and encouragement.

It helps if your partner is also working toward a financial goal. Your financial accountability partnership should be a two-way street. Communicate openly and often. Reveal as much information as you feel comfortable with. Sharing your struggles and your triumphs will form a bond that will help you keep each other honest.

Financial accountability partners in the workplace will have a number of short- and long-term benefits for employers as well:

1. Employees will have another avenue through which to strengthen their relationships with one another, making the entire team closer.

1. By encouraging financial accountability in the workplace, employers will create a culture that supports and encourages financial wellness.

1. Lastly, when the financial accountability partnerships lead to employees freeing up more money from their budgets, they will feel more successful, have a more positive outlook on their financial situation and ultimately become more productive employees.