The Power of Financial Accountability: Why Going Together Gets You Further

"If you want to go fast, go alone. If you want to go far, go together."

It’s amazing what support, teamwork, and accountability can do.

Last week, I was out for my usual run, which is typically a little lonesome because of the time of day. Instead of the usual bare streets of town, I was surprised to find a group from a local gym incorporating a short run down Main Street—one of my regular routes—into their CrossFit workout.

Now, I’ve been pleased with my run times improving slowly but surely. I don’t usually push too hard to beat the previous day. But having other people there—complete strangers—suddenly brought encouragement, a little competitiveness, and an unseen force pushing me to do better.

The result? A personal best (at least for the last several years) in my run time.

Did I run faster while I was in their view and then slow down when they couldn’t see me? You better believe I did! I can’t have people seeing how slow I really am. That’s the whole reason I usually run when no one else is out.

Jokes aside, these strangers' unknowing encouragement and accountability pushed me to improve, and who knows—maybe my huffing and puffing down the street gave them the motivation to push themselves too.

What This Has to Do with Money

If we want to improve in life, I think it’s better to do it with others. Don’t get me wrong—you have to find the right people—but the support, encouragement, and accountability can be the difference between good intentions and real progress.

And nowhere is this truer than with your finances.

• If you want to save more, tell someone else your goal.
• If you want to better track where your money goes, talk about it—or at the very least, use an app or software that helps you see it.
• If you want to make better investment decisions, find someone who can help you do that.

Sure, part of the benefit of “going together” is access to expertise—you don’t know what you don’t know, after all. But I’m convinced that an equally large part of success comes from encouragement and accountability.

Just like these strangers unknowingly pushed me to improve, having financial accountability structures in place helps ensure you’re taking meaningful action toward your goals.

Where You Need Financial Accountability Most

Money, like fitness, is easy to say we’ll work on “someday.” But without accountability, we tend to settle into what’s comfortable rather than what’s optimal.

When it comes to financial goals, having an accountability system can be the difference between success and stagnation. That system can take several forms:

1. A Financial Advisor: Think of an advisor like a running coach—someone who refines your form, helps you optimizing every step, and keeps you focused on long-term progress rather than short-term distractions. A good advisor doesn’t just help with investments—they help create a holistic financial strategy, balancing risk, tax efficiency, and legacy planning.
2. A Trusted Friend or Spouse: It’s easy to ignore a budgeting, or saving goal when no one’s checking in. But when you commit to discussing money regularly—whether it’s reviewing your spending with your spouse or setting up financial check-ins with a friend—it forces you to stay engaged.
3. Automated Tracking Tools: If you don’t want to talk about money all the time, an app that tracks spending or investment progress can act as an external “accountability partner.” When you see your savings or debt payoff numbers changing in real time, it creates a psychological incentive to keep going.

Where to Start? Focus on These Key Areas.

Want to see real change? Start with these areas where financial accountability can make a real difference:

1. Retirement Savings: Are you on track? Have you set up regular contributions to your 401(k) or IRA? If you’re over 50, are you making catch-up contributions? Talk to an advisor or even a financially responsible friend about your progress and plans.
2. Debt payoff: If eliminating debt before retirement is a goal, consider sharing that goal with someone who will cheer you on and keep you honest about unnecessary spending. Even simple steps, like setting a “debt-free date” and marking it on your calendar, can be powerful motivators.
3. Big Financial Decisions: Whether it’s downsizing your home, deciding when to take Social Security, or determining if you can afford to retire early, having an informed accountability partner—whether that’s a financial planner or a spouse—can help ensure you’re making the best choices.

Going Alone vs. Going Together

At the end of the day, you can manage your financial journey alone. But you don’t have to.

Think about the people who surround you:

• Do they encourage wise financial decisions?
• Do they push you to be better, to plan for the future, and to stick with your goals?
• Do they hold you accountable when you start to veer off course?

If not, it may be time to create your own financial “running group.” Whether that means hiring an advisor, using a budgeting tool, or simply committing to having more frequent financial conversations, accountability is one of the most powerful—and underutilized—tools in achieving financial success.

Because when you’re running the race toward financial freedom, having the right people alongside you can help you go further than you ever thought possible.

Your Next Step: Find one area of your financial life where you need more accountability and take action this week. Tell someone your goal, automate a good habit, or schedule a conversation with a financial professional. Your future self will thank you.