Find Your Money Tribe

---

Have you ever wondered why Weight Watchers or Alcoholics Anonymous are so successful? 

There is no shortage of information in the world about the benefits of maintaining a healthy weight with good eating habits and exercise, or not drinking to excess, or a lack of good books and plans available to achieve success in these areas. And yet each year, many people continue to overeat, do little exercise and drink heavily.

What makes Weight Watchers or Alcoholics Anonymous so successful is the accountability factor of having a supportive tribe of people around you as you go on your weight-loss or alcohol-free journey. This amazing tribe cheer you on, check in with you, help you map out a plan, and it is a truly tremendous way to stay on target and accountable.

I remember several years ago when I decided for no apparent reason (*ahem* turning 30 years old) that I wanted to be really healthy and vibrant, as I had spent the better part of a decade working my tail off and noticed that I may have let my fitness levels and eating habits go a little to the wayside. 

I discovered a fantastic running group in Melbourne run by Nike which was free and trained twice in the evenings on Monday and Wednesday and once on Saturday mornings. I joined the evening sessions full of inspiration and absolutely loved the fun music blaring in Federation Square as we all stretched together before our evening running session, surrounded by Nike branding with the “Just Do It!” slogan front and centre for everyone to see. It was exciting! 

What’s really interesting is that in early January, the entire Melbourne Nike running club do a 6km run together and then finish at the rooftop of Melbourne Central to be greeted by a sporting guest (usually a Nike sponsored tennis champion who has just finished the Australian Open). You are then asked to publicly declare a running goal to the whole club and have your photo taken with your goal written on a big sign next to you, which is posted on social media.

Having never even run 6km before, I found myself working hard to keep up with my fellow runners, being cheered along by the Nike team as I went, and by the time I reached the Melbourne Central rooftop, I was so driven to commit to a goal that I was the first volunteer to go on stage and make my declaration.

I do not know what possessed me to declare that I was going to run the Great Ocean Road marathon in May that particular year, as I had never run a marathon in my life, but there I was shouting it out with excitement and being applauded the entire Melbourne Nike running club.

What’s even more interesting, is that this public declaration made me feel so determined to succeed, that I started telling all my girlfriends about it and three friends said they would do it with me, with another three saying they would be our support crew for the day!

So why am I telling you this story?

The reason we are starting here with the idea of a finding your money tribe, just like I found my running tribe to complete a 21km run along the Great Ocean Road no less, is because having a tribe of likeminded people who cheer you on, who set goals with you, who learn with you and who you stay accountable to, is key when it comes to success with money.

Jim Rohn once famously said, “You are the average of the five people you spend the most time with.” I agree with this whole-heartedly, especially when it comes to money and personal finances. 

So how do you start creating your money tribe?

Creating your Money Tribe

When you begin creating your money tribe, start with one or two girlfriends who are like-minded and inspired to grow their financial savviness. Some people are keen to talk about money openly and others are not, and that is completely OK! The important part is finding one or two girlfriends to start with.

(1) Make it a monthly get-together

When you find one or two girlfriends who are equally as keen as you are to grow your understanding about finances, set a monthly get-together so that you all agree to meet once a month to talk about money. Agree to the dates in advance and lock-it in! Target an hour for each monthly get-together and come up with a fun event name for your Money Tribe, so that you all have a good laugh about it when the reminder comes up of your get-together.

This monthly Money Tribe get-together can be over breakfast, lunch, dinner or even with some cheese and wine, either in public or at your own home, it is really whatever suits your tribe! What’s important is that it is a fun environment so that it is as enjoyable as possible, because some discussions about money may be challenging from time to time, so the more relaxed you can make the get-together, the better.

Each monthly Money Tribe get-together will include:

• a conversational starter, 
• your monthly money celebration, 
• a discussion about your 3 money goals (once set at your first get-together) and the progress you have made on each goal during the month, 
• an action commitment for each money goal to complete for the month ahead, 
• a question you have to share with your tribe.

(2) Choose a conversational starter in advance for your get-together.

A great place to start your first Money Tribe get-together conversation is to share stories about your earliest money memory. How did you first learn about money when you were young? What money habits have you inherited from your parents? How did you inherit these?

To really get the ball rolling, start by sharing the Womenomics Money Psychology article, read through it in advance of your first get-together and talk through the four parts of “knowing your why” when it comes to understanding your current money psychology, that is, how you think about money.

(3) Rotate conversation-starter responsibilities.

As each Money Tribe get-together begins with a conversation-starter, it is helpful to rotate this role monthly so that someone different is sparking off the opening conversation. 

Whether you share an article with your Money Tribe to be discussed as the conversation-starter, a YouTube video, a movie about finance which everyone needs to watch during the month, or even play the ASX Sharemarket game together and talk about this, it really is a personal choice, so long as there is a conversation-starter to begin your Money Tribe get-together before you start talking about your money goals and the progress you have made each month!

(4) Your monthly money celebration.

Always find one story to celebrate during your Money Tribe get-togethers that you can comfortably share. Money successes need to be celebrated! It is fun and that is the whole aim of enjoying your Money Tribe sisterhood. 

For example, I was thrilled the other day when I bought a yoga-DVD for $39, because it meant I could do yoga sessions in the comfort of my own home at any time of day, saving me hundreds of dollars on yoga classes I did not need to invest in any longer. I love yoga studios and classes immensely, however I love a savvy money saving experience too, so this was a fun celebration for me to share. 

And yes, in case you were wondering, I still go to the occasional yoga class in person to treat myself. And yes, I use Class-Pass as a great money saving strategy too!

(5) Set money goals, measure progress & keep each other accountable monthly.

Next, set yourself 3 money goals that you would like to achieve in the next 12 months. Your goals can be completely different from everyone else’s and once you have decided what they will be for you, share these 3 money goals you have chosen with your Money Tribe.

Once declared, during your first Money Tribe get-together, take action on each of your goals immediately. Yes, that’s right, immediately! 

For example, if you decided that one of your goals is to grow your superannuation account by adding $5,000 to it over the next year, your first action step might be to email your superannuation provider to request an updated account balance statement as well as requesting details about how to add money into your account when you are ready to.

Your first action step for each goal does not need to be mammoth! You just need to take action immediately, period. This will only happen in the first Money Tribe get-together, it just gives everyone a fun taste of momentum and excitement.

Next, work out how you are going to measure progress for each of your goals so that each time you meet with your Money Tribe, you can keep each other accountable. Whether that means texting your Money Tribe an update on a weekly basis, writing down your progress in a journal, downloading an app to track yourself, it is really up to you.

Finally, finish your monthly get-together with 3 action commitments, one for each of your goals, that you will achieve over the next month.

Going back to our original example, assuming you have already taken your immediate action step of emailing your superannuation provider, your monthly action commitment might be to work out a plan to save $100 per week. By coming up with this plan, you can then begin doing it, setting aside the $100 per week and then depositing the total amount (ideally $500!) at the end of each month into your superannuation account. With 52 weeks in the year, you will end up with $5,000 in your superannuation account and $200 to spare at the end of the year and have completed your goal! 

(6) Your monthly question.

Being part of a Money Tribe means learning together as well as sharing together. Having a question ready each month for your Money Tribe is a great way to spark up even more discussion, it increases vulnerability and compassion and most importantly, it shows courage.

What do I mean by this?

Asking a question can be all three of these emotions because by asking a question, you are showing that you are willing to be vulnerable (it can feel uncomfortable showing that you do not know the answer), that you are sharing compassion with your Money Tribe by being understanding and learning together through asking questions and talking it through as a collective, and that you are being courageous by building your understanding together about money because it is not a topic that everyone wants to embrace for many reasons!

(7) Prepare in advance for your next monthly get-together

Finally, as each subsequent monthly get-together approaches (remember that fun event reminder!), send to your Money Tribe 48 hours in advance the following:

• Your conversational starter (if it is your turn this month),
• An update of each of your 3 goals,
• Your monthly question.

Yes, you will talk through these together as a group during your get-together, however the act of preparing in advance is all about accountability. 

Sending your conversational starter early if it is your turn gives your Money Tribe time to consider it. So does providing an update of each of your 3 goals and your monthly question. You can keep your monthly celebration as a surprise because who doesn’t like surprises (!!!), however the rest is important to update your Money Tribe about in advance.

***

Good luck with your Money Tribe creation! 

Please send in your stories, as well as a photo of your Money Tribe celebrating together, as that is my favourite part and I would love to hear how you are all going with your journey together!