When you’re trying to lose weight, you might join a group or program that has an element of confession involved – to the group at large, or an individual leader. So when you’re trying to spend less money, you might be interested in joining a money club. But do they work?
A money club is a group of people who get together to have frank discussions about their finances, keeping each other accountable and providing positive support when it comes to staying on the right financial track. It’s not the same thing as an investment club, where investment club members pool financial contributions and investment advice to invest in companies or stocks in order to gain from each other’s wisdom and buying power.
The Canadian gurus of money clubs are Andrea Baxter, Angela Self, Katie Dunsworth, and Robyn Gunn, the co-authors of The Smart Cookies Guide to Making More Dough. The book is an inspiring read, and offers ideas on how to set up your own money club (and you can watch their top five tips on starting a money club here).
I’ve tried to set up a money club, and also to join an established club. Both attempts were failures unfortunately. The biggest problem is commitment and follow through by the participants (kinda like a diet!). Generally, most people are just going to lose interest. Or they might be interested, but getting a bunch of moms to agree on one night a month and not miss it because of their husband’s hockey practice, daughter’s dance recital, a sick baby, or no-show babysitters is really, really tough.
I’d love to hear from anyone who’s been part of a successful money club. What are your keys to success?
Image Credit: statesofmind.ca