#226: Tap Into Your Support System (Friday, April 29)

When I started this financial improvement theme in January, I identified one of the key ingredients to a successful financial future: a buddy. Everyone needs a support system, no matter how independent one perceives themselves to be. And when it comes to financial matters, it's even more important to surround yourself with like-minded people who will keep you on track.

Last week a friend of mine had the financial equivalent of a nervous breakdown. She had underestimated the need for a financial buddy, so when she found herself on the brink of a financial crisis, there was no one to dissuade her from taking a course of action that would ultimately be a blow to her financial goals. But mistakes, if nothing else, are great teachers, so now she's enlisted a support system to help her rebuild her finances. I'm glad she's back on track.

I have several financial buddies myself: there's one for investing; there's one--actually a few--for home buying matters; and then there's one who talks me off the ledge whenever I'm going to do something rash. It requires a lot of trust, support and sharing before you can decide to call someone your financial buddy.

Believe it or not, there are a lot of financial support groups available if you prefer to lean on people who are not so close to you:

• DailyStrength.com is an online forum where people share their financial woes and receive words of encouragement from readers. If you ask me, it's a bit of a buzzkill, but for some it can be motivation to ensure that they avoid some of the pitfalls mentioned on the site.
• The Money Honeys are a group of women who met in a financial literacy class and provide support to each other. Now this is my kind of support group: actionable and results-oriented. One woman cleared $50k of debt within a year of joining! Love it.
• For investing buffs, the NAIC (National Association of Investment Clubs) provides a formal model for groups to start their own investment clubs.