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| Uncommon Sense | Blogging toward financial sanity
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Three kinds of help
There are three ways this is happening on the blog:
Revelation We live in a society fraught with financial myths and obfuscation and misinformation around money. On the blog, by contrast, people experience a kind of clarity that they find helpful:
A blogger called ML wrote:
"I used to look around at the people that I encountered in my life. I wonder how they could afford the things that they have. Now I realize, THEY DON'T!! They can't afford it, and more than likely they are going into debt for it! It seems that we have all been raised in this dream world where everyone else's life is perfect, they don't have money struggles. It's just because nobody is talking about it! HERE we are." Camaraderie One of the important functions of community is a little thing called "keepin' ya honest." It seems that when you know others are watching, it has the effect of reinforcing good behavior.
A blogger called Kat pointed out that the peer pressure that might send you on a shopping splurge with your girlfriends, here can help to shore up a gal's financial resolve:
"Now instead of buying a new shirt because my friends just went shopping, I steer clear of the mall and keep you ladies in mind. It's the same impulses, same underlying principle, but with a higher/healthier purpose." This is key because, as we all know, staying true to your financial course can be a rough road. I don't know what percentage of financial failure is due to feeling isolated, but the sense of community on the blog seems to make people feel less alone in their efforts and more able to stick to plan.
Anastasia said the group helped her to cope with spendthrift friends who would urge her to put an outing on plastic if she declined because an event was too pricey.
"I think it helps to be in contact with other women who have similar financial goals, both to stay motivated and to feel like less of a freak," she wrote. "Isn't that sad, when being sensible about money makes you feel like you're somehow abnormal?" Advice Another source of support people are finding is all sorts of advice, thoughts and Web links.
When WIR member Stephanie announced that she'd gotten a great review at work, but they hadn't yet told her what her raise would be, she asked the blog if she could or should still negotiate. Responses poured in, like these:
"DO NOT SETTLE!" wrote KT, emphatically summarizing the group's feedback. "You can cost yourself thousands by being 'a good little girl' and just taking whatever they will pinch out to you. A great book is Negotiating Your Salary: How to Make $1000 a Minute. It gives scripts for how to talk about money to help you get what you're worth. It's a great investment and cheaper than a coach."
And when a single mother named Kathy posted, describing her battle to keep the bank from foreclosing on her house, several people offered both sympathy and suggestions, including this excellent one from a blogger who goes by the name of ylm.
"I know there is a form lenders are required to send before foreclosure that tells homeowners about programs they may be qualified for to help them avoid the foreclosure. I am not sure where you are, but I bet there are similar programs in other states. One other thing you can do, since it takes a decently long time for them to actually get all the way through foreclosure and sale, is to sell the house if it is too expensive for you. In this market, you should make some cash that can help with bills."
It aint personal
Perhaps the most important thing I've learned by watching these interactions evolve on the blog is that the phrase "personal finance" is something of a misnomer. It ain't personal, it's communal.
Little has been written about the role of community as a positive force in the economic lives of individuals, but I am seeing now that it is.
It's not that I've stopped believing in the personal struggle to find financial sanity. In the end, each person has the final say over her financial choices.
But I now believe that the Women in Red's sacred motto -- TTFC, Taking Total Financial Control -- may best be achieved with a little help from our friends. And yours, too.
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MSN Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
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