You are sometimes only as good as the company you keep. That pertains to the type of people you hang out with in high school – if you hang out with troublemakers, you’re more likely to get in trouble. It also holds true for the type of people you gravitate toward later in life. If you surround yourself with spenders, you’ll probably become more of a spender too.

By finding one good money buddy, you can dramatically change your finances. A money buddy can be anybody – it can be your elderly neighbor, the guy you lift weights with at the gym, or a co-worker who seems to have their act together a bit more than you. It can even be someone online that you’ve never met.

Think about it, people tend to lose more weight when they have a friend cheering them on. They can save more money that way too.

Here is how a money buddy can take your game to the next level.

You’ll Each Bring Strengths to the Relationship

Maybe you understand the ins and outs of IRAs way better than your money buddy does and they are a whiz at finding ways to eat cheaply. By cashing in on each other’s strengths, you’ll be unstoppable.

They’ll Keep You Accountable

Make sure your money buddy knows what your goals are and you know what their goals are. That way you can keep the fire under each other’s feet. You should have a weekly or monthly meeting, whether it’s in person, over the phone, or through email or text.

See how you’re each doing on your goals and give each other the encouragement and feedback you’ll need to do even better in the future.

You’ll Have a Frugal Friend to Hang Out With

If your money buddy is someone you see in real life and don’t just chat with online, you’ll have a friend you can socialize with who won’t expect you to spend a lot of money while doing activities. They’ll be watching their money just like you are.

They’ll Tell You About Deals

Your ordinary friends won’t get too excited when you tell them about a great deal you’ve found at a store. Your money buddy though will hang on your every word. Nothing will excite them more than the idea of saving some of their hard-earned cash so they can reach their goal.

You Can Add Others

If one money buddy is good for you, maybe you should branch out and add more. You can make your own money group. You can easily create a forum page on Facebook that will only be accessible by the people in your group.

It’ll be nice to add more strengths and areas of knowledge to your group. It should help you get to your goal that much faster.

You’ll Have a Friend to Celebrate With

No one will understand quite like your money buddy how excited you’ll be when you reach your goal. Because they’ll have walked every step of the way with you, they’ll know how much it means to you. You’ll have someone to uncork that sensibly-priced bottle of champagne with.

You may be meeting all your monthly bills and even scraping together a small percentage of your paychecks to put in your 401k, but doing the bare minimum isn’t enough to be truly financially responsible.

Here are the 5 commandments you need to follow in order to build a solid foundation.

Be Responsible With Credit Cards

Credit cards can be a handy tool, but they can also quickly turn into a runaway train. If you find yourself charging groceries or other necessities without the money to pay off that card at the end of the month, you’re in trouble.

If you’re carrying a balance on your credit card, it means you’re spending more than you can afford to pay back. That’s a problem you need to address immediately before it keeps getting worse.

Do whatever you have to do to start shoveling your way out of debt. If you need to take a part-time job for a few months, try to power through it. Or make a solemn vow you won’t use your credit card anymore. Take any extra money that comes your way and start chipping away at that debt.

This is one of the top money commandments you can follow. Credit cards can erode your wealth and your sense of well-being.

Have a Will

Yes, this will cost you money, but having a will is a sign of financial responsibility. Your next of kin deserve to have some sort of instructions about what needs to be done if something happens to you. And if you have any assets at all, you need a will to help avoid any hard feelings or fighting amongst your family.

Do Not Buy More House Than You Can Afford

It can be tempting to go over budget on a house. It’s a long-term investment and you want to get everything your heart desires the first time. That way, you won’t have to move someday.

But overextending yourself is a bad idea. You don’t want to be so strapped for cash because of the big house payment that you can’t enjoy your life. If you worry about how you’re going to meet that bill every month, is it really the place you want to be?

In order to avoid breaking this commandment, when you’re house shopping, come up with a realistic budget. Don’t feel pressured to look at houses that are more than you can afford.

Save Automatically

If you try to count on yourself to set aside money for your emergency savings or 401k each week or pay period, you’re not going to get very far. You’ll be trying to scrape together the spare change that is left in your account, instead of taking the first swipe at the big bucks that are in there right when you get your paycheck.

Set up automatic savings that will take a chunk out of your check before you’ve had a chance to touch it.

Find Like-Minded Friends

If you want to be successful, you should surround yourself with successful people – people who share your goals and dreams. In this case, you want people who share your enthusiasm for having their financial act together. They’ll fuel your drive to succeed instead of your urge to overspend.