Financial accountability has big impacts on the ability to make the best use of earnings and investments. People need to allocate funds to different expenses such as bills, savings, investments, and discretionary spending, if they want to gain better control over their finances. Without a budget, it's easy to overspend or misallocate funds, leading to financial instability. Money needs to be tracked where it is being spent, this can identify areas for potential savings or areas where spending can be optimized.

Accountability needs people to set specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. It builds disciplined spending habits, which means resisting the temptation of impulse purchases. There will also be unforeseen circumstances to be prepared by building an emergency fund. Flexibility and adaptability are essential components of financial accountability.