You Might Like: The One Thing We Absolutely Have to Talk About (Yup, It's Money)
This week we’re dishing out favorite money tips to spread the wealth around.
Money: They say it makes the world go round. And as long as we’re living in a capitalist system, it’s important to understand the best ways to save , smart ways to spend, and how to make your money work for you (or whatever it is that finance bros like to say online). Especially if you’re a woman.
The thing is, too many of us tip-toe around money or leave it to others to take care of. But all of us have to start somewhere when it comes to improving our financial literacy. As the money manager Amanda Holden told us earlier this year, “So many women believe finance is outside the realm of their capacity. And it's just not true.”
So, in the name of starting, we asked Persistent contributors and staff for their best money tips. Read on to learn about the importance of talking about money with your friends, tracking your spending, knowing your limits, and more motivating advice for upping your financial know-how, wherever you happen to be at. 💳
When I was in my late 20s, I got an unexpected windfall. I told my mom how much the check was for and she said, ”You’re only doing one thing with that money. You’re buying a house.” I was single, 29, and… buying a house?! I didn’t know anyone who’d done such a thing and I was certainly scared. But I went with her idea and bought a Spanish-style bungalow in a then little-known part of Los Angeles called Silver Lake. I loved owning my own home, then sold it 10 years later for more than twice what I paid for it. Thank you so much, Mom.
— Deanna Kizis, contributing writer
Maybe it sounds basic, but I remember my parents drilling it into my head to always, always pay bills on time, especially that pesky, high-interest credit card bill — and, needless to say, they meant paying the latter off in full. Every. Single. Time. In fact, my mother — who was responsible for doing the bill-paying if not the investing — had a simple system of stacking the envelopes to go out on our little hall table, already stamped and addressed, in the order they were due, so she wouldn’t miss a date. Before I went fully electronic, I used that same system for years. So old school, but it worked.
— Paula Derrow, features editor
My earliest and most steadfast financial advice came from my father, who turns 90 in a few months: Don't spend everything you have. That's it! When I was a young woman on my own for the first time, making hardly any money and living in NYC, I saw so many of my contemporaries living off credit cards and spending too much. I never did. I was, like him, careful and prudent without being miserly.
— Denise Schipani, contributing writer
Make a habit of talking to your friends about money. Men are socialized to talk about money with each other all the time, and that knowledge compounds and puts them way ahead of women, who are expressly socialized not to talk about money. Break that pattern. For tips on how to start, check out "It's Time to Talk: A Woman's Guide to Navigating Money Conversations," by Sheila Schroeder, a longtime senior leader for Wealthspire Advisors.
— E.B. Boyd, contributing writer
Getting started is better than getting it “right.” You can always learn more, budget better, adjust your portfolio, get a Ph.D. in Wall Street, whatever. The most important thing is to stop doing nothing. Overcoming your own inertia will change the trajectory of your financial life, and your future self will be beyond grateful.
— MP Dunleavey, contributing writer
My dad taught me to keep a spreadsheet that I update weekly with my expenses and income. It’s a budget, yes, but it also helps me understand my own spending habits so I can make informed changes instead of vaguely threatening myself to “stop spending so much.” It’s been especially helpful since I’ve gone freelance, because I can keep track of business expenses, too.
— Han Goldstein, social media editor
My so-called money “advice,” is simple, and it’s this: When it comes to money, Don’t. Be. Scared. If you are, take some time to check in with your fear. Nobody is born understanding money and hiding your head in the sand about what you have, or what you don’t have, or what you should have but don’t have, won’t solve anything. Confronting the problem head on is better, always, than pretending it doesn’t exist. (And P.S. If a weird financial product comes up in conversation and you don’t know what it is, just ask. Chances are, nobody else knows what it is, either.) (And P.P.S. Read The Purse. You're welcome!)
— Francesca Donner, editor-in-chief
Do you have a killer piece of financial wisdom? Send it our way at hello@thepersistent.com and we might include it in an Instagram post! We'll be back with more recommendations next Friday.
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