The only way you can change your financial life is to know what it really means to you. Look at all your assets, all your assets, all your debts. Without knowing where you begin, you can’t change a thing.
Do you have any best practices for improving one’s financial literacy?
Don’t expect to know everything. Money is constantly changing, and so are best practices. Before the COVID program, the amount in our emergency funds was much different than what we recommend now.
And your life changes! Your budget pre-kids will NOT be the same post-kids. Understanding that flexibility is key to long-term success.
What were some of the most important steps you took to become debt free in 2015?
The key to improving your financial situation control your financial future and living more comfortably for me was to earn more money. Being frugal only gets you so far. Once I was making more than $18,000 a year, everything become much easier.
When it comes to gaining control of their financial future, what advice do you have for women in particular?
Money doesn’t see gender but the world around us does. Real financial change for women is less about “rah rah sisters, let’s negotiate more” and it’s more about institutions recognizing their bias and changing their practices. To that end, a great tool for helping women is creating organizational change through hiring practices, management styles and conducting a supportive workplace.
What tactics have you found most successful when working on improving and sticking to one’s budgeting?
Having accountability is core to your money journey. No one should ever do great things alone. Don’t be afraid to ask for help or join a program that provides you with accountability and community in managing your money.