There’s just something about the start of a New Year that inspires us to make the kind of changes that can make our lives better for a lifetime. And there’s perhaps no area where change can be more empowering than with our finances. The majority of Americans — 65% — say that money is a significant source of stress for them, according to a new study from the APA. But at HerMoney, we know it doesn’t have to be that way. There’s a path for all of us to walk that can help us become educated, empowered, and ready to take on whatever financial challenges life throws at us. Here’s a look at how three women in the HerMoney community are making lasting changes — and some incredible improvements — in their financial lives.
They got this. And you got this, too!
Pati, 58
MoneyType: Nurturer (Find yours here! You’ll be amazed at how many helpful insights your MoneyType can give you into your financial personality.)
Occupation: Executive Recruiter
Her Money Struggle:
I wanted to create an emergency fund, but I wasn’t sure how. I had nothing — nothing at all — and I feel like with the way the world is, you need six months in your emergency fund now. So, it was very intimidating to me to think about having to go from $0 to six months’ worth of money on hand. And until recently, I wasn’t sure what I should be doing in terms of a budget, or what one would even look like for me.
Her Pathway To Success In 2023:
Since I hadn’t learned budgeting basics, I’d never learned the concept that if you have money leftover after a purchase, you should move it into a savings account. For example, if I expected to spend $100 on groceries, but then I only spent $80, that $20 was just sitting in my account until I inevitably spent it somewhere else! When I learned that you can and should move that money into a savings account, it changed my life. I started doing weekly transfers into my savings account, and I now have the beginnings of an emergency fund taking shape.
I had listened to the HerMoney Podcast for many years, but I wanted to take a deeper dive to see if I was on the right track with my money, which is what led me to FinanceFixx. I loved the accountability that I instantly felt to my coaches and the other women in our small group. We connected, figured out what we were all struggling with, and there was a real camaraderie there. Some of us were struggling with the same things, while others had different strengths and weaknesses. For example, a lot of women didn’t know how to meal prep, but I love it, so I shared my lists to help them figure out what to buy and cook, and those lists have helped so many people! Overall, I loved the way we all set goals together and I’ve recommended the program to many of my friends.
Susan, 51
Her MoneyType: Nurturer
Occupation: Accountant
Her Money Struggle:
I’ve been on my own financially since my divorce. I remember clearly waking up one morning after my divorce and saying, “I’m it for me and my retirement.” The realization that it was all on me hit me hard. Plus, I had a lot of credit card debt from my divorce — around $30,000 — and I just hadn’t been able to get to it. So in addition to the pressure to save, I was also feeling pressure to get out of debt.
Her Pathway To Success In 2023:
I have finally been able to start paying down my debt, because I now have a clearer picture of where my money is going — and where my money is coming from. For example, my bonus is coming in February, and I’ll be able to put that toward my debt. Also, I always leave myself in a tax refund position, and now I’ve earmarked my tax refund for debt.
I wouldn’t have been able to see any of this if I hadn’t laid out my expenses and income as part of a spreadsheet that let me visualize all my money at once. As part of the FinanceFixx program, we used Tiller (an automated spreadsheet program) and I have to say I love that! I was able to clearly see some areas in my budget where I could cut back, and the big thing that jumped out at me was just how much I was spending on eating out. I used to go out several times a week. Now, I go out once a week and the rest of the time I throw something in the oven from Trader Joe’s. I haven’t thrown away my social life, I’m just being smarter about my choices. Also, as much as I was inspired to make these changes for myself, I have to say that my daughter has been a huge motivating factor. I want her to see me taking care of myself financially, and I want my hard work to make an impression on her. One day, I want her to be able to take control of her money and not stress about it. And I know she’ll get there — because I have.
Sarah, 45
Her MoneyType: Producer
Occupation: Federal Employee
Her Money Struggle:
I went from Atlanta, which has a much lower cost of living, to the D.C. Metro area, which is very expensive. All of my expenses changed, and I felt I no longer had a baseline of what was coming in and going out. For example, I found myself going to the grocery store much more frequently because it was on my way home, but spending far less on gas since I was walking more. I also found myself paying for more things using Apple Pay and credit cards, and that kind of spending is so immediate that you don’t have time to think about it. I knew that the potential for overspending was there, and I needed to get a handle on my new budget.
Her Pathway To Success In 2023:
I knew I needed a data-driven approach to my money, which is why I wanted to choose a budgeting method that could help me focus on the numbers and bring awareness to my spending habits. I was so happy that FinanceFixx gave me that space to sit down and reflect on how my money was being prioritized. One of my favorite parts was building a financial vision board where we laid out exactly what we want our financial lives to look like. It helped me gain an understanding of what it’s going to take for me to be successful long-term.
I was inspired to start budgeting because I wanted to be a realist about retirement. I’m roughly 15 years away from it, and I have to get serious about how I’m spending my time and money during those years. I also knew that in addition to saving (which I was already doing) and selling some clothing on TheRealReal for extra cash, I needed to think about investing. I wanted to make sure that my money would be growing, and that I’d have the freedom to retire and embrace my next act. I also signed up for InvestingFixx because I realized that while I was saving and investing, I was doing so on autopilot without understanding my core values, and how those values can bring a roadmap to your investing. Overall what I’ve realized is that money gives you options, but you have to decide which of those options are the most important to you. Once you do that, you’re set.
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