Financial Feminist – Financial Foundations #1: Building Your Money Game Plan

Intro

The “Financial Foundations” podcast is a limited series presented by State Farm and hosted by Financial Feminist. This series aims to provide essential financial knowledge and empower women financially. Each episode covers a different aspect of financial foundations, including budgeting, debt management, investing, and the concept of being a financial feminist. The podcast also includes homework exercises for listeners to complete between episodes. The series is inspired by Financial Feminist’s book, which serves as a companion guide for the podcast.

Main Takeaways

Understanding Your Relationship with Money

• Exploring your emotions and upbringing around money is crucial for improving your financial well-being.
• Journaling exercises can help you identify your first money memory, internalized money messages, and your family’s relationship with money.
• Understanding your relationship with money enables you to navigate conversations with partners and negotiate for better financial opportunities.

Building Your Financial Game Plan

• Creating an emergency fund should be the top financial priority, with at least three months of living expenses saved in a high-yield savings account.
• Prioritizing mental health is essential when it comes to managing finances effectively.
• After establishing an emergency fund, focus on paying off high-interest debt, such as credit card debt.
• While paying down lower interest debt, such as student loans or mortgages, start investing for retirement.
• Saving for significant life goals, like buying a house or starting a business, should be the last priority.

Practicing Financial Self-Care

• Schedule regular “money dates” to dedicate time for financial decision-making and reviewing your finances.
• During a money date, assess all your accounts, set financial goals, and address any challenges or concerns.
• Be mindful and non-judgmental about your spending habits, and track all accounts, balances, and goals.
• Use a money diary to review discretionary purchases, noting the reasons behind them and how they made you feel.
• Consider whether your purchases align with your values and identify areas where you spend money without being fully present.

Summary

Understanding Your Relationship with Money

Exploring your emotions and upbringing around money is crucial for developing a healthy relationship with finances. By journaling about your first money memory, internalized money messages, and your family’s relationship with money, you gain insight into how these factors shape your financial mindset. Understanding your relationship with money empowers you to navigate various situations, such as discussing finances with a partner or advocating for a raise.

Building Your Financial Game Plan

Creating a strong financial game plan involves prioritizing different aspects of your finances. The first priority is establishing an emergency fund, ensuring you have at least three months’ worth of living expenses saved in a high-yield savings account. This fund provides a safety net for unexpected situations. Afterward, focus on paying off high-interest debt, such as credit card debt, to reduce financial burdens. Simultaneously, start investing for retirement while paying down lower interest debt like student loans or mortgages. Finally, save for significant life goals, such as buying a house or starting a business.

Practicing Financial Self-Care

Financial self-care involves setting aside dedicated time for managing your finances effectively. Schedule regular “money dates” to review your accounts, set goals, and address any financial challenges. During these dates, be mindful and non-judgmental about your spending habits. Track all your accounts, balances, and goals to stay organized. Additionally, use a money diary to reflect on discretionary purchases, considering whether they align with your values and identifying areas where you spend money without being fully present. Practicing financial self-care helps you maintain a healthy relationship with money.

Conclusion

The “Financial Foundations” podcast, hosted by Financial Feminist, provides essential knowledge and guidance for building strong financial foundations. By understanding your relationship with money, creating a financial game plan, and practicing financial self-care, you can improve your financial well-being and empower yourself financially. Tune in to the podcast to learn more about budgeting, paying off debt, investing, and embracing the principles of being a financial feminist. Visit financialfeministpodcast.com for additional information and show notes.