Financial Feminist

1. Recognize and challenge money narratives that hold you back

"If we want our relationship with money to change, we have to get to the root of it—right down to where that shit starts."

Unpack emotional baggage. Our relationship with money is deeply psychological, influenced by childhood experiences, societal messages, and personal beliefs. Common narratives include feeling shame about debt, believing money discussions are taboo, or equating net worth with self-worth. To overcome these limiting beliefs:

• Reflect on your first money memory and how it impacts your current behaviors
• Identify internalized narratives about money and wealth
• Practice self-compassion and reframe negative thoughts

By recognizing and challenging these narratives, you can develop a healthier, more empowering relationship with money that supports your financial goals and overall well-being.

2. Practice mindful spending aligned with your values

"You don't have to stop spending money. You just need to stop spending money on shit you don't care about."

Align spending with priorities. Mindful spending isn't about deprivation, but rather intentionally using your money to create a life you love. To practice value-based spending:

• Identify your top three "Value Categories" - areas that bring you the most joy
• Keep a "money diary" to track spending and associated emotions
• Before making purchases, ask yourself:
  • Is this aligned with my values?
  • How many "taco dollars" (or your personal equivalent) is this worth?
  • Am I buying this out of habit or true desire?

By focusing your spending on what truly matters to you, you can increase satisfaction while eliminating wasteful expenses that don't contribute to your happiness or goals.

3. Follow the Financial Priority List to build wealth

"Do not pass Go, do not collect $200, and do not move on to the next step until you have your emergency fund set aside."

Prioritize financial goals. The Financial Priority List provides a clear roadmap for building wealth and financial security:

1. Build an emergency fund (3-6 months of expenses)
2. Contribute to employer-matched retirement accounts
3. Pay off high-interest debt (>7% interest)
4. Invest for retirement while paying off lower-interest debt
5. Save for major life goals (home, education, etc.)

By following this order, you ensure a strong financial foundation before tackling longer-term goals. This approach balances immediate needs with future planning, maximizing the effectiveness of your money management efforts.

4. Create a flexible budget using the 3 Bucket System

"Budgeting does not mean deprivation. It doesn't mean hating your life. Instead, it's actually freeing."

Simplify budgeting. The 3 Bucket Budget system offers a flexible, realistic approach to managing your money:

• Bucket 1: Necessities (50% of income) - rent, groceries, utilities, etc.
• Bucket 2: Financial Goals (20% of income) - savings, debt repayment, investments
• Bucket 3: Wants (30% of income) - discretionary spending aligned with your values

Key steps:

1. Calculate your monthly income and necessary expenses
2. Automate transfers to savings and debt repayment
3. Enjoy guilt-free spending from Bucket 3

This system allows for both responsible financial management and enjoyment of your money, promoting a sustainable and positive relationship with your finances.

5. Understand debt and implement effective payoff strategies

"Paying off debt was our destination, but we didn't realize that's actually not the real destination, because this is a lifelong journey."

Tackle debt strategically. While not all debt is "bad," high-interest debt can significantly hinder financial progress. To effectively manage and pay off debt:

• Organize debts by interest rate and balance
• Focus on high-interest debt (>7%) first while making minimum payments on others
• Consider debt consolidation or balance transfers if the math works in your favor
• Automate extra payments towards the principal
• Celebrate milestones to maintain motivation

Remember that becoming debt-free is a process, not a destination. The goal is to use debt responsibly while working towards financial freedom and stability.

6. Invest consistently for long-term financial success

"Investing is the thing that makes you rich. You can just get started with a few hundred dollars—every little bit counts. Time matters more than the amount of money."

Start investing now. Investing is crucial for building long-term wealth and achieving financial goals like retirement. Key principles include:

• Begin as early as possible to harness the power of compound interest
• Invest in low-cost index funds for broad market exposure
• Automate contributions to remove emotion from the process
• Diversify your portfolio to manage risk
• Stay the course during market fluctuations

Steps to start investing:

1. Choose an investing goal (e.g., retirement)
2. Open an appropriate account (e.g., 401(k), IRA, brokerage)
3. Fund the account
4. Select and purchase investments
5. Consistently contribute and rebalance as needed

Remember, investing doesn't have to be complicated. Consistent, long-term investing in diversified, low-cost funds is a proven strategy for building wealth over time.

7. Advocate for fair compensation and career growth

"A financial education is a woman's best form of protest."

Know your worth. Advocating for fair compensation is crucial for closing the gender wage gap and achieving financial goals. To negotiate effectively:

• Research your market value using salary data and industry connections
• Prepare specific examples of your value-add to the company
• Practice your negotiation script and anticipate objections
• Consider the full compensation package, including benefits and perks
• Be willing to walk away if necessary

Remember that negotiation is a collaboration, not a conflict. Approach the conversation with confidence, data, and a clear understanding of your worth and goals.

8. Develop a sustainable financial self-care practice

"A goal without a plan is just a wish."

Implement regular Money Dates. Consistent financial check-ins are crucial for maintaining progress and adjusting your strategy as needed. During your Money Date:

1. Review recent spending and identify areas for improvement
2. Check progress on financial goals
3. Update your budget if necessary
4. Plan for upcoming expenses or financial decisions
5. Celebrate wins and learn from setbacks

Make these check-ins enjoyable by creating a relaxing environment and rewarding yourself for staying consistent. Regular financial self-care helps maintain motivation, catch potential issues early, and ensure you're on track to achieve your goals.

9. Use your financial power as a force for positive change

"When we are taken care of, only then can we work to change the system together."

Practice wallet activism. Once you've established financial stability, you can use your money as a tool for social and environmental change. Ways to make an impact:

• Support businesses aligned with your values (e.g., women-owned, sustainable)
• Invest in socially responsible funds
• Donate to effective charities
• Advocate for financial education and equality
• Share your knowledge with others in your community

Remember the "Four Ds" of financial feminism:

1. Discussion: Talk openly about money to break taboos
2. Donation: Support causes you believe in
3. Decision: Vote with your dollars and in elections
4. Development: Commit to lifelong financial learning

By using your financial power intentionally, you can contribute to creating a more equitable and sustainable world while achieving your personal financial goals.

Last updated: January 23, 2025