Retirement, fuck-off funds, paying down debt – we’d all love to put a little more money towards these. And we know we should. But despite our good intentions, we find ourselves wondering: how? How do we find an extra $5, $10 or $50 to save every week without sacrificing our sanity? (Not to mention our daily coffee, that must-have handbag, and the latest Fenty Beauty by Rihanna highlighter.)
Well, take a deep breath, because your life is about to change in a big way.
The era of indecision is over. It’s time to channel your inner Cardi B and make some money moves. Read: take charge of your financial future as a millennial woman. And the answer to our first question – how? – starts with a reading list.
These books are jam-packed with accessible, actionable advice that’ll have you wondering why you didn’t get started sooner – and better yet, every book is written by a millennial woman who knows her shit. Read on.
1. The $1,000 Project
Australian financial planner Canna Campbell managed to save $32,000 over the course of a year. She did it by using her unique strategy: bundling. In Campbell’s world, bundling is the act of saving and earning extra money until you have a “parcel” of $1,000. Once you have saved a parcel, you put the $1,000 towards a goal such as paying down debt. If you are debt-free, Campbell recommends using the $1,000 to invest in blue-chip shares. By doing so, you can start earning dividends (aka passive income), which will help you save your next parcel of $1,000 sooner. In The $1,000 Project, Campbell talks through the strategies she employed to reach each parcel and what she did each time she reached $1,000.
2. Financially Fearless
Alexa von Tobel is the founder and CEO of LearnVest, a personal finance website. When von Tobel was 14 years old, her father died suddenly, which left her mother in charge of the family’s finances. Watching her mother learn to take charge of the family’s financial future left a deep impression on von Tobel, and was the impetus behind launching LearnVest. Von Tobel believes it’s never too soon to get your finances into shape. Financially Fearless shows you how. In the book, you’ll learn how to implement the 50/20/30 plan, which helps you allocate money towards three main categories: essentials, your future, and your happiness. The book was an instant New York Times bestseller when it launched in 2013, and clearly with good reason; reviewers have called it “easy to digest,” “a great tool for getting yourself in financial order,” and “forward-thinking [and] realistic.”
3. Broke Millennial
Erin Lowry is a personal finance expert and the founder of BrokeMillennial.com. And once upon a time, Lowry was a broke millennial. But she took calculated career risks, learned about investing, and developed negotiation skills that would help her “go from flat-broke to financial badass.” And she has put everything she learned along the way into her website and her book of the same name, Broke Millennial. This includes fun stuff such as figuring out your relationship with money; do you treat your cash like a Tinder date or are you marriage material? Also, how do you talk to your partner about money before it’s too late? And what do you do when your friends earn more than you? Consider Lowry your financially-savvy BFF and start making some moves.
4. Money Honey
Rachel Richards began investing in the stock market at 18 years old. She has worked as an investor and financial advisor. And now she has written a book, Money Honey, which gives its readers some real-talk on achieving financial freedom. Richards has put together an actionable plan any and every millennial woman can follow. First, you’ll figure out a budget that suits your personal situation. Then, you’ll tackle paying down debt. Once debt-free, Richards will walk you through putting together an investment strategy. And finally, the really fun stuff: taxes and insurance. Here’s the good news: while the subject matter is tough, the writing is top-notch. Hey, if you’re going to learn about money, you may as well do it with a little humour.
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