Open a high-yield savings account
What are the benefits?
High-yield savings accounts earn higher interest than most basic checking and savings accounts; hence the term "high-yield".
Reflect on your Long-Term Financial Goals
Goal setting can get a bad rap. Especially when we spend most of the time comparing and despairing. I suggest an alternative approach. Let's take this time to pause and refocus our intentions on potential long-term goals.
Designate a Beneficiary
Have you set up a beneficiary for your financial accounts? Read on to learn why this is so important!
Set up recurring transfers
Studies have shown that self-control is fragile and shouldn't be relied upon. Good to know it's not just me! So how can we make things easier on our finances?
Build your emergency fund
When difficult circumstances arise, ideally we don't have to manage the financial hurdles in addition to the weight of the situation itself. That's why it's important to build (or set aside) emergency funds.
Journal about your earliest money memory
Reflecting on your money stories and the lessons you learned about money growing up can help you better understand the root of current financial behaviors.
Identify someone you can talk to about money
Do you have someone you can talk to about money issues or goals? Perhaps a friend, partner, family member, etc?
Outline 1-3 Short-Term Financial Goals
If you've been playing along with our bingo series by now you'll have a better sense of your expenses and current account totals. It's a great time to create some short-term goals for yourself.
List out monthly recurring discretionary expenses
Log into your credit cards or other relevant accounts (debit card, etc) to see all of your recurring monthly discretionary expenses. List them out! These are expenses like Spotify, Hulu, New York Times, LinkedIn, Peloton, etc.
Review your most recent credit card statement
For many of us, the majority of our spending transactions are on credit cards. This week we're going to review your most recent credit card statement. If you have multiple cards you can log in to review each or pick your primary spending card to review. Take a deep breath, you've got this!
Login to your financial accounts and take note of the current balance
Do you know your financial account passwords? Are you nervous about seeing the amounts? Whatever emotions come up for you are okay. The purpose of this exercise is gather information with an open and curious mind.
Bookmark your Financial Accounts Online
Do any of these frustrations sound familiar?
I can't find the login page!
Where are my previous employer's retirement savings?
Which bank did I open that high-yield savings account in?
Journal about a Significant Purchase
This week we're going to kick off our Finances for Feminists Financial Bingo Series! Each week we'll highlight one item on the board and I encourage you to play along. By the end of the series you'll have taken concrete action steps towards your financial wellness and feel more empowered and in control of your finances!