At 22, I was terrible with my money. At 25, I wasn't much better. It took me 26 years to get comfortable talking about my money, asking questions about my money, managing my money. Birthdays have a way of putting life in to perspective.
I'm a year older, in a young relationship, in a new stage of life. Strong enough to do something scary, I said to myself "it's time to take control of my finances". And that's what I did.
Growing up, my parents never discussed money with me. As an adult, I wish they had. I'm sure I'm not alone. As a result, I've always been uncomfortable talking about money and disclosing my finances. It felt like a taboo topic that I was too cowardly to confront.
Realization: That sh*t is childish.
Managing money is a learned habit, and there's nothing of which to be ashamed. I was determined to make financial stability a goal moving forward in my life. Now, late 20s Taylor is preaching: the only way to succeed is to know your hand.
I've been pretty transparent with my Instagram followers, but a lot of you have asked for a more detailed blog post. Below, you will find resources I used to start building healthy financial habits.
InvestEd. The true catalyst to taking my finances seriously came from a visit to InvestEd, a team of fiduciary Registered Investment Advisors focused on financial education and helping you meet your goals. I signed up for a free consultation with an advisors, and we chatted about my questions, my financial goals, my current financial situation. I articulated that my goal was to pay off debt, bulk up my non-existent saving's account, and save for a vacation. I needed to take action, and I credit the InvestEd team for making financial discussions approachable and empowering. The InvestEd team accepts clients from across the US, and your 1:1 financial consultation is free. Schedule your free consult here!
Qapital. I'm great at saving my money when I don't have to think about it. James introduced me to Qapital. This app allows you to customize your savings rules to "squirrel" money away for whatever you want. All you have to do is 1) download the app 2) link your bank(s), 3) set savings goal(s) and 4) set your savings rules for each goal. For example, I have a Quarterly Taxes goal that saves 10% of each paycheck. I also have a Vacation Goal that rounds up all my purchases to the nearest $1 and saves that difference in change. After using it for 6 months, I've saved over $400 toward debt and $200 toward vacation. When applicable, I transfer the money directly into my savings account where it can make more $ with interest. I suggest giving Qapital a shot, even if you're looking for an easy way to save extra change. Every penny adds up! Use THIS LINK to download the app and get a free $10!
Ally Savings. Many 26 year olds lack an emergency fund. I knew I wasn't alone, but I still felt embarrassed that I didn't have a dedicated savings account for accidents or emergencies. After asking friends and comparing interest rates, I opened an account with Ally Bank. If you're interested in learning more about an account with Ally, click here.
Hide extra cash. In parallel to Qapital, I started a stash of cash. I have a change jar where all my extra coins end up, and I decided to do the same thing with stray cash. When friends pay me back, I take out cash for tipping my nail tech, or when I hit an ATM for shopping at the Farmer's Market, I put my leftover cash in the stash. I don't SEE the money, therefore I don't spend it. Cash is physical and psychologically, it feels more precious than a ### balance on an app.
Sell. Last but not least, I've gotten very comfortable with selling my clothes, accessories, furniture that no longer serves me. As I get older, I realize I don't need to keep everything. Solution: SELL. I have no shame in the secondhand game, and if you follow me on Instagram, you've probably seen me post about my Poshmark Closet. I sell pieces at an average price of $25, making me about $12-15 per sale. Want to join Poshmark as a buyer or seller? Join the family and use my code STBLOG to save $10!
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Until next time,
