The Most Common Money Mistakes

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If a random person were to look at my list of New Year’s resolutions for 2023, they would probably say that I set the most unique resolution of all time. While a list of some resolutions might include working out regularly, eating more fruits and vegetables, sleeping better, traveling longer distances, or major life changes such as downsizing or getting a new job, my decision list has one goal: figure out what the heck is going on with my own money. From creating an emergency fund to investing to paying off debt, I want to learn about it all — and, despite its inconsistency, I know I’m not the only one who cares Financially at the top of my 2023 ambitions (hello, recession!).

Enter: Tori Dunlap, personal finance guru, founder of Her First $100K, and author of The Financial Feminist. This week on The Everygirl Podcast, we sat down with Tori to talk all things personal finance, and share some amazing insights into what it really means to transform your relationship. in money he will be better. Whether you’re starting a new financial journey this January, or just interested in new hacks for personal finance, Tori has a wealth of knowledge. Read on for three common personal finance traps she says women often fall into, and how to avoid them. Then check out this week’s episode of The Everygirl Podcast for more.

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1. Solve the numbers before you think about money

Tori found that while many clients were initially excited to learn about budgeting, investing and paying off debt, that enthusiasm waned over time if they didn’t delve deeper into their relationship. they were with money first. “I realize that as uncomfortable as it is, you can’t be good with money–you can’t develop a good, healthy relationship with money throughout your life–until you begin to understand the kinds of challenges that emotional and mental you. have money,” said Tori. One journaling exercise that Tori recommends before diving into the numbers is to reflect on your first money memory, and think about how that memory affected your financial habits today. Such exercises can help you be successful in your financial journey before you create a budget.

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2. Making too many financial decisions, or having “analysis paralysis”

Have you ever known you wanted to cook a healthy meal at home, but you’re so insecure about what to eat that you end up Doordashing pizza at 9pm? If so, you know the feeling of analysis paralysis, which Tori says is a common financial hang-up that prevents us from achieving our personal financial goals. Many people worry too much and take too long to find the top notch high-quality savings account for their emergency fund, the top notch investment plan, or the top notch credit card. In fact, just getting started with saving, investing, or building credit is more important to financial growth than finding the top option. Tori’s advice is to start as soon as possible. Know that the difference between many of these accounts or plans is minute, and the best thing you can do for yourself is to choose one and run with it.

3. Overcome investment phobia

If you’re like me, hearing the word “investment” can send shivers down your spine as you experience flashes of dread from seventh grade math class when everyone else but you understands the stock market. However, as Tori points out, real estate investing is nothing to be afraid of. In fact, it’s a very useful tool for financial self-care. Imagine yourself at retirement age: when you are 65, what will you be like? What do you want to do with your day? As Tori says, investing (especially through a 401K or Roth IRA) is tantamount to taking better care of that 65-year-old version of you. “You’re doing it for yourself, and you’re going to spend that money eventually,” Tori said on The Everygirl Podcast. “It’s for a 65-year-old to drink sauvignon blanc with lunch.”

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Letting go of the crippling fear of investing may mean reflecting a little more on why investing will be a good thing for you in the long run, and why putting that money away now it will be worth it. Some heavy lifting in 2023 through investment could make all the difference in 2043, 2053, or 2063.

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