Money is a feminist issue — and yet, women are still reluctant to talk about it. According to a recent Bustle survey of more than 1,000 Millennial women, more than 50 percent of people said they never discuss personal finances with friends, even though 28 percent reported feeling stressed out about money every single day. Bustle's Get Money series gets real about what Millennial women are doing with their money, and why — because managing your finances should feel empowering, not intimidating.
Chances are, if I ask you what you spend the most money on per month, it would differ from what another female Millennial spends the most on. After all, everyone could probably afford to spend less, right?!
"When considering a purchase, it's not necessarily always about how much something is," Canon Hickman, wealth manager at Equity Concepts, tells Bustle. "It's about getting value for the money that you have. Money is there to be earned and spent — it's going to be spent on something, whether it's your retirement or going out with friends. It's there to accomplish the things in your life that you want to accomplish. The real key differentiator is spending money on things that actually bring you value. If you look back at your last month's bank statement and see all of the money that you sort of just wasted — you didn't get any value out of that fast food purchase or one of the other random items that you bought that didn't really mean anything to you — you'd see how much that adds up to be."
So What's A Person To Do?!
"Try using the envelope system," Hickman says. "Every week, take cash out of the bank to use as your spending money and stick it in an envelope. Each week, you’ll see how much cash you had and what you're spending it on. A credit card or debit card doesn't tell you how much you've got in your bank account every time you swipe it, so when you look in the envelope, you know how much you have left before you make your next purchase. It's a rudimentary system, but it's a helpful way to hold yourself accountable."
"I probably spend the most money on food each month. An average workday usually starts with me grabbing a coffee before work, going out for lunch, then maybe getting one more coffee before the day is over. Being that I work in SoHo, spending $5 on each coffee and at least $10 on lunch is not uncommon. When you add it up, that's about $20 before I even have dinner. If one of my coworkers invites me out for dinner/drinks after work, that could be at least another $30 that I'm dropping on food. It's also a social sort of thing. If someone asks me to go out for coffee or lunch, I'm not going to say no. Getting to know people in NYC can be hard, so sometimes it's worth it just to participate, even if you'd really rather save the money on dinner/drinks."
10Lauren Zangardi Haynes, 33, Evolution Advisers
17Larissa, 27, Budget Undercover Blog
There you have it, what Millennial women spend the most money on per month. The answers definitely make you think and perhaps reexamine your own spending choices, right?!