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.
Everyone spends and saves their money differently. Even though there may be some common ways as to how — from having one bank account for expenses and another for saving to using 401(k)s and Roth IRAs — there are several differences, too,
"It's about getting value for the money that you have," Canon Hickman, wealth manager at Equity Concepts, tells Bustle. "When considering a purchase, it's not necessarily always about how much something is. 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."
Scary — yet wonderful — test, right?! So here's how nine women who all make approximately $50,000 spend and save their money. Even if you make more or less, I think there's benefit to seeing how other people spend and save, as well as new money tips to learn from them.
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As you can see, different women who make approximately $50,000 spend and save in different ways. Like Hickman says above, one person may value spending now overspending later (i.e., retirement), and vice-versa. "You have to think about what it is that you really want and what it is that's going to make you happy and successful," Hickman says. "Having a financial plan and strategy is the key to it all, because it'll help you stay focused." On that note, I'm going to go review my financial plan right now. Hopefully, you've been inspired to look at yours, too.