Happy Friday. I finally started reading Tori Dunlap’s “Financial Feminist.” So far, it’s inspired my new money diary, a deep dive into my money values, and a guilt-free search for a local apartment cleaner. Because TBH, deep cleans are just not my jam, and I’ve decided that’s OK.
The trade-off: A few pricey date nights will be replaced with at-home karaoke and game nights. The one downside: My teenage son is already tired of brainstorming his money values. But, on the upside, the mom in me is convinced he’ll be grateful for this lesson in the (hopefully near?) future. Here’s to a fun-filled weekend.
— Dae Cason / Money Writer / Columbia, SC
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We asked you to vote on a question you'd like answered. The winner was:
How can I pay down debt, invest, and save all at the same time?
FEATURED EXPERT:
Bola Sokunbi
Author, certified financial education instructor, and founder and CEO of Clever Girl Finance
Start by building an emergency fund and save at least $1,000 to $1,500 as a basic cash buffer. This amount can cover unexpected costs like higher-than-usual utility bills, emergency travel, or car repairs. Once you've achieved this, gradually increase your savings to cover three to six months of essential expenses, such as rent or mortgage payments, groceries, medications, transportation, and core utilities. This safety net can be crucial in case of job loss or emergencies.
To begin investing, maximize your retirement contributions. If your employer offers a retirement savings plan with a matching contribution, take full advantage (it's essentially free money). Contribute enough to receive the full match. Even if your employer doesn't provide a match, consider allocating 5% to 10% of your income toward retirement savings. If you don't have access to an employer-sponsored plan, you can open an individual retirement account, aka an IRA, to start saving for your future.
Finally, develop a budget that prioritizes aggressively paying off your debts, if possible. Monitor your income and expenses closely, aiming to keep your spending as feasibly low as you can. It's essential to concentrate on debt reduction because the accumulated costs associated with high-interest debt can be very expensive over time.
This interview has been edited and condensed for clarity. You can read an extended version here.
money win
An inside look at how women are building wealth.
“Fifteen years after graduating, I finally paid off my last student loan in 2023! All while planning and paying for our upcoming wedding and taking an international vacation this past fall. Once I knew my fiancée was “the one,” I started a sinking fund because I was determined not to go into debt to throw our dream wedding. By keeping lifestyle creep at bay, I could save and continue checking off big financial goals, setting up our new life together for financial success!”
— Marissa F (NY). The secret to crushing all your money goals? Balance.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
for the group chat
The money stories everyone’s talking about.
Inflation is still high (sigh)…
Here’s what’s getting more (and less) expensive. Adjust your grocery list accordingly.
As if raising kids wasn’t pricey enough…
Apparently, the tooth fairy is getting more generous. (Parents, hold onto your budgets.)
Imposter scams are on the rise…
And they can be so convincing that even a financial advice columnist can fall for one.
The racial wage gap has serious financial consequences for Black workers…
According to the Bureau of Labor Statistics, the pay disparity starts with employees as young as 16.
investment piece
The items celebs and influencers think are worth the big bucks.
Sometimes, the difference is in the details. Just ask Trisha Okubo, founder of the jewelry and accessories brand Maison Miru. Case in point: Her company makes “nap earrings” with flat backs that won’t poke or prod you while you’re lying down. (Genius.) Here, Okubo tells us about a purchase she made that perfectly combines form and function, and elevates an everyday event, making tea, into a way to truly indulge in a moment of self-care.
What’s a recent purchase you made that was a splurge?
For my 40th birthday, I splurged on a copper teapot made by Gyokusendo for Tea Dealers. The company was founded over 200 years ago, and their hand-hammered teapots are made by master craftsmen from a single sheet of copper.
How much did you spend on it?
$1,150.
Why do you consider it a worthy investment?
I’m deeply drawn to the teapot’s mix of form and function. Copper is beautiful for how it develops a patina over time, but is also functional in its ability to maintain temperatures for a deeper release of flavors. It’s that same ethos that led me to make our earrings out of medical-grade titanium. You can have something that is both beautiful and designed to last. I’ll have this teapot for the rest of my life. I drink tea every day, and drinking delicious tea brings me joy. Taking care of myself is a way of investing in myself — it allows me to be the best I can be. What could be more worth it?
Answers are edited and condensed for clarity.
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