Reader, stop believing money lies!

Happy Money Monday, and welcome to your first week of breaking down the lies you've been told about money! It's about time someone tells you the truth 🙄 Let's get into it 👇

The Lie: Finance is Too Complicated

Girlies all over the world have been told that managing money is too complex for our weak, feminine brains since the dawn of time. That may be why you feel like you need a finance degree to make sense of budgeting and investing, but that's just not true!

The fact that women weren't allowed to have their own credit cards until 1972 in the U.S. doesn't help - we have had much less practice being financially independent. However, this doesn't mean we're inherently bad with money. In fact, studies show that women tend to outperform men when it comes to investing, even though there is still a significant gender gap in investing, often due to a lack of confidence for women.

The Truth:

Women are good with money and you can be too - you just need to know where to start. Here are some ways to make taking control of your finances less overwhelming:

• Use an automated budget worksheet. Not sure if you're overspending? No idea how to decide how much to save and invest? You don't have to! Just plug in your income and your essential expenses (think rent and groceries), and our tool will automatically tell you how much to save, invest, and spend each month. The best part? It's FREE!
• Use a budgeting app. If the reason you're not budgeting is that it's too overwhelming - try using a pre-made tool! A budgeting app connects to all your accounts and credit cards and auto-tracks your spending. Our favorite lately is Monarch - Get 50% off an annual subscription here.
• Automate your savings. Now that you've figured out how much you should be saving with our automated budget worksheet, you can automate it! This is called "paying yourself first." Every time your paycheck comes in, set up a recurring deposit to pull half of your monthly savings amount into a high-yield savings account. This way, you won't accidentally spend your savings money, and you won't even have to think about it!
• 401(k)? Set it and forget it. Oh, you got that big girl job now? Time to act like a big girl and invest your 401(k)! Almost every retirement account provider now allows you to answer some questions to set up your risk profile and then auto-invest your contributions. Once you turn this on, you can forget it! Future you will thank you 🙏
• Automate investing with a robo-investor. If you've done alll the above and are ready to dip your toe in investing but are still feeling scared - try a robo-investor. A lot of the traditional brokerages like Fidelity, Charles Schwab, etc., have these options now to invest automatically (just like your 401(k)!), but there are also apps like Acorns that allow you to do this in minutes! See?! You don't need to be in finance, 6'5, with blue eyes to start investing.

Feeling more confident yet?! Stay tuned for next week's email tackling another common money myth. Talk then, girly!

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