$pent Millennial

You might have noticed from my blog posts and social media that I don’t mind talking about money. In fact, I enjoy it. Maybe I am weird, but I suspect there are more out there like me—others who want to ask questions, connect, and relate over budgets, habits, and more money talk.

But we don’t, largely because we have been told it ‘isn’t polite’.

We are taught that money is taboo, a notion especially true for women. But we need to talk about it. We need to know:

The Importance of Talking About Money

How much are we earning? Spending? How do we manage it? Do you have money for a $400 emergency? Can you afford Friday drinks every week, or should we do Wine and Whine Friday at your place?

This is how we learn, grow, and advocate—for ourselves and for each other.

Think about it. Maybe nobody in the group wants to drop $20 on drinks each week, but nobody wants to be the one to say “I can’t afford this” or “This isn’t in my budget.” or “I’m prioritizing debt payoff.” All totally valid reasons to suggest a Girls Night In instead. 

Or maybe your company has a great HR department that sat you down and made sure you started your retirement contributions, but your friend’s organization is small and doesn’t have the resources or secretly hopes nobody signs up, so they don’t have to spend the extra money. You gotta tell her how to get her contributions going! It’s Girl Code.

So, that’s why we are talking about it here because it is Girl Code. And we are here for everyone, not just girls.

Recently, one of my girls IRL asked me if there was a book I used to get started. One that really helped me rip off the band – aid. And there was. Actually, there were 2.:

Getting Started with Financial Wellness

The two books that really made me feel seen, understood and inspired to get started on my financial wellness journey were: 

1. Common Cents: A Budget Workbook by Meleah Bowles and Elise Williams
2. The 30-Day Money Cleanse by Ashley Feinstein Gerstley

Over the next few months, I will walk you through the steps I took as I worked through the books. I’ll share the tactical activities and strategies that worked while sharing some more personal and vulnerable experiences along the way. Feel free to follow along in case these steps help you as well.

Week 1: Starting

Starting is the hardest part. I started with the Common Cents Workbook. The workbook starts with a questionnaire that has you get real with your financial situation. Gaining the clarity and laying it all out was a very important first step for me. 

Here I have my own questionnaire that you can use to dive into your current financial state. It is an important starting point. And since we are in this together, keep reading to see my answers from then (March 2021)  and now (May 2024).

The questions:

1. Do you have a budget?
2. Do you use/stick to your budget?
3. Is your budget realistic?
4. Do you have a Bank Account? (Checking)
   • How much is in your Checking Account?
   • Is this enough to get you to your next paycheck realistically?
5. Do you have a Savings Account?
   • How much is in your Savings Account?
   • What is the purpose of the Savings Account?
   • How often do you put money into your savings account?
   • How often do you take it out?
6. Do you have an Emergency Fund?
   • How much is in your Emergency Fund?
   • How much do you need to have to fully fund your Emergency Fund?
   • How much/how often do you add money to your Emergency Fund?
   • How do you determine if something is an “Emergency”?
7. Do you have Debt?
   • How much do you have?
   • No really, go look it all up. No estimates. Find the accounts, find the passwords, and call the cards. Whatever you have to do, I promise it will actually feel better, not worse.

I have provided a link to a very simple spreadsheet with these questions that you can make a copy of to sit down and get clarity of your own financial situation. There are additional columns you can use in the future to track progress or re-evaluate.

And as I promised in the spirit of vulnerability and being in this together, I will share with you the answers I wrote down to these very questions when I started getting serious about my personal finances—just a little over 3 years ago.

My answers (March 2021):

1. Do you have a budget?
   • Do you use/stick to your budget? No
   • Is your budget realistic? N/A
2. Do you have a Bank Account? (Checking)
   • How much is in your Checking Account? $13.26
   • Is this enough to get you to your next paycheck? IDK
   • Realistically? Maybe? Really, no clue.
3. Do you have a Savings Account?
   • How much is in your Savings Account? $1,371.97
   • What is the purpose of the Savings Account? Saving because I am supposed to save?
   • How often do you put money into your savings account? I try for every paycheck
   • How often do you take it out? Too often? Probably at least once/twice a month when I “need” more money back.
4. Do you have an Emergency Fund?
   • How much is in your Emergency Fund? No
   • How much do you need to have to fully fund your Emergency Fund? No idea. 3 Months expenses? But idk what that # is.
   • How much/how often do you add money to your Emergency Fund? N/A
   • How do you determine if something is an “Emergency”? I don’t.
5. Do you have Debt?
   • How much do you have? Do I have to look. Idk, probably like $25,000 (School) + $6,000 (Car). So, $31,000?
   • No really, go look it all up. No estimates. Find the accounts, find the passwords, and call the cards. Whatever you have to do, I promise it will actually feel better, not worse. Fine. $30,419.71. Wow, that does feel good to know. It gives me a real target!

My answers (May 2024):

1. Do you have a budget?
   • Do you use/stick to your budget? Yes
   • Is your budget realistic? It could be better, but I make it work. (I live pretty ‘broke’ in an attempt to get my Emergency Fund up to par).
2. Do you have a Bank Account? (Checking)
   • How much is in your Checking Account? $11.47 (I told you, I live ‘broke’ 😂)
   • Is this enough to get you to your next paycheck? It should be. I paid all my bills, stocked the fridge, and filled my cash envelopes.
   • Realistically? Yeah, probably. I just have to be disciplined.
3. Do you have a Savings Account?
   • How much is in your Savings Account? Idk if I should actually share current info on the internet, so let’s just say it isn’t that much, but enough for my sinking fund needs.
   • What is the purpose of the Savings Account? Sinking funds for holidays, birthdays, future travel plans, etc. Each has a bucket with a goal.
   • How often do you put money into your savings account? I try for every paycheck. I have set amounts for specific buckets.
4. How often do you take it out? Varies, based on what the fund is for. I will take some out of my holiday/birthday sinking fund this week for my sister’s birthday. It is planned and intentional, so it feels okay. I also have a retirement savings that I never touch. Money in my retirement account is invested. 

4. Do you have an Emergency Fund?
   • How much is in your Emergency Fund? Again, not sure I should disclose. But, let’s say it is more than “No” and less than a fully funded account should be.
   • How much do you need to have to fully-fund your Emergency Fund? With current expenses, 3 months is about $9,000.
   • How much/how often do you add money to your Emergency Fund? Once a month, a set amount.
   • How do you determine if something is an “Emergency”? Anything I need to take care of that is beyond my sinking funds (car repairs, medical, etc.), or if I lose income and need to pay my mandatory expenses out of it for a while.
5. Do you have Debt?
   • How much do you have? No.
   • No really, go look it all up. No estimates. Find the accounts, find the passwords, and call the cards. Whatever you have to do, I promise it will actually feel better, not worse. N/A.

Full disclosure, when I first did this survey, I didn’t want to answer the questions. And when I did, I wanted to lie. Even now, I wish I could make myself sound a bit better. Like, maybe I should have more than $11 and change in my checking account and should have a fully-funded emergency fund. But, I am a work-in progress. And, that’s okay. The point is to be open and honest. To start a relatable and actionable discussion. So, here we are.

 I really, really hope you take the time to answer the questions and to be honest. You don’t even have to show anyone but yourself. But, I kind of hope you do share. I hope you share with your sister, your mom, your girl friends, your boyfriends, your kids. 

By answering these questions and comparing my then-and-now responses, I’ve seen my financial journey unfold. It’s a testament to progress and the power of taking control of your finances—one step at a time. Join me as I continue to navigate financial wellness and share insights that might help you too.