Money Musings 💭 Why YOUR financial literacy matters
This week: Happy Financial Literacy Month, your FINAL tax money move (do not skip it!), something for the travel lovers, and so many money wins.
What you’ll find below:
Reflection: Happy Financial Literacy Month!
Money Move: Your FINAL tax move (do not skip it!)
You Gotta See This: If you're ready to dream up some travel
Reel of the Week: Don't forget to get your real ID
You may not know this but April is Financial Literacy Month.
I define financial literacy as having the knowledge to make decisions around your money that will lead to the results you want.
It's the 3rd part (the brain) of my overall financial wellness definition (below).
Financial literacy also means having confidence in your plans as well as the self awareness to follow through and make them happen.
In talking to so many people, especially women, about their financial lives, I’ve found a common thread in many of our stories.
Many of our financial success started with someone giving us a nudge.
This might be a colleague who urged us to set up our 401(k), a friend who sat down with us to show us how she budgets, or the colleague who bravely shared what she’s getting paid so we could compare.
When we get educated about money, we not only lift ourselves and our families up, we also become an example of what’s possible.
We bring others up with us and that has a tremendous impact.
Your education matters. Become that person that lifts someone else up!
I’m so honored to have you here with me each week improving your financial literacy.
If there is something you’d like to learn more about or if you have a specific question, message me and let me know.
Financial Literacy Month is a great time for companies to bring me in to speak. I got this message after a talk last month:
“THAT WAS INCREDIBLE. People are Teams messaging me left and right saying how much they loved you and that you made Finance accessible and fun”
Share this with your company’s HR, head of wellness, women’s ERG or someone in professional development.
I promise to make you look good!
P.S. I know things are out there. Stay tuned for a series next week on how to quell your money worries and so much more.
TAX SEASON PREP: STEP #4 - REFLECT TO MAKE NEXT YEAR BETTER.
You’re ready to file your taxes. Woohoo! Once you do, make sure to celebrate. It’s a big money win!
At this point I bet the last thing you want to do is spend any more time thinking about your taxes, BUT hear me out.
While it’s fresh in your mind it is a great time to set up a system so that the next year is less of a cluster.
Take note. What about this year felt stressful? If you were scrambling to gather documentation, add a monthly calendar reminder to do that monthly going forward.
Keep that list of documents you made in step 1 handy. That way you have a great starting point for next year (if not exactly what you need).
Label a folder or digital folder for 2025. As you receive any tax documents, file them away.
Strategize. Were there any deductions you wish you were able to take advantage of this year but couldn’t? Plan ahead for next year. Can you increase your 401(k) contributions, contribute to an HSA, or max out your IRA?
Keep all this in a google doc or folder so you feel more organized and confident come tax season 2025. I promise, your future self will thank you!
OUR NEW FREE TRAVEL BUDGET.
If you need some distraction or are looking to plan your perfect summer trip without breaking the bank, we’ve got you.
I’ve teamed up with Ally Case, flight attendant and travel creator extraordinaire to bring you a travel budget template.
In it, you can compare different trip options and decide what works for you and your budget. Plus, we’ve included things you might not have thought of, giving you the most realistic financial planning tool for your trip.
Hope you love it!
Here are all the amazing money moves you made this week CONGRATS! Celebrating you all!
HerMoney: Adjusted my budget to account for tariffs
Kayla: I've been selling stuff we no longer need, have probably made $1k in just a few months
Chadwick: Investing a little more into the stock market
Julia: Getting any big purchases done now that would be impacted by tariffs. Trying to plan ahead
Donna: Finding the books I've wanted in the bargain book section of an independent bookstore!
Rachel: Just re-upped a maturing CD for another 13 months. It's for short-term so I can't invest it but want to make $$$
Janet: Moved savings into HYSA
Em: New job with 12k raise! Gonna increase my savings and investments!
Azalea: Sat down with my husband to get on the Monarch platform to look at our expenses
Lindsay: Rebalanced my 401(k). It's not much but 5% ROI > -15%
Lauren: Cash saving for our honeymoon to Japan!
Talia: Using my credit card less, seeing how much I overspend
Caylie: Finally made a written down budget for the 1st time ever. I didn't hide from my spending
Lindsay: Maxed out my IRA!
Allison: I'm making a sinking fund to pay out to small businesses so I can help support the community
Natalie: Maxed out my TFSA
Davies: Received payment from my side gig, contacted my investment manager and invested the salesss
Kelsey: In Jan I got a Roth IRA for the first time. I JUST fully funded it for 24! (Low-key panicking though)
Empower: Getting financially literate. That's my starting point
Jess: Consolidated from 27% to 11%!!!
Xenia: Joined a credit union!
AmyB: Received an electric Craftsman lawnmower, without batteries. Handyman let me borrow batteries and IT WORKS!!!!