Connect with us

Hi, what are you looking for?

Best Practices

Women & Money: Tips for Talking About Money With Your Girlfriends

Imagine grabbing brunch with your girls. Giggling over mimosas, catching up on the love life situation (or lack thereof…sigh), getting the scoop on the latest shopping deals and…whether you should pull your money out of your 401k plan to invest elsewhere.

talking about money with your girlfriendsImagine grabbing brunch with your girls. Giggling over mimosas, catching up on the love life situation (or lack thereof…sigh), getting the scoop on the latest shopping deals and…whether you should pull your money out of your 401k plan to invest elsewhere.

Ummm, what?

Although money may not seem like a topic you wish to broach on a day out with the girls, the fact is that women are not paying enough attention to their financial health. “Along with wage inequality, women retire with just two-thirds the money men have, all while living at least 5 years longer than men,” states Sallie Krawcheck, a Wall Street powerhouse and the founder of ElleVest, in an interview with CNBC.

On average, less than 30% of people feel confident in their ability to absorb a financial shock according to the Prosper Financial Wellness Survey. Furthermore, Fidelity’s “Money FIT Women Study” shares that while 75% of women wish to learn more about finances, only 47% felt confident to bring up money topics on their own.

The only way to become confident about money is to practice talking about it.

Similar to any area of your life, practice makes progress. Think about the first time you gave a presentation or tried a new workout routine. It may have felt nerve-wracking or uncomfortable, but you got through it. After you got through the first time, each experience afterwards was much easier. The same goes with talking about money. The first few times you do it, it may feel uncomfortable. But, the more you do it, the easier it becomes. Especially if you practice  with other women who will support you through it.

And talking about money does not have to be boring. In fact, if women begin to associate finances with pleasurable activities- such as brunch or a girl’s night out- the fear around money will start to dissipate. Because obviously, any discussion over a mimosa is a fun discussion.

So, go ahead and send out a text to three or five of your girlfriends, and invite them over to your home to grab some mimosas and follow these steps for your monthly money conversations.

Month One

For the first get together, the intention is to have a conversation about how everyone approaches their finances and their vision of a dream lifestyle. You can even turn it into a vision board party where everyone cuts images out of old magazines that showcase their dream life.

While you all are sipping on mimosas and playing arts and crafts, allow everyone to answer the following questions:

  • Do you create a budget for yourself? Or just wing it?
  • What’s your big vision for yourself? How will money help you achieve it?

Month Two

The next gathering should be about about debt.

  • How are you protecting yourself against identity theft?
  • Have you checked out your credit report recently?
  • Do you give your kids an allowance? How do you teach them about money?
  • How much credit card and student loan debt do you have?

Month Three

As you all become more comfortable chatting about money, expand the conversation to include more specific questions about finances.

  • What does retirement mean to you? How are you preparing for it?
  • Do you work with a financial advisor? How often do you meet with her? What do you talk about?
  • What are your investments? Which industries do you focus on? What have your returns been?
  • What is your monthly income?
  • What are your monthly expenses and what do they each total?
  • How do you and your life partner split expenses?
  • What’s something new that you learned about money recently?
  • Is there anything that is currently stressing you about money?

Continue to have these discussions on a monthly basis and watch your confidence around money soar.

This content was written by Danetha Doe, the creator of Money & Mimosas. Danetha is passionate about empowering women to feel confident about their finances. 

Join our mailing list

Latest

Investor Center

Today we are sharing performance data from the Prosper Portfolio for September 2021. Highlights from the report include: Performance Update In September, approximately 67%...

Credit Management

The consumer finance sector is highly competitive, and consumers often have many options to transfer and repay debt. For example, credit card companies frequently...

Credit Management

For many families, homeownership is an investment for the future. Buying a home is the largest and longest financial commitment most of us will...

Investor Center

Today we are sharing performance data from the Prosper Portfolio for August 2021. Highlights from the report include: Performance Update In August, approximately 67%...

Credit Management

Today, we are excited to announce the release of our new eBook, Your Ultimate Guide to Debt Consolidation, which is now available to download...

Home Renovations

Home renovation can be a challenging process, but financing your renovation doesn’t have to be. There are many ways to fund your home improvements,...

You May Also Like

Credit Management

Unemployed and looking for ways to borrow money? We’ll reveal what options you have when it comes to accessing emergency loans with no job.

Best Practices

Even before COVID, expensive healthcare costs had many Americans wondering what happens if you don’t pay medical bills. If you’re struggling with medical bill...

Financial Literacy

Financial literacy is the know-how to manage your money and plan for your financial future. If you’re not entirely comfortable with money or aren’t...

Financial Literacy

As you explore different financial borrowing options, you may find yourself asking, “What is a personal loan?” For more than a decade now, personal...

© 2005-2021 Prosper Funding LLC. All rights reserved.