Money Musings 💭 an expense experiment 🧪
In the last month, I asked many of you what you are most concerned about. #1 (by far) was the safety and health of your family and friends. ❤️ That makes complete sense and I am with you 100%!
For almost everyone, #2 was financial concerns - often related to a change in income (or a feared change) or wanting to build a better financial foundation to navigate this challenging time.
While I have no medical expertise whatsoever (I’m forever grateful to our emergency workers for concern #1 🙏), the Fiscal Femme is in the unique and fortunate position to be able to support you with #2 - your financial concerns.
We’ve been working hard (between homeschool video sessions and potty training 🧻) to pivot and launch free resources as quickly as possible.
Our Fiscal Femme Slack Community.
Last month, we launched the Fiscal Femme Slack Community as a place for womxn (and allies) to come together and share resources, ask questions and hold each other accountable.
The group has surpassed my expectations. Members are sharing when they get their stimulus payments, what their specific credit card companies are offering as far as relief, which companies are hiring vs. laying off employees, etc. It’s been incredible to see what happens when people come together and share during a financial crisis.
Money Parties 🎉
We’ll be hosting two free Money Parties on April 30th - one in the day and one in the evening. Come run your numbers, meet some amazing people and have fun while doing it. I can’t tell you how powerful it is to have a plan and know what you are spending right now.
People’s favorite part? At the end, we anonymously share what we spent in categories of your choice. Last month we learned that in March people spent anywhere from $350-$1,196 on groceries and $18-$1,200 on shopping.
If you can’t make it to a live Money Party, I put together this free Money Party 🎉 guide for you.
COVID-19 Specific Updates
I’ve been covering COVID-19 related relief updates including highlights of the CARES Act (and how it can help you), other ways to get financial relief and a financial guide to getting through a pandemic. You can find updates on our blog, in the Money Musings (here - yay!) and on Instagram.
I’ll keep you posted on new resources and where I’ll be speaking in the coming weeks (well more like how to tune in because they’ll all be from home 😂).
April 26th at 7 pm EST (Sunday): I’m going on instagram live to chat with Ashley from Everyday Pursuits about 💰
April 29th at 3 pm EST (next Wednesday) I’m partnering with SoFi on a free webinar called ‘How COVID-19 Will Affect Your Goals’ #Sponsored
April 30th at 1 pm EST and 7 pm EST (next Thursday): Hosting two free Money Parties 🎉. This time I’ve teamed up with Miss Be Helpful. She’s going to take you through the money lesson at the end
MONEY MOVE OF THE WEEK
Run an expense experiment. This one takes very little time but can have a big impact. Are there any expenses you have been questioning? Maybe you’re not sure if you will miss your (2nd) streaming subscription or you don’t know if you really need or want cable? Let the expense go (aka cancel it) as an experiment. For fun, calculate what that means for you as far as annual savings. $13 per month turns into $156 per year. The good news is, if you do miss it, you can always add it back. Plus, you won’t have to keep wondering if it’s worth it to you!
YOU GOTTA SEE THIS
This week I have two definitions that are very relevant to the current pandemic - forbearance and furlough.
Define FORBEARANCE. Postponing debt payments temporarily through a deal worked out with your lender (or in the case of federal student loans, it was done automatically). Can apply to student loans, mortgages, and other types of debt. A common form of financial relief during the COVID-19 pandemic. Depending on the type of loan and deal you’ve made with your lender, you may or may not still accrue interest during this time. Use it in a sentence - “Due to the CARES act, my federal student loans were automatically placed in forbearance. I do not have to make payments through September 30th.”
Define FURLOUGH. A temporary layoff from work. Generally, employees do not receive compensation but do continue to receive benefits. Details will depend on your specific company. A furlough differs from a layoff in that employees may come back to work. Use it in a sentence - “I was furloughed and applied for unemployment.”