Money Musings 💭 Why I start with free 💸
What you’ll find below:
Reflection: How I navigate spending on my health
Money Move: A 5-part money move series to increase your credit score
You Gotta See This: Our first audience Q&A!
Reel of the Week: Which 'split the bill' personality are you?
Over the last year I’ve been on a bit of a health kick. Some (like my partner J 😆) might say it’s more than a “bit.”
I think part of it is age. Things that felt fine in my 20s and even early 30s aren’t working for me at 37.
I’m also very motivated by the idea of healthspan. Not only focusing on how long you live but how good you feel during those years of your life.
Side note: I first learned about healthspan from the book Outlive. I wrote about it a bit here.
There are many similarities between health and money - financial well-being is an important part of overall well-being after all.
A major connection between health and money is that making healthy choices can also be a lot more expensive. 💰
There are unlimited products, services and upgrades you can make to your life that tout health benefits. I’m not going to lie - I get SO tempted to buy alllll the things and hit the ground running.
One strategy that has worked well for me on my health journey (and really with any new hobby or habit), is to start with free.
If there are ten things I’d really like to do for my health, which on the list cost nothing or very little? That’s where I start. Then, if I keep it up and think it will make a difference for me, I’ll look into an upgrade.
Here are some of the free or low-cost things I did for my health over this past year. I started:
Drinking 100+ ounces of water per day (I did buy a Camelbak water bottle!)
Going to bed earlier (reading by 10 and lights out by 10:30 pm most nights)
Working out at home and walking to pick up the kids from school / activities (vs. drive)
Mostly stopped drinking alcohol (later I did invest in some fun mocktail ingredients!)
Doing free meditations on Youtube
Taking a few vitamins
Creating boundaries with my phone (i.e. I put it away from 6-8 pm)
Cooking more high protein fresh ingredient dinners
Have you ever used this strategy when you’ve focused on your health or started a new hobby? How did it go?
P.S. My new limited-time offering is available until this Friday, September 1st. I'm also offering a free bonus 1:1 call with me when you sign up. Learn more and get it here!
MONEY MOVE OF THE WEEK
INCREASE YOUR CREDIT SCORE SERIES - STEP #1 - KNOW WHERE YOU STAND.
Our credit score is important because it allows us to take out debt and impacts our interest rate when we do. 📈 PLUS, many landlords do a credit check, 29% of employers check your score before hiring you and insurance companies may use your credit score to price your policy.
Important Side Note: While credit scores are important, I do not believe they are a proxy for financial well-being.
You might think that there’s one universal credit score system that we’re all measured by. Nope. That would be too easy! 🤪
The most common credit score in the United States is the FICO score, and the VantageScore is a close runner-up, but many of the larger lenders also have their own scoring systems.
It can take time to build a good credit score so it’s helpful to know what your score is and build from there. Many credit card 💳 companies now share your credit score online. You can also use Credit Karma or Credit Sesame for a rundown of where you stand and how to raise your score.
In the press
NASDAQ: THE 10 BEST BOOKS FOR SAVING MONEY
6. “The 30-Day Money Cleanse: Take control of your finances, manage your spending, and de-stress your money for good” by Ashley Feinstein Gerstley
Feeling stressed and anxious about your budget? If so, you will find a month-long guide to cleanse your finances in this book.
This book, written by Ashley Feinstein Gerstley, a renowned author and founder of “The Fiscal Femme,” walks you through the process of overcoming bad habits, understanding basic investment strategies, and creating a personalized financial plan.
YOU GOTTA SEE THIS
ASK ASHLEY - "FEELING BEHIND ON RETIREMENT SAVING."
I’m thrilled to share our first Fiscal Femme audience Q&A. This was another new addition that many of you requested in the 5th Anniversary Survey.
We’re going to start with once per month and see how it goes! If you all have lots of questions, we might make it more often.
QUESTION: I feel like I'm behind on my savings for retirement. My husband is further along than me, and I feel like I'm playing catch up. What steps should I take to ensure I can retire comfortably?
ANSWER: Watch this to learn how to get on track for retirement.
If you have a question, amazing! Please share them here!
your weekly money wins
Here are all the amazing money moves you made this week 👏👏👏
Becky B: Opened up an HYSA!!!!!
Sam B: Paid off my student loans 👏
Rebekka: My HVAC died this week. Normally a huge financial setback like this would be devastating, but I didn't freak out because I had started a sinking fund for it (knew it was going to need replacing soon). What I didn't have in the sinking fund, I was able to cover from my emergency fund.
Sohee J: I checked in with my tax guy 😊
Rachel: Put all our liquid savings into a new high yield account
Hannah P: Bought a new (used) car in cash after being a 1 car family for 4 years!
Emily: My husband started his new job today after 6 months of not working! 💰
Phoenix: Husband left a job he hated for one he's been wanting to explore.
Suzanne V: Opened a separate checking account with my weekly allowance to help spending 🤞🏻
Braulio C: I've been making my own cold brew!
Amy B: Not sure if this is a win, but tried to switch to Mint Mobile and their customer no-service is so bad and the phone wasn't great, sent it back for a refund. Maybe I dodged a bullet.