July 2021 - Importance of Sisterhood |
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Now that our world is opening back up, so are our services. We are pleased to be able to get back to seeing clients in person. Though happy to offer zoom and phone for those who prefer. As a whole, we are seeing "new normals" sticking for people beyond a week or a month, and people are reconnecting. There has been a lot of reconnecting with fellow community non-profits reviewing our communities' needs and getting back to services we had to alter this past year. We've observed that everyone has come out of this past year with a unique experience. However, we see many pre-pandemic issues are still around or only altered slightly. The stimulus might have paid a bill, rent or helped recover lost wages for some. That isn't the case for all, nor that the many challenges of adequate wages, affordable housing, and child care haven't gone away but have become magnified. In this July issue of Women and Money, we have tried to touch on it all, stress, fear, obstacles, spiritual growth, and the bond of sisterhood. Because it's never JUST about the money... Leslie Boden
Director |
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Women are more financially stressed than ever. Here’s how to overcome it. "Financial anxiety for women is growing. While studies have shown that women typically suffer from money stress more than men, the coronavirus pandemic has exacerbated the situation. In fact, 79% of women report feeling weighed down by money and stress, up from 67% last fall, according to Fidelity Investment. Of those who reported financial worries, 72% were concerned about not having enough retirement savings to live comfortably and 71% were stressed about the ability to save for goals outside of retirement. Balancing work and caregiving responsibilities, the ability to managing day-to-day expenses, and job security also weighed heavily on their minds." Excerpt from article | | |
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| | 3 Obstacles Mentally Strong Women Have To Overcome That Men Don’t "My work as a therapist—not to mention my own life experiences—taught me that women are more likely to engage in a specific set of counterproductive bad habits. And since it only takes one or two unhealthy habits to keep you stuck, it’s clear why so many women feel as though they lack enough inner strength to reach their goals. This doesn’t mean women are weaker (men have specific unhealthy habits they’re more likely to engage in as well). But it’s clear that women often develop these common unhealthy habits because they experience certain things that men don’t." excerpt from the article | | |
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| | Time to Put the ‘Sister’ Back in ‘Sisterhood’Sophia A. Nelson "The fact is we are not just connected, as women. We are interconnected. So why does it seem that at a time when so many of us (and it is about “us”) are getting ahead and doing amazing things that far too many of us are being left behind? The truth is, many women despite our achievements or power are just too scared, too selfish, or too insecure to help other women. And that is what real “sisterhood” is all about, because the reality is, if we don’t help each other, who will? And if not in this time, when?" excerpt from the article | | |
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"The two biggest barriers to tackling your finances, as a woman, are shame and fear." Carrie Rattle Financial therapist |
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A calculator created by the Center for American Progress computes the lost income from when a parent takes time out of the workforce to care for a child. For example, consider a 33-year-old woman makes $80,000 annually before she takes a break to care for a child. If she returns to work after five years, the CAP calculator estimates she loses about $885,000 over her lifetime in forfeited wages, wage growth and retirement assets and benefits. | | |
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"Women must lift the money FOG by continuing to set their minds to achieving money confidence and freedom." Lazetta Rainey Braxton founder and CEO of Financial Fountains |
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| | How to Avoid Money Fog - Money “FOG” — fear, obligation, guilt — blocks healthy views on money. It slows the progress needed to grow, keep and distribute wealth key for supporting the life a woman desires for herself as well as for those whom she loves and supports.
- Being true to one’s goals and values reduces the chances of money missteps and regrets.
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| | How to Fix Your Credit Score How scores are determined is often hidden and doesn’t treat all consumers equally. Here’s what to watch for, and what to do.By Lisa L. Gill “Millions of Americans are locked out of the American dream of homeownership, higher education, starting a business, or making major purchases,” says Syed Ejaz, a financial policy analyst at Consumer Reports. “For most lenders, everything begins and ends with that score.” | | |
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Creating A Realistic Budget and Spending Plan If the pandemic has taught us anything, it’s that even the best laid plans can be turned upside down. Your old budgeting habits may no longer make sense. |
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| | Be Realistic There’s often a lot of pressure in the new year to set new goals and achieve them perfectly. But budgeting isn’t about perfection; it’s a plan for your money that should change and adapt to your life. Don’t just create a budget ― create a realistic budget. Your budget should be created based on what you are actually spending, not what you want to spend. You need a clear foundation so you know where you are starting and where you want to go. Be honest when setting budgets and goals. Money Management Counselors can assist you in building a new budget that will help you realistically reach your goals and set yourself up to succeed in the beginning. | | |
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| | Check-In With Yourself Creating your budget should not be a set-it-and-forget-it exercise. Make sure to schedule time to check in on your progress and make changes as needed. Make sure you’re regularly keeping track somewhere, so when you’re ready to check in on yourself and follow up with the counselor at Money Management Counselors, you have a physical track record of your progress to help you hold yourself accountable. That could be anything from a pencil and notebook to a spreadsheet that Money Management Counselors provides or a budgeting app. Just remember if you choose to work with our counselor your not alone and we recognize that it's "Never Just about the Money!" | | |
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Yesterday I Cried: Celebrating the Lessons of Living and Loving by Iyanla Vanzant An oldie but a goodie, with many powerful nuggets throughout its pages. Below is a video clip of excerpt readings from this book, of which if you link up to 2:59 in the playback a poignant excerpt in relationship to this newsletter. | | |
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Join us for a FREE evening of... Community, Creativity, and a Safe Place to Talk about Money. This mini-session of Money Mindset Makeover is co-facilitated by Leslie Boden and Jodi Rose Gonzales. July 17 - Midsummer Mindset Makeover August 14 - Back to School/Fall Planning October 6 - Holiday Spending Plan Register for one or all, today! | | |
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