Stanberry - The Refinery29 Money Diaries Workbook

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To the amazing women who share their stories and their diaries with Refinery29. Thank you for helping us start a revolution.

To Ken, who taught me the joy of saving money; and to Desmond, who has given me the best reason to spend it.

If you had told seventeen-year-old Lindsey that one day I would write a book about personal finance, I would have laughed you out of the room. I could have told you a dozen reasons or more why I would never be qualified to give such advice: Im terrible at calculus; the stock market is confusing; and Im way too creative to care about such a boring topic. Yet here I am, twenty years later, completely fascinated by money; specifically, how women make, spend, invest, save, and generally feel about cold, hard cash. My teenage self had it all wrong: theres little to no connection between balancing your bank account and understanding calculus, and you can both be creative and care about making money. (I still think the stock market is complicated, but well get to that later.)

As the founding editor of Refinery29s Work & Money vertical, my days are spent dreaming about how we can finally put to rest the pervasive, frustrating, and BS myth that we women are incapable of managing our finances. Other stale stereotypes on my personal moratorium list? The idea that girls are bad at math. Or that millennials cant be trusted with credit. Or that its not polite to talk about money or own our breadwinner status.

If I do my job well, you will close this book understanding the beauty of a fully funded emergency account, maxing your match, and investing in your long-term goalsand youll have a hell of a good time doing it all. The truth is, we might not all get the six- or seven-figure happy ending of our dreams. But with a vision of what that could look like, some expert advice to help you find a clear path to get there, and a powerful community of young women living it right alongside of you, you will be a step ahead of most people.

Oftentimes, its starting thats the hardest part, but Im here by your side, and Im not judging. I cant promise this book will make anyone rich, but it should make you richer . Lets begin!

Over the next 300 pages, were going to cover a lot of ground. Im going to encourage you to have some tough conversations, to reevaluate how you spend your money, and ultimately, to take control of your finances. Ill also be sharing my own story alongside Money Diaries and interviews with millennial women about their feelings about this taboo topic.

But this isnt all going to be touchy-feely. I want you to actually use this book to help you save money. Sprinkled throughout, Ive included thirty-two money challenges that will help you save $528 by the time you finish this book. Though you might want to tackle several of these challenges at once (open a high-yield savings account the same day you check your credit score, for example), I intend for you to save the recommended dollar amount one day at a time, making it an even more manageable process. In the end, youll never have to save more than $32 in a day, but the total adds up quickly, and the momentum can be motivating.

I know that $528 is a lot of money, and it might not be a goal that everyone can achieve in a little more than a month. If youre living paycheck to paycheck, try saving the recommended dollar amount every other day, or even once a week.

Even if you dont hit that $528 goal, I hope youll be inspired to think and talk about money, as these are the first steps to true financial empowerment.

(Or How to Afford Life)

I love to talk about money, but until we launched Money Diaries in January 2016, I didnt really know that other women felt the same way. The runaway success of the serieswhere millennial women share the intimate details of their financial livesclearly struck a nerve.

Its probably not that surprising. After all, its fun to read Money Diaries because you get a peek into someone elses world. We marvel atand judgethe diarist as she navigates her week, spending too much on avocado toast or dutifully meal prepping on Sundays. We admire those who set aside more than 10 percent for retirement or are aggressively paying down student loans. We finally get an answer to the question that nags many of us: How do they afford their lives?

I imagine a lot of you opened this book for the diaries, but I hope youll stay for the education and frank conversations about personal finance. Though most of us care a lot about our money, its still a rather unpopular conversation topicin a 2017 Refinery29 survey, we found that only 18 percent of millennial women talk about money with their friends at all.

Maybe thats because money is emotional. But just because it makes you squirm doesnt mean you can ignore it. And my hope is that by talking openly and honestly about it here, in the pages of this book, well begin to feel even more confident about how we spend and save.

In this chapter, well dive into the nitty-gritty (how often to check your bank balance) and even get a little philosophical (money mantra, anyone?). Its just the beginning. Throughout the book, youll find the tools you need to get more comfortable with your finances so that you can afford the life you want.

OCCUPATION: Senior copywriter

INDUSTRY: Advertising

AGE: 29

LOCATION: Los Angeles, CA

ANNUAL SALARY: $86,000 + ~$15,000 from my side hustle

PAYCHECK AMOUNT (TWICE A MONTH): $2,250 + $1,000 from my side jobs once a month

GENERAL FINANCIAL INFORMATION:

Checking Account Balance: ~$2,500

Savings Account Balance: ~$12,000 (I save $500$1,000 each month. Im working toward having 612 months of salary in savings in case something were to happen and I lost my job. Or in case I want to buy a house someday? (Hahaha never going to happen.) I am... nowhere close to that.)