Hoard That Money



The other day I was sitting next to a grad student at the coffee shop, and we had a great conversation. One thing led to another and we talked about finances. It’s funny when you tell someone that you work in finance, everyone wants to ask you for advice. This is very different than when I was a teacher. Most people gripe about politics. I digress...

One thing led to another and this grad student asked me what my thoughts were about saving plans. I told her the most important thing that a grad student can do is have a savings account that is labeled as an emergency fund just in case there is a financial hiccup. The grad student, who was a little over the age of 27 told me that she’s never had a savings account, that all of her money has been saved in a checking account. This statement made think are there other women in the same situation? 🤔🤔🤔🤔

The reporter in me, started to ask many people in my network, and I heard the following....

I don’t really trust bank anyways

My checking does the same thing

I’ll get to it eventually


Americans now days are less likely to have a savings account. Women are less likely to have a savings account with a substantial amount of money. According to Federal Reserve, women have a much lower amount in their savings accounts then men.  If you’re a person of color the stats are lower

Men: $7,000

Women: $2,000

·       Black: $1,000

·       Hispanic: $1,500


Are we doomed?

If women aren’t spending any money in their savings, where is the money going?

Surprisingly, women are spending more on retirement at a higher rates!  This is AWESOME!😲 😲

Women are thinking about the future and investing more into their retirement fund. This is a great thing. The best thing one can do in their 20s and 30s is put away money, but we also need an emergency plan just in case something happens.


Why is this important?


There are always emergencies... It may not be everyday, but there are ALWAYS emergencies.

One of the biggest challenges for women in their 20s and 30s are those financial hiccups, like the huge medical bill or your car breaking down.

These money hiccups can make you spiral from being the boss that you know you are to a creating a stressful moment that makes you question your worth.

You are not alone. I can remember my car stopping in the middle of
Caldecott tunnel with no money y’all. I can remember sitting at home negotiating with bill collectors over a huge medical bill that my insurance couldn’t cover.

The reason why we NEED a savings account, is because we should feel secure in our financial womanhood. We are providers for every aspects in our lives, and not having saved money in a savings accounts, takes away a piece of our financial freedom.

4 Boss Bae Steps to Manifesting Your Savings Plan

1.    Write a real damn emergency plan

Do you have a piece of paper and a pen? I know you do. Then write down your plan. How much money would you need to financial hiccups. Do you have a car? Do you get sick a lot? Write down past or previous hiccups and put an estimation of how much it would cost. 


2.    Set a goal for an emergency plan. 

Write down how much money you need in your savings account. Then run the numbers. Ask yourself If I make X amount of money how much should I save if I make X amount of dollars. The key is writing down ideas of what would you need to save for.


Are you an entrepreneur or a business owner? Then you should think about business emergency plans as well.


Typically, financial experts say we need to have 3 to 6 months of our income in an emergency fund.


3.    Find out who are your money moochers

Have you ever had a friend that is constantly taking you expensive places because they need to let loose? Or you feel obligated to spend money with your co-workers for happy hour? Yeah, that’s called money moochers



There are people and things that we spend money on unconsciously and it takes away from saving money. If we have already written out our emergency plan on paper, we should include potential money soul suckers as well.

4.     Side hustle 101: Build your cash cushion

More than half of Millennials have a side hustle. Use your hustle as a way to put money into your savings account. Look at how much money you make from your side hustle and create a plan to save money from it. Most people are paying off their debt in some capacity, but set aside a little money from your essential oils money to build that cash cow. Moo! 🐮


Eugenie George