Kathie Lee & Hoda: Money Nightmares for Women
Whether it is your kid’s after-school activities or saving for college or saving for retirement, a recent Self Magazine/DailyWorth.com survey found that 69% of women said that financial fears keep them up at night. Kathie Lee and Hoda were joined by Meaghan Murphy, Deputy Editor at Self Magazine, and MP Dunleavey, Editor-In-Chief at DailyWorth.com, who shared tips on getting past that financial anxiety, including making time for your money and the 10-10-10 Plan.
Money Nightmares: Biggest Fear
Meaghan Murphy and MP Dunleavey shared tips on how to alleviate those money nightmares, including taking time with your money and the 10-10-10 Plan to save.
Meaghan said the biggest fear is lifestyle and they won’t have enough money to go out to dinner, get their nails done and just do the things they want to do and lead the life they want to lead. She said there are the five percent that say they don’t worry and we hate them.
Today Show: Emergency Funds
Kathie Lee said people don’t have the money right now to save up for things. MP said that 71% of the women stated they don’t even have any emergency savings for rainy days.
Money Nightmares: Middle of the Night Worries
Hoda said that she has plenty of friends that sweat things out in the middle of the night, but if they were to just lay them out there then they lose their power. MP said one of the interesting things that came out of the survey is how few of women are actually talking to their friends about these worries, yet it would alleviate some of the anxiety to share that concern.
Meaghan said women are talking about their lives, their relationships, yet money is taboo. Hoda said there is always a compare thing, whether you think about it or not. Meaghan said we wish more women would talk about it, because the second you talk about it you ease the anxiety and then you can get support.
Today Show: ABCs for Financial Concerns
MP said one of the first things they can do is simple, but just make a little time for your money. She said just set aside maybe 15 minutes a week where you lay out your bills and contemplate your money or maybe think of your goals.
Money Nightmares: 10-10-10 Plan
Meaghan said when you say budget, people get scared and she can’t wrap her head around numbers. They came up with something where 60% of your income goes to bills and things needed to survive, but then there is this 10-10-10 Plan. MP said it is a save-to-spend plan. You put 10% of your income to retirement, 10% to long term goals and 10% for the unexpected. Meaghan said the other 10% of the income goes to fun money, like your manicure money and dinner money.
