{“main-title”:{“component”:”hc_title”,”id”:”main-title”,”title”:””,”subtitle”:””,”title_content”:{“component”:”hc_title_image”,”id”:”title-image”,”image”:”https://www.trustwillow.com/wp-content/uploads/2021/07/10-Things-We-Learned_banner-1024×641.png|933|1490|6265″,”full_screen”:false,”full_screen_height”:””,”parallax”:false,”bleed”:””,”ken_burn”:””,”overlay”:”transparent-dark”,”breadcrumbs”:false,”white”:true}},”section_5ZtkF”:{“component”:”hc_section”,”id”:”section_5ZtkF”,”section_width”:””,”animation”:””,”animation_time”:””,”timeline_animation”:””,”timeline_delay”:””,”timeline_order”:””,”vertical_row”:””,”box_middle”:””,”css_classes”:””,”custom_css_classes”:””,”custom_css_styles”:””,”section_content”:[{“component”:”hc_column”,”id”:”column_vtfQF”,”column_width”:”col-md-12″,”animation”:””,”animation_time”:””,”timeline_animation”:””,”timeline_delay”:””,”timeline_order”:””,”css_classes”:””,”custom_css_classes”:””,”custom_css_styles”:””,”main_content”:[{“component”:”hc_wp_editor”,”id”:”Xhugf”,”css_classes”:””,”custom_css_classes”:””,”custom_css_styles”:””,”editor_content”:”In July of 2020, despite a lot of political and economic uncertainty, Willow officially launched. It was a risky time to start a business, but we knew that women needed financial, mental, and emotional support more than ever.\n\n \n\nSince our launch one year ago, we’ve talked with countless people: women in all different life stages, Willow experts, Financial Life Coaches, other financial experts like advisors and bankers, employers, employees, social media followers, newsletter subscribers, family, friends, and more. \n\n \n\nAnd along the way, we’ve learned some crucial lessons about money and financial wellness. In no particular order, here are the Top 10 lessons we’ve learned about money in the past year.\n\n \n
1. Spending smartly doesn’t always mean cutting costs
\nNo matter how hard you try, you will always have expenses. So keeping control of your money isn’t always about spending less—often it’s about spending smarter. \n\n \n\nWhat does it mean to spend smartly? It means you understand what money is coming in, what money is going out, and how your spending is aligned with what’s most important to you. In other words, it helps you feel more on top of your money and confident it’s being used for good.\n\n \n\nHere are 5 quick tips to help you spend smarter:\n\n![\"List](\"https://www.trustwillow.com/wp-content/uploads/2021/07/5-WAYS-TO-SPEND-SMARTER-300x300.png\")
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2. It’s healthy to talk openly about money
\nStudies show that most Americans are more comfortable talking with friends about vulnerable topics—like relationship troubles, sex, and politics—than they are talking about money. (Gen Z has a few tips for us on how to disrupt money’s taboo nature, though).\n\n \n\nConversations around money can make us feel insecure or uncomfortable. But since the pandemic, people have started talking more openly about their money—from sharing salaries and investment strategies, to asking questions and asking for help.\n\n \n\nBut what about broaching money topics with a partner or close family member? Often that’s the hardest of all. If you’re looking for help there, check out our tips for How to Have “The Talk” with Your Partner. You may gain some new tools to help you both work toward your shared goals.\n\n \n
3. “Money is Sexy”
\nOne of our favorite quotes of the year came from our interview with author Amanda Benchley. After she got married, Amanda says she “didn’t pay attention at all” to her money. “I just put it in a savings account and never checked my 401k,” she says.\n\n \n\nBut ever since her divorce, Amanda has found a new passion for her financial wellness. She now views being financially informed and engaged as incredibly powerful—and sexy. \n\n \n\nWhy does she think money is sexy?\n\n“Because knowledge is power. And knowledge about money gives you power,” she says. When you don’t have to worry about your money, you can direct your energy toward other things that are more important to you, and the confidence that comes from that is sexy.\n\n \n
4. Your relationship with money plays a crucial role in your financial wellbeing
\nWe all have different relationships with money (some healthier than others). And each of our relationships with money is influenced by many factors: what we’ve been taught about it, how we feel about it, and what it represents for us.\n\n \n\nOne way to do an audit on your money relationship is to see if any of the following statements resonate with you:\n\n \n
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- I want to think about and deal with money as LITTLE as possible.
- I’m angry about money and wish I had more.
- Money will rescue me from all of my problems.
- I’m not interested in money. It doesn’t matter to me.
- I’m not worthy of money.
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\n \n\nThese are perfectly normal thoughts to have about money. But there are also better, healthier ways to think about it. Money is a tool for us to reach our goals. And when we view it that way, our relationship with it can actually become personal, meaningful, and beneficial.\n\n \n
5. An ideal money mindset is “confident”
\nDuring our workshops and in some of our online polls, we often ask women what their ideal money mindset is. In other words, how do you want to feel about your money? The answers usually include words like secure, stable, empowered, clear, or balanced. But one of the most common answers so far has been “confident.” \n\n \n\n![\"results](\"https://www.trustwillow.com/wp-content/uploads/2021/07/Poll-1-300x200.png\")
6. Employees want financial wellness programs at work
\nFinances are frequently cited as the #1 stress of employees. And in one study, 62% of employees said they’d be more inclined to stay at a company that offered financial wellness solutions.\n\n \n\nThankfully, more and more employers are taking action to address this, especially since the pandemic. But not every initiative works, and many employees feel inadequately informed about the benefits and programs their employer offers. \n\n \n\nIf you’re interested in learning more about this, we put together a helpful guide for employers. Essentially, it can act as a cheat sheet for your HR or management teams to create effective financial wellness programs. You can download the tip sheet here.\n\n \n
7. Financial literacy is about more than memorizing terms
\nOften when we hear the term “financial literacy,” we think about knowing how complex financial scenarios work: amortization, margin, Sharpe ratios, etc. \n\n \n\nBut being financially literate is also about understanding how your money connects to your personal values, vision, and goals. It’s about recognizing the financial concepts that impact our daily lives—things like planning your financial legacy, building a cash cushion, defining what wealth means to you, and more. You can read the full 9 financial literacy concepts we think everyone should know about here. \n\n \n
8. You can live an abundant life with what you have right now
\nLast year, Financial Life Coach Candice McGarvey, CFP® reminded us of some crucial lessons about gratitude. Because we live in such a competitive, consumptive world, it’s easy to focus on the things we don’t have.\n\n \n\nSo how do we reframe our mindset from a “lack” mentality to an “abundance” mentality?\n\n \n\nRemember that “we are wealthier than our accumulation of bank accounts, residences, and cars,” says Coach Candice. “Our inner resources—talents and skills, qualities of character, hopes and dreams, and the relationship resources in our circle of family and friends—are deep wells of value.” \n\n \n\n![\"definition](\"https://www.trustwillow.com/wp-content/uploads/2021/07/Gratitude-Definition-300x300.png\")
\n\n \n\nHere are other ways Coach Candice recommends to practice gratitude and live a more abundant life:\n
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- Give up one thing you’re grateful for (think Lent) to rediscover your appreciation for it.
- Send a note, email, or text to someone you’d like to thank for their support, kind words spoken, a fun day, or inspiration.
- Pick out a rock or other small object to symbolize all you are grateful for, then put it in your pocket or on your desk as a reminder of your wealth.
- Write down things you are grateful for and put them in a gratitude jar. Read through them all at the end of the month or after a milestone like a birthday.
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\n \n\nYou can read more about how to live an abundant life with what you have here.\n\n \n
9. It’s possible to move from financial stress to financial wellness—no matter your financial situation
\nEven though finances are cited as a top stressor in Americans, we often don’t include it as part of our regular self-care routine. So how do we replace those stressors with different, more positive feelings? We look at where we came from and where we want to go next.\n\n \n\nWhile 2020 taught us how many things are completely outside of our control, we were also reminded of two things we can control: our attitude and our preparation. \n\n \n\nOne way we can shape our attitude about our money is by writing down our ideal money mindset (see #5). By reminding yourself you will feel confident (or balanced, clear, etc.) about money, you’ll start to internalize and practice it.\n\n \n\nWe should all be prepared for (AKA budget for) the unexpected. We don’t know what challenges we’ll face ahead, but we do know there will be challenges. So ask yourself what it will take so that you’ll never find yourself saying “I wish I had…”\n\nBy learning from your financial challenges, setting a clear vision for your goals, and putting in place tried-and-true financial habits, you can move away from financial stress and into true financial wellness.\n\n \n
10. Accountability means a higher chance of success
\nToo often, we get clear on our goals and then lose sight of them within months (New Year’s resolutions, anyone?). And the same is true for our financial goals. But research shows that if you have a specific accountability appointment with a person you’ve committed, your chance of success will increase by 2x.\n\n \n\nFinding a consistently reliable accountability partner can be tough, though. Friends and family members are good options, but another person to consider adding to your team is a Financial Life Coach. Similar to a personal trainer or executive coach, Financial Life Coaches apply the goals-centric nature of life coaching to personal financial wellness.\n\n \n\nCoaches help people tackle everything from:\n
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- Getting financially organized, setting goals and priorities, and staying accountable
- Managing financial stress and related emotions, and
- Building skills, literacy, and confidence in personal finance
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\n \n\nYou can get matched with a Financial Life Coach and book a free introductory call with them by signing up here.“}]}],”section_settings”:””},”scripts”:{},”css”:{},”css_page”:””,”template_setting”:{“settings”:{“id”:”settings”}},”template_setting_top”:{},”page_setting”:{“settings”:[“lock-mode-off”]},”post_type_setting”:{“settings”:{“image”:”https://www.trustwillow.com/wp-content/uploads/2021/07/10-Things-We-Learned_featured-image-1024×641.png|933|1490|6264″,”excerpt”:””,”extra_1″:””,”extra_2″:””,”icon”:{“icon”:””,”icon_style”:””,”icon_image”:””}}}}
