The opinions expressed in this article are the writer’s own and do not reflect the views of Her Campus.
I found Tori Dunlap’s social media page completely on accident. I was scrolling through Instagram maybe about a year ago and some blonde lady is ranting about Dave Ramsey and how a cup of coffee isn’t setting you back in life. She claimed that at the age of 25 she had saved $100,000 and quit her corporate job to become her own boss. What did I think? Hell yeah, I want to be just like her.
Ever since then I’ve become obsessed with having my own financial independence. I never want a man to tell me “You have this because of me”. I want to be debt-free and have my own multiple streams of income. So, I’ve picked up some money tips from Tori that I’ve put to use in the past year:
- If you don’t have a savings account, make one ASAP. And especially have an emergency funds account. If anything was to happen it’s best to have at least 6 months’ worth of savings money in the bank. Tori recommends having a high yield savings account (aka HYSA) because that way you can grow your savings faster. With a regular bank, your interest rate might be as low as 0.1%. But with a high yield savings account it’s at least 0.50%. You are growing your money faster. I’ve looked into savings accounts with Chime, Ally and Marcus
- Negotiate for your worth. Never settle for less than what you think you deserve. Most of the time Tori seems to be addressing women in the corporate world who need to negotiate for a higher salary. But I’ve taken that advice and applied it to other parts of my life. If I know that I’m suitable for a position I’m going to get it. And if I feel like I’m not being respected I’ll speak up about it.
- Start paying off debt. Debt is contagious. If you don’t tackle it, it accumulates until you feel like it’s taking over your whole life. I pay off my credit cards in full every month. I’m terrified of what would happen if I didn’t. And even though I haven’t started paying off my student loans yet I’m already formulating a plan to make sure I can do it efficiently.
- Budget! Budgeting is extremely important. Have a money date with yourself and find out your own spending habits. Unpack the psychological bullshit about money that you might have been told as a child. I use the app Mint to help me budget. You would be surprised how much money you’re wasting once you’re really able to break it down.
Dunlap has more money tools and resources available on her website that I love to look through. She even has a money personality quiz to help you figure out where to start. Dunlap reminds me that I’m in charge of my own life and money so I shouldn’t shy away from it. I should embrace it. If you don’t have the time to look through her website maybe take a listen to her podcast which is smartly called…The Financial Feminist.