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From Navigating A Divorce To Grocery Budgeting Tips, The Best Advice From The Women Of The HerMoney Facebook Group

Christine Burke  |  April 6, 2020

From our obsession with secret millionaires to navigating tricky financial situations during a divorce, the women of the HerMoney Facebook group were dishing financial advice and suggestions this week. Here's a peek at the highlights:

This woman’s generous $10 million donation (and that’s an understatement) to community colleges around Washington state had HerMoney group members buzzing this week, even though the news Eva Gordon’s philanthropic act first broke in 2018. When a member posted the link to the group, the message was clear: Acts like Eva Gordon’s are #squadgoals.  And as this popular HerMoney story points out, there’s also a lot we can learn from secret millionaires like Ms. Gordon. 

Since we aren’t all secret millionaires (boo!), this story about how one couple sticks to a grocery budget of $50/week brought our budget brigade out in droves. They proved quickly that it is possible to food shop on $50/week. Members also offered tips on budget-friendly stores to shop for the best deals (shout out to Aldi and Costco) and how to get the most for your money out of monthly meal kit services (spoiler: promo codes for companies like Hello Fresh, Blue Apron, and Daily Harvest will be your BFF!). Oh, and newsflash: Americans toss close to $165 billion in food every year (yes, really!). Here’s a HerMoney look at ways you can stretch your grocery budget to the limit.

It’s no secret that navigating a divorce can wreak havoc on your finances, often in unexpected ways. Whether it’s disentangling yourself from a family cell phone plan or getting on a new insurance plan as a newly single parent, our group members have proven time and again that they are a sound listening ear. When it comes to researching insurance during a divorce, most group members agreed on the best strategy: Find an independent broker and don’t be afraid to ask questions until you understand exactly what your new policy will cover.

No topic is off limits in our HerMoney Facebook group, even delicate subjects like how to approach your aging parents about estate planning and end of life plans. In one particularly heartfelt thread, group members traded tips and suggestions on the ways they’ve had success in talking to their parents about a topic that can be hard to bring up.  “Lead with respect” and “be vulnerable” were two favored starting points for what can often be an emotional discussion. 

Our group members also recognize that discussing estate planning isn’t easy, and that it needs to be an ongoing discussion with your parents. Sometimes, asking them if you can help them with their day-to0day budgeting can be the springboard to discussions about longer term plans. But however the conversation starts, the collective group opinion was that sooner is always better than later, especially when it comes to filing estate paperwork. Here are 5 must-dos to put on your estate planning list ASAP.

In the HerMoney FB group, we’re always breaking down often difficult-to-understand financial concepts into words that are easily understood, because we’ve all been there. There’s nothing worse than being made to feel inadequate because you don’t understand the difference between a 401(k) or an IRA. Don’t worry, girl: We’ve got you covered, and so did our judgment-free group members this week, when they helped hundreds of members deconstruct the ins and outs of 401(k) management, including what to do when you need to rollover a 401(k) after you leave an employer. Head to this post for a look at the best questions to ask before you open a 401(k).

Did this post leave you wanting more? Do you want to meet thousands of motivated and supportive women working on their goals? Join our private Facebook group today! We love seeing new faces around our HerMoney water cooler! 


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