Whether your financial goal is to build up an emergency fund, pay off debt, save up for a house or stash money away for retirement, you’ll get there faster if you’re mindful about what you do with your money. While some financial experts preach skipping out on everyday indulgences like fancy lattes, Tori Dunlap, the founder of Her First $100K, doesn’t believe in such cut-and-dry advice.
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Here’s how Dunlap — who is one of GOBankingRates’ Money’s Most Influential Women — says you can determine what’s worth spending on and what’s a waste of money.
‘Personal Finance Is Personal’
Dunlap doesn’t believe women should ever feel shame about spending money on things that are important to them.
“I believe personal finance is personal, and most of the shaming that happens towards women is about ‘frivolous purchases,’ which are things that are stereotypically feminine — lattes, manicures, shoes — but not NFL season tickets, video games or golf clubs,” she told GOBankingRates.
While you shouldn’t feel guilty about getting your nails done or buying that pair of trendy shoes you’ve been eyeing if they are expenses that benefit your life, you do need to be mindful about what you spend your money on. If it’s something you don’t feel passionate about, it’s probably a waste of money for you.
“What I teach women is how to mindfully spend,” Dunlap said. “You don’t need to stop spending money, but you do need to stop spending money on things you don’t care about.”
Jaime Catmull contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Money Expert Tori Dunlap: This Is the 1 Thing That’s Always a Waste of Money
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