Women can no longer pass the buck when it comes to their financial future. With nearly one-third of women now the family breadwinner, it’s crucial they know how to manage money so they have the freedom to pursue their dreams.
Samantha Barry, the editor-in-chief of Glamour, has made it a personal mission to educate women on personal finance. A change-maker in her industry, the Irish-born journalist wants women to start talking more about money. After all, money matters, and it matters more to women who earn less than men, save less than they do and live longer.
Her mantra: “Ladies, with all things financial and money, knowledge is your best friend.”
In honor of financial literacy month, in April she oversaw Glamour’s launch of “How to Make an Extra $10K Hub” on Glamour.com. It showcases ways women can make, save and invest an extra $10,000 — from getting the most of credit card posts to launching a lucrative side hustle.
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About 70% of Glamour’s readers are millennials who are enjoying opportunities unavailable to women before them. Pew Research has found these women are more likely than men to have finished at least a bachelor’s degree, and they have more focus on growing their careers. All this puts them in a different financial situation than previous generations.
In a Q&A with CNBC, Barry reveals her personal thoughts on money and the No. 1 finance rule she lives by.
What’s the first thing you saved up for?
I worked after school and Saturdays to save up for this amazing bumblebee dress. Black and white, and it was killer at the local disco.
Did your family talk about money growing up?
You know, I probably didn’t grow up in a house where we talked about money as much as I would have liked. I probably found my financial money voice later in my 20s and my 30s in talking to my peers more than necessarily talking about it at home.
What money rule do you live by?
Every person, and women in particular, needs to have a fallback fund. They need to put money aside so they have a cushion that they’re not living paycheck to paycheck. That they’re able to leave a bad lease or a bad job or a bad relationship.
How do you like to spend your money?
My best purchases are honestly an experience, whether that’s an amazing meal or a fantastic holiday.
What’s the most valuable money lesson you’ve learned?
I now understand I should’ve been investing in some capsule pieces (essential items that don’t go out of style) instead of a lot of things that I either got rid of at the end of the year or sent to charity shops.