Ways to Save Money

Forget Book Club. Here’s Why You Should Join a Money Club

January 19, 2016
by Dana Sitar
Contributor

No matter how smart and savvy you are in other areas of life, financial issues can still be intimidating.

Don’t worry: You’re not the only one who feels that way.

Still, these issues are tough to bring up — even among friends.

In fact, the Women’s Institute for Financial Education (WIFE) developed the concept of the Money Club. It offers a place for friends to discuss money goals and hurdles.

Similar to a book club, money clubs bring together the energy, experience and knowledge of a group of friends (or co-workers or other acquaintances).

Joining a space where you’re invited to air your financial grievances can help you find answers to questions you otherwise don’t want to ask.

How to Start a Money Club

When 31-year-old lawyer Thea started a money club with friends in her Brooklyn, New York, apartment, she was surprised to find “almost all of them knew someone else who was in the same, financially adrift boat,” she told Learnvest.

WIFE offers steps to start a money club, plus meeting guides and other additional tips for running the club.

You can also register your club to receive discounts on books and connect with other money clubs across the country.

If you prefer to keep it informal, follow Learnvest’s five steps to start a money club with friends in your area.

And of course, they’re not just for women; men can totally start or join a money club, too.

What to Talk About in a Money Club

Issues in Thea’s group ranged from paying off credit card debt to deciphering a 403(b) retirement account.

“We left that meeting with the same sense of empowerment we often feel in other areas of our lives, but that was usually missing when it came to our financial life,” Thea told Learnvest.

If you’re unsure how to break the ice at your meetings, consider these topics:

  • Creating or contributing to a retirement plan

Your Turn: Would you consider starting a money club for support with your financial goals?

Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more.

by Dana Sitar
Contributor for The Penny Hoarder

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