Real talk: Most of us were never taught how to manage money. Not in school, not at home, and the financial world sure wasn’t designed with us in mind. But that changes today. Here are five steps you can start right now to take control of your finances and actually build something for yourself.
Too many women are working hard every single day and end up living paycheck to paycheck because of the expenses that are life. Sound familiar? That used to be me. And I hear it constantly from women in our community — “Patrina, I make decent money but I don’t know where it goes!”
Here’s the truth: the problem usually isn’t how much you make. It’s what you’re doing (or NOT doing) with what you’ve got. Here are five easy ways you can create a money-loving environment to be in, and tap into true wealth.
TIP 1: Know Where Every Dollar Is Going
Before you can make your money work for you, you have to SEE your money. That means tracking your spending — even the $4 coffees and the random Amazon orders that “weren’t that much.”
Grab your last two or three bank statements and highlight everything you spent. Split it into two piles:
- NEEDS — rent, groceries, utilities
- WANTS — dining out, subscriptions, shopping
Most people are shocked by what they find. The point is to get honest with yourself. Knowledge is power, and knowing where your money goes is step one to changing the story. There are plenty of online platforms that can help you with organization of budget lines, and subscription organizers as well. Do your research and pick which one suits you the best; but pen and paper is always a friend to you as well!
TIP 2: Build a Budget That Doesn’t Make You Miserable
I know, I know — the word “budget” sounds like punishment. But hear me out. A good budget doesn’t restrict your life. It GIVES you your life back because you’re in control instead of your money controlling you.
Start with the 50/30/20 method:
- 50% of your take-home pay → NEEDS (rent, groceries, utilities)
- 30% → WANTS (dining out, entertainment, shopping)
- 20% → SAVINGS and paying off debt
It’s not perfect for everyone, but it’s a great starting framework. The key? Don’t try to be perfect. If you overspend one week, adjust the next. Budgeting is a PRACTICE, not a punishment. Give yourself grace, but stay committed. This one habit alone can change your entire financial life.
My happy place: Ensuring that people have tools and resources to better manage their money.
PATRINA DIXON ON THE MONEY EXCHANGE PODCAST
TIP 3: Stop Letting Your Savings Sit in a Regular Bank Account ⭐
Sis. If your savings are sitting in a traditional bank account earning next to nothing, you are literally leaving money on the table every single month. Let me introduce you to something that changed the game for me — the High-Yield Savings Account (HYSA).
A High-Yield Savings Account works just like a regular savings account, except it pays you significantly more interest. We’re talking 4–5% annual percentage yield (APY) compared to the 0.01% most big banks offer. That means your money is growing while it just sits there. You don’t have to do anything extra!
HYSAs are typically offered by online banks and credit unions. They’re FDIC insured (meaning your money is protected), easy to set up, and perfect for your emergency fund or short-term savings goals.
Here’s what to look for in a High-Yield Savings Account:
- Perfect for emergency funds and savings goals
- No monthly fees (most online banks offer this)
- FDIC insured up to $250,000
- Easy to open online in minutes
- Still liquid: access your money when you need it
TIP 4: Build Your Emergency Fund First, Not Last
So many women skip this step and go straight to investing. But here’s what happens: an unexpected car repair, a medical bill, or a job loss hits — and boom, you’re back to zero or worse, in debt. Your emergency fund is your financial seatbelt.
The goal is to save 3–6 months of living expenses in an account that’s separate from your everyday spending. Yes, that might sound like a lot right now. That’s okay. Start with a mini emergency fund of $500–$1,000 and build from there.
Here’s a trick I love: automate it. Set up an automatic transfer from your checking to your High-Yield Savings Account every payday — even if it’s just $25. You won’t miss what you never see, and your fund will grow faster than you think.
TIP 5: Pay Yourself First: Every. Single. Time.
This is the mindset shift that changes everything. Most of us pay our bills, buy our groceries, maybe treat ourselves — and then save whatever’s left. Which is usually… nothing. Flip the script.
The moment your paycheck lands, move your savings amount first — before you do anything else. Even $50 counts. Even $20. The dollar amount matters less than the HABIT. You are literally investing in your own future before anyone else gets their cut.
When you pay yourself first, you’re telling yourself — and your bank account — that your future matters. That you are a priority. And trust me, once you see that savings account growing month after month, it becomes addictive in the best way possible
Join thousands of women learning to budget smarter, save more, and build real wealth. One step at a time. No judgment. Just real talk.
YOU DESERVE
A FINANCIAL LIFE
THAT WORKS FOR YOU.
How do I start taking control of my finances if I’m starting from zero?
Starting from zero is completely okay, and actually more common than you think. Begin by simply tracking your spending for 30 days so you can see exactly where your money is going. Then create a basic budget using the 50/30/20 method. Once you have a budget in place, focus on building a small emergency fund of $500–$1,000 before anything else. Small, consistent steps are what create lasting change.
What is a High-Yield Savings Account and is it safe?
A High-Yield Savings Account (HYSA) is a savings account — typically offered by online banks or credit unions — that pays a much higher interest rate than a traditional bank account. Most HYSAs are FDIC insured up to $250,000, which means your money is protected by the federal government. They’re a safe, smart place to park your emergency fund or short-term savings while earning significantly more interest than a regular account.
How much should I have in my emergency fund?
The standard recommendation is 3–6 months of your essential living expenses (rent/mortgage, utilities, groceries, transportation). However, if that feels overwhelming, start with a mini emergency fund goal of $500–$1,000 first. Any emergency fund is better than none, and you can always build it up over time through automated savings.
What is the 50/30/20 budget rule?
The 50/30/20 rule is a simple budgeting framework where you allocate 50% of your after-tax income to needs (rent, groceries, utilities), 30% to wants (dining out, entertainment, shopping), and 20% to savings and debt repayment. It’s a flexible starting point that can be adjusted based on your personal financial situation and goals.
How do I stick to a budget without feeling deprived?
The key is to build a budget that includes things you actually enjoy — not one that cuts out everything fun. Give yourself a guilt-free spending category for things that bring you joy. Also, focus on your “why” — what are you saving toward? A vacation, a home, financial peace? Connecting your budget to a meaningful goal makes it much easier to stay on track. And remember: budgeting is a practice, not perfection.
Where can I learn more about financial empowerment for women?
It’$ My Money, founded by financial educator Patrina Dixon, is dedicated to helping women understand and take control of their finances. You can find resources, blog posts, and videos at itsmymoney.com, and follow along for daily tips and motivation on Instagram and Facebook at @itsmymoney_.