With her popular social media accounts, podcast, and upcoming book, Haley Sacks—aka Mrs. Dow Jones—is teaching the new rules of building wealth and managing your finances. And if you’re truly starting from scratch—as in, you don’t even want to check your bank account—she has some advice for you.
On the latest episode of the "Nice Talk" podcast, Sacks shares with editor-in-chief Nikki Ogunnaike the financial habit that everyone should start today: "money dates".
"I do it on the last Sunday of every month. I always say I'll only miss it if there's a funeral or Taylor Swift invites me to hang out," Sacks jokes. "But it has to be in your calendar because you will literally do anything else ... than deal with your finances. Like, literally, I'd rather scrub my bathroom floor with a toothbrush than review my credit card statement. It's a hurdle, and so you really do have to schedule it."
Sacks says a starter money date can take as little as 15 minutes.
"Just look at your credit card statement and your bank statement. And I'll Venmo everyone $10 if they don't find anything wrong in there, because I promise there will be something," the Future Rich Person author says. "And start to desensitize yourself to that, because unfortunately, sweetie, we're gonna have to do that forever. It's just like working out. You have to go to the gym if you want longevity."
When you’re ready for a longer, more involved money date, Sacks recommends scheduling one each month. She uses that time to review all of her spending, from cashing out her Venmo to making sure she’s sticking to the ratios outlined in her budget to checking if there are any packages she needs to return.
But a money date isn’t the only habit Sacks recommends financial planning newbies start right away.
"Open a high yield savings account," the "Financial Tea" podcast host continues. "Please don't keep your savings in your checking account. Don't keep it just rotting in your bank account. These are free accounts to open. You literally get like, 10 to 100 times more interest." But on top of letting your money make money, Sacks thinks its very important to keep savings separate from funds you can spend.
"I feel like a lot of people just keep their savings sitting in their checking account, and then when they open their checking account, they're like, 'I'm rich. I'm rich.' And it's like, 'No, babe, like, that is not money we're spending.'"
For more tips from Sacks on everything from bachelorette parties to prenups, check out this week's installment of "Nice Talk." The episode is available everywhere you listen to podcasts.
