Building Financial Confidence: From Struggle to Stability

Money conversations can feel uncomfortable, intimidating, or even shameful. But in our July

Mentorship Circle, financial experts Megan Spain and Jacquie Johnson created a safe space to address these feelings head-on, sharing their personal journeys and practical strategies for building financial confidence. Their message was clear: no matter where you're starting from, financial recovery and stability are possible.

Breaking Through Financial Shame

One of the most powerful moments in our discussion came when Jacquie shared a sobering

statistic: 60% of American households don't have $400 in savings. This reality check served as a reminder that financial struggles are far more common than we might think.

"People should not feel alone in financial struggles," Jacquie emphasized, addressing the shame that often surrounds money difficulties. This isolation can prevent us from seeking help or taking the necessary steps toward financial health.

Both speakers stressed that financial troubles aren't limited to those with lower incomes.

Jacquie, who worked in an affluent market, shared examples of how financial challenges can

affect people at all income levels, debunking the myth that only those with limited resources

face money problems.

The Foundation: Emergency Savings

Before diving into investments or long-term planning, Megan stressed the critical importance of establishing a financial safety net. She recommends saving 3-6 months of living expenses in a liquid savings account, citing the frequency of unexpected expenses like home repairs and car maintenance.

"This safety net is particularly crucial for women, especially those who are primary

breadwinners," Jacquie added, noting that in today's job market, it can take up to six months to find a new position with similar pay and responsibilities.

Starting small is key. As Jacquie advised, "Start small with savings and set specific goals to

motivate continued saving." The goal isn't to save everything at once, but to build the habit and momentum that leads to long-term financial stability.

Practical Budgeting Strategies

The conversation revealed that many women struggle with budgeting for personal care

expenses like haircuts, nails, and things that people may not being thinking about in their

monthly expenses. Jacquie emphasized the importance of planning for these expenses.

Megan shared her personal approach: using a spreadsheet to track income and expenses daily. This level of detail might seem overwhelming, but it provides the clarity needed to make informed financial decisions.

Key budgeting principles discussed include:

• Regular budget reviews, especially when life circumstances change

• Understanding where your money goes before trying to address debt

• Using visual tools like "buckets" to organize different savings goals

• Being honest with yourself about spending patterns

• Adapting practices as circumstances change

Investment and Long-Term Planning

Once an emergency fund is established, the focus shifts to long-term wealth building. Megan outlined various retirement savings vehicles including employer plans, IRAs, and 401Ks, emphasizing the importance of being intentional about saving for both short-term goals and future security.

The discussion addressed a common concern: balancing saving for the future with enjoying the present. The key is finding a sustainable approach that allows for both financial security and quality of life.

Moving Forward with Confidence

Perhaps the most encouraging message from our session was that financial recovery is possible for everyone, regardless of starting point. As Jacquie noted, "Anyone can recover from financial difficulties through discipline and consistency."

The key is recognizing that recovery looks different for each person and that comparing your

journey to others' can be counterproductive. Focus on your own progress, start where you are, and take consistent action toward your goals.

Financial confidence isn't about having unlimited resources—it's about understanding and

controlling the resources you do have. It's about making informed decisions, planning for both expected and unexpected expenses, and building systems that support your long-term goals while allowing you to enjoy life along the way.

As we continue to empower women in all aspects of their careers and lives, financial literacy

and confidence remain foundational skills that enable everything else we want to achieve.

This blog post is based on our July 2025 Women's Mentorship Circle session with financial

experts Megan Spain and Jacquie Johnson. For more information about our mentorship circles, check out our upcoming events:  https://www.empoweringwomeninindustry.com/virtual-events

You can watch this Virtual Meetup on our Members' Portal, Mighty Networks!