Chatting with Kara Stevens of Frugal Feminista
This month's topic is Risk Management. Risk management is an area of financial planning that no one wants to talk about or think about, but it's a necessary component. If you're not prepared for what could be the worst-case scenario, then you'll not only experience a personal shock like an accident or death, but you'll also experience a series of unfortunate financial surprises. You may be surprised about today's guest as the show doesn't align with typical risk management subjects like insurance.
I'm talking about having a healthy relationship with money with Kara Stevens, founder of Frugal Feminista. Kara joins me to talk about her book, "Heal Your Relationship with Money," her personal journey, and all of the financial benefits she has received from developing a better relationship with money. As much as any financial product can impact your finances, I think nothing can impact it more than your mindset. I highly encourage you to invest time in this episode and book if you don't have a healthy relationship with money.
What are we drinking?
Kara – Water
Shannon – Black Cherry Schweppes
Podcast Notes
Kara's Background
Kara graduated with a degree in economics, but that did not translate into good personal finance practices. She ignored debt payments, including student loans and credit card debt, which led to constantly growing balances.
The turning point came when she talked to her mom, who explained that she could not ignore the debt and had to make a plan. She read the book, 'Girl, Get Your Money Straight by Glinda Bridgforth.
Reading that book inspired her to continue reading other money books written by women. Around 2010, she started her blog, which later transformed into Frugal Feminista as she found her voice.
Personal finance is like a language; it is a skill that can be learned. Many people, especially women, don't feel inclined to learn that language. The more you immerse yourself in it and learn, the more comfortable and confident you will become with money.
The key is to find financial advice that resonates with you. There are so many podcasts, books, and blogs out there with many perspectives and voices. You can find someone who speaks in a way that excites, inspires, and motivates you to keep going.
Heal Your Relationship with Money
Working on your financial health will open up other areas of your life. This is because money is not just about money, and you will unpack a lot about yourself. When you reflect and set true goals, you can find alignment and start healing.
Heal Your Relationship with Money was written because even after Kara paid off her debt, she had anxiety around money. The book talks about what happens after the debt is paid off. She had to learn that money is a tool and find a balanced perspective.
Money is a tool, but money is also emotional. Your transactions tell a story about you. If you are spending in areas outside of the goals you set or your values, reflect on that. Ask yourself what is going on and if an adjustment can be made. Do your expenses align with what is actually important to you?
When you have a clear goal, it is easier to focus and make progress. When you know what brings you joy and matters most, you can use money to bring more of that into your life. If you don't know what your goals or values are, that is the first step.
Final Thoughts
The goal is not perfection. The more you work on your financial health and talk about money, the more comfortable you become. It's not about changing overnight; rather, it's about creating sustainable change.
You do not have to go through this process alone. A Financial Trainer can help with the finances. If you've experienced financial trauma, a financial therapist can help. There are coaches and mentors out there, no matter where you need support.
It is never too early or too late to start working on your financial health. It's amazing how becoming financially healthy can drastically improve other areas of your life.
Ask yourself if your relationship with money is healthy. If you know you can do better financially, explore your relationship with money more closely. Start learning the language and making small changes.
You can't change the past, but you can make peace with it and continue to learn. Don't be afraid of what may come up when you start working on your money. There will be roadblocks, but becoming financially healthy is powerful and worth the work.
Takeaway: My biggest takeaway is the importance of mindset over anything else in a financial health journey. The right mindset can impact you as much any other financial decision.
Random Three Questions
Would you write another book? What would it be about?
What is something you’re currently binging?
If you were given $20k and had to spend it on travel, where would you go?
Connect with Kara
Website: https://www.thefrugalfeminista.com/community/getstarted
The Happy Finances Challenge: https://amzn.to/2Vyncr6
Heal Your Relationship with Money: https://amzn.to/2C8hjbg
Unmasking the Strong Black Woman: https://tinyurl.com/4536psam
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and Retirement. As a reminder, we work with individuals, couples, or business owners.
The exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services, available for people looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company. We literally have a solution for you, no matter where you’re starting from. So what are you waiting for? Head over to or send friends to financialgym.com to get started today. Our warm-up calls are free of cost and judgment, so you have nothing to lose.