For our latest blog featuring members of our Finance Club, we had the pleasure of speaking with Amy Mitchell, a stay-at-home mom who also homeschools her children and works as a dental hygienist. Amy’s unique perspective on balancing family life and career while managing finances makes her an inspiring member of the Club.
Keep reading to learn more about Amy’s journey and her insights on financial empowerment.
What motivated you to join the Finance Club, and how has your experience been so far?
When Megan, my long-time friend, asked, my initial thoughts were a mix of: I’m not that into talking about finances, but my husband loves it, so maybe this could be a way for me to learn more about something he’s also passionate about; and Megan usually makes things worth people’s time, so I trusted it would be good.
Can you share a financial tip or strategy you’ve learned from the club that has been particularly helpful in managing your finances?
Having a group of women to surround me in an encouraging and nonjudgmental way has been crucial. The simple act of talking about finances and knowing that each month, I will report my successes and failures to a group of women has been the most helpful. It keeps me accountable for my goals and encourages me to set new ones.
Why do you believe financial literacy is crucial for women and girls, and how can it impact their lives?
It’s crucial because this is our future, too. Whether you are married or single, the breadwinner or the unpaid stay-at-home parent, it’s important that you have a say in your finances because it will lead to your future. How can we have a say if we are passive in learning about budgets, retirement and savings? We must know where our money is going. What is important to you? When do you want to retire? What do you want that to look like? These are important, and being financially illiterate is not an excuse. We can get more excited about the future when we have a plan for how to get there.
Have you encountered any common misconceptions about personal finance, and how has the Finance Club helped you address or debunk them?
The most common misconception is that talking about finances is boring or nerdy. Honestly, I still think the word finance is boring, but talking about finances isn’t. (I’m ok if it’s still nerdy!) One of my financial goals is to pass on the financial knowledge to my children. In the early days of our club meeting, my daughter (age 7) would tell me how boring the Finance Club was. After a while, she became more interested in our group and aware of her money. She has gone from spending money immediately upon receiving it to now setting a goal and saving for the last four months for something special she has her eye on. I’m proud that I can model to her that finances aren’t boring – they are fun, especially when you set goals and are proud of the outcome.
What advice would you give to other women and girls in Arkansas who are just beginning their journey toward financial empowerment?
It’s ok if your budget is a bust for the first several months. Stick to it. Keep track of what you’re spending, and eventually, you’ll get a handle on how you’re spending; sometimes, it’s eye-opening. Then, dream big. Where do you want to be in 10, 20, 30 years? What can you do now to help your dream become a reality?