Money clubs are a great and fun way to stay on top of your finances. With friends supporting you, you can conquer the world and money issues! LearnVest shares how you can start one.
Thea, 31, a lawyer, lives in Brooklyn, NY. Although her friends are, in her own words, “bright, savvy, awesome women,” many felt lost financially — much like she did. “In fact, almost all of them knew someone else who was in the same financially adrift boat,” she says.
That’s when she got the idea to start a money group.
“The first meeting was held in my studio apartment in Brooklyn,” she told LearnVest. She served pizza and Diet Coke as the group of women took turns airing their money issues and goals.
The women’s issues ranged from needing to pay down credit card debt after an amazing wedding to wondering how to invest in a 403(b) retirement account that she’d left empty for years. “We left that meeting,” she says, “with the same sense of empowerment we often feel in other areas of our lives, but that was usually missing when it came to our financial life.”
Although the women are still working through their money issues and goals, it is, as Thea puts it, “easier to take a journey with a group of amazing friends.”
Are Money Clubs the New Book Clubs?
There’s a reason Thea’s personal experience was so meaningful. Just like book clubs or wine clubs — or book clubs that double as wine clubs — money clubs are groups in which you can learn interesting stuff, discuss it, and get support from like-minded friends. And maybe even add alcohol to put people at ease.
In fact, while they’re now becoming popular again, money clubs have actually been around for a long time. Many groups of women in cities across the US meet up informally, but Candace Bahr, founder of the Women’s Institute For Financial Education, or WIFE, formalized the money club concept, creating the organization’s trademarked version back in 2004.