Do you worry about money? You’re not alone. A recent survey revealed that 82% of LGBTQ couples worry about money monthly, with 58% of respondents admitting to feeling anxious weekly!
In their recent study, Honeyfi, an app that helps couples and individuals be smarter with money, showed that although many couples in the queer community earn more than the national average, they still stress about money. Honeyfi founder, Sam Schwartz, on the Queer Money™ podcast, said, “Whether it’s student debt or credit card debt, it may not feel like you’re making much money after you subtract out those other costs.”
It makes sense. We live in a consumer-driven culture. We have student loan debt and housing costs in all cities across America just skyrocketing. For many, even thinking about where to come up with the money we need to cover these things is painful.
It’s the #1 impact
It’s no wonder that 35% of LGBT people aren’t prepared financially for their future. This aligns with the fact that 33% don’t use any financial tools.
What’s the overall impact? It’s mental. Most of us say that the biggest impact financial stress has on us is our mental health. We worry more, we fight more and we have less intimate sex when we struggle financially.
What can you do?
Simple money solutions
Here are simple steps for a better money journey:
- Use an app like Honeyfi, Mint or Personal Capital to track your spending. Just knowing where your money goes will clarify your financial picture.
- Set one simple money goal a week, such as cutting spending by $10. Doing that weekly would accumulate to over $500 at the end of a year.
- Don’t keep money secrets from your partner. Financial infidelity is a leading cause of fights and ends relationships.
- Learn more about money by subscribing to podcasts, reading blogs and watching YouTube.
You don’t need a Ph.D. in finance to be economically smart, and the smarter you are, the less you’ll worry about money.