Dasha Kennedy emphasizes the importance of tailored financial advice for Black women and shares her personal money-saving techniques for 2024.

According to the Institute for Women’s Policy Research, while white women earn 82 cents per dollar compared to white men, Black women only earn 64 cents. Kennedy points out that there are numerous factors contributing to this disparity.

“We often find ourselves in caretaking roles, which are usually low-paying, while also being the main providers in our households,” Kennedy notes. “We care for families both at home and beyond, which can be overwhelming.”

As the founder of the Broke Black Girl and a Financial Wellness Board member with National Debt Relief, Kennedy shares her journey of overcoming financial hardships and offers tailored advice for Black women, stating, “Our financial experiences are shaped by the intersection of race and gender.”

This Black Women’s Equal Pay Day, Kennedy reveals her strategies for combating the wage gap and her favorite ways to save money in 2024:

SPEND WITH PURPOSE

One of Kennedy's key strategies for saving in 2024 is to spend with intention. Whenever she considers a purchase, she reflects on three crucial questions: Why am I buying this? What benefits does it bring me? Is it a necessity?

“Every transaction must have a purpose,” she explains. “I need a valid reason for every expense. This intentionality shapes my spending habits before I make a purchase.”

ESTABLISH SPENDING LIMITS

As a single mother of two teenage boys and the eldest sibling, Kennedy excels at setting boundaries on spending. She recognizes the ease of slipping into the caretaker role, but prioritizes her own well-being.

“I set clear limits for everything,” she shares. “I have monthly caps for family support, my boys' expenses, and more.”

If saying no proves difficult, she suggests relying on the numbers: “If I have a predetermined budget that works for me, I can confidently say, ‘This is my monthly limit.’”

PAY YOURSELF FIRST

For Kennedy, paying yourself first means investing in your own happiness, not just saving. It’s about allocating funds towards personal enjoyment.

“No matter how little, I set aside money for myself,” she states. “Some months, that could mean treating myself to shoes or enjoying a movie and snacks. It's crucial to prioritize my own desires.”

FOCUS ON EXPERIENCES

One of the most significant ways Kennedy is saving in 2024 is by prioritizing experiences over material goods.

“I recently took up tennis,” she shares. “It’s enjoyable and gives me a break from daily responsibilities. It allows me to grow and invest in experiences that create lasting memories.”

MAKE SAVINGS A PRIORITY

Lastly, Kennedy focuses on savings by creating specific goals, such as planning for her boys' birthdays or retirement, and she believes in starting small.

“I advocate for dreaming big while taking small steps,” she says. “I consider the small daily or weekly actions that lead to achieving my larger aspirations.”