As a Woman…Improving Your Relationship With Money

Money is energy…

and you need to know how you want to spend it.

If 2020 taught us anything, it taught us the value of protecting our valuable assets. Money is one of those assets. Getting information on financial literacy can be a challenge to attain. This challenge is even greater for women of color whose experiences are influenced heavily by their culture and the lack of resources traditionally available to people of color. Deshundra Jefferson, Chief Strategic Communications Officer at the Credit Union National Association, shares practical steps on how women can make savvy financial choices and where to access resources in the community on good financial decision making.

As women, we need to talk about money. We don’t talk about investing, we talk about shopping and spending money, but we need to get comfortable talking about money.” – Deshundra Jefferson

The Challenge for Black Women:

Deshundra shared that our relationship with money is very psychological, and it’s personal to every individual given their life experiences. Thus, in order to get on top of money management, it’s imperative to do a personal assessment. Deshundra recommended asking yourself the question: “What has meaning to me?” She went on to share, “You have to know what it is you want. Society has success defined for us, but tune out some judgments about where you should be and what you should have. Know who you are and what you want. Money is a relationship, and any relationship is about who you are and what you want. What’s important to you.”

Women of color face an even greater challenge with money management. We have labeled Black women as being overly indulgent with spending money on hair, nails, makeup and clothing. “We grow up thinking that we have to be twice as good, which means looking the part. There is an extra emphasis on hair, nails and makeup, because we know we are being judged by different standards. Wanting to look successful so people understand who we are. For example, our mentality may be, I’m driving this car, because I need to show that I have a good job.“ Says Deshundra.

These perceptions that Black women have are not just empty perceptions. There have been genuine experiences that have confirmed this belief. “I went to a high-end Manhattan department store to apply for a position as a part-time counter manager when I was in college and I immediately felt scrutinized. Although I received an application, I did not get the job. I was told later they had enough Black girls at that makeup counter.” Deshundra shared. “Not too long after that, I had an interview at a prominent Fifth Avenue salon. After I walked in, they told me they’d called me to cancel the interview because they filled the position. Later, when I got home and checked the timestamp on the voice mail, I realized that they left a message for me after I had arrived at the salon. The manager essentially called after seeing me. Experiences like prompt may prompt some Black women to invest in even more money on their image to create an even playing field with their non-Black counterparts.”

4 Steps To Good Financial Health:

Deshundra recommends the following top 4 steps for improving your relationship with money.

1. Really understand the psychology behind the choices you make, and determining what your values are.

2. You should learn as much as you can about savings, investments, and home ownership.

3. Empower yourself!

4. Be open to new ideas and be willing to ask, “why am I buying this, what does it mean to me?”

Deshundra also encourages women to read as much as they can about financial literacy. Be sure to check out her recommended books below.

Reading Recommendations:

Book: The Richest Man in Babylon: Original 1926 Edition

Braver Saver

A Random Walk Down Wall Street

The Unbanking of America

Rich and Regular

The Takeaway:

There is no one-stop-shop for effective money management because our relationship with money is very personal and psychological. The best remedy to being financially fit is to understand your personal relationship with money, educate yourself to understand the impact of your choices, and being open to change your viewpoint and change your relationship with money.


As a Woman… is a weekly column discussing the unique challenges and solutions in health, wealth, finance, and relationships.

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