Tori Dunlap is a feminist, entrepreneur, career expert and creator of the popular personal finance site Her First $100K. She has helped over 2 million women generate wealth, negotiate their salaries and build savings. Dunlap has been featured on “Good Morning America” and the “Today Show,” as well as in The New York Times, Time, People, New York Magazine, Forbes and BuzzFeed.
Chosen by GOBankingRates as a Top Money Expert, here she shares her expertise on the best type of bank account and the many advantages of credit cards over debit cards.
What are your best tips for increasing your savings?
Automate. Automate. Automate. Even if it’s just $20 per month or a small percentage of your paycheck, we want this to happen on autopilot [in order to] pay ourselves first. And if this is something you’re already doing, increase it by 1% — you won’t feel it. You also need that money in a [high-yield savings account] — easiest switch you can make to start earning more.
What advice would you give to someone who is new to investing?
Investing is like climbing a staircase — super easy, just that first step is 20 feet high. I know from research for my book “Financial Feminist” that the biggest reason women don’t invest is fear — fear of getting started, fear of making a mistake, fear of losing money. But truly, the worst choice you can make when it comes to investing is making no choice at all. You just need to get started (I co-created a platform that helps guide you step by step)!
You’ve advocated for using credit cards over debit cards — what are some of the advantages of opting for credit cards?
[There are] so many advantages. So many, I did an entire podcast episode about them. [Some advantages are]: cashback/points (I’m literally flying business class to Europe using credit card points), easy reporting for fraud or double charges, airport lounge access, free TSA PreCheck and Clear, and dozens of others.
More From GOBankingRates
- Which Bank Gives 6% Interest on Savings Accounts?
- The Financial Feng Shui Rule: 7 Chinese Secrets to Attract Wealth
- 3 Things You Must Do When Your Savings Reach $50,000
- Experts Share the 5 Best Money Moves To Make Before Retiring
Jaime Catmull contributed to the reporting for this article.