TODAY   |  September 17, 2012

How women can save more, worry less

Meaghan Murphy, deputy editor of SELF magazine, and M.P. Dunleavy, editor-in-chief of DailyWorth.com offer a 10-10-10 savings plan to take control of money worries.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> activities or paying for college or retirement, is a survey found financial fears keep women up at night. so what can you do in here with advice are megan murphy and m.p. dunleavy. welcome ladies.

>> 69% says their top fear was lifestyle. i'll never have enough money to go out to dinner, to get my nails done, to really have a life. and then of course providing for our children, you know, losing our job and being homeless, my husband's spending habits get us in the poor house . and then there was that 5% that say i don't worry.

>> people don't have enough money even if they wanted to save for a rainy day these days.

>> it's a big problem. not saving for emergencies. 71% of the women said that they don't even have an emergency fund.

>> and everybody has emergencies at one point or another.

>> let's talk about the middle of the night worries. i have some good friends who go through this. you worry and sweat things in the middle of the night and if you were to say them outloud, just express them, they're not quite as scary.

>> exactly. one of the interesting things that came out of the survey is how few women are talking to their friends about these worries. and yet it would alleviate so much anxiety to simply share that concern.

>> women usually have a better communication skills than men.

>> we're talking about 50 shades, our sex life , our relationship, why you mote yet money is tabo taboo.

>> why? i think if you brought money up, it's the uncomfortable. like if your husband got a raise -- i think there's always a compare thing that happens.

>> you can just say i'm really worry that had i'm not going to have enough to cover my mortgage this month.

>> and we wish more women would because the second you talk about it out loud, you ease the anxiety and then you can get support.

>> other than talking it out, i mean, what if you really have -- we're talking about people with real financial concerns. what are some abcs that they can do?

>> one of the first things, make a little time . just make a little time for your money. women feel pressed for time.

>> what do you mean make time for your money?

>> maybe like 15 minutes a week, just set it aside, where you --

>> layout your bills?

>> yeah, contempt bllate it, maybe think about your goals.

>> and budget is a word like diet. but self and daily worth really mapped it out in a way that i can understand. 60% of your income goes to things like paying the rent, the mortgage, the bills. but then there's this 10-10-10 plan.

>> yeah, it's really easy. another way to look at it is it's a save to spend plan. so it's not really a budget.

>> 10% for retirement, 10% for long term goals and 10 p% for the unexpected.

>> and there's also 10% for fun money. which is what -- if 69% of women are saying i'm not going to be able to lead the life i want to, you can splplan for this. that's your out to dinner and manicure money.