Carrie Joy Grimes, author of 'The Joy of Money,' challenges common financial shame and 'crash diet' advice, offering practical tools and negotiation strategies to help individuals save money, manage debt, and navigate a challenging economy, emphasizing that financial empowerment is achievable for everyone.
Carrie Joy Grimes, a former union organizer and author of 'The Joy of Money,' debunks popular 'shame guru' financial advice, arguing against extreme 'crash diet' money habits like 'latte celibacy.' She acknowledges the difficulty of navigating the current economy but insists that practical tools and programs can help people secure financial stability. Grimes, who overcame credit card debt herself, wrote her book for those who grew up without money and felt 'bad with money,' emphasizing that shedding shame is the first step to financial control. Through her nonprofit WorkMoney, founded in 2020, Grimes highlights underutilized resources. Her advice includes leveraging employer flexible spending accounts for healthcare and childcare, checking childcare.gov for reduced costs (if household income is under roughly $80k-$90k), asking pharmacists for drug discounts (e.g., GoodRx), and claiming the Earned Income Tax Credit (often unclaimed by 1 in 4 eligible individuals). A core tenet of her philosophy is negotiation: she encourages people to call credit card lenders, banks, the IRS, and even employers to negotiate fees, interest rates, and payment plans. She stresses that money is 'math plus feelings,' and understanding one's emotions about money is crucial for success. Grimes criticizes extreme budgeting, likening it to crash diets that don't stick, advocating instead for a long-term change in one's relationship with money. She advises against bad financial advice, specifically highlighting the importance of taking a 401K match as 'free money.' For grocery savings, she suggests buying in bulk (Costco) and using apps like Instacart for price checking. To prepare for economic uncertainty, Grimes recommends establishing a 'minimum viable number' for monthly expenses and saving 3-6 months of it, plus a $1,000 liquid emergency fund. She also advises aggressively paying down credit card debt, negotiating with lenders, and knowing how to access government support like unemployment, SNAP, and Medicaid—framing these as earned benefits. Ultimately, Grimes aims to empower individuals with real tools, not just for the wealthy, and calls for collective action towards 'a stronger, more functional capitalism.' Her personal definition of money success is freedom from worry, ensuring her daughter's education is debt-free, and being able to retire comfortably.
