Before Nicole Walters became the star of the new family docu-comedy "She's The Boss," the small business owner was building up her consulting company to help everyday entrepreneurs monetize their lives.
The TV series follows Walters as she juggles a full life as an entrepreneur, wife and mother of three adopted daughters.
Below, she shares with Select her best money advice to help you thrive as a business owner and parent.
Money advice for entrepreneurs
Walters launched her consulting business with just $24 in her savings account, she tells Select. The business began as a side hustle when she launched a blog called NapturalNicole. She ran the blog from her cell phone for the first four years because she couldn't afford a laptop.
Before investing in the business — buying a laptop or booking a photographer — Walters wanted to save up money.
Her financial advice for entrepreneurs just starting off? Don't wait to save. With the first $500 that Walters made from a brand collaboration, half of it went into a bank account to not be touched.
"Often, we wait for the perfect time to get our finances together," she says. You can get started even if you're "still a bit of a mess."
In addition to saving money to grow your business, Walters recommends being cautious about how much you spend. "A lot of people lose sight of the basics that have been preached to us," she adds.
Instead of stashing your cash in a traditional savings account, opt for a high-yield savings account that offers an above-average interest rate, zero monthly maintenance fees, no minimum deposits or balances and is FDIC-insured so your money is safe.
The Ally Online Savings Account meets all these requirements, plus you can pair it with the Ally Bank Spending Account (Ally's checking product) if you want to do all your banking in one place as you get your business off the ground. With the checking account, users have ATM access to over 43,000 free Allpoint® ATMs, making it easy to withdraw cash whenever you need to.
Money advice for parents
Walters' same saving money mentality translates into being a mother.
Her money advice for parents raising kids? Teach them the importance of saving. For Walters, that means letting her daughters know how much things cost, such as food takeout or a home repair. The context is not to show how much they spend, but rather to show them that the quality of life they may want requires spending money so it's crucial to save up for these moments.
Walters also suggests keeping kids involved in family finances as they grow older. "Don't make money a private thing," she says. She makes sure her daughters know there are online tools and resources out there offering all sorts of financial help.
"They have the benefit of growing up in the information age," Walters says. "When I grew up, it was about finding the right mentor, being in the right room."
Many of the best budgeting apps not only help you learn more about your own spending and saving habits, but they also offer resource hubs or advice centers to help you educate yourself about personal finances in general.
For example, free budgeting app Mint offers a blog and education tools, such as a loan repayment calculator. You Need A Budget (YNAB) comes with educational resources, such as budgeting advice and 100+ free workshops offered every week to users.
