t’s no secret being a female can be expensive. The little luxuries and necessities of life can add up and leave you wondering how to pay the upcoming gas bill. Whether it’s happy hours with the girls, trips to the salon, or the weekly fitness classes, budgeting allows you the luxury of spending money on the things you love. It also helps you prepare for unanticipated expenses and sets you up for success in pursuit of your financial goals.
Exactly how expensive is it to be a female, you ask?
PromoCodesForYou.comrecently compared prices for an identical group of products for men and women. According to the study, it was found that women would spend $453.87 more for the same products as men. One product being a disposable razor, which despite having the same functionality, would cost a woman $12.98 and a man only $8.31. Spending 27% more on everyday essentials can certainly weigh heavy on a woman’s finances after a while.
So, what’s the deal with these markups and how can women avoid them?
The pink tax is a term used for the extra amount charged to women for products and services. From children’s toys, personal care products, health care and (almost) everything between, it follows women throughout their entire life. While there are no federal laws that ban gender discrimination on the sale of goods and services in the U.S., some states have begun to tax-exempt feminine care products. Although there’s no way to completely avoid the pink tax, switching over to the men’s aisle for products like shaving cream, razors, and deodorant can certainly help.
Where should you begin your budget?
Start by looking at how much money is coming in and how much is going out. Doing so will allow you to better understand your cash flow before preparing a budget. Next, allocate your funds to your fixed and variable expenses, savings, and any debt. Lastly, leave “fun” money aside for whatever your heart desires, but be careful as this category can get people into trouble.
Most of all, be realistic about your finances. If the $89 face mask means you have to cut your grocery expense – it’s time to reevaluate. By committing to a budget, you can turn financial success from a dream to a reality.