Thanks to something called the pink tax, women are regularly charged more than men in a number of categories, including personal care products, personal care services, such as haircuts and clothing. And with inflation on the rise, it is now more expensive than ever to be a woman. In this Financially savvy womancolumn, we look at the growing costs women face, as well as how to stay on budget despite these growing expenses.
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Important: 7 things you should never do when planning your retirement
A closer look at the rising costs of being a woman
Although women have been paying more than men for similar items for decades, there has been a drastic increase in recent years. Since 2017, women’s clothing has become 40% more expensive, while men’s clothing has increased by 25%, Shondaland reported. Women’s underwear, handbags and jeans nearly doubled in price, as did perfume and nail polish.
A 2015 study by consumer reports found that some of the biggest price differences between men’s and women’s versions of the same products were for shaving cream, painkillers, eye drops, and body washes.
By many estimates, the pink tax costs women an average of $1,300 a year, said Jeanne Sun, managing director of inclusive investing at JP Morgan. business blog post. If the same amount were invested in a retirement fund every year, that would be about $16,000 over 10 years assuming a 5% annual return and almost $160,000 over a working life of 40 years.
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How to avoid the pink tax and stick to your budget
With rising costs and largely stagnant wages, not to mention the pay gap, women are also facing the fact that it’s harder than ever for women to stick to their budget when shopping for their daily needs. Fortunately, there are ways to control spending.
Tammy Trenta, CFP, Founder and CEO of Family financial, recommend buying neutral brands when possible to avoid pink tax. She also shared some additional tips for sticking to your budget when shopping for personal care items and clothing:
- Look at your most important articles. Paying 50 cents more for deodorant can be annoying, but what if you could save $100 on a pair of shoes?
- Separate wants from needs. Focus on getting competitive pricing for your needs and maybe finding a cost-effective solution for your needs.
- Find coupons and research online.
- Buy generic brands.
- Buy in bulk.
- Negotiate prices when possible.
- Lease [instead of] purchase [special occasion clothing]. Women can rent to save on unnecessary clothes that might not be part of their daily wardrobe.
GOBankingRates wants to empower women to take control of their finances. According to the latest statistics, women hold $72 billion in private wealth, but fewer women than men consider themselves to be in good or excellent financial health. Women are less likely to invest and are more likely to have debt, and women are still paid less than men overall. Our column on financially savvy women will explore the reasons for these inequalities and provide solutions to change them. We believe financial equality starts with financial literacy. So we’ve provided tools and guidance for women, by women, to take control of their money and help them live richer lives.
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