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Women’s History: Saving, Strategizing, and Spending

This month we have highlighted women in business who have excelled for facing tough challenges and beating the odds. However, we do not want to forget that there are untold numbers of women who do not make headlines that are also doing the same thing within their own households.

In “Women’s History Month: From Pin Money to Modern Budgets,” Forbes.com states, “In a perfect world, budgeting would be an entirely gender-neutral topic.” and delves into the unfair stereotypes of women that portray women as people who spend too much while portraying men as people with better financial management skills.

When women’s spending habits are examined, there is sometimes evidence that women spend more in on things like healthcare and clothes but this needs further analysis. 

It is possible that some women go to the doctor more often than men do.  That idea may also be a stereotype but more doctor’s visit would likely mean more x-rays, lab work, and prescriptions. And in some instances, there are medical and healthcare products designed for women that cost more. As we have observed: “The Pink Tax Affects Women’s Financial Planning.

The article points out that the idea that women spend more on apparel has its roots in “…gendered expectations for appearance” since “A man might get away with wearing the same suit every day for a year, but a professional woman must have a more varied wardrobe.”

Looking and comparing spending categories also does not account for how women save and strategize their spending on a regular basis. If a woman needs to spend more in one area, she may cut back in another. And when she does spend, she may research carefully to ensure she is spending wisely.

No matter your gender, it is worth it to take time to consider if you are letting societal expectations sway you from making sound financial decisions. Seek help if you need it. Clarity Financial Planning is trusted by savvy women, men, and families in the Washington DC Metro Area and will guide you along the path to financial independence and help ensure that you can provide for yourself and the people you love.