So Many Shoes, So Little Money - Blog » Questions http://lisaserwin.com A Girl's Guide to Finance Sun, 20 Dec 2009 20:41:57 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 Why Shopping? http://lisaserwin.com/2009/07/why-shopping/ http://lisaserwin.com/2009/07/why-shopping/#comments Mon, 06 Jul 2009 15:15:25 +0000 Lisa Serwin http://lisaserwin.com/?p=341 People have asked, “Why use fashion and shopping to explain money management?” Because learning to manage your money does to have to be staid, boring or dry! Of course you care about more than just shopping for the latest fashions. That’s a given. But shopping, which you already know about and love, provides a great framework within which to talk about money and finance in general.

Women sometimes shy away from money management. By mixing fashion and finance, I try to use a fun, familiar topic to help learn about an unfamiliar topic.  There is no reason you can’t enjoy gaining these essential skills, despite any misgivings.

Did you know:

In the United States today, women handle 75 percent of family finances, control 14 trillion dollars (51 percent) of private wealth, and account for at least two trillion dollars in consumer spending each year. Women represent an economic powerhouse, making over 85 percent of the consumer purchases and influencing the purchasing decision of over 95 percent of total goods and services. Single women now account for 21 percent of home sales, making them the second-largest segment of homebuyers after married couples.

Women also have debt. Current estimates suggest that almost 40 percent of young adults (women and men) have more than 10 thousand dollars in student loans and more than 20 percent have credit card balances of at least five thousand dollars. The same study indicated that more than half of all adults in their early to mid-20s have little knowledge about financial matters. Women are out there making large purchases and spending money, often without guidance, and they need to start out their adult life with the information they need to adequately manage their money.

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Can you embroider “My 401K lost 30%” on this pillow? Are you sure I can’t pay more? Does my bank account make me look fat? Do you think my credit card company has my back? Is my CPA single? Taxes anyone? Do you think his checking account is what killed him? How great is my bank card photo? Can you make my paycheck smaller?

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