Another reason not to shop

Heads up women…in addition to being paid less than men, we shop more, meaning in the long run, we’ll have even less money! Jean Chatzky includes an excerpt from her book Make Money, Not Excuses in this week’s Time Magazine. She claims that women have a million excuses for not saving money, and not a thing to wear…which is why we don’t save and therefore have less money down the road. She quotes that the average single woman spent $1069 on clothing and services in 2005; while single men spent $832.

If this doesn’t make you want to put down that new pair of pants and run, then I don’t know what will…Imagine that, rather than splurging and purchasing $89 worth of clothes every two weeks, you invested that money and earned, on average, an 8% return. After 20 years, that money could grow to $150,284!

We all need something nice to make us feel good about ourselves from time to time. But unless it makes you feel fantastic, you truly love it and need it, you might walk away from it for a minute and just think about what you could do with $150,000 one day…

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2 Responses to Another reason not to shop

  1. Mary says:

    Hmmmm $150,000…. that’d be a great down payment on a new house… one that wasn’t so close to the neighbor’s house… so close that you feel like they live with you. Now if that isn’t motivation, I don’t know what it. Great info!

  2. Jeri says:

    Found your blog while searching for opinions on greendimes. I have certainly enjoyed it and will continue to follow your experiment – I am a fellow traveler on the downshifting road, although I haven’t had the backbone to take the steps you have! Your story encourages me. 🙂

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