5 Things Women Are Guilty of Splurging On
Even though the gender gap is closing, men and women still handle plenty of things differently. Take money, for instance. Men and women spend money differently -- especially when it comes to splurging.
So what things are women more likely to splurge on? And how can you, our women readers, save some moola in these areas of (possible) overspending?
Here are five common things women splurge on and tips to save when the temptations are irresistible:
1. Their kids
Cross-cultural studies show that children in low-income families get more food and better care when mom (or grandma) controls the purse strings. But this applies for even middle-income families. Moms, it seems, are more likely to splurge on their kids, whether it's for nice clothes from a boutique or tons of toys. (Perhaps it's because women tend to experience that infamous sense of "mommy guilt" if they have nicer clothes and "toys" than their kiddos.)
Saving on the Splurge: Set a budget for extra spending on your kids, just like you would for yourself. Save toy and game purchases for birthdays and holidays, and shop ahead for these events so you can get better deals.
2. Clothes
It may seem stereotypical, but it's true. The majority of women do tend to spend more money on clothes (and accessories) than men. One Ebates.com survey of 1,000 U.S. adults last year found about 58 percent of women chose clothes as their top shopping splurge versus 21.5 percent of men. Again, this is probably culturally influenced. Or maybe we just love our brand-name clothes, purses and shoes.
Saving on the Splurge: Luckily, saving on clothes and accessories is pretty easy. You just need to learn to shop around. If you love a particular brand, head to that brand's outlet stores and keep an eye out for seasonal sales. Also, check your area for high-quality consignment shops. There, you'll often find barely-worn, brand-name clothes, shoes and more for a fraction of the cost.
3. Personal Care Services
This one doesn't come as much of a shock. Women spend more than men on personal care services -- facials, hair, manicures, pedicures, etc. These services can really add up, but who doesn't love a good facial or pedicure?
Part of the problem with this splurging category is that, sometimes, women don't look at these services as a splurge. If, for instance, highlights are part of your hairstyle, maintaining those highlights for a few hundred bucks a year becomes "essential." And if your job requires a professional appearance, you might find that regular manicures and pedicures become routine.
This is all fine, but you should add up just how much you're spending annually on your hair, nails and other spa-type services. You might be shocked!
Saving on the Splurge: One of the easiest ways to save on personal care services is to stretch them out a bit. Wait a few weeks longer before refreshing your highlights or just a few more days before getting a fill for your nails. Another option is to learn to do some of these services for yourself at home.
Finally, check out beauty schools in your area. Students work under the direct supervision of experienced stylists and estheticians. And you can often purchase services for pennies on the dollar compared to what you'd pay at a high-priced salon.
4. Home Accessories
In many homes, décor falls to the woman on the premises. This means women may be more likely to splurge on home décor -- from Christmas decorations to a trendy new vase for the mantle. If you find yourself constantly picking up a few extra home décor items on your grocery shopping trip to Target, or running into Pottery Barn on a regular basis, you may need to cut back on this area of spending.
Saving on the Splurge: The best way to save on home accessories is to wait for sales. Target and similar stores often run great clearance events for just-out-of-season decorations. And high-end stores such as Crate and Barrel, Pottery Barn and Pier 1 Imports often run sales or offer coupons. So sign up for coupons from your favorite stores, and commit to buying items only when they're on sale.
5. Books
A 2013 Pew Research Center study found that 82 percent of women over age 18 had read at least one book in the past year, compared to 69 percent of men. Given that women read more than men, they're more likely to splurge on books and reading-related items. That new e-reader (and it's trendy cover, of course) can cost a pretty penny. But chances are you'll plan for a purchase as large as an e-reader.
What you might not plan for are the books. It's easy to pick up a $1.99 book here and a $5.99 on-sale best-seller there -- whether on Amazon's e-book bookstore or when you stop in your favorite bookstore on the weekend. These purchases often seem inconsequential, but they can really add up.
Saving on the Splurge: The library is, of course, the best way to save on reading material since the books are free. And most libraries these days even let you check out e-books, which can be sent to nearly any device. The bonus with library e-books: You can return them automatically, and on time, so you don't have to worry about overdue fines!
Shopping for books on sale is also always a good strategy. Most bookstores that sell e-books will run weekly and monthly specials that can cut down on the cost of a novel or work of nonfiction. And holiday sales are another great way to stock up on reading material for the next year.
Abby Hayes is a freelance blogger and journalist who writes for personal finance blog The Dough Roller and contributes to Dough Roller's weekly newsletter.
