For many women, spending has an emotional component. Whether you experience the typical high of a shopaholic or the pang of regret associated with buyer’s remorse, it’s difficult to part with our hard-earned cash without feeling some sort of response.
A study performed by Chase Blueprint® and LearnVestthis year looked at some common purchases that women make to determine the average amount they felt comfortable spending on each item. Let’s see if you’re on track with the average…
Espresso-based drink = $3.20
Tube of lipstick = $7.81
Cocktail = $6.13
Entrée at a restaurant = $24
Birthday gift for a good friend = $44
Pair of shoes = $71
Wedding dress = $618
While there are probably as many types of budgets as there are people, there are certain comfort-levels associated with your purchases based on what the average cost of an item is where you live. But that isn’t always a good indicator for what you should spend. It’s important to plan your budget to allow for the items or experiences you truly value, while still being realistic for your income and future needs.
Whether you talk to a financial planner to help get your spending on track or sit down with a spreadsheet for some honest reflection, the most important thing is to know where your money is going each month. Once you do, you can come up with a plan for reaching your savings and investment goals.
Julie Newcomb, a CERTIFIED FINANCIAL PLANNER™ in Orange County, CA, specializes in financial planning for women. As a wife, mom and business owner, Julie understands the pressures and challenges most women feel on a daily basis as they juggle many important priorities. Julie’s favorite thing about her job is the ability to give women peace of mind when they entrust her with their finances. To learn more about Julie Newcomb Financial, go to julienewcomb.com.