Curbing the spend on pink tax
Judy Liebenberg, franchise principal and financial advisor of Momentum Consult, talks women through managing their finances when it comes to “pink tax”.
Being a woman certainly has its advantages.
The door gets held open for us, we get to wear make-up to enhance our features, we can even flutter our eyes and get out of a speeding fine, and buying a new lipstick can give us a whole new lease on life.
Judy Liebenberg, franchise principal of Momentum Consult, offers a few great suggestions of how to be mindful when buying your monthly necessities, and ideas on how to curb the spend on “pink tax”.
“Being a woman and a mom of two teenage daughters, I feel the pressure on my budget when it comes to purchasing our monthly necessities.
“The financial advisor in me kicked into full drive and I knew I had to find ways to spend less on these items,” said Judy.
“Pink tax is real. I read in an article written by Money Matters that woman pay on average 13 per cent more on self-care products than men.
“All because the item or packaging is pink.”
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The following tips can help you save on your monthly budget:
• Do research before you buy products:
Don’t just blindly purchase items because the advertisement on TV or radio says it is the best or because the packaging is beautiful and pink.
There are many products on the market that are manufactured by companies who claim they keep us women and our budgets in mind when they do the packaging and labelling of the products.
These companies understand that it is more about the content than the looks.
“I have been shaving with men’s razors for the past 10 years or longer and never got such a smooth shave from a women’s razor, and it is cheaper,” Judy added.
• Buy in bulk:
Do proper planning and look for specials.
Big key chain stores sell most of the self-care products in bulk and it works out much cheaper. Certain items like sanitary pads can be kept in the storage room for months.
Team up with your mother, sister or friends and buy in bulk and share.
Some shops even give you the buy two and get the third one for free option on most self-care products.
• Use stores that have some sort of rewards system in place:
Great reward systems accumulated throughout the year can come in handy in the new year.
You can spend on my make-up or perfume for the next six months.
• Bargaining:
“I love doing my nails and that is how I spoil myself every month.
“I bargained with my nail technician and we agreed that if I pay her in advance for three months at a time (three sets of nails and gel toes) then she will do my toes for free on month four.
“That is a saving of R220 at the salon I use.
“I have also suggested to her to start a rewards programme from next year.
“She can give us a reward booklet and stickers and for every RX amount that you spend at her salon or for every new customer you refer to her she can give you stickers.
“When the booklet is full you qualify for a free set of nails (or something similar).
“Win-win for everyone,” said Judy.
• Try homemade remedies:
If you surf the internet you will find a lot of home remedies where you can make your own beauty creams, foot scrubs or hair masks with products that you already have in your home.
It is much healthier for you and it costs a fraction of the price that you would pay for name brand (pink packaging) items.
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