14 DAY TRIAL // Women spend a lot of money, mostly on shopping – this is by now a universal truth and no longer some myth of sorts that men came up with, so as to explain why their credit cards are always missing or their back accounts are on zero. Psychologist Professor Karen Pine and financial adviser Simonne Gnessen have accepted this, as well as women’s inability to stop spending, which is why they have come up with “Sheconomics,” a new book meant to empower women in their relation with money and make them more financially savvy.
After the two authors acknowledge that women’s shopping is, most of the time, prompted by emotion and not cold reason, they devise seven simple rules that should take them out of financial insecurity, as well as guarantee a better future for them, still speaking in financial terms, of course.
The first law addresses precisely this type of compulsive, often emotional, shopping. The “take emotional control” law means that “Instead of acting when in an emotional state, stop and think for a minute about how it is you’re feeling,” and not running in the first shop just because there is something that is troubling us.
“Go beyond beliefs” is not so much of a rule as it is a manner of looking at life and keeping optimistic. “If you believe that you’re bad with money, you probably will be. But if you believe that riches will be yours, then more than likely you will be rich.” the authors say. It’s all a matter of perspective, they add, and the sunnier, the better for all.
Coming to counterbalance the first law is the “spend with power” one, which basically means that women should not use money as refuge, but as a means to achieve an end, as it was meant to be. “Make sure all your spending decisions are made for the right reasons. To spend with power, you need to understand why you shop and resist the compulsion to spend to cover up emotions.” the authors explain.
“Have goals” and “Look debt in the face” are the two laws that are meant to make women more financially stable, since they imply keeping a close tab on all expenditures and dealing with money issues when they arise, instead of sweeping them under the carpet – or in that new dress they just got at the boutique down the street, as be the case. “Share your financial intimacies” is, again, meant to show females that problems are real, and that they do have the nasty tendency of disappearing when they’re ignored. A friend or a partner (life or business) can not only offer important advice in dire economical times, but also support and encourage women in whatever they’re doing. Sharing financial issues with someone else also helps eliminate the stress in a relationship, the authors also maintain.
On an ending note, the “Know that tomorrow comes” law should be the one by which all women guide their lives, the authors explain. Spending like there’s no tomorrow usually implies that, when tomorrow does come, which undoubtedly happens, women will be staring at an uncertain, financially gloomy future. And, of course, no amount of designer clothes will make it any better. So, “You need to plan for your future in a way that balances your current needs against your future ones. Future needs tend to get drowned out when we're hedonistically indulging our current desires.” the two authors conclude by saying.