Issue #16 / August 18, 2017
✨ Catch up on what ya missed this week ✨
📨 you're invited!📨
We're hosting our very first event in New York! Join She Spends, Brooklyn Plans, Debt Free Denae and Moneysplained for a happy hour and panel discussion about women and money. Grab a drink, network with other women interested in talking about money and hang out for a panel on ways women can disrupt the finance space.
Empowering Women Through Personal Finance
- WHEN: 6:30 p.m. / September 5
- WHERE: New Women Space
- HOW: Grab a ticket here!
CEOS GO ROGUE WHILE THE STOCK MARKET WEAKENS
- ROGUE CEOS: The two White House business advisory groups - the Manufacturing Council and the Strategy and Policy Forum - disbanded this week after Donald Trump made egregious remarks in support of ACTUAL NAZIS in Charlottesville. Big shock, huh?
- ADULTING: Or not. Can we ban that word?
- MARKET MOVES: The stock market fell Thursday as a result of increased uncertainty caused by Donald Trump's comments on GOP leaders, as well as the terror attack in Barcelona.
- BIG FUCKING DEAL: Private equity firm Energy Capital Partners has agreed to acquire Calpine Corp., a U.S.-based power generator, in a deal worth $17 billion in cash and debt. Damn, that's a pricey company!
- THRIFTY BUSINESS: A whole lot of Ivanka Trump's clothing line is ending up in Goodwill, according to Fortune.
- COLOR OF RISK: Women of color are exposed to more chemicals in beauty products than white women, according to researchers. Face lightening creams and hair relaxers could be the culprit.
- #LOOSECHANGE: Don't forget to check out our recently launched blog, #loosechange! We posted a piece on what to do in the wake of the Charlottesville terror attack, as well as a much lighter travel money diary.
THE POWER OF YOUR PURSE: LINGERIE EDITION
I have a bone to pick with L Brands. The parent company of your favorite mall stores including Victoria’s Secret and Bath & Body Works has a major problem when it comes to gender diversity on the corporate level.
There are two women on its 10-person board of directors. One of them, Abigail Wexner, is the wife of CEO Les Wexner. What’s more, there are no women in the company’s C-suite; in other words, that company trying to get you to buy bras based on the sexiness of its models is run mostly by men.
It looks like investors have a bone to pick now too, though. The company announced this week that it is lowering guidance for the rest of the year. The company will make less money than expected this year because same store sales have fallen, according to the latest earnings report..
As a result of the news, L Brands shares fell more than 7% on Thursday before bouncing back slightly.
The company is reportedly struggling because it decided to stop selling bathing suits and apparel at Victoria’s Secret. Its swimwear business had been worth about $500 million, according to CNBC.
I think this is a place where we could be exercising the power of our purses just a little bit more. We can shop for undies at female-founded boutiques like Thistle and Spire or Nubian Skin. We can buy yummy-smelling fragrance from Pinrose and P.F. Candle Co., both of which are founded by women.
It sometimes takes a little work to find places like these to replace our favorite mall stores that have poor practices when it comes to hiring women. But it’s a necessity in today’s world. Money in the United States is power. If we keep putting ours toward companies we believe in, we can eventually make change.
SHE SPENDS' GUIDE TO GETTING THAT RAISE:
PART TWO, PREP
Welcome to part two of our three-part guide to getting that raise! This week we're discussing how to prepare for the ask once you've got your research down. We'd love for you to share how you do it on social media - tag us on Instagram and Twitter, or use the hashtag #howshesaves. We'll highlight some of our successful readers in the coming weeks.
Once you've gathered information on what you're asking for, you need to schedule a time to actually ask for a raise. Does your company have an official system in place to ask for money? If it does, go with the flow and ask for money when it's time. But if your company is like most, it may not have an official review process in place. This is what your human resources department is for! Make time to ask an HR representative about how exactly you'd go about asking for a raise. They'll be able to tell you who exactly to ask, and whether your company has an official process in place for it. And if your company doesn't have an HR department? Ask a few trusted co-workers or go to your direct boss.
Once you've determined who you need to ask, send them an email about scheduling a time to talk. If you have a stronger rapport with your boss, you can also ask them in person to schedule a meeting.
Once you have a meeting scheduled, you may want to practice your "elevator pitch" to make your case for getting a raise. A sample script could go like this: "I wanted to meet with you to talk about my compensation. I've been with the company for x amount of time, and in that time period, I achieved the following." Then, you list a few very specific examples of the ways you went above and beyond at your company. Follow with the ask. "I want to ask for x amount of money. I did research on the current market rate for this sort of position. Based on that research, I think it's a reasonable ask." Have that research ready to go in case your boss or manager asks for it.
Once you have practiced your pitch once or twice, you're ready to go! Pick out an outfit that you feel confident in, strike a few power poses and get ready to get what's yours!
TELL US YOUR SPENDING SECRETS!
We're sharing the spending secrets of one woman each week - completely anonymously. This section draws inspiration from Refinery29's Money Diaries and NYMag's Spending Diaries (gotta give credit where it's due, right?) Click here to take our anonymous survey on spending habits and see your column published on She Spends.
How a 29-year-old U.K.-based business analyst spends:
- SALARY: I make $58,500 per year as a business analyst. I asked for a raise before. It was tough and a little awkward because I was a young woman in such a male-dominated technology company, but it paid off!
- SAVINGS: I have about $2,600 in a high interest savings account earmarked for buying a house.
- MONTHLY EXPENSES: My company pays for private insurance. I split rent for an apartment with my boyfriend. We both pay $870 per month. I share a Netflix account with my boyfriend and brother so I pay $6.50 for my part of the family subscription. I have Apple Family Sharing with my boyfriend and his brother so I pay the same for my part of that. I pay $130 for a gym membership each month. I pay $5 for a 1Password subscription. It’s a program that memorizes all of your passwords for you!
- DEBT: I am in debt, and I’m working to pay it off right now. I recently switched my credit card debt to a 0% balance transfer card with a great deal and am trying to aggressively yet comfortably pay that down every month.
- SPENDING VICTORY: A recent spending victory for me has been learning to drive. I know I'm late to the party but I've always lived in such a big city that driving wasn't an essential skill! It's cost me nearly $2,500 but the doors it can open in terms of property, jobs, hobbies (I'm a major horse obsessive and riding is my life) is worth every penny. It pained me to part with so much money in one go, but I'm thinking this is a massive investment in my life so it certainly won't be money wasted.
- SPENDING REGRET: My main spending regret is always clothes, which I know isn't one big disastrous purchase but it does add up to a lot some months! I'm trying to work on being less of an emotional shopper, I have the worst habit of thinking a new sweater or something will be the thing that makes a bad day good. I adopted a capsule wardrobe approach after being majorly inspired by Caroline from Un-fancy and Lee from Style Bee but sometimes I fall off the wagon hard and rush buy something I don't really need. This month, I spent $50 on some cute colorful print espadrilles that I thought would jazz up my life without any thought to the fact that I live in a city where rain is the default weather and those white shoes would be melted dirty messes in one wear!
- SIDE HUSTLE: I do not have a side hustle.
- CHARITY: In money, I am a Guardian newspaper supporter and I also give monthly to an animal rescue charity. In time, I volunteer with two charities in a variety of ways.
- GOALS: Short term, I'm striving to finally pay off my credit cards. I've had a lot of health problems lately as I have autoimmune issues and the unexpected sudden need to see a lot of specialists has created a lot of debt I want to pay off. I recently opened a long term 0% balance transfer account that I am paying down as my current credit card had a pretty high APR that meant my payments were basically just covering interest. Long term, my goal is to finally buy a house. I've bounced from rental to rental but I really want to have a place to fully call mine, that I can decorate however I want and that has some little patch of greenery that I can enjoy when the sun finally shows its face. While I know they can be risky, I always envy those who can talk and navigate money investments so confidently. I don't think I'll ever be someone to fully play the stock market, but I would love to know more about how I can make my money work for me.