The fact is that women face challenges in building wealth. On the one hand, they earn less; on the other hand, they have fewer years of employment and, on top of that, live longer than men. About 30 years have passed since the beginning of the women’s rights movement—yet the goal of full equality has still not been achieved. Even though women today hold judicial positions, serve in the German Armed Forces, and have taken on top roles in politics, they still earn about 25 percent less than men. This poor pay is also the reason why only a few women can financially provide for their retirement. In addition, many women have shorter work histories because there are several career breaks—for example, due to raising children. However, with a few tips and tricks, these disadvantages can be mitigated somewhat.
Tip Number 1
Women Should Buy Men's Products
Women still earn less than men and, on top of that, have to spend even more money on specific “women’s products.” After all, traditional women’s products cost—at least in some cases—200 percent more! This phenomenon is also known as the “Pink Taxi.” That’s exactly why women should take a look at the men’s section. Men’s products are significantly cheaper. This is especially true when buying razor blades, razors, or shaving cream.
Tip Number 2
Yes, you can also share your Spotify and Netflix accounts with your friends
Spotify and Netflix accounts can also be shared by multiple people. Spotify offers its own family plan—which costs 15 euros. Since six people have access, the cost per person is 2.50 euros. Netflix also offers a similar plan. So if you don’t want to give up Netflix or Spotify, you should opt for the special “family plans,” which will allow you to cancel any unnecessary subscriptions.
Tip Number 3
Hand cream can also be used on the face
Women with low-maintenance facial skin are unlikely to spend much money on cosmetics. If they do need a few cosmetic products, they can save money here, too—since many hand creams can also be used on the face. In fact, if you take a look at the packaging, the ingredients are almost—or even 100 percent—identical. The only difference? Hand cream is much cheaper.
Tip Number 4
Tap water instead of bottled water
This might seem a bit harsh at first, but if you stop buying bottled water, you’ll actually save quite a bit of money. As a rule, a liter of water costs 0.5 cents—if you drink two liters of water a day, you’ll pay just one cent. What’s more, German tap water is actually of higher quality than bottled water.
Tip Number 5
Card Instead of Cash
No, this isn’t a typo. For years now, people have been telling customers that they’d have a better sense of their money if they stopped using credit cards. But numerous real-life accounts have shown that people still spend too much even when they pay with coins or bills. The important thing, however—regardless of whether you pay with a credit card or cash—is to know how much money you can afford to spend (per month or per day) so that you can still save enough.
