Many of us choose to skip makeup during the summer in order to avoid looking like a melting contour palette in the heat. We get that—but let’s be honest: We don’t always have the best skin days, and sometimes a little coverup can save everything.
Whether you favor an aloe rose spray or a cooling eye concealer, we found the best beauty products out that promise to keep you cool even on the hottest, sweatiest summer days.
Scroll down to see our picks!
There are so many moments when you look for certain makeup items in your purse and feel like you’ve taken everything but the essentials. Despite so many days when you’ve cleaned up your purse and only kept what you’ve needed, there’s always that one item you should use but don’t have with you. So, what’s the deal with beauty products and purses?
All women have developed a make-up routine and instinctively known which the safest beauty products are to always carry along. If you consider all the beauty products that come in handy, you might end up with an oversized bag when all you’ve wanted for the day was a small and chic purse. Below you can find the beauty products that can save you from almost any situation.
We all know that women are unique especially when it comes to complexion. Skin types, sensitivities and irritation risks make it almost impossible to create a list which fits everyone. However, below you can find the products that all women should have in their purses, regardless of their brand. For a researched plan, you should also consult with products reviews on specialized websites such as Beauty Essential.
So many women carry a foundation in their purse. The product does an excellent job, especially if it’s well-chosen. It covers skin imperfections and balances your complexion. The mineral foundation prevents the formation of excessive oil while moisturizing your skin.
However, there is a product which is easier to apply on the go – pressed powder. You can discreetly open and apply some powder even when you’re in the cab. It covers blemishes, evens your skin tone and absorbs oil. The powder also keeps the spilling risk away from your purse. You can use a small quantity of pressed powder whenever you feel the need to conceal something on your face. Another great product to try cushion compacts, the latest trend in K-Beauty.
Lipstick always comes in handy, since the intense color of your lips vanishes right after you eat. On the dark side, lipstick requires a lip liner and more time to apply. Instead, turn to a stained lip gloss which also helps you define and enhance your lips size. Lip glosses usually contain a sun protection factor (SPF) which also keep your lips healthy and save you from additionally looking for the lip balm. Your lips remain moist and colored throughout the day. If you keep the lip gloss in a small purse pocket, you also minimize spill risks.
Packed with natural chili pepper complex, we’re loving this Simon & Tom Lip Booster for the “just kissed look.”
Your cheeks may lose color throughout the day. The quickest and most efficient way to balance pigmentation differences and keep your cheeks colored is to apply a blush. They usually come with their own brushes, so you won’t need to keep a makeup brush in your purse. Blushes can be applied on your cheekbones, brow-bone, and nose and gets you a natural sun-kissed matte look. The blush can also work as an eyeshadow.
You can also find stain products which work for both your cheeks and lips. Many women mention that they like to keep their purse as make-up free as possible and multifunctional beauty products usually come in handy. However, you should make sure that the product is easy to apply and doesn’t require too much time to color your cheeks.
Your eyes look beautiful and well-defined when you leave home. Mascara fades, smudges and clumps throughout the day. If you sweat, it rains, or you’ve rubbed your eyes, the situation becomes darker. So, you will need to re-apply mascara. Find a neutral black mascara that you can easily carry in your purse. There are many tubes of mascaras which come in sample sizes to help you save purse space. By coloring the eyelashes, mascara also covers up eyeshadow make-up that may fade.
Blotting paper is your saving kit if you have oily or combination skin. During summer, your T-zone begins to shine and get oily. It makes your complexion look and feels unwashed, while it ruins your precise make-up. Blotting paper works only with a wipe which takes a few minutes. The paper absorbs oil while leaving your face skin look fresh and helps your makeup stick together.
• Eyeliner defines the limits of your eyes and it can easily transform a day make-up style in a sexy night make-up.
• Lip balm can save you during a day at the beach when you don’t need color on your lips, but SPF protection is mandatory.
• A top coat protects your nails from chipping and helps you quickly fix a color issue. It also works as a barrier between cheap metals from clothes and your skin.
There are so many items that might be useful if you have them with you every day. Safety pins, napkins, some snacks, chewing gum. Yet, if you grab all of them and stick them into your purse, you will end up turning to that oversized purse you’ve avoided. Make sure you only have essential beauty products with you and constantly clean up your purse.
Purses are so important to women that we tend to fill them with skin care, make-up, hair care and nail care beauty products. However, they don’t need to be full. A balanced purse will look better and give you some storage for unexpected purchases. So, take care of your purse and enjoy a fresh face skin!
Up next, 10 habits women with great skin swear by.
Wildly successful women have a lot in common. From a steady work ethic to killer confidence and street smarts—they have the “it” factor—and while it may appear like it takes massive intellect to become successful, that isn’t necessarily always the case.
Thankfully, these days being a “successful woman” isn’t defined as just one thing. . . and while there are many ways to get to the top, there is usually one common denominator we’ve noticed among all successful women: they set good habits and they plan for their future (and that includes planning for their retirement and investing their money).
In theory, investing money is a no-brainer: You put a percentage of your money away and let time (and the “magic” of compounding) turn that loose change into a small fortune.
Unfortunately, the truth is the majority of women aren’t investing their hard-earned cash, and it’s a hugely costly mistake. The recent market lurches can be enough to give any investor pause:
Okay, but… there’s a price for that safety. That’s according to Sallie Krawcheck, the co-founder, and CEO of Ellevest, an innovative digital investment platform for women. The seasoned Wall Street veteran asserts that the gender investing gap — the notion that fewer women take part in the financial market — costs women at least $750,000 over the course of their lives, thereby exacerbating the gender wealth gap.
Depending on your salary and the market’s performance, the real cost of the investment gap over a 35-year career span could be more than $1 million. (Yes, I just said a million).** It’s a vicious, sexist financial cycle. “If women earn less and don’t invest those earnings, the gap gets bigger and bigger,” Krawcheck says. But it’s not just the money, it’s also about the financial freedom that comes with having money. Not having as much money as men can keep us in relationships we may not want to stay in, stay in a job we don’t like and can cause us to miss out on opportunities (like buying a house or starting a business).
We hear from a lot of women that they think they need to be a financial expert before they get started investing. You don’t. You only really need to know six basic things. That’s right: Six basic things before you get started. Here they are.
Number one: Investing should be a habit. This means you invest a bit out of each paycheck every month. You grew up learning about putting money in a savings account. Investing is the next step: start putting money in an investment account where your money will be invested in the markets and you get a chance of earning returns.
So, forget about “timing the market.” It seems like the popular way to define a “good investor” is someone who magically knows when to buy and sell to make the greatest return. The truth is, almost no one (even those who do it for a living) does this well. Data shows that just 0.1% of money managers outperform the markets over a 5-year period. Instead, when you invest steadily, sometimes you’ll “buy low” and sometimes you’ll “buy high.” But overall, you may see market-like returns over time.
Investing can help you reach financial goals that you may have—and the sooner you get started, the more time your money will have to grow. That’s why the right time to take your money out of the bank and invest is almost always “now,” so that the power of compounding can begin to work its “magic.”
Ready to start investing? Get started investing in minutes with Ellevest, a company designed by women, for women with no minimum to start.
Ellevest is an easy online investing tool using algorithms tailored to your salary, gender, and lifespan (aka your real life).
⇒ Get Started Investing With Ellevest
Number two: Diversify. Invest in a well-diversified investment portfolio with a mix of different types of securities. Investing in a single stock? I know you have some friend who said they made a fortune from it, but it’s a bad idea … even if you think it’ll go up forever. You just don’t know.
You know instinctively that diversity is a good thing: A range of different personality types at work make a great team. Keeping a few irons in the fire is better than putting all your eggs in one basket. Think you need a lot to invest? You really don’t – all it takes it $1 to make your first investment. It’s your money. Make it work for you. Get started today.
In a planning mood? See how an investment plan could help you manage your finances. Ellevest is one way to do it. You can get a personalized portfolio in under 10 min. And it’s made by women, for women.
⇒ Get Started Investing With Ellevest
Number three: Work to keep your cost and fees low. WTF? (What’s the fee?): Remember when we explained how compounding may help you earn money on the money you invest? And we showed how your money may grow when you keep contributing to your investment accounts? Don’t worry, that’s still true — but we need to address the creepers of the investing world. Fees, and how to keep yours low.
At Ellevest, they advise investing in low-cost exchange-traded funds, otherwise known as ETFs, where possible. And for a digital adviser, the management fee, the amount that adviser charges you, should be well below 1%. Ellevest’s are below that. So, don’t be afraid to ask how much you’ll be charged.
How do you start? Easy. You head to their website (here you go!), fill out a short questionnaire. Then, Ellevest suggests personalized investment portfolios that you can edit and set up with recurring deposits — so you don’t even miss the money.
Number four: When you invest, work with a fiduciary. That’s someone who is obligated to put their clients best interests ahead of their own. It also means a fiduciary must offer you suitable investments, appropriate for your risk-capacity, and financial goals. And believe it or not, not every financial service firm has to do this, but at Ellevest they think it’s a no-brainer. The are a fiduciary.
In your investing quest, you may also encounter broker-dealers. Broker-dealers may also be called “financial advisors,” but they are not investment advisors or fiduciaries. They are not legally obligated to tell you when they have an interest in the security they are recommending for you. Yup, so the person you are hoping is watching out for your best interest is actually acting in their best interest. So, make sure to ask.
Number five: Get more conservative as you go. When you start investing in a retirement account at an early age, you may have a lot more in stock or stock-based securities. Though stocks are riskier, they may offer a higher return.
Number four: Change gears as you get older or closer to what you’re investing in. We usually recommend shifting your investments so they’re less risky the older you get or the closer you get to your goal date.
And six, don’t wait to invest. I know it’s easy to wait, but make it a habit. Invest a little or a little more out of every paycheck, whatever works for you and your budget. And that’s why Ellevest has no minimum account size.
So, six things. Now you know.
It can be fun spending money. It can be even more fun watching your savings grow. You’ll thank us later.
Don’t sound the alarm – yet. Ellevest can get you set up in less than 10 minutes so you can reach all of your money goals. Sans judgment, finance jargon, and trust issues. Crisis averted. Get into it here.*
Here are more money topics for you…
Answered: 401(k) vs. IRA? Use Both If You Can
How Much You Should Be Spending On Clothing and Beauty Every Month
I’m Self-Employed: What Are My Retirement Options?
Disclosures: We’re excited to be working with Ellevest to start this conversation about women and money. We receive compensation if you become an Ellevest client.
I was watching a TV show one night and something sparked a thought. It came crashing over me suddenly because at that very moment I was not sure if I had the answers to the questions I had just asked myself. As I watched the screen, I saw children fixated on phones, young girls barely the age of 14 with a full face of makeup that puts airbrushing to shame and dressed in heels that most runway models would struggle to walk in. Young teens using language that I have never heard before, like childhood was years ago, long forgotten.
The thought came to me, when did children stop being children? The thoughts that followed were the ones that knocked me off my feet. Was I a good enough role model to my kids? Was I doing enough to preserve my kids’ innocence for as long as possible? What are they learning from other kids at school when I am not around, should I quit my job? Should I homeschool them? The questions kept replaying in my head until the early hours of the morning and still, I had no answers, no solutions to how I was going to keep my gentle, well-mannered children from turning into self-conscious, name brand addicted selfie queens that spend the majority of their time updating profile pictures, constantly changing their relationship status and expecting instant gratification.
I was at a crossroads and for days I toyed with the idea of handing in my resignation to become a full-time mom just so that I could always have my eyes on my children, waiting around the corner to jump in on any situation that may pose a threat. Luckily, I exhausted myself with the thought of having to give up the only hours of peace I get in a day at the office with other adults who stimulate my mind and keep me from going insane. After spending some time reading parenting inspiration blogs and helpful articles on websites such as Mommy Authority, I finally realized that no matter how sheltered my kids were, changing the wifi password, forbidding playdates or taking away their tablets was not going to change what they would grow up to be. Changing my bad habits, educating them and influencing them in a positive way was the only solution I could see that could potentially impact my children enough to remain as well mannered, conservative and as kind-hearted as they are today.
Read the rest of this article for tips on how I changed my habits for the better and began influencing my children.
I’ll get the most challenging obstacle out the way first. This is the hardest bad habit to kick, I cannot count the times I have stood in front of the mirror analyzing each bump, lump, and roll. Sometimes I was so fixated on my flaws and pointing them out that I had not realized how it would impact my children who were in the same room at the time. It had not dawned on me how they would see themselves when they got older and if my perception of myself would affect what beauty and confidence would mean to them one day. My girls look like me, after all, and I’d never want them to feel that they are not good enough. I had to learn to channel that negativity into something positive, to start looking at myself in a different light. Instead of saying I look fat, I changed my tone to I don’t feel very comfortable in this outfit today.
Changing my mindset was only the first part, I also began focusing on my lifestyle and what I was putting into my body. I cleared out the cupboards of any chocolate bars, sodas, and sugary cereals and replaced them with wholesome foods and snacks. I got some backlash from my spouse and the kids about this but I simply explained that our bodies are temples and that looking after our bodies and feeling great begins on the inside. I further explained that by looking after ourselves through a healthy diet and lifestyle, we begin to nurture, appreciate and love our body, it is the only one we have been given and should be respected in every way. By setting a good example when it comes to foods and eliminating the word diet from my vocabulary will help my daughters to grow up in a body shaming free environment.
A takeaway tip: Avoid using words like fat, diets or any other negative connotation you have with your own body, especially if you have daughters. Instead, teach them how to love and respect their own bodies. It’s also important to set a good example when it comes to healthy foods, children don’t understand why adults get to eat a whole bag of potato chips and they can’t so it’s necessary to practice a healthy lifestyle yourself before preaching to your kids about eating their vegetables.
I’m sure that many can agree that we all want our children to be successful and only recently did I learn that it’s not as easy in today’s economy. This is where the value of money, morals, and goals come into play. In my industry, I have had countless applicants for the apprentice programs we offer, some of whom I interviewed and hired, and others who weren’t so lucky to get any further. What I saw was there were two main types of people. The type who was on time, answered my questions with unique concepts and at the end of the interview politely asked me important questions. The other type was almost opposite to the first. Some had excuses for being a few minutes late, others answered my questions briefly and left immediately after I was done interviewing them without bothering to find out important facts or more information about the company. It seemed they were only interested in how many hours they needed to work, one person even asked to work 2 hours less every day. It seems that in today’s world, motivation is lacking and that instant gratification is a real thing. People are starting to expect more for less in all aspects of life. Less effort for more reward. Surely that cannot be, right? I began to look at what I was instilling in my children when it came to chores, rewards, school work and goals. Earlier I said my children are gentle and well-mannered which is true for the most part but there are those days, the ones where they test every bit of your patience. I’ve had to deal with the tantrums at the grocery store, the screaming matches in the mornings before school and the outbursts before bedtime. But the way in which I resolved it all had a common trend – I used bribery. If you stop screaming, I’ll get you the chocolate. If you stop crying, I’ll let you play on my phone. I was rewarding their bad behavior and letting them have all the power. I put an end to this very quickly because I knew that if I didn’t, they would not understand that there are consequences for their actions. They also had no concept of money because they have never had an allowance or had to do chores to earn that money, everything they have ever wanted has been handed to them. My kids had no clue that you have to work in order to receive. That goes for grades, sports, and tangibles.
One morning I sat them down and explained the new rules I had planned. Good behavior, good manners, getting ready for school, going to bed on time, completing homework and doing chores will earn them a monthly allowance. The chores involve one night a week where they are responsible for dinner (with a bit of my help, of course), helping me wash dishes afterward and helping me with general housework like hanging the washing out or folding clothes. This also gives them a sense of independence and responsibility. When it comes to tangibles, I explained that if there is something that they want, they will have to save up for it from their allowance. As much as I want to spoil them and give them everything they want, I have to hold back the urge so that they can learn the value of rewards, money and work towards something they want.
A takeaway tip: Teaching your children early on in life about the value of money and limiting how much you spoil them helps develop healthy spending habits. It also helps them to manage and save money wisely when they are older. When it comes to motivation, dreams, and aspirations, it is important that children have a sense of responsibility and hard work early on in life. By rewarding good behavior and tasks they have completed, you are showing them that hard work pays off.
Being on my phone almost the entire day was what I was most guilty of. Responding to emails, taking calls and replying to texts during dinner, or at the shop, or while we are spending time as a family outdoors – those were my crimes. At work I am constantly putting out fires, chasing deadlines and checking up on who has done what, and before I knew it, there was no separation between work or my family life. It all becomes blurred and once you have reached that threshold, it becomes difficult to distinguish what is urgent and what is not.
I didn’t want my daughters to be the kind of kids who are fixated on a screen, completely oblivious to any social conversation or family time that is going on in those moments because they see me doing it. Becoming a mother was my choice and working full time was also a choice I had made yet I was making them suffer the consequences by dedicating the time that was meant for them on something else at work. I decided then and there that work life should never take away from time I have with my family. There is nothing that urgent which can’t wait until I’m in the office again in the morning, the emails can be replied to during office hours and unless the office is on fire, I am not available to take calls during dinner or on weekends. The same rules apply to social media.
When the four of us are in the same room together or out and about, it is strictly a no phone policy. I can’t stress enough how important it is to value time. Life is short and I want my girls to savor every moment of it, the internet will always be there and there will always be a hot trending topic or an email to respond to but there will never be a moment like this at this exact time again. Setting an example in social situations is also extremely important because it teaches kids to build and maintain relationships. Using your phone while someone is talking shows that all your attention is not focused on the conversation. In my opinion, every relationship whether it be friends or lovers deserves undivided attention.
A takeaway tip: Encourage your kids to spend less time on a screen and more time engaging with you. Limit time spent on social platforms or online by getting your kids to help you make dinner or helping out in the yard (this will also earn them some allowance money as I mentioned before).
Set playdates for your kids where there are strictly no tablets or phones allowed, rather encourage them to play together or engage in conversation with each other instead. Let children be children, let them get dirty, act silly and play. While I know that technology is a crucial part of our lives and education, it does not mean that we all can’t enjoy the finer and simpler things in life like spending quality time on a walk around the block or having a picnic in the garden.
Women aren’t keeping quiet about the injustices we face every single day, and over the last year, we’ve also taken more action against them. This especially rings true for millennial women, who are eager to support causes that help further advance society and give back to those who need it most.
So you can imagine my excitement when Sallie Krawcheck, CEO of Ellevest, a digital investing platform made by and for women, announced a new kind of investment portfolio that not only helps you reach your biggest goals—buying a home, taking that big Aussie vacation, starting a family—but helps other women support theirs too. Sitting onstage with women like Michelle Obama and #MeToo founder Tarana Burke at the United State of Women Summit this past weekend, Krawcheck unveiled the Disrupt Money campaign in an effort to change the conversations that women have about money.
It’s time to level the playing field for women. Together. Here’s how we do it.
Money is power — live-the-life-I-want power, get-your-hand-off-my-leg power, start-my-dream-business power. And we women have been on the outside looking in.
Enough. Nothing is going to change until we change something.
Think about the last conversation you had about money (and no, I don’t mean all of the time you said you wished you had more of it). Yeah, it’s hard for me too. That’s because women have been led to believe time and time again that money isn’t a womanly topic, and investing is especially a man’s world. There’s even research to back it up: Fidelity found that a whopping eight out of ten women remain tight-lipped about money matters when talking to their close friends and family.
Yet I’m willing to bet that all of your biggest goals, like wanting to start your own business, or buying a house, or traveling to every Instragrammable part of the Earth possible, could all be achievable if you just had a little extra pocket change.
You see, the much talked about wage gap is estimated to close in 38 years—but only for white women. For black women, it’ll take about 106 years, and it’ll take 230 years for Latina women. What else? Women only make up 6% of the Fortune 500’s CEOs. If that isn’t infuriating enough, women-led companies actually perform better than those run by men. So it’s not that it’s an issue of incompetence, it’s a severe lack of opportunity. By completely changing the way to talk and feel about money, we’ll begin to create the opportunities we and other women have deserved for so long.
It’s time that we start those long overdue conversations about money, and it’s also time that we start taking action to secure our financial freedom. We can start doing this for ourselves by negotiating for every new opportunity at work, every raise, and every promotion at work, as well as advocating for equal pay at our workplaces in general.
Oh, and here’s the big one: we’ll start investing.
Because, contrary to popular belief, investing is something that women are proven to be better at than men. Ellevest specifically takes into account the fact that women live longer and take more career breaks when building your investing plans, so you know you have someone who understands exactly how your money works and what you want to save it for. Best of all, it only takes minutes to speak with a team member at Ellevest to get started on your portfolio today.
With Ellevest’s new Impact Portfolios, you have the ability to not only save up for your biggest goals but to also help companies that advance women’s interests.
How?
Up to half of your portfolio will be made up of companies that are specifically committed to social change and women’s advancement. Best of all? Ellevest is giving you $100 when you invest in Impact Portfolios. Talk about a win-win-win.
It’s time we all step up and do our part to not only honor our goals but to honor to goals of all women who are working hard across the globe.
“When you invest, you give yourself the opportunity to earn more money than what you’d likely get from keeping your money in a barely-earning-interest savings account. That could mean a better retirement. A nicer house. A bigger F-Off Fund,” says Krawcheck.
Repeat after me: “We will start talking about money. We’ll ask for more money, we’ll save more money, we’ll invest more money, and we’ll give ourselves the opportunities we deserve.”
Money is power. It’s way past time that we got ours.
You in?
Summer is here, and it’s time to up your wardrobe for the warm weather. For me, the first place I like to start is my arm candy — no, not that one — my go-to summer bag. As we do here at Style Salute, we scoured the S/S 18 runways, our Instagram feeds, and the inventory of some of our favorite e-tailers for clues as to what the top trends will be this season. As to be expected, one trend that came up time and time again was the woven basket bag or straw bag.
Our friends at Rank & Style confirmed that this season. “Straw bags are so much more than a go-to tote. Designers are transforming them into tassel ridden crossbody styles, fun half moon shapes, and even oversized clutches,” says Rank & Style Accessories editor. Basket bags are no longer just for the beach — they’re now a summer essential too. The round woven basket bag was heavy trending last summer and it hasn’t died down yet. It’s still the best bag for summer.
We know there are plenty of options available for you so how do you know where to start? Whether you want a simple round crossbody or an embellished basket or, we’ve found the styles that are being carried by of all of your favorite influencer. So if you’re on the hunt for the perfect basket bag, look no further.
Scroll to shop our edit of the best basket bags to carry in 2019.
Each Bali Rattan Bag is made from handwoven ata rattan, which is smoked over coconut husks before being sun-dried. What’s more, the clasps are made from vegan leather.
NATURALNEO bags are organic, handmade, recyclable and natural, featuring elaborate handwoven knit by Vietnamese artisans.
This Cult Gaia-esque bamboo bag by LibbyPet is made from 100% natural bamboo. It’s the perfect bag for day to night.
Pulama bags are made of natural wicker and crochet. It’s handmade, unique and durable, and has a drawstring closure to keep your items secure.
We’re making this cute bohemian beach circle bag by Zozu a new classic piece for any occasion. The crossbody design makes it a great practical gift for any fashion lover.
If you’re looking for the perfect woven tote bag, look no further. This tote by INSANY is super lightweight and has a zipper closure to keep all your beach necessities safe.
This adorable woven bag by JOSEKO comes in a variety of different colors, and is large enough for just the essentials. It’s got a fine straw surface, cotton flower print lining and a removable shoulder strap, transforming it into a clutch.
KOKOREVA’s rattan bags promise to not cause environmental pollution. Each bag has a flax linining and comes with a cotton dust bag cover. They’re entirely handmade, so no two bags will be the same.
For every bag you purchase, Senvina will donate one dollar to the artisans’ children from the mountain areas of Vietnam. They’re made from natural materials and come in a crossbody design.
This bamboo bag by Miuco is on a major sale right now, and we’re loving it! Wear it with virtually anything for an easy elegant look.
Rattan Nation’s black rattan bag is made for city gals that love a touch of boho to an otherwise understated look. Each bag has a print lining inside and the shoulder straps are made of leather.
Another staple piece by Rattan Nation is this rectangular ata basket bag. The bags are handwoven and smoked over coconut husk to attain the rich golden color.
Each bag by Bali Harvest is handcrafted by local Bali artisans. They feature a leather button and batik linen lining.
Another one from Bali Harvest, but this one features a cute bow clasp that adds a sweet touch to any outfit.
DSAKGTE’s woven basket bag is a summertime must-have. It’s made from natural bamboo and is an ideal size for those tropical parties.
SUNKY’s handwoven rattan bag is made from 100% natural rattan fiber and features an elaborate handwoven knit.
Made from 100% Vietnamese rattan, Lefur’s rattan bag is sure to attract attention with its bold yet stylish carved design.
You know those weeks when it feels like you’re just bleeding money every day? We hear you — it’s kind of like that happy hour you so badly want to attend after work. You got out early. You had a tough day and you just want to see your girls. But giving up that happy hour drink and appetizer ($15 per night out x 10 workdays a month = $150) can make a big difference at the end of the month.
Thankfully, spring brings the opportunity for a clean-slate philosophy and a shift in perspective. After overspending during the holiday season and into putting money towards our resolutions, we enter the new season wanting to stop our bad habits and reset priorities.
This means not only cleaning out your closet and emptying your cupboards but also taking a fresh look at your finances and find out how we could be saving more. One of the best ways to this is to cut down on unnecessary expenses you don’t need to have. Not sure how to do this? We tapped Sallie Krawcheck, the former Wall Street powerhouse who founded Ellevest — an investment firm aimed at women — to get her tips on what to do that that will help keep you from overspending.
So what should you stop wasting money on? Here is the simple practice to consider now.
First things first: Do an audit of your expenses. “Take out your monthly bank statements and cut a recurring expense,” says Krawcheck. The best way to do is to follow the 50/30/20 rule to divvy up your finances: “Dedicate 50 percent of your check to your personal needs (rent, food, your phone), 30 percent to having fun (the stuff that give your life color, travel, dinner, that happy hour) and 20 percent to future you (this is the money you invest to make sure future you are taken care of).” Follow this rule of thumb, Krawcheck says, and you’ll be set on the path to financial success over the course of your life (learn more about the 50/30/20 rule here).
“And if you can’t hit that 20 percent goal right away, that’s okay,” Krawcheck says. “Invest what you can afford today, even 1-3 percent of your take-home pay, but get yourself in that habit of investing in your future.” Once you’re able to do this audit and you’ve found that recurring expense(s) that you can cut and you’ve paid off all your debt, it’s time to identify both your short-term and long-term goals.
Identifying goals and a plan to support them will bring you the assurance of a sound financial future. We’ve all got goals… fitness goals, career goals, travel goals… but what about our money goals? Without clearly identified goals and a financial plan to back it, there’s the tendency to mismanage your money with overspending.
At Ellevest, their objective (24/7/365) is to help you reach your personal investment goals. Period. That’s very different from active investing, which is all about beating the markets. In that construct, it’s possible that a financial advisor can be wildly successful in beating the market, but you as a client you might not be able to start your business or buy a new home. That doesn’t work very well for you, does it?
That’s why at Ellevest, they measure how you are doing against your goals, not a market benchmark.
With goals-based investing, the only objective is to determine the combination of investments together with savings that help you achieve your personal goals.
Once you determine your goals, you need to make investing a habit. Why is it important to make investing a habit? Sallie Krawcheck says that unless you are Warren Buffet, you are likely playing a loser’s game. “The right way to invest is to take a certain percent from every paycheck — whether that’s 1% is what you can afford or 10% or 20%.” This will earn you market like returns which over time is much more than the returns you would get from keeping that money in the bank. So, get a certain percentage of that paycheck taken out automatically every month,” Krawcheck says. “It’s the old ‘pay yourself first’ trick.”
The more you can automate these things, the better off you are. It’s easy to dip into your savings account when it’s just money sitting there. But when you open an investment account and put 20 percent (or whatever you can) every month toward your goals, you’ll feel in charge of your money and will be less likely to overspend. And you shouldn’t wait until you think, “Oh, I now have enough to invest.” It’s never too early to start and you can start with your first $1 today. “Every dollar invested in your 20’s is more valuable than a dollar invested in your 30’s or 40’s,” says Krawcheck. Get your personalized (and free) investment plan here.
No matter how much you can invest today, you can personalize your investing experience. Having your goals spelled out can give you a burst of much-needed motivation to keep on track toward your goals. You can even nickname your investment account, with the name of your goal like “Home Sweet Home” — because hey, that mortgage won’t pay for itself, but owning your own home can certainly be sweet.
Have goals you want to budget for? I think yes. Whether your goal is to stop spending so much, buy a home, have kids, or take that big trip, Ellevest will guide you toward achieving your goals.
Here’s to a year when wealth is a priority and making those goals (aka your big dreams) real life.
Next up: here’s what every woman needs to know about saving for retirement.
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Is it possible that you’re spending more on your morning joe than saving for retirement? According to a new study conducted by SurveyMonkey for investing app Acorns, the answer is likely yes. A staggering 1 out of every 3 Millennials spends more money on coffee than they spend saving for retirement. Especially, it turns out, women.
This is really, really bad for a generation of women which prides itself on individuality and power. That’s why it’s one of our goals here at Style Salute to help you get a jumpstart on saving for retirement and to take action to be in greater control of your money.
Sure, retirement planning can be an overwhelming topic for everyone — we get it — it’s not fun. And worse, it’s confusing. But that should not be an excuse to not contribute. And yeah, it’s not the same instant buzz as an iced caramel macchiato, but with some strategic planning, you can save for retirement and have fun.
So, Why even care about retirement right now? Priya Malani, the money-savvy co-founder of Stash Wealth, suggests the sooner you start planning for retirement, the more time you’ll give your money to grow. This is because your money is more valuable in your twenties than any other time. According to Malani, every dollar you save in your twenties will be worth around $16 in retirement whereas every dollar you save in your thirties will be worth around $8 in retirement. You don’t need to be a financial expert to know that that’s a lot of money to lose out on if you don’t act now.
So, with your money worth more now than in the future (think of it as a reverse fine wine), it’s probably a good time to put some thought into how you’re saving for retirement. Think about it: If you can start being as free with your investment money as you are with your daily coffee budget, you can be looking at a nice cushion of money in just a matter of a few years.
A lot of people, particularly women, make the mistake of putting off retirement planning. Maybe you’re confused by the process, or you think you don’t know enough yet or have enough money yet to get started. But every day that you’re not investing that money, it can cost you money. Have questions? You may have an employer-sponsored 401(k), but is that enough? Should you have another retirement account like a Roth IRA on top of your company account? What if you’re a freelancer? What the hell is matching? And why do my eyes glaze over every time I try to read an article about the right way to save for retirement? Don’t fret, I got you.
Here’s what you need to know about saving for retirement, including what to do if you haven’t started.
Sorry to be the messenger here, but when it comes to retirement, we women are far worse off than men. The gender retirement-gap may be less well-known than the gender pay gap, but it is a lot wider than the pay gap. The fact is we women retire with two-thirds the savings of men, live six to ten years longer and as a result of our longer lifespans, we have higher medical costs.
The good news is that it’s quite simple to develop a powerful retirement strategy now. Sallie Krawcheck, former president of wealth management at Bank of America spent years as one of the few females at the top of the financial industry, and now she is looking to change all that with the launch of Ellevest, a robo-advising platform designed specifically for women.
Ellevest factors women’s generally lower incomes, different lifetime earnings curve, and longer lifespan into portfolio construction. Another notable feature is Ellevest’s additional planning layer, which helps clients achieve short-term financial goals — e.g., amassing an emergency fund, saving for a home — in addition to long-term financial security. Taking action to be in greater control of your money, and saving for retirement can help us spend more time focused on work, rather than focused on not having money.
Try it now: Be a woman with a plan. Invest with Ellevest in Under 10 Minutes. Simply, head to the Ellevest website, tell them about yourself and your life goals in 5 short steps, and they’ll suggest personalized investment portfolios based on your goals.
Now that I’ve covered why preparing for your retirement is so important, it’s time to go over which types of retirement accounts exist, and which one(s) are best for you.
One thing to know for sure. Retirement planning is different for everyone. There’s no one-size-fits-all account for retirement savings. Different options are out there depending on your individual financial situation.
Ready to expand your portfolio? Scroll down for our breakdown of these six types of investments.
If you have access to either one of these types of accounts, great! An employer-sponsored account is a great place to start saving up for your retirement. Choose how much you want to invest and the amount will be deducted from each paycheck. You can contribute a maximum of $18,500 to your 401k each year. If your employer offers a 401k match, take it! It’s basically free money.
Anyone can have an IRA, regardless of whether or not you have a 401k. You can contribute up to $5,500. With an IRA, you contribute your pre-tax earnings and you won’t be taxed on that money until you withdraw from your IRA. If you are a freelancer and aren’t covered by a workplace retirement plan, you may even have a completely tax-deductible IRA. In plain English, that means that you won’t be a tax liability and therefore will have more money to invest in your future.
One caveat, though: if you’ve moved into a higher income bracket by the time you do come around to withdrawing your money, or if the government raises tax rates in the future, you could end up paying more taxes.
With a Roth IRA, you’ll pay taxes on what you contribute automatically. So while you don’t have a reduced tax liability, you won’t have to worry about paying taxes on whatever you withdraw in the future. Roth IRAs do come with income requirements. Many people have both a traditional IRA and a Roth IRA if they aren’t sure how they’re future is looking (e.g. whether or not they’ll move into a higher income bracket). Malani says that opening a Roth IRA is the best thing to do if you don’t have an employer-sponsored 401k if you’re eligible. “For most millennials, setting up an automatic monthly transfer from your checking account to your Roth IRA is a great idea because if you plan to contribute to your Roth IRA manually, you’ll never do it!”
Malani’s advice is to “Try maxing your Roth IRA each year, which means a contribution of $458 per month. You could break that up into 2 monthly payments if you get paid twice a month. Make it easier to manage.”
You can set up your own 401k and contribute both as an employee and employer. As the name implies, this is the ideal plan for someone that works for herself, as you must be a business owner with no employees to be eligible for a Solo 401k. You can contribute up to $55,000 per year to your account.
This is another retirement account that is good for those that are self-employed or who own a small business. You can contribute up to 25% of your earnings or $55,000, whichever is the lesser amount.
The Simple IRA is designed for small businesses with fewer than 100 employees. You can contribute up to $12,500 in a simple IRA.
If you’re switching jobs, you can roll over your existing 401k to that of your new jobs or to another retirement account. Ellevest offers 401k rollovers so you can keep track of your retirement savings in one place, even if you’ve been job-hopping.
Your employer-sponsored 401k may have limits as to what you can invest in, but with a Roth IRA or IRA, you can explore different investment options to grow your retirement accounts beyond just saving up to the limit. Remember, investing isn’t the same thing as gambling. It’s all about executing a smart strategy. “If you’re investing in a diversified portfolio, the only way to lose all your money would be if the entire world blew up and at that point, we’d have bigger problems to face,” says Malani.
That’s right, you don’t need to be rich to invest. In fact, even people who have loads of student debt and are seemingly scraping by can get a deal. Malani advises setting aside at least 2% of your money for your 401k to ensure that you’re making any sort of contribution you can. This piece from The Muse does a great job breaking down what you need to do whether or not you are saving for your retirement yet.
Try it now: Ellevest is fiduciary, and their number one goal (24/7/365) is making investing a better experience for you. It’s that simple.
Does all of this sound a little…confusing? Don’t worry, everyone else thinks so too. Work with an experienced financial planner that understands your unique needs and desires. For example, Stash works primarily with what they call H.E.N.R.Ys™ (or, “High Earners, Not Rich Yet”), or individuals and couples that have earning potentials in the six figures, and Ellevest’s algorithm takes into account women’s tendency to live longer and take more career breaks.
If you’re pressed for time and don’t think you can commit to investing, you’d be surprised by how little effort it takes to maintain a solid portfolio. In fact, when you have a diversified portfolio, the best thing to do is to sit back and relax. That’s just what Malani and her team advise their clients to do this at Stash. She says, “If you invest in a diversified portfolio, it should require little to no time commitment, once your automation is set up. When investing, you should keep a mid-to-long-term perspective in mind and don’t meddle with your investments. Thinking you’re supposed to do something is the enemy of proper long-term investing.” Sounds good to us!
Like Stash, it only takes a few minutes to set up a financial plan with Ellevest. From there, the team will be on hand to answer any questions you may have and guide you through the entire investment process. The goal is to always set you up for success.
Researching options for your retirement accounts may not be the most exciting thing in the world, but think about how much benefit you’ll reap just by setting up a portfolio and watching your money grow.
What are you waiting for? It only takes a few minutes to set up an account. Plus, Ellevest has no minimum so you can start investing with as little, or as much as you like.
When was the last time you took a nice long look at your expenses and what is coming into your account each month, and what is going out?
For many women, creating a budget and a financial plan can be a stressful task. Thankfully, spring brings the opportunity for a clean-slate philosophy. This means not only cleaning out your closet and emptying your cupboards but also taking a fresh look at your finances.
If you’ve never built a budget before or simply can’t stick to one, you’re not alone. According to a recent study by Fidelity, while 60% of women worry they won’t have enough money to last through retirement, only one in three Americans have a detailed budget. We’re all stressed about money, but the key to being successful is to stop stressing and start planning.
Instead of thinking of a budget as this horrible task you have to do, start thinking about it as a way to plan for the future you want to have. In other words, think about what your goals are, and how you can work toward them with what you have. Not sure how to do this? We’ve drawn on leading financial expert, Sallie Krawcheck, the former Wall Street powerhouse who founded Ellevest — an investment firm aimed at women, to get her jargon-free, tips on how to create a budget and achieve your goals.
If you’ve been putting off budgeting and creating a financial plan to achieve your goals, it’s time to finally check it off your to-do list.
Here’s a look at how to develop a budget and a financial plan that will help you take control of your money.
If your budget problem has to do a lot with overspending, you need to get understand what is coming into your account each month, and what is going out. The best way to accomplish this is to cut down on unnecessary expenses you don’t need to have. “Take out your monthly bank statements and cut a recurring expense,” says Krawcheck. Need a formula for spending. A good rule of thumb for spending is to follow the 50/30/20 rule to divvy up your finances: “Dedicate 50 percent of your check to your personal needs (rent, food, your phone), 30 percent to having fun (the stuff that give your life color, travel, dinner, that happy hour) and 20 percent to future you (this is the money you invest to make sure future you are taken care of).”
Follow this rule of thumb, Krawcheck says, and you’ll be set on the path to financial success over the course of your life.
“And if you can’t hit that 20 percent goal right away, that’s okay,” Krawcheck says. “Invest what you can afford today, even 1-3 percent of your take-home pay, but get yourself in that habit of investing in your future.” Once you’re able to do this audit and you’ve found that recurring expense(s) that you can cut and you’ve paid off all your debt, it’s time to identify both your short-term and long-term goals.
Before you say, “I’m too young to think about retirement,” let me remind you of that dream to live in Paris or take an African safari — whatever your deal is — that’s your retirement dream. Now you can make it a goal and plan for it. How?
Get a certain percent of your paycheck taken out automatically and automate an amount into your 401(k) plan or IRA,” Krawcheck says. “It’s the old ‘pay yourself first’ trick. You won’t have to remind yourself every two weeks to put another $500, $100, $50, $5 or whatever it is an investing account.”
The more you can automate these things, the better off you are. It’s easy to dip into your savings account when it’s just money sitting there. But when you open an investment account and put 20 percent (or whatever you can) every month toward your goals, you’ll feel in charge of your money and will be less likely to overspend.
Try it now: Have questions about rolling over your 401 (k)? The entourage at Ellevest can help guide you. It just takes 10 minutes. Find out more here.
“You know you want to retire in style. And you deserve a retirement account designed to help you do just that,” says Krawcheck. “Every dollar that you contribute to an Individual Retirement Account — aka, an IRA — is a dollar off your taxable income.”
Anyone with earned income can open an IRA. That’s great news, especially if you’re a freelancer, or work at a place without a 401(k) plan. Once you open an IRA, it stays in the same place, even when you switch jobs; it’s not housed with your employer. Pretty cool, right?
Here are the basics: There are two types of IRAs — Traditional and Roth. What’s the difference? With a Roth IRA, you pay taxes on the amount you contribute first. This means you don’t reduce your current tax liability, but once you pay those taxes, you don’t have to pay them again, meaning you’re not paying taxes on the growth of your investments. When you make withdrawals, every last penny is yours to keep.
Anyone can contribute to a Traditional IRA, eligibility for a Roth IRA is based on your income level. You can see which one’s right for you here. Whether you open a Traditional or Roth account, the bottom line is an IRA lets you add thousands of dollars a year to your retirement savings. You can open an IRA at Ellevest, or at another financial services provider.
Try it now: Have questions about rolling opening your IRA? The entourage at Ellevest can help guide you. It just takes 10 minutes. Find out more here.
“When it comes to getting things done, there’s nothing quite like having a plan,” says Krawcheck.
Seriously — there was a study in the British Journal of Health Psychology that showed a strong correlation between writing down a goal and following through with it. The biggest problem for most of us is without clearly identified goals and a financial plan to back it, we have a tendency to mismanage our money with overspending. So, the key here is to set goals for yourself.
Every journey starts with a destination, and you’ll feel so good and so confident once you set these goals and establish a budget to achieve them. In fact, according to a recently released money census, The one thing that makes women feel in charge of their futures is putting away money for financial goals.
How can you start goal-setting toward your future? Make investing a habit. You don’t need to wait until you have a giant sack of money to invest, either. You can start with as little as $20 — anything is better than nothing. Ellevest, for example, doesn’t require any minimum to open an account. Having your goals spelled out can give you a burst of much-needed motivation to keep on track toward your goals.
Try it now: Have questions about investing? Get a personalized financial plan from Elllevest in just 15 minutes and have expert advice at your fingertips.
Have goals you want to budget for? Whether your goal is to develop that budget, buy a home, have kids, or take that big trip, Ellevest can help guide you toward achieving your goals.
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