When "Girl Math" Adds Up to Financial Sanity
By nearly every measure, Americans are financially strained. Yet, we’re coming up with new ways to justify expensive purchases.
The Latest Trend: "Girl Math"
The latest way, coined "girl math," breaks down the price of an item by the cost per wear. If you use an expensive handbag every day for a year, for example, then it might only set you back a few bucks each time you wear it.
Rationalizing Luxury Indulgences
TikTok’s latest trend aims to reframe the narrative around luxury indulgences. However, with any big-ticket purchase, consumers should first consider the trade-offs, experts say, especially if it comes at the expense of their financial well-being.
The Psychology of Payment Methods
In addition to how these purchases are rationalized, there’s also a psychology to which payment method is used. Buying big-ticket purchases in cash, for instance, makes them easier to forget because there’s no paper trail.
Treat Culture and Retail Therapy
All this coincides with TikTok’s other recent trend, "treat" culture, which promotes spending money as a form of self-care, providing a temporary boost during stressful economic times.
When "Girl Math" Works
Most experts recommend thinking about major purchases more carefully, and that’s where "girl math" can come in handy. "Sometimes, ‘girl math’ is perfect math," said Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner. Factoring in how often you will use or wear an item helps "calm down the emotional part of the brain and turn on the rational part of your brain."
When the Math Doesn’t Add Up
"The math often won’t end up in favor of splurging on luxury goods. Jewelry and watches may hold their value but most of the rest are depreciating assets," said Christine Benz, Morningstar’s director of personal finance and retirement planning. That underscores the importance of weighing those types of purchases carefully and considering the trade-offs, especially if it comes at the expense of your economic standing.
Conclusion
The key takeaway is that "girl math" can be a useful tool, but it’s not a hard and fast rule. It’s essential to consider the broader context and the potential consequences of such purchases on one’s financial well-being.
FAQs
Q: What is "girl math"?
A: "Girl math" is a trend on TikTok where people break down the price of an item by the cost per wear.
Q: Is "girl math" a valid way to justify expensive purchases?
A: While "girl math" can be a useful tool, it’s not a hard and fast rule. It’s essential to consider the broader context and the potential consequences of such purchases on one’s financial well-being.
Q: Is spending money as a form of self-care a good idea?
A: It depends. While short-term boosts might be beneficial, long-term financial well-being and security are more valuable.
Q: How can I make sure I’m not overspending?
A: weighing major purchases carefully, considering the trade-offs, and prioritizing long-term financial well-being are essential.
