Spending on cosmetics

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As a young female college student, I, myself often get suckered into buying new advertised cosmetic products.  Although I know on the back of my head that they are all a waste of money and prices are very expensive, I still can’t hold back from buying them on once in a while.  I’ve been using branded cosmetic products and skin care products ever since I was fifteen.  As I grew older, I realize that brand isn’t important but rather what’s inside the product truly matters.  So I ask myself, what is it that made me think all these years that brand is such a big issue to not only me but to a lot of young females?  The truth is companies want us to believe that the bigger and well known brand, the better and effective their product will work on your skin.  It’s almost like we’ve been hypnotized by all these advertisements and the display work from counters in malls.  What’s the difference between a $10 Walgreens eyeliner vs. a well known brand for $25? Matter of fact, there might not even be a difference in terms of ingredients and how effective they work but rather the brand that matters. 

Hidden truth about cosmetics

Before you start spending all your paychecks on expensive cosmetics, you should think about the alternatives to a cheaper similar product.  What do I mean by that? I like the idea of saving money and forming budgets relating to how we spend our money in everyday life. According to the article,” A cosmetic industry overview for cosmetic chemist” by Perry, the cosmetic industry pockets $170 billion a year.  The cosmetic industry is making a fortune producing expensive products to attract females of all ages.  No matter what age you may be, beauty is never something any female will discard or forget about.  It’s important to look young and beautiful but being smart about your spending strategies is also important.  You can kill two birds with a stone for being beautiful and smart while saving money.   

There are many sites that provide  helpful tips on how to save on cosmetics

A cosmetic industry overview for cosmetic chemist” by Perry is a very intersting article that talks about the hazards of makeup. 

Organic food is becoming more popular nowadays and people are really trying to cut back on eating unhealthy.  If organic food is important, why not think about cosmetics in the same way.  In fact, there are a lot of harmful chemicals in cosmetics that we don’t know about.

Toxic ingredients that are inside many brand name products. 

I’ve recently been a fan of natural makeup brands that end up in Whole foods and many natural food markets.  They contain ingredients that are good on the skin for a very good price also.  Making decisions on what types of products to buy is really like putting two different products on a scale.  You really have to make priorities to what you really want for yourself who may include whether brand name is important, price of the product and the ingredients.

Saving can be easy too!

First, I want to emphasize the importance of saving and the many ways people, most importantly students can save on a regular basis. Saving money is a major benefit because it sets aside savings for emergency use and allows extra money to grow using investment tools.

Why is it so hard to save in the first place?

Walking down the streets of downtown, I notice advertisements are everywhere from buses, buildings and even on the top of taxi cabs. It’s almost like they’re screaming out to you saying “Buy me!” No wonder college students and even I struggle to save money due to the temptation from all these ads everywhere. Companies are targeting online ads nowadays the most because technology has provided easy access for all of us with those handy dandy smart phones. With all the nicely advertised sugar coated products out there, the younger generation of kids out there ends up with racked up credit cards and no savings. There’s so many new innovative products out there today in the market that it’s irresistibly hard for people not to own one for themselves.

My own experience

After so many years of spending and trying to save money, I have accumulated several tips on how to save money.

  1. Set a goal: How much money do you hope to save within a certain time frame?
  2. Motivation: What do I want to use that saved money for? Perhaps to buy something really nice for myself? Invest the money? Or simply to put in a bank for emergency use?
  3. Categorize needs and wants. Ask yourself what are the absolute resources I need for everyday use and those that I can live without.
  4. Create a budget on how much you allow spending every week
  5. Set money aside every week and store the money away.

The tricky thing about saving money in my own opinion is the temptation to spend it after you save some money.

Here’s an interesting piece of advice  that can help college students save money.

Saving money using a step by step procedure is also important for those who want to get started right away. 

What to do with the saved money afterwards?

Money can be put in a savings account that has a minimum. Having a minimum on an account for example $5000 allows the temptation to pull out money or else it will get charged. If enough money is saved up, you have the option of putting into a CD account. A CD account is a certificate of deposit account which allows you to have interest on your money. The longer you allow your money to sit in the account, the higher interest rate you will receive in return. A CD allows the client to put money into an account but aren’t able to draw money out before its maturity date.

It was very hard to keep the money I have successfully savedk but I have learned that control is the biggest power we own.

There are indeed

Subdue your appetites, my dears, and you’ve conquered human nature” by Charles Dickens.

Here is a link for financial strategies to invest money

budgets in everyday life..

 

In this blog entry, I would like to have a discussion about the idea of a budget.  We all deal with budgets in our everyday life from figuring out how much to spend on lunch for students to making decisions for a corporation for a business employee working in a finance firm.  The formal definition of a budget is “one that embraces the impacts of the financial decisions of a firm. Planning which includes showing the effects of planned operations and capital investments on assets, liabilities and equities and cash budgets.  So what does this really mean? And this seems to only pertain to a business level.

To put this in simpler terms, a budget deals with how we allocate our resources in an efficient and smart way, simply how much resources (money, capital, equity) we have on hand, and how we are going to use those resources.  This includes either to spend the resources or to invest.  People may not realize but our daily routine activities deal with the idea of a budget.  In my opinion, budgets not only pertain to physical attributes including money, capital, stocks but also our values, ideas opinions and perception in life.  Every decision we make in life mostly deals with the idea of making an exchange according to our abilities and how much we are willing and able to spend according to how much money we make.  Budgets are like limits because each person has their own values in life and how far they are willing to go in order to take action on something.  For example, I am a person that doesn’t get angry easily and it would take a lot for me to throw a tantrum or pick a fight with someone.  So if I put in a scale, my tolerability to anger would be 9 out of 10.  If someone were to go over that limit to make me angry, I would get really angry and perhaps fight them.  In my opinion, budgets doesn’t just pertain to money and investments because our personality traits can be seen a budget too. 

Budgets can also be looked at by the idea of preferences.  We all have our own preferences according to the budget we have in mind. For example, one prefers to go to Safeway instead of Whole Foods because perhaps their budget is $50 a week on buying groceries and going to Safeway will buy them double the products compared to Whole Foods.  We all have a budget on how much we are willing to spend according to how much money we have on hand but preferences are one attribute to our final decision.  Some people prefer less of something but better quality but others may prefer more of something but not so good quality.  I feel like no matter where we are, we are following a set of rules set by society or the business world.  What we learn in school about finance and school are applicable in the real business world and media and social interactions shape the way we view this world.

about myself …

I was born in Vietnam and came to the United states when i was 2 years old.  Even though i was  born in Vietnam, i do not know how to speak vietnamese but instead i speak cantonese at home.  My parents are chinese and both their families  moved to Vietnam before they were born.  I’ve been working at bank of america for six years already and plan to find a job in the finance field when i graduate next semester.  When i entered college, i picked my major as accounting found little interest in the field and later changed to finance.  I found interest in the subject of fianncial planning and learning how to budget your money accoridng to risks. 

The purpose of this blog is for my Eng 414 course.  I will be discussing about business topics relating to the idea of how to save money.  I wanna be able to relate business strategies i learn in fiannce  to the different elements of everyday life.  This may include what types of products to choose in order to minimize our costs and maximize product qualtiy and usage.