Making money is hard. Keeping it is harder. No matter how much it's drilled into our brains to save, save, save, the income we earn seems to flow into our bank accounts just as quickly as it flows out. The fact is, about 40% percent of Americans who earn over $100,000 a year can't seem to save, according to a GoBankingRates survey. Sure it's important to save for emergencies, but the goal is to have enough to invest, so that we earn much more and work much less—maybe even not at all. It sounds great, in theory. So why is the struggle to save so real?
Our brains could be to blame
Really. A team of neuroscientists at Cornell University found that 90 percent of participants in their study chose to earn more than they save. Because the emphasis on making money seems like an effort all its own, when it comes time to put the money into a savings plan, we're spent, if you excuse the pun. "It's rational from the brain's perspective: You must earn before you can save," Adam K. Anderson, associate professor at Cornell University's College of Human Ecology and co-author of the report, tells CNBC. "It could partly be cultural," he says. "We brag about work ethic and earnings, but we don't talk about coming up with a cool savings plan."
Our goals are too abstract or long-term
The other issue is that earning money provides an immediate reward, while saving that money is only rewarding in the abstract and hinges on future plans—buying a house, retiring—which may feel like pipe dreams when you're scraping to save.
One thing you can do is set up mini-milestones that feel actually feasible in the short-term—think buying a new appliance, taking a vacation or redoing your closet. Saving enough to reach smaller, more accessible goals gets you in the habit of saving period. And that's a whole lot better than not saving at all.
We have instant access to shiny things
It's not just you. 79 percent of Americans shop on their phones or laptops, with 15% buying stuff online on a weekly basis, according to a recent Pew Research study. When you can purchase anything with the click of a button, you're less likely to feel the immediate impact of your purchase on your bank account.
Social media makes our shopping impulses even harder to turn off. Between Facebook ads and Instagram influencers, we're bombarded with dangling carrots we think we need in the moment.
"We are socially comparative creatures by nature," psychologist and author Nancy Irwin tells MarketWatch. "[People] feel inferior if someone they know has a shinier or bigger toy than they do."
One thing to do is delete your auto-saved credit card from e-commerce sites you frequent so that it's harder to shop instantly. You might consider taking a break from Paypal, ApplePay and other insta-payment sites so that you're forced to manually enter your information before you shop. That lag time could make all the difference.
All those subscription services are killing us
Technology doesn't just suck you into one-time purchases, but monthly subscriptions as well. So all those creature comforts like Netflix and Spotify that we've come to rely on add up to more bills we often forget about. "Our issue is we're spending before we even save and then never look back," Brandon Hayes, a financial planner, tells MarketWatch. "With a cashless society, it's tough to appreciate a dollar when you never see one."
Creating a monthly budget and reading your credit card statements closely will both help you eyeball your spending habits and weigh your options about subscription services that may not be worth it to you in the long run.
We never know when the next paycheck is coming
In a gig economy with over 53 million freelancers, it's hard to feel entirely confident when and from where your next paycheck is coming. That makes signing up for an automatic savings plan seem riskier than it might be if you had a steady, unfluctuating income. One thing to consider is a no-fee online savings account you can dip into when needed.
You can set up micro-auto-payments just to get into the habit of socking money away and up the number as your workflow builds. There are also micro-saving tools that allow you to transfer as little as $1 from your account—as much as a cup of coffee. Setting up daily auto transfers of a buck may seem like petty cash at first but it adds up over time.
We just can't afford to
Between credit card debt, student loans, the rising costs of rent and bare necessities, 65% of us aren't saving a penny—and our biggest problem is our expenses. The best thing to do is to create a budget.
There are some easy-to-use online budgeting tools that make the task much less daunting. This will help you figure out how much is going in and out of your account, and ultimately where you can cut the fat so that you have a little bit leftover to sock away.
The whole thing gives us anxietyIn a world with too many options, even when it comes to choosing a savings plan, where do you start? The good news: technology is not totally the enemy. There are plenty of online resources that have done the work for you. Here's a breakdown different types of savings plan to decide which one is right for you. And here are some questions to ask yourself before you dive in head first. A little research will give you the confidence to hone in on your own research and set up an account that makes the most sense for your situation.
Over the past month, both Haiti and Afghanistan have been pummeled by tragic disasters that left devastation in their wake.
In Haiti, a 7.2 magnitude earthquake erupted, leading over to 2,189 deaths and counting. A few hours later, in Afghanistan, Kabul fell to the Taliban just after U.S. troops had pulled out after 20 years of war.
In many ways, these disasters are both chillingly connected to US interference. The United States invaded Haiti in 1915, ostensibly promising to restore order after a presidential assassination but really intending to preserve the route to the Panama Canal and to defend US creditors, among other reasons.
But the US forces soon realized that they were not able to control the country alone, and so formed an army of Haitian enlistees, powered by US air power and intended to quell Haitian insurrection against US controls. Then, in 1934, the US pulled out on its own, disappointed with how slow progress was going. Haiti's institutions were never really able to rebuild themselves, leaving them immensely vulnerable to natural disasters.
Something similar happened in Afghanistan, where the US sent troops and supported an insurgent Afghan army – only to pull out, abandoning the country they left in ruins, with many Afghans supporting the Taliban.
In both cases, defense contractors benefited by far the most from the conflict, making billions in profits while civilians faced fallout and devastation. While the conflicts and circumstances are extremely different and while the US is obviously not solely to blame for either crisis, it's hard not to see the US-based roots of these disasters.
Today, in Haiti and Afghanistan, civilians are facing unimaginable tragedy.
Here are charities offering support in Afghanistan:
1. The International Rescue Committee is looking to raise $10 million to deliver aid directly to Afghanistan
2. CARE is matching donations for an Afghanistan relief fund. They are providing food, shelter, and water to families in need; a donation of $89.50 covers 1 family's emergency needs for a month.
3. Women for Women International is matching donations up to 500,000 for Afghan women, who will be facing unimaginable horrors under Taliban control.
4. AfghanAid offers support for people living in remote regions of Afghanistan.
5. VitalVoices supports female leaders and changemakers and survivors of gender-based violence around the world.
Here are charities offering support in Haiti:
1. Partners in Health has been working with Haiti for a long time, and they work with the Department of Health rather than around them, which is extremely important in a charity.
2. Health Equity International helps run Saint Boniface Hospital, a hospital in Haiti close to the earthquake's epicenter.
3. SOIL is an organization based Haiti, "a local organization with a track record of supporting after natural disasters." They are distributing hygiene kits and provisions on the ground to hospitals and to victims of the earthquake.
4. Hope for Haiti has been working in emergency response in Haiti for three decades, and their team is comprised of people who live and work in Haiti. They focus on supporting children and people in need across Haiti.
When the new Tiffany's campaign was unveiled, reactions were mixed.
Tiffany's, the iconic jewelry brand which does not (despite what some might be misled to believe) in fact serve breakfast, featured Jay Z, Beyoncé, and a rare Basquiat painting in their recent campaign.
The aesthetics were undeniably luxe and historic. The campaign showcased the rarely-seen Basquiat painting Equals Pi (1982), which the brand acquired for the background's proximity to its distinctive Tiffany blue. Also notably historic is that Beyoncé was the first Black woman to wear the 128.54 carat Tiffany Diamond.
Before Beyoncé, the only other stars to wear the yellow diamond were Mary Whitehouse, wife of American diplomat Edwin Sheldon Whitehouse, Hollywood icon Audrey Hepburn, and singer Lady Gaga.
"Beyoncé and Jay-Z are the epitome of the modern love story …. Love is the diamond that the jewelry and art decorate," said the press release accompanying the campaign.
The campaign, titled "About Love," is stunning and has both classic and contemporary references. The image of the couple posing in front of high art recalled the iconic stills from their "APESHIT" music video, for which they famously rented out the Louvre and posed in front of the Mona Lisa.
THE CARTERS - APESHIT (Official Video) www.youtube.com
Their "APESHIT" photo made a giant cultural impact for its juxtaposition of Western beauty and Blackness. Tiffany's campaign seemed to have similar goals — showcasing Beyoncé and Jay Z as the peak of luxury, this time juxtaposing the Basquiat and the Tiffany diamond.
As a Black couple, their appearance in such a luxury campaign was a big move for representation, but in a post 2020 landscape, there was an outcry of criticism.
Despite the aesthetic beauty of the image, the high capitalist undertones didn't sit right with some on the internet — largely younger demographics. Though this campaign was an effort by Tiffany's to appeal to younger audiences and make the brand feel more relevant, Twitter's verdict was clear: a blood diamond wasn't the way to go.
The diamond, which was mined in South Africa in 1877, comes from origins laden in the implications of colonialism. The practice of mining in South Africa at the time was exploitative and destructive, eschewing the livelihoods and safety of African miners and their communities for... what? Money? So Tiffany could try to sell us some dream of affluence using Black celebrities as to "Blackwash" the history behind their treasured piece?
The Washington Post also had some choice words, saying: "Its campaign does not celebrate Black liberation — it elevates a painful symbol of colonialism. It presents an ostentatious display of wealth as a sign of progress in an age when Black Americans possess just 4 percent of the United States's total household wealth. If Black success is defined by being paid to wear White people's large colonial diamonds, then we are truly still in the sunken place."
Alongside the campaign, Tiffany & Co have promised to donate $2 million to HBCUs to fund scholarships and internships. But this measly amount (considering the multi-billion dollar net worth behind LVMH) is not enough to cover up that, despite their performative efforts to promote "diversity," Tiffany's is entrenched in a colonial history that neither beauty nor Beyonce can make us ignore.
While Black representation has been increasing over the past few years, the question of how we are represented is starting to be considered with more nuance. And as we examine the structures of wealth and hierarchical values, many people are starting to ask whether these should be the standards we aspire to anymore.
Jay Z and Beyoncé have come under fire before for their promotion of Black Capitalist values — which the kids don't seem to want. Jay Z especially seems invested in the trappings of traditional (read: white) success and wealth. His cannabis line recently unveiled a campaign based on the work Slim Aarons — which was famously focused on "attractive people doing attractive things in attractive places" — and its unashamed opulence raised some eyebrows.
Images like this aren't as revolutionary as they once might have been since they reinforce the status quo and tell marginalized people to reach for the same luxuries and lifestyles deemed aspirational by the people who have oppressed them.
Anti-capitalist theory has been around as long as capitalism has, but younger generations are more likely to question the status quo — even when it comes packed with Basquiat and Beyoncé.
The conversation about the Tiffany campaign is indicative of how Gen Z thinks differently about money and what it means to them. They are less likely to be seduced by the luster of the aspirational, and more receptive to relatability.
No more does financial literacy seem restricted to the pretentious or the elite — we get it, finance bros; you love capitalism. With Cleo, understanding your money is something that can align users with their values.
And those values don't look like blood diamonds or corporate pandering.
- Sorry, Beyoncé, but Tiffany's blood diamonds aren't a girl's best friend - Washington Post
- The Black-white wealth gap left Black households more vulnerable — Brookings
- The Unashamed Opulence of Jay Z's Luxury Cannabis-Themed Slim Aarons Photoshoot — Popdust
- ATTRACTIVE PEOPLE DOING ATTRACTIVE THINGS IN ATTRACTIVE PLACES WITH SLIM AARONS — Elle Decor
Road trips can be a lot of fun — but they can also drain your wallet quickly if you aren't careful.
From high gas costs and park admission fares to lodging and the price of eating out every night, the expenses can add up quickly. But at the same time, it's very possible to do road trips cheaply and efficiently. Without the headache of worrying about how much money you're leaking, you can enjoy the open road a whole lot more. Here's how to save money on a road trip.
1. Prepare Your Budget, Route, and Packing List in Advance
If you want to save money on a road trip, be sure you're ready to go. Try to count up all your expenses before you hit the road and create a budget. It's also a good idea to plan your route in advance so you don't end up taking unnecessary, gas-guzzling detours. And finally, be sure to pack in advance so you don't find yourself having to buy tons of things you forgot along the way.
2. Book Cheap Accommodations — Or Try Camping
All those motel rooms can add up surprisingly quick, but camping is often cheap or free, and it's a great way to get intimate with the place you're visiting. You can check the Bureau of Land Management's website for free campsites. Freecampsite.com also provides great information on If you don't have a tent or don't want to camp every night, try booking cheap Airbnbs or booking hotels in advance, making sure to compare prices.
camping road tripConde Nast Traveler
If you're planning on sleeping in your car, a few tips: WalMart allows all-night parking, as do many 24-hour gyms. (Buying a membership to Planet Fitness or something like it also gives you a great place to stop, shower, and recharge while on the road).
3. Bring Food From Home
Don't go on a road trip expecting to subsist on fast food alone. You'll wind up feeling like shit, and it'll drain your pocketbook stunningly quickly. Instead, be sure to bring food from home. Consider buying a gas stove and a coffee pot for easy on-the-go meals, and make sure you bring substantial snacks to satiate midday or late night cravings so you can avoid getting those late night Mickey D's expeditions.
Try bringing your own cooler, filling it with easy stuff for breakfast and lunch — some bread and peanut butter and jelly will go a long way. Bring your own utensils, plates, and napkins, and avoid buying bottled water by packing some big water jugs and a reusable water bottle. Alternatively, try staying at hotels or Airbnbs with kitchens so you can cook there.
4. Avoid Tolls
Apps like Google Maps and Waze point out toll locations, so be sure to avoid those to save those pennies. (If it takes you too far off route, you might have to bite the bullet and drive across that expensive bridge).
You can also save on parking fees by using sites like Parkopedia.
Road TripThe Orange Backpack
5. Save on Gas
Gas can get pricy incredibly fast, so be sure that you're stopping at cheap gas stations. Free apps like GasBuddy help you find the most affordable gas prices in the area. Also, try going the speed limit on the highways — anything faster will burn through your tank. Be sure that you don't wait till you arrive at touristy locations or big cities to fill up.
6. Get a National Park Pass
All those parks can get really expensive really fast. If you're planning on visiting three or more parks, it's a great idea to get an America the Beautiful National Parks Pass. For $80 you can get into every National Park for one year.