Pink Tax Podcast

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Can Your Divorce Proof Your Relationship? | Episode 5

Divorce. What does a relationship split mean for a woman's financial future? Statistically women are financially worse off and worse off if they divorce earlier. The studies split by gender but a lot of this has to do with the lower income earning partner, and the cost of childcare both in dollars spent and career impact of being the primary caregiver. All studies we found seemed to have a cis-hetero bias, but the findings can be applied to the lower income earning partner. 

Most financial planner prior to marriage focuses on protecting assets or the income of the higher income earning. Looking at the data that practice is a bit backwards. The lower income partner has more to lose in a separation, it will be more difficult for that person to get back on track after a split. How can you divorce-proof your marriage/partnership? Speaking openly about finances, financial stressors, and be flexible with each other. 

Pink Tax Rebate: 

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How Affordable Is Home Ownership | Mini Episode


We missed addressing some systemic issues when it comes to housing affordability in Canadian markets. Check out this housing update to talk about the barriers Canadians face when saving for a home, making ends meet, and the generational differences when it comes to home ownership. We touch on the future of home ownership being female, women are the largest upcoming group of homeowners, and these women are entering home ownership without needing anyone to "put a ring on it".

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So You Want To Buy A Home? | Episode 4


Home ownership. Will you or won't you?

This week we chat about everything home ownership. Our own personal experiences and the costs associated with owning a home. We talk about the nitty gritty so you can decide if home ownership is a goal that you even want to have. We talk about the lack of choice on the rental market, especially if you have a family and work near a city centre. 

TFSA or RRSP. We each used one for different reasons. Janine loves the first time home buyers RRSP withdrawal, but Tara used her TFSA to build up a down payment for the second property. We discuss the bare bones of affordability and whether or not to use the full amount you qualify for when getting a mortgage. We talk about the hidden risk of investing in real estate and compare it to the cost of renting. Let us know if you would like to buy a home and what barriers are getting in your way.

Pink Tax Rebate: Do the math, figure out how much you can afford. Even if you aren't purchasing a home in the near future it's a good idea to have an understanding of where you stand. 

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What’s hurting your credit? | Episode 3


The practical side of the Pink Tax podcast. This week we tackle the financial literacy topic of credit and credit cards.  Have you learned how to game you credit use and optimize your spending and repayment plan? Tune in for credit facts and tips to take control of your credit use.  

How does building a good credit history impact marginalized groups and those who don't have an ability to save? Good credit health is so important for individuals without a savings safety net or a support network that can financial support them through tough times. Knowing how to use your credit now, can help you get lower interest credit in the future if you need to use it through tough times. Setting up credit safety nets before you need them can be something to look at too. While this will look different for each person, a good credit history can help anyone access credit when or before they need it. 

 Things we reference in this podcast episode are the credit utilization ratio. This only matters for credit cards, lines of credit, or anything else that you pay down and have access to the limit again. A percentage 30% to 70% in each item is what you're looking for, just take your balance due and divide by the limit and there you go. This only works if do not pay more than the balance due on or before the due date. We talk about how scores are calculated, 35% repayment history, 30% credit utilization, 15% history, 10% different types of credit, 10% times your credit has been pulled. You can get all this info from Equifax or TransUnion, too

Our thoughts on co-signing and adding authorized users on your credit cards and loans. We share our personal experiences and a few things to think about before you allow someone to impact your credit history. For couples, we think it's important to have individual credit options rather than only joint options. If you don't feel comfortable talking about money with someone, it's probably best to not give them access to your credit history.

Pink Tax Rebate: Take a look at your credit history, get rid of any cards that aren't working for you. If you are using more than 70% of your limit either increase your limit or decrease your spending. 

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What’s Stopping You From Saving? | Episode 2


This week we dug into what holds us back from saving the money that we earn.  We touched on the different relationships a person can have with money, whether they associate it more with security or status and the importance of saving overall.  Our conversation centered around the wage gap and pink tax and how we can work to overcome those barriers to create a sense of financial security.

When it comes to the wage gap, we know that women are earning less than men are on average for the exact same type of work.  Knowing that women have a higher chance of earning less the cost of saving money is higher than it is for men. Since our incomes are not as secure or as lucrative on average it makes savings more important for women but at the same time more costly and difficult to achieve.  We can find more sponsors in our workplace, talk about what we are getting paid and demand more as we know the value of our work, as individuals and in whole industries that employ more women than men.  

The pink tax is another tricky one.  So ladies on average are earning less and at the same time having to spend more on their everyday purchases.  This is the exact opposite of what you want to have money left over for savings. We need to ask more of the companies creating these products.  As consumers, we’re not receiving the options we need to have a real choice in this. In the meantime, we can purchase men’s or gender-neutral to get by.  Also, pocket equality. Pockets of a reasonable size in clothing for all humans in all age groups. Not a huge ask here.

Pink Tax Rebate: View your net worth as a status symbol as much as the car you drive or the purse that you carry.  We are all for net worth parties to celebrate each other as we work towards a positive net worth or increasing the positive net worth that we have. We’re for financial mindfulness too.  Creating spending and savings habits that are true to your own values and set you up for success now and in the future.  

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What Is The Pink Tax? | Mini Episode


Thank you so much for all of the amazing support in our first week of the podcast being live! Over 100 of you tuned in across a variety of platforms and were patient with us when we had a few technical glitches along the way. 

Yesterday we recorded a mini episode to address a couple of burning questions including What Is The Pink Tax?

Tune in to this 13 minute episode where we discuss what the pink tax is and how it affects the gender wage gap! 

We mentioned two studies in this episode: 

- Parse Hub Pink Tax Study

- Gender Pay Equality among PhDs

Episode 2 will be live tomorrow so make sure you come back here tomorrow to tune in! 

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Money Myths | Episode 1


This week we chatted about some common money myths and why talking about money is taboo.  Talking to others about your money can make you feel vulnerable and judged. We think that the short term awkwardness is worth the potential long term gains in evening out the gender pay gap and investment and saving differences. Even just having a sounding board of friends to bounce spending, investing, and saving ideas off of is invaluable.  You could even chat about these common myths, if they’re relevant to you, and if you were guilty of buying into any of them.

Myth 1 busted: You need to be rich to start investing and building wealth. There are so many platforms that allow you to invest with very little and at a variety of risk levels.  Most savings accounts won’t pay you enough to beat inflation over the decades that you save. Tara likes to say that savings accounts are for what you plan to spend in the next year. Let’s stop letting inflation eat away at our savings and make the most of every dollar that you can save.

Myth 2 busted: Repay debt and stop saving.  We chat about the pitfalls of this strategy and the importance of building up a safety net even if you’re knee-deep in consumer debt.   Going 100% to debt repayment doesn’t allow for an emergency fund or for lifestyle spending. If an emergency does pop up or emotional spending comes into play, the credit that was just paid down can creep back up again.  Going into debt for some purchases like cars, houses, even everyday spending has become pretty normalized, until you mention that you’re struggling to pay it back. Paying down debt or admitting that you really couldn’t afford the repayment plan can be a pretty shameful experience.  Finding a balance between debt repayment, lifestyle spending, and future savings gets us on the right track for the debt we currently have, enjoying life now and planning for the future.

Myth 3 busted: Renting is a waste of money.  Even though we are both homeowners, there is a real case for renting long term.  Sharing our personal experiences, I think we both would have made different decisions if we lived elsewhere with a wider rental market.  Renting can be worth it just looking at the return on equity and cost of ownership but is more about what is the best choice for your lifestyle and where you live and work.

Myth 4 busted: Earning more money will leave them with less overall.  We’re in Canada and have marginal tax rates both provincially and federally. That means when you earn enough to get into the next tax bracket, it’s only the dollars in the next tax bracket that is taxed at that rate. We talked about the emotions behind this myth and we think it comes down to just feeling like you can’t get ahead.  With an ever-increasing income disparity between the ultra-wealthy and the very poor as well as the erosion of the middle class, this myth might have more to do with outdated tax brackets than it does with the marginal system as a whole. The bottom line is if you’re earning more money you will still have more net income after than what you did when you were earning less.  

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Chat with friends and family about money this week.  Let us know how it goes! What kinds of things came up and how did you feel?  Use #FemmeFinances to share your story!

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