How to improve your relationship with money - and your business - using the 7 Laws of Sheconomics

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Simonne is speaking this Thursday 19th September at 3pm BST.

Her topic? 

How to Improve your Relationship with Money and your Business using the 7 Laws of Sheconomics.

The tele-summit is hosted by Wendy Kerr, of Corporate Crossovers. Wendy has joined forces with the leading women entrepreneurial experts, including Simonne, to help you and your business succeed. There will be 12 experts over 3 days - all calls will be filled with actionable advice you can apply to your business immediately. 

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Dressing like your boss can boost your career prospects.

I was stunned to witness a clone invasion while lunching in the City recently. 

A bunch of people on their work break came in, all wearing identical outfits!

Every single man wore a suit with a pale blue shirt. 

And every woman wore a pencil skirt, heels and trench mac. It was sartorial monotony gone mad.

So, with my fashion psychology hat on, I pondered.... what’s with the dressalikes?

Forget putting in the hours and hitting targets, new research suggests that dressing like your colleagues is the way to boost your career trajectory.

Debenhams surveyed 2,000 people on work place dressing recently.  Six in ten people (61%) said that dressing like their colleagues created a better team spirit and a higher level of productivity.

 

Debenhams designers, all dressed refreshingly different!

Perhaps this explains the office trend of 'work twins'. Could this be a key look for the new season?

• More than half of those surveyed said that they were heavily influenced by what their managers and colleagues wear to work.

And a third (33%) said their team deliberately bought the same clothes and wore them on the same day! Apparently ‘Checked shirt Fridays’ and ‘Blue Mondays” were popular with men, while female workers were fans of ‘Monochrome Mondays’ and ‘Floral Fridays’.

• Interestingly the majority of managers surveyed (68%) also said that staff with a similar style to them gained brownie points and were more on their radar. 

There's a psychological reason for this. Humans tend to be drawn to people who are like them, since difference can be perceived as threatening. People feel safer when they dress alike. They are signalling their need to belong to the group. A team that chooses the same style of dress for work is indicating their cohesiveness and could reflect a wider collaborative culture within the organisation or a high need for conformity. 

It’s well known that bosses often appoint and promote people who are like them. 

Boards are renowned for electing members that resemble existing ones. 

Clothes are a shorthand for who we are and what we are like, and research shows clothes  can also change the wearer’s personality.

So dressing like the boss may bring out a person’s leadership behaviours. It could even subconsciously influence others to see them as management material.  You could say that people who dress like their superiors have found a smart way to get noticed and accepted.

This story ran in the press last week and the Independent showed that copycat dressing extends beyond the workplace. Apparently Gareth Bale, when waiting for his dream move to Madrid, started dressing like his new teammate Cristiano Ronaldo in the run-up to the deal!

One of my Twitter followers, a guy, pointed out that he wouldn’t be dressing like a boss – as she’s female. Fair enough.

And when I did a Jack FM radio interview about this story the interviewer told me their boss is a keen cyclist. They were all thinking of coming to work in Lycra the following morning. I wonder what that did for their promotion chances?

Moments of Weakness: Five Impulse Spending Triggers

Do you know what your weak spot is? Is it the shoe section in Harvey Nicks or those racks of beauty products at the airport? Do you buy more food when you're hungry (who doesn't)? More clothes when you're stressed? More gifts when feeling guilty? More of anything-that-isn't-nailed-down when you're pre-menstrual and have just been paid?

People rarely buy stuff for utilitarian reasons. Buying is more often the result of mind-boggling marketing tricks, seductive store layouts and a whole host of biological, psychological and even evolutionary factors.  

Purchasing decisions aren't always made rationally

We aren't always in as much control as we'd like to be, as the growing number of people with credit card debts or compulsive shopping disorders will testify. And men and women shop differently, with more women inclined to spend on impulse.

Impulse buys are a buyer's curse and a seller's dream. 

A recent article on the excellent Huffington Post website has captured the Five Big Moments When You're Most Likely to Overspend. 

According to their writer Candace Braun, those moments of weakness are when:

You're Mindful of The Time:  A slogan that urged people to "spend a little time, enjoy C&D's lemonade," resulted in more people buying a drink, and paying 51% more for it (compared to a those who saw a sign that asked them to "spend a little money"). This 2008 study from Stanford University showed that  'spending time' feels more like buying an experience, not just handing over hard-earned cash. Slogans linked to time, like 'thank Crunchie it's Friday' work in the same way.

If the time seems right.....

You're Trying to Avoid The Crowds: You may feel super-organised shopping at 7 a.m. on a Wednesday, when Tesco is blissfully quiet, but your purse could take a bigger hit.  Being in a crowd makes us less likely to overspend, according to a Journal of Consumer Research study. We are more focused on getting out unscathed than on making another purchase.

I know you didn't come out to buy this, but here you are!

You've Got Money in Another Account: That offer of the £100 bonus for opening an extra account seems a no-brainer. However, a May 2013 study found that people tend to save more when they have just one place to deposit money.  Researchers say that with one account it's easier to keep track of how much is in there -- and how much you're spending. When we have multiple accounts, it's easy to spend from one while feeling reassured there's money in the other account too.

You've Got to Buy Something Embarrassing: To try and mask the embarrassing item in their basket, almost 80 percent of people will pile in unnecessary extras to divert the cashier's and other shoppers' attention, a Journal of Consumer Research study found. Online shopping could be the answer here!

Gift purchases are less guilt-ridden

You Need Some Retail Therapy: It's common to feel the urge to splurge when emotions are high or mood is low. My research has also shown that 75 percent of women are more likely to overspend or impulse buy when treating someone else. Feeling low can lead to us literally trying to buy happiness and buying gifts for those we care about can help us feel more connected to them, as we say in Sheconomics. Of course, buying for someone else doesn't induce as much guilt either when money is tight.

Thanks again to the Huffington Post for bringing these spending triggers to light, and for including Sheconomics in their article - it's always nice to reach out to our US readers - issues with money cross cultural boundaries and oceans too.

Can happiness be bought, and how much does it cost?

Finally. Sunny days have arrived. People everywhere are wearing less and smiling more. A bit of sunshine certainly does wonders for our happiness. But what does money do for our happiness levels? 

Does money make you happy?

Generally, the research shows that - above a certain level of income - having more money doesn’t make people any happier. Having more friends and better relationships does. But there is a link between financial health and mental wellbeing.

And a lack of money often causes unhappiness. 

So can we spend money in a way that will boost our happiness levels? 

It seems that we can, in these ways:

•      Spend money on experiences rather than material goods and you’ll be smiling more. Happy times leave positive memory traces that we can call up when we’re feeling down; they also connect us to other people which is critical to our happiness. Just going outside for 20 minutes a day has been shown to boost positive mood.
•      Spend money on other people and you’ll feel happier. Yes, even happier than if you spent it on yourself. Treating a friend to breakfast at a local brasserie and having a good chat will bring more joy than another pair of shoes. Being more socially involved has been shown to be worth up to £85,000 extra income. Or spend money on a stranger by paying it forward and see how good that feels.
•      Spend money now that will bring future returns. Most people consume now and pay later. Pay now, consume later and life will seem a whole lot better, spiced up with the anticipation of the joy to come. The brain releases happy chemicals when we are anticipating happy times ahead so max out on lots of those. Even if you can't afford a holiday, just planning a break from work will make you feel happier.
•        Spend on things you love now and again. If something is a special treat rather than part of the fabric of your life, you’ll feel happier if you indulge yourself occasionally. We all like a little luxury now and again.
•             Spend money in ways that brings you more quality time. If your precious spare time is spent cleaning the house, spend money on a cleaner not on a better car. Big house, long commute? A shorter commute and smaller house could be the answer.Or just consider getting rid of your TV and instantly giving yourself more time.

COMING LATER THIS YEAR: In conjunction with Action for Happiness we at Do Something Different are launching a Do Happiness programme, an online programme to boost and spread happiness. Watch this space for more info!

Small changes you can make for a big difference

One of my favourite quotes is

“The price of anything is the amount of life you exchange for it”.

I think it was H D Thoreau who muttered those wise words. And it got me thinking.  

Thinking about how much life gets wasted on meaningless self-lobotomising activities. 

If you add up the hours you’ve spent watching mind-numbing TV, or waiting in for tradesmen, playing Angry Birds or even sleeping, it would add up to years, even decades of your life.

OK, we’ve all got to sleep and personally I love my bed as much as the next woman (or should I say man?). But I worked out that if I made a few small changes to my life the impact could be enormous.

For example, did you know that:

1. If you get up 15 minutes earlier every day you will gain ninety one extra hours of waking life in one year. That’s days and days of extra time!
2. If you save £1 a day every day for two years, you'll be able to travel anywhere in the world.
3. If you write one hundred words a day in two years you will have a full-length novel.
4. If you show real interest in everyone you meet every day, in two months you could have 60 new friends.
5.  If you over-pay on your mortgage by £20 pounds a month you’ll pay off your mortgage 20 months earlier  - and save £5515 in interest alone. (based on 100,000 mortgage over 25 years at 5% interest)
6. If you do one extra press-up every day you'll double your fitness level in 3 months.
7. If you photograph one small thing every day, after a year you'll have boosted your levels of awareness - and have an awesome photojournal.
   
8. If you donate £1.25 a week to Oxfam you will buy 288 buckets of pure, clean drinkable buckets of water a year for a family.
9. If you cut out one can of fizzy drink every day you'll lose 10 pounds in 6 months (without making any other changes).
10.  If you cut out one hour of TV from your life you would have an extra 7 hours free time a week, or the equivalent of two full days extra every month.

It all adds up doesn’t it? Small changes equal big difference. That’s exactly the philosophy beind our Do Something Different behaviour change technique. People make one small change regularly and they tell us a big shift soon happens in their life.

Today I’ve been talking on the radio about me-time. I was supporting a campaign by Palmolive to encourage women to claim back me-time. Unlike blokes, not many women have a shed to retreat to. So the idea is that we can pamper ourselves for 20 minutes a day in the shower (with their yummy Ayurituelsshower gels) and restore our health and well-being. Scented candles, nice music, petals and a glass of fizz are optional extras of course. But think about it, if you have a pampering experience for 20 minutes in the shower every day, you’ll save the cost of going to a spa…

HAVE YOU ever changed one small thing and found it's added up to a big difference?

Counting the cost of fast fashion

This fascinating article touches on fashion psychology and was originally published in The Conversation

By Alice Payne, Queensland University of Technology

There’s a polyester mullet skirt gracing a derrière near you. It’s short at the front, long at the back, and it’s also known as the hi-lo skirt.  Like fads that preceded it, the mullet skirt has a short fashion life, and although it will remain potentially wearable for years, it’s likely to soon be heading to the charity shop or to landfill.

The mullet skirt may not last more than a couple of months as a fad, but the fast-fashion trend has shown considerably more longevity.  With Spanish brand Zara compressing lead times to as little as 13 days, and the UK’s Topshop releasing 300 new styles a week, fashion trends are being captured and sold far quicker than ever before.

Catwalk styles can become high street fashion within weeks. AAP

In Australia, although Zara and Topshop only arrived in 2011, many local retailers have been following an accelerated fashion cycle since the early 2000s. Valleygirl releases 65 new styles per week, Supre has daily deliveries, and the mid-market Witchery boasts 400 new styles per month.

Fast fashion has enabled a democratic engagement with the luxury of constant novelty, once only the domain of the very wealthy. Now high fashion trends are instantly accessible online, and the physical garments are for sale at prices which have never been lower.

However, the garment’s price tag does not acknowledge the environmental and social cost of overconsumption.

In the UK, some 30 kilograms of textile products, per person, per year go to landfill. What isn’t sent to landfill goes to charity. A single Smith Family sorting centre in New South Wales sorts 10000 tonnes of donated clothing each year. Much of this will be sent to developing countries, a trade that can be disruptive to local textile industries.

Cotton requires a large amount of water to grow – but often ends in landfill. AAP

The two most popular fibres for fashion apparel – cotton and polyester – each have considerable ecological impacts in production. Conventional cotton alone accounts for one quarter of global pesticide use, linked to poisonings and air and groundwater contamination. In addition, cotton requires a global average of 11,000 litres of water per kilogram, to produce.

With a world population of seven billion, and a projected nine billion by 2050, food security and water security will become increasingly pressing policy concerns. The volatility of cotton prices in 2010/11 is possibly a foretaste of this, with cotton prices rising to their highest level in the history of the New York Stock Exchange.

The launch of Spanish retailer Zara in Australia has seen lead times compressed to a mere 13 days. AAP

Australian fast-fashion retailers face additional short-term challenges. In 2011, bricks-and-mortar retail was at its lowest ebb in Australia since 1962, and across the fast fashion market, clothing was reduced up to 70%. Local labels are affected by the rising fibre prices (not only cotton but polyester of cotton quality) and rising Chinese manufacturing costs. The forthcoming carbon price may also lead to rises in the cost of freight and raw materials. In addition, a greater number of consumers are choosing to buy clothing online from cheaper overseas e-tailers.

Australian designers and retailers can adapt to these challenges through examining the garment life cycle to identify points of intervention. For example, more efficient use of resources would see disposable faddish items such as the mullet skirt collected at end-of-life for closed-loop recycling, in which its polyester can become feedstock for new textiles. (See Kate Fletcher and Matchilda Tham’s Lifetimes project, or Patagonia’s Common Threads program.)

Crucially, fast fashion is not merely fast material throughput of garments, but a sophisticated global image and information system which, to some degree, is weightless. As fashion is intangible, it is not necessarily tethered to the purchase of new clothing. An example is The Uniform Project, in which blogger Sheena Matheiken wore the same dress for a year, styled in 365 different ways.  With this perspective, a fast-fashion company’s role may evolve into that of a service provider, not simply a retailer. These services may include styling advice, alterations, clothing libraries or collection of the garment at end-of-life.




In Australia, Supre and Sportsgirl have followed the lead of Topshop and American Apparel in offering a small selection of vintage clothing alongside their new stock.

There is no contradiction in fast-fashion retailers selling second-hand clothing, as the speed of trends mean that styles come in and out of fashion so frequently that some version of “vintage” style is always in style. Within the context of fast fashion as ‘post-brand’, second-hand styles simply become additional grist for the mill, as consumers will mix and remix the product (of whatever provenance) in their personal, restless search for novelty and individuality.

Fast-fashion principles also drive the success of online marketplaces such as eBay, in which second-hand clothing can be circulated again and again, revalourised by individual consumers. Similarly, the Salvos charity stores in Australia and Oxfam in the UK, now sell second-hand fashion online, grouped into ‘lookbooks’, complete with fashion shoots.

While the Rococo excess of a new frock a week may be unsustainable, a different fast fashion – one that relies less on overconsumption of new garments and more on the inventive reuse of existing materials – can emerge.
Alice Payne does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations.
This article was originally published at The Conversation.
          Read the original article.
       

What that 'red dress' symbolises: The psychology of fashion.

The dress sends many signals that explain why this image went viral. (Image: Reuters)

The image above, currently circulating on the internet, shouts fashion psychology more than people realise.

It’s of a young woman in a red dress being sprayed with tear gas by a policeman during the Istanbul riots. I have just come back from Istanbul (where I work in the fashion department at Bilgi University) and I was struck by the multitude of messages in this simple, momentary image. This is what fashion psychology can tell us:

Red and white outfit. Red and white flag.

First it’s not just a woman in a dress. It’s a woman in a red dress. And she’s carrying a white shoulder bag. This colour combination mimics that found on the Turkish flag. So this image will have a more powerful, albeit subliminal, impact on Turkish people at this time.

The woman's outfit echoes the Turkish flag:
more than mere coincidence?

Red for fertility

Secondly, the red dress has more resonance than any other colour. As well as being the colour of passion and love, red is the symbol of female fertility. In many species redness conveys that the female is ready to mate. So the image packs another punch; this young, fertile female is the mother of the next generation, of the future of Turkey.

Flared waist and fertility

Look at the style of the dress too. It isn’t a shift or a smock. It flares from the waist. This emphasises the women’s waist-to-hip ratio, which is about 0.7. That's the ratio that, on women, has been shown to correlate strongly with fertility.

Had she worn a blue dress, or a t-shirt and jeans, this image would not have been so powerful. Nor would it, I suspect have gone viral around the globe.

Dress choice is shaped by unconscious forces

This woman was largely unaware of the power of what she was wearing. Just as most of us are when we reach into our closets every day.  When she chose her red dress and grabbed her white bag that morning, it could have been a mere coincidence. But unconscious forces may have been at work too. We don't always understand why we wear what we wear, but our choices are rarely accidental. And they will be psychologically motivated. 

The masked man in black

And what about the guy firing tear gas at her? Research shows that his black uniform will have made him more likely to behave aggressively. His masked face will have reduced his sense of personal accountability. It will have lowered his threshold for expressing inhibited behaviours. By hiding behind his anonymity he was able to unleash his aggression on her. Was he drawn to her because of what she was wearing? It's possible. Although we do know from the indiscriminate firing of tear gas at protestors that she certainly wasn’t singled out for this treatment.

More than meets the eye

Yet the image stands out not just because of the appalling actions it depicts. The strong visual imagery reaches deep within us too. We look at it and we process the action in the photograph at a conscious level. But unconsciously the signals in the characters' clothing also have intensely powerful emotional resonance for us.

It's tempting to dismiss fashion as mere fluff. Until, that is, we start to decode its many meanings and marvel at what it reveals.