Women’s Equality Day: Lessons on financial independence from Sex and the City

As pictures from the sets of the Sex and the City revival storm our social media, financial experts break down the cult show’s financial faux pas and share tips on how women can make financially responsible decisions

Sex and the City is a cult show known for its unapologetic, heartfelt, and candid storytelling that has resonated with and influenced generations of women. Such is the allure of the show that after 23 years since its premiere in 1998, a revival is set to grace our screens albeit without Kim Cattrall's feisty Samantha Jones. For all its radical ideas of women's sexuality, embracing singlehood, and prioritising sisterhood, the seductive show—like most shows from the 90s featuring a predominantly all-white cast—has aged not so fabulously. 

The revival's producers realise that the cultural zeitgeist has evolved, and have added a diverse cast to compensate for the lack of it in its original run. While casting can fix some of the show's issues, others require a deeper upgrade. Sex and the City gained notoriety for the glamorous and extravagant lives that its protagonists lived, often without real-life consequences that many adults face. In the first episode of the show's sixth season, Carrie famously exclaimed,  “ I like my money where I can see it, hanging in my closet. "The show's romanticisation of shopping as an antidote to all problems in life contributed to the stereotype of women as reckless spenders. It is unimaginable that an independent working woman can sustain Carrie's controversial spending habits and carefree attitude towards her financial instability today.

The show and Sarah Jessica Parker's Carrie Bradshaw gained iconic status worldwide. The actress is seen signing autographs as she arrives in London's Leicester Square on May 12, 2008, to attend the World Premiere of the movie Sex and the City. Pic/AFP

Mid-day.com spoke to Niyati Thaker and Sayali Rai, personal finance management and investment experts who are promoting financial literacy through their digital platform FinCocktail, as they break down the show's financial faux pas and share tips on how women can make financially responsible decisions.    

Which Sex and the City character is the least fiscally responsible according to you?

The least fiscally responsible character would have to be Carrie. She has time and again been seen living life hand to mouth, even though she has such a fancy lifestyle with endless cosmopolitans, brunches, and a closet full of expensive clothes and shoes. It isn't like she doesn't make any money, she just chooses to live life in a very carefree way in terms of money, and that is not advisable at all.

Much has been said about the quartet ' s admittedly excessive shopping sprees. In episode 16 of the show 's fourth season, Carrie admits to spending over 40,000 USD on shoes while not having enough money to cover the down payment of her apartment.  How do you think glorification of women being fiscally irresponsible by the media and pop culture impacts women today?

We believe the romanticisation of women being 'bad' at managing money or too 'stupid' to understand the 'complex' world of finance is ridiculous, but has been going on for too long. Even though Miranda is a lawyer and arguably the most professionally qualified amongst the four, she is shown as the one with 'not as many nice clothes' or 'not as glamorous' in the traditional sense. It's sad that because of this, many young women who were watching the show didn't want to identify with a strong and independent career woman like Miranda Hobbes. 

Till date, we are yet to see a strong finance professional as a protagonist in any popular media. It sends a signal to young women that they cannot, or will not be good at money management, which isnt true. Because for generations, women like our grandmothers have been tasked with the home budget (if they didn't work) and they always handled the money very well. They knew how to budget, bargain and also made sure they saved from whatever little they were given for a rainy day. We need more strong female representation in the world of finance through pop culture.   

The show won many accolades throughout its six-season run. Here are cast members Kristin Davis, Sarah Jessica Parker, Chris Noth, Kim Catrall and Cynthia Nixon celebrating their win for Best Television Series Comedy at the 57th Golden Globes in Beverly Hills in 2000. Pic/ AFP

Carrie was a chronic credit user. In season one, episode five, the shoe store clerk cuts up her credit card in front of her when she tried paying for another pair of expensive shoes. How can women manage their credit card spending and avoid accumulating credit card debt? 

Credit cards can be a slippery slope. They can easily get away from you, but are also necessary to build a strong credit score. You must make sure that you monitor your usage and payment schedule as you use your credit card. Few important things to remember are:

1. Try not to spend more than 30 percent of your credit limit per month.
   
   
2. Always pay your credit card bill entirely at the end of each month and not just the minimum amount due otherwise you will be charged exorbitant interest rates on the same.
   
   
3. Try not to have too many credit cards, because you may forget to make some payments.
4. Have a credit card management system. Either something you use manually or apps that are available widely.

While Samantha and Miranda retained a steady stream of income, Carrie was often struggling as a freelancer. Any tips for freelancers on managing finances with fluctuating incomes? 

Freelancers need to realise that they have chosen an unconventional path and their personal finance management also has to be a bit unconventional. They have to be more vigilant with their budgeting and spending, as well as being more stringent with their investments as and when their income comes through. Instead of fixating on an amount to save and invest every month or quarter, they can fix a percentage of whatever they earn and what their cash flows have been for that period of time. In terms of budgeting, they have to plan ahead. They can analyse periods of high cash flows like holidays or other times of the month when their services are most in demand and know they will earn more and plan their year around these months.

Friends and partners at FinCocktail, Niyati Thaker and Sayali Rai are furthering conversations around personal finance. Photo courtesy: Niyati Thaker

In episode three of season three, Carrie tells Miranda, “I use my oven for storage”. Carrie’s life in Manhattan was a cycle of brunches, cocktail hours, and dinners at Manhattan’s swankiest establishments. How can women budget for social spending? Also, what according to you can be smart lifestyle changes that can ultimately contribute to better financial decisions?

1. The foremost and the ultimate kickstarter to make better financial decisions is to have an emergency fund in place. We never know what hits us and this can be the best safety net to fall back on in case of a financial emergency.
   
   
2. Another way to budget for social spending is to plan your income and expenses in a way that you end up saving first. A great way to do this would be to set aside the money you want to save and invest at the beginning of the month itself rather than towards the end, when you’re struggling. For example, if you are investing via SIPs, then you should set your SIP date in the first 10 days of the month itself.
   
   
3. A rule we swear by and which helps cut back on unnecessary lifestyle expenses and shopping is the 30-day rule. If you see something you want, wait 30 days before buying it. After 30 days, if you still want to buy the item, move ahead with the purchase. If you forget about it or realise that you don't need it, you will end up saving that expense. Remember, money not spent is money saved.
   
   
4. We all love ordering our meals from outside. But try and plan your meals in and shop for the groceries in advance, this helps you cut back on those unnecessary food deliveries.

In season four, episode 16 when Carrie’s apartment is up for sale, it is revealed that she has only 957 USD in her savings account. Further, she almost bullies Charlotte into lending her a huge amount for her down payment. To what extent should one rely on their friends and family for monetary support? 

We honestly felt Carrie overreacted when she expected Charlotte to offer her support monetarily. It may not have been that Charlotte needed the money, but in a real-life situation, every single person is fighting their own battles. Friends and family do what they can, but they are not obligated to financially support you in times of need.

In today's world, as we teach women to be independent, that encapsulates financial independence. Of course, sometimes plans go awry and we may need help, but that doesn't mean they have to offer it. We should not expect our friends and family to rush to our aid. It is their choice to help out but if they choose not to, we mustn't hold it against them. It's very important for us to prepare for contingencies so we don't need to ask them for help. 

Also Read: Chris Noth: I didn't feel I had anything to offer

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