Video

What’s behavioural finance and how can it help me save more?

A few years ago I watched this TEDTalks video by economist Shlomo Benartzi, entitled, Saving for tomorrow, tomorrow. Although it’s a few years old, and is based on US data, there were a lot of key messages that really resonated with me and still do.

Benartzi discusses how the general population’s lack of saving is a result of behavioural challenges related to self-control, loss-aversion and immediate gratification, and presents a solution to help increase savings – all related to an area of his expertise, called behavioural finance. In fact, a Bloomberg article discusses the growing influence of behavioural finance in many different, and even unsuspected, industries, and how it’s changing the way organizations reach their target markets.

I thought it was particularly interesting when Benartzi discusses a study of people who contributed to their retirement savings following the “save more, tomorrow” strategy, at 12:00 in the video above.

Keeping in mind my recent post on career transitions, I hope that many of you are progressing in your careers in a positive trajectory. As you move up in your roles – and your compensation moves up accordingly – I think it’s a great idea to keep this “save more, tomorrow” strategy in mind and “pay yourself first” by contributing more to savings incrementally.

What did you think of the tips in this TEDTalks video?

Gallery

What to wear when driving a Vespa to work

vespa

As the summer is about to officially come to an end, I’m reflecting on how much I enjoy driving my Vespa to work on a daily basis in the warmer months. I really love it, not only because it’s really fun, but also because it can turn a 25-minute walk into a five-minute drive.

In the past few years of “Vespa-ing” to the office, I’ve also learned a few tricks to adapt my warm-weather work wear to keep me safe and warm, helping to make driving a scooter realistic. They involve Superman-inspired quick changes that are really easy to incorporate into my routine.

Below are some awesome outfit additions I often make to my office looks when I drive my Vespa to work:

A Lovely Leather Jacket

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Photo via Mackage.com, at http://www.mackage.com/ca/en/lisa-f4-black-biker-leather-jacket-for-women.

Driving a Vespa is one of the only reasons I’ll wear a leather jacket in the summer. Although it can be hot and humid during the day (although not this past summer!), the morning and evening temperatures can be quite chilly as I drive to-and-from the office. Combine that with the breeze one always feel while driving, and the warmth of a leather jacket is greatly appreciated.

Some Sturdy Flats
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Photo via Michaelkors.com, at http://www.michaelkors.com/p/MICHAEL-Michael-Kors-MICHAEL-Michael-Kors-Fulton-Moccasin-FLATS/prod25760030_cat2501__/?index=7&cmCat=cat000000cat121cat2501&isEditorial=false.

Like many Toronto commuters, I like to wear flats or flip flops for the trek to work, and then change into one of the many pairs of heels I keep under my desk for the workday. I like these Michael Kors flats for my scooting commute because they have a sturdy rubber heel, which is perfect for gripping the ground when stopping. Depending on the style and colour, flats can also go from the street to the boardroom in a pinch.

A Backpack. Yes, a Backpack.

MEC

Photo via MEC.ca, at http://www.mec.ca/product/5026-315/mec-high-jinx-daypack/?h=10+50042+50093&f=10+50093+50587.

As a professional who tries to keep it sophisticated when I’m going to work, a backpack isn’t something I wear everyday – but it can be handy when it’s needed! My Vespa has storage space under the seat which conveniently fits my purse. If I have to bring a laptop, heels, books or lunch to work, it’s great to have a backpack available so I can just toss things into it at the last minute in the morning before I leave. The above Mountain Equipment CO-OP backpack is a great example because it’s light and can be folded quite compactly, so if I’m not carrying anything in it on the way home it can be tucked into the under-the-seat storage space.

Leggings: Key for Avoiding Wardrobe Malfunctions

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Photo via Lululemon.com, at http://shop.lululemon.com/products/clothes-accessories/pants-yoga/Wunder-Under-Pant-IPLUX?cc=0001&skuId=3548143&catId=pants-yoga.

In the summer, I often wear dresses and skirts to the office. A quick way to make these outfit choices work while driving a Vespa is to have a pair of simple leggings handy. Wearing them under a dress allows me to move freely as I’m driving because I’m not worried about making sure my dress stays down, which can be really distracting and therefore dangerous. Leggings are also compact enough to be tossed in my purse after I change when I get to the office.

In conclusion, driving a Vespa to work is totally possible for professionals!

By incorporating these minor outfit additions into my work wear, I’ve made driving a Vespa to work realistic. I avoid major outfit changes, making the commute process simple, short and sweet.

As a side note, although I’m a Vespa driver, these outfit hacks would work well for driving a motorcycle or bicycle as well!

What other clothing suggestions do you have for riding a Vespa to work?