We recently cleared out our storage locker — and cashed in $350 for 16 boxes of books we’d been paying a fortune to store. Score!
As someone whose income fell by 50 percent after losing my newspaper job four years ago — and still working in a struggling industry — I’ve gotten better at shaving costs to the bone. Turns out I’m not alone.
Today’s New York Post reports that nearly half of young women, 18 to 39, are saving and investing more than they did a year ago. More than 60 percent are also planning to reduce their debt within six months. The study interviewed 2,002 women.
Compared to guys, women, regardless of age group, are more conservative about future spending. Women — 72 percent — are more likely than men — 65 percent — to say if they come into extra dough, they would save it or put it toward bills, the survey found….
But young women feel they have to be more self-reliant in these dire economic times, said financial planner Eleanore Szymanski.
“They used to be planning for immediate things and retirement is far away for them, but this recent downturn has been a good wakeup call. They are scared they are not going to be taken care of,” said Szymanski of EKS Associates in Princeton, NJ.
Szymanski said she’s seen a 50 percent increase in young women attending her financial planning classes.
“I have seen more college people in this class than ever before. It’s a general feeling, ‘It’s up to me, I am going to take care of myself in this recession,’ ” she told The Post.
1) Barter. Not everyone will go for it, but you never know until you ask. Maybe you’re a great cook and can teach a new grad in return for tech skills or — as I have — trade writing/editing skills with my massage therapist.
2) Ask for price breaks when possible. Don’t be a nasty jerk about it — “So, what can you do for me?” – as many are now demanding at major retail outlets. But there are times and places there is some wiggle room. I finally bit the bullet and asked my local YMCA if they had reduced fee for their services. I had to show my tax return, which made me cringe, but it allowed me to stay healthy and not break the bank. When I needed major dental work, I paid my dentist every month (on time), without interest.
3) Review every credit card’s APR and ask for a lower rate. Ideally, you should have only one, maybe two, and, ideally, pay off the balance every month in full. American Express has been my card of choice for decades but last year jacked my rate from 9.9% fixed to 15% variable. I recently got that rate down by 1 percent — because I asked. (An excellent FICO score is your leverage.)
4) Consignment shops. It gets really boring never buying anything fun or stylish. Seriously. It doesn’t have to be brand-new, just new to you; if a fab pair of shoes or a jacket is $20 or $40 — not two or three times that — a splurge is manageable. I have several secret sources where I’ve scored triple-ply Neiman-Marcus cashmere and never-worn Prada and Sigerson-Morrison sandals for $60. My wardrobe contains Clergerie and Ferragamo shoes, but I didn’t cough up the $400+ per pair at retail. Decide you don’t love it? Sell it to another consignment shop.
5) Eat (and entertain) at home. Zzzzzzz. Not if you know how to cook and have a basic batterie de cuisine: a few sharp knives (and sharpener), colander, saute pan. You can borrow cookbooks from the library or download recipes off the Internet. We eat so well at home, thanks to our culinary skills, it takes a lot to woo us away from our own kitchen and dining table. We use linen or cotton napkins (cheaper and prettier than nasty paper and they last for many years), and light candles and play music and enjoy conversation. I collect pretty tableware on sale and at flea markets and antique shows, so setting a lovely table is easy and fun.
Any tips you can share?