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Posts Tagged ‘living on a budget’

Five (Fun) Ways To Save Money

In Money on May 12, 2010 at 10:53 am
Photo of a RBC Visa taken under a UV light to ...

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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?

Ten Things I Learned In The Past Decade

In Uncategorized on December 30, 2009 at 3:16 pm
New years eve 2010

Image by adamjackson1984 via Flickr

I hope your 2010, and the decade to come, is filled with good things.

Here are a few of the life lessons that hit me upside the head these past few years, some more gently than others:

1) Young ‘uns rule. If you’re older than 35, 45, let alone 50, it’s a good time to get to know, and understand the thinking and relationships and behaviors of, people unrelated to you who are smart, talented, ambitious — and under 30. Maybe not if you’re a civil servant or tenured professor, but in the media, I think so. Even as a manager, it’s your job now to figure out how differently they think and deal effectively with it, whether the use of technology or some radically different ideas of what work is.

My two best professional opportunities arose this past year thanks to meeting two young women, both of them barely out of graduate school, who were working with high-level people they introduced me to. Had I been dismissive or skeptical of their interest, which many older, experienced workers can be, or could have been pre-recession, I’d have missed out.

One of them is fellow Canadian-jock-in-NY, T/S’s Katie Drummond, who heard me speak to her grad school class at NYU, snagged me, and is now one of my under-30 bosses. Reporting to people so much younger than is a little funky at times, but work — now more than ever — is less about titles and degrees and what you’ve done for the past 20 or 30 years, but about collegiality, mutual respect, enthusiasm, shared values.

Some of us older folk also share the “new” values of Gen Y, such as a way to make a living that also allows us the time and energy to enjoy our life. And there’s no way past the ugly truth that age discrimination is thriving. If you’re out of work, sneak in under the skirts of someone fresh(er)-faced.

2) Techno-sabbaths will keep you and your relationships healthy. I’m not an Orthodox Jew, but I admire their strict Sabbath. In an era of cool, sexy, portable toys that buzz, beep, blink, ring, whine and suck us into their orbits 24/7, turn ‘em all off! One full day every single week. Very, very few of us need to be available 24/7, to anyone. It’s ego, addiction, boredom. Your kids, partner, co-workers and others — like wait-staff and retail associates trying to serve lots of other people at the same time — will like you more.

Read the fantastic book on this issue, “Distracted” by Maggie Jackson. Then go stare into the sky or at nature, night or day, uninterrupted, for 20 minutes. We are not meant to spend all our days reacting and responding to machinery, no matter how alluring its form.

3) Take gentle, consistent, grateful care of your body. In January 2000, mine started teaching me a lesson I had no interest in learning — it has limits. Excuse me? I’m not invulnerable?

That’s when I had a right knee arthroscopy to remove torn cartilage (the result of playing three squash games a week). December 2001, I had left knee arthroscopy for the same problem. May 2008 offered right shoulder surgery. By December 2009, the left shoulder needed months of physical therapy to avoid another surgery. November 2009, stress fracture of my left foot.

I’m now on a first-name basis with a whole pile of physical therapists, whose praises I sang in a piece for The New York Times. Not exactly what I had in mind.

In the past decade, I’ve also watched more than a dozen people I cared for die, one at 17 of cancer, another at 49, of cancer, one murdered the day after he retired. Life and health are to be treasured.

If you’re young — under 30, say — you’re certain you’ve got your whole life, probably 80+ years’ worth, to eat junk, sleep 4 hours a night, ride a bike without a helmet, binge-drink, have weird/complicated relationships with food, smoke, take all kinds of drugs or share prescription medications with friends. All you need is one bad accident, surgery or months-long injury to get it and get smart(er.)

Women, especially, are socialized to care for everyone but themselves and to focus endless, tedious, narcissistic attention on the size and shape of their bodies. Focus instead on your blood sugar/pressure, heart health, cancer risks, mental health, wearing a facial moisturizer with SPF every single day.

We live, in the U.S. in one of the most brutal and bare-knuckled of capitalist countries: no paid sick leave, little or no paid vacation, 1/3 of the workforce now working freelance or temp or contract — i.e. no paid sick days or vacation, people terrified to disappoint their boss(es) and get fired. Don’t let this larger world shorten your life, as it can and will.

I worked myself, in March 2007, into three days on an IV in a hospital bed with pneumonia. Don’t ever be(come) that person. Save several months’ expenses so when you are ill you can take enough time off, in most cases, to fully recover.

Respect your body for its strengths and be gentle with its weak(er) bits.

4) Mentor and volunteer, wisely. Everyone needs help, at 17, 28, 39, 54. Whenever. Don’t be a doormat and beware of users, but make it a point to help others trying to achieve a goal you admire and share. It’s fun and it builds good karma.

I answered an email about six years ago from a younger writer in D.C. asking advice. Unlike most people who shamelessly ask to “pick my brain”, he immediately offered several extremely valuable, hard-t0-get editor contacts. Which was kind, classy and made me reply right away. He wasn’t, as so many hungry wannabe’s, out to grab and run.

We have since — still never having met face to face — become good friends and colleagues, acting as valuable sounding boards for one another. The book he was then trying to sell became a best-seller. Cool!

I also serve on the board of the 1,400 member American Society of Journalists and Authors and am a trustee for the Writers’ Emergency Assistance Fund, which gives grants of $5,000 quickly to qualified writers in need.

Find a cause, or several, that matter deeply to you and make a commitment to giving back.

5) Publishing a book will not, despite people’s fantasies to the contrary, change your life. Everyone thinks it will. They want it to. You want it to. Your agent or publisher, maybe less so. They’re been around that block many times before. Don’t assume you’ll get on “Oprah” or even get reviewed anywhere.

If you’re lucky, and/or persistent, and the book has some lasting value, you will find a community of its fans. That’s a lovely thing. Nurture them.

If it does change your life in any significant way, say a huge thank you to whatever deity — or non-deity — you pray to. You are extremely fortunate. Now, go help someone else achieve this; see Lesson Number Four.

6) You can find a decent guy/woman on the Internet. In March 2000, a man in Brooklyn saw my profile on aol.com and wrote me a letter.  Like me, he was a workaholic, ambitious career news journalist, someone who lives to eat, drink, listen to music, take photos, travel. We would never ever have met otherwise, even though we both worked for the Times, he staff, me freelance.

I was, officially, writing a story about on-line dating — then declasse, secret, scary — for the now-defunct women’s magazine, Mademoiselle. We’ve been together ever since.

7) Taking risks is essential to growth. The most terrifying choice — of man/woman, job/career, pet(s), kid(s), re-training, new city, town or country, the fellowship or grant you’re sure you’ll never win, leaving the man or woman or boss who abuses you, the athletic challenge that looks impossible — go for it! Be selective and smart about it, but if nothing you’re working on or with ever makes you a little nervous or anxious, in a good way, you’re stagnant.

8) Your dream job/man/woman/home may prove to be a nightmare. You’ll survive.

9) Being broke, (short of losing your home and health), is annoying as hell but it won’t kill you. I am not talking about severe, chronic poverty, but the nasty fiscal dive so many of us have taken in the past two years — and in the recessions of 2003 and 1990. I’ve watched my income plummet by three-quarters on a few occasions. Not fun!

I live near New York City, where simply driving my Mom to the airport in the summer of 2008 snapped my last nerve after paying an insane $13 in tolls and parking for 15 minutes. Not including gas. Enough already!

Live as far below your means as you can tolerate, adding luxury and pleasures when and where they are affordable; read The Millionaire Next Door, published in 1998, for advice and inspiration on avoiding dangerous peer or family pressure to “keep up”.  Health insurance, safe housing and healthy food are necessities. Cable TV, cellphones, a gym membership, new clothes (short of underwear or socks) are not.

Being broke, even for a few weeks or months, offers a powerful, unavoidable opportunity to sort out your priorities and values, let alone prompt a come-to-Jesus conversation with your partner/spouse/family of origin/kids.

Don’t attach your entire ego to your job title, profession or career. If you have to leave them behind, what (else) will provide you with your sense of self-worth and value?

10) A balanced life includes nurturing your mind, body, soul, heart, friends, family and community. It’s not a zero-sum game. Think of yourself not as a two-sided scale, but a multi-faceted gemstone like a diamond, one that needs to gleam.

I weary to nausea of “balance” conversations. It’s life. It’s your life. It’s your only life. If you need someone to do more of, (even some of), their share of the cleaning, grocery shopping, housework, picking up their dirty laundry — delegate. Insist. Insist again.

Little kids, let alone teens, need to learn that Mom (or, less frequently, Dad) doesn’t mean “slave” in some foreign tongue. If you do always feel like a weary slave to your domestic environment, job or location, consider quitting, moving, downscaling and buying/owning fewer things that need care, feeding, dusting, polishing. Your only life is getting shorter by the minute.

Even if you don’t have kids, you likely have a kajillion other commitments, certainly in a lousy economy with little relief in sight. The word “no” is useful, short, easily said. You can still be a generous and giving person and carve out time for yourself. Do you really need everyone to rely on you being indispensable all the time — or could you, even a few nights a week, instead flop into bed at 9:00 pm. and enjoy a full eight hours’ sleep?

If you don’t take deliberate and consistent care of your own needs, whether for privacy, silence, worship, dawdling, doodling, canoodling, doing nothing, you’ll burn out and become a monster. No one likes a martyr.

Make a list, today, of 10 affordable, accessible activities (no, not Paris) that make you really, really happy. How often do you do them?

Have a Happy New Year  — and great decade!

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