Money

ON MONEY: FINANCIAL PLANNING DURING A PANDEMIC

Well, this is a post I never thought I’d write. But I’ve seen a lot of “quarantine shopping lists” from bloggers lately and I can’t imagine that’s the type of content that anyone really needs right now. So I wanted to contribute something to a topic that hopefully felt more relevant and helpful.

Money. It’s the thing that’s come up in every single conversation I’ve had with friends, family members and fellow New Yorkers. After a fear of the virus itself – everyone I’ve spoken with has expressed some level of concern over money. And sadly, I think we’re just scraping the surface of those concerns. I’m obviously not an expert financial planner, but I do think there a few things that all of us could be doing right now to help ease our anxiety. Since we were all in very different financial situations before this even started, I’m breaking these suggestions down into 3 different scenarios that you might be finding yourself in right now.

If You Are Experiencing Major Financial Panic Right Now:

First of all, I’m sorry. There are SO many that fall into this category. From those that own a small business to those that were just laid off. I think the hardest thing is not knowing how long you’ll be in this situation, so it’s important to plan really carefully.

To begin, I’d write out every single non negotiable expense you have (rent/mortgage, insurance, groceries), every negotiable expense (netflix, gym membership) and where you’re at with any remaining income + savings. Cut every single negotiable expense and then run the numbers on how long you can last? If it’s one month or ten – at least you’ve got a deadline. Now, look again at those “non-negotiables”. Can you ask for a delayed rent payment in the meantime? Maybe you’ve got landlords who would be willing to help. Think you need to spend $300 a week on food? Here is a grocery list for 2 people that only costs $50 a week. My point is you’re going to need to get really creative here and take your expenses as close to rock bottom as you can.

Beyond that, there are a wealth of resources being shared right now about federal and state level funding for individuals put out of work or small businesses affected. I know they can feel overwhelming to sift through, but the sooner you look at what options might be available to you, the sooner you can feel a glimmer of relief. And don’t forget to think through what side hustle skills – like babysitting – could be of real use to others right now and could generate some extra income for you.

If You Are Feeling Unsure of How to Handle Your Finances Right Now:

I think the majority of us likely fall into this category. Maybe your spouse has lost their job but you still have yours. Or you are employed now but are worried you could be laid off down the line. Regardless of the circumstances, now is the time to reassess your budget and savings.

Look carefully at your monthly spending. This is not a normal month, so you can’t go with your normal budget. Adam and I just reviewed the monthly budget we use and quickly realized how much has changed. For instance, he is working from home which means he’s spending $0 in gas and tolls. Our grocery bill skyrocketed as we planned to cook 3 meals a day at home for both of us, but our discretionary budget for things like going to the movies or grabbing a drink has flatlined. Take time to adjust your budget to your new normal. That may either be more or less expensive than what you’re used to.

If there’s anything extra, I suggest bulking up any savings you have right now. 58% of millenials have less than $5,000 in savings – and if you live in an expensive place like New York, that isn’t going to last you all that long. We’re currently in the exact scenario of why you want to have an emergency fund. Start building it up any way you can.

If You Want to Manage Your Money Wisely Right Now:

First of all count yourself lucky. If you fall in this category it means you likely have a stable job that you know can weather this storm and a comfortable amount of savings.

I’d suggest being cautious with investments and spending – but if your discretionary budget still exists then please, please, please use it for the following. Supporting small businesses or giving back to those desperately in need right now. Below, a list of suggestions. And thank you in advance.

Small Businesses:

You may not receive your order right away, but every dollar means a lot to small businesses right now, and you can always consider a gift card too. Lulu Frost (the one I work for goes without saying – we’re a team of 7 based in NYC and female owned), Brooklyn Candle Studio, NYDJ (they’re giving a portion of proceeds back to charity as well) and McNally Jackson bookstores to name just a few.

Charities:

No Kid Hungry is supporting kids who are going hungry now that they’re out of schools, Heart to Heart is helping provide medical supplies and on a local level, here is a list of funds being raised for many of New York’s beloved bars and restaurants. These are just a short list of where I’ll be contributing, but do your research and help anywhere you can.

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ON MONEY: 10 IDEAS FOR FREE SELF CARE

There’s a booming, billion dollar industry built on wellness. But it’s a sort of ‘Instagram-ready’ wellness isn’t it? The fancy face cream. The $100 workout leggings. The expensive meditation retreat. Designed to have us all living our best lives.. for a price. All of it being sold to us as “self care”. Which makes it easy to treat yourself to these things under the pretense that it’s good for you. Which can become a slippery slope when it comes to trying to stick to a financial plan.

And I’m not here to argue that the pricey workout classes won’t get you toned, which may in turn lead to higher self esteem. Or that the $40 face mask won’t visibly decrease wrinkles and give you one less thing to stress about. I’m just saying that I don’t think these things are “self care”. Because if they are… it means that only a select percentage of women get to indulge in them. That, essentially, only the wealthy deserve “self care”. And that doesn’t sit well with me.

I think that the majority of the wellness industry should be considered treats. Just like buying a new pair of shoes. No need to deprive yourself of them if they fit within your budget and it’s something you want to prioritize – but if you’re looking for “self care” there are about a million ways to do it for free. Here are my top 10 favorite ways to feel like I’m truly taking care of myself, that don’t cost a dime:

  1. Phone a friend. I’m all for a quick text, but hearing a friend or family member’s actual voice in this digital age gives me such a true boost in happiness.
  2. While we’re on the subject of money, set aside time to check in on yours. I like to reserve at least 30-45 minutes once a week to review my budget. It makes me feel like I’m sticking to my goals and I’m in control of my spending. Adam and I actually do this together each week and it feels like self care for our relationship too.
  3. Fold and put away your laundry immediately. I’ll admit that the idea of this feels like climbing a mountain after already schlepping to the laundromat, but when I do it.. I feel SO much better. While you’re at it, make the bed each morning. The feeling of looking around your home and feeling at ease as opposed to feeling like you’re looking at one giant chore list is worth the extra up front effort.
  4. Learn something new. Google a random fact about a subject you’re interested in. Watch a youtube tutorial video or pick up a book that’s been lingering on your shelf. Just expand your mind for a few minutes.
  5. Stretchhh it out. It’s kind of amazing what a good stretch will do for you. You can easily Youtube some simple variations if you don’t know where to start.
  6. Play bartender/barista at home. There’s something that feels really great to me about taking time to fix yourself a nice drink. I love a gin and tonic with a twist of fresh lime or a big mug of peppermint green tea.
  7. While this one is free – it does require a partner so I realize it won’t be an option for everyone. But for god sakes if you’re lucky enough to have someone special in your life.. hug and kiss them! Daily! Multiple times a day in fact! It’s proven to promote feelings of happiness and closeness. And I mean, it’s probably the most fun thing on the list.
  8. Get your blood pumping. Sure – a good make-out session could do that too – but I mean working out. You don’t need a gym or fancy clothes or special training or sunny weather. I’m guessing you have 3 feet of free space and know how to run in place and do jumping jacks, sit-ups and push-ups? Great. Now repeat until you’re breathless and sweating. Pinterest and Youtube all have amazing, free routines you can try. If you’re not quite up for all of that, take a long walk instead. There’s nothing better in my opinion for clearing your mind.
  9. Go to bed 30 minutes earlier. For a long time Adam and I thought we didn’t need to go to bed until 11PM. Which meant we were still up watching TV at 11PM. We didn’t factor in that it takes us another 30 minutes to fold the blankets on the couch, lock up, wash our faces, brush our teeth, etc. etc. And before we knew it, the clock was striking midnight before we were truly asleep. Now we start to wind down everything at 10:30PM and I swear it has made a world of difference.
  10. They say the cure for anything is to just add water – and I really agree. If I can go for a swim, that’s the ideal, but if not I take a long hot shower or bath. Or drink a big glass of water. Or, if it’s really drastic, I’ll cue the waterworks (I’m not a cryer so this is pretty rare – but for some of you this may be a regular exercise which I think is great!). Either way, I always feel better after I’ve added water.

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THOUGHTS ON SUBSCRIPTION SHOPPING + AN HONEST REVIEW OF NUULY

If you have been following along, you already know that last January I made a major shift in how I viewed money and shopping. I overhauled my personal finances, completed a “no shopping” January (which led to 3 other “no shop” months throughout the year) and donated or sold probably a quarter of my wardrobe.

Now, when I add a new piece to my wardrobe it’s thought out and strategic. Can I wear it multiple ways? Does it reflect who I want to be? If I waited a couple of weeks would I still want it? If it was full-priced would I still want it? It’s been a strategy serving me well this past year and it truly helped to break that unnecessary urge to always have something “new”. Not to mention it’s far more sustainable as I wasn’t constantly picking up fast fashion that I probably wouldn’t wear for more than a season or two.

But what if you could have that something new feeling without financially committing? I’ve heard plenty of people (blogger’s especially who always want to have new things to wear) rave about shopping subscriptions like Rent the Runway and I have to admit – I was curious. So when Nuuly – from the geniuses behind Anthropologie/Urban Outfitters/Free People – reached out to offer me a free 3 month subscription, I knew I wanted to give it a try. After 3 free months I paid for one additional month so far just so I’d have a true customer experience.

The Pros: You get to pick 6 items of clothing each month for $89/month. They handle all of the dry cleaning, repairs etc. so what you get looks brand new. Overall, I thought the selection was great with brands you’d find at Nordstrom and Shopbop plus new arrivals from Anthro, Urban and FP. I gravitated towards more fashion/trend pieces – a fun coat, a statement dress – that I otherwise would have been tempted by on a trip to Anthropologie, but saved myself the $200 price tag and the need to make permanent room for it in my closet. And usually at the end of the month, I was fine returning the pieces.

The Cons: I’ve mentioned before but I’m a sentimental person, especially when it comes to my wardrobe. If I have a particularly great memory while wearing something – it’s very hard for me to let it go. Which means after I wore this perfect sequin dress to a holiday concert with Adam.. I couldn’t part with it. The upside is that you can buy items at a pretty good discount and don’t have to ship them back. However, if I hadn’t been trying this service – I likely would have not been tempted to get something new for the concert. So if you’re someone who is going to be easily tempted – this could actually end up make you buying more.

Overall? I like the concept. For something like a vacation or the holiday season, I think it’s a really great way – for a relatively low cost – to have a fun assortment of pretty new things to wear. Like this cute minty fresh jacket. Or if you’re in a transitional phase like a new mom or someone who is kind of figuring out there style – I think this is such a great way to get to try things on and see what you like before committing your closet to a direction or size.

But if I were to do it every single month, I kind of feel like it would eat away at the mindset I worked so hard to achieve – which is the feeling that what I have is enough and I don’t always need more, more, more… new, new, new. And, for someone who is set on building a closet full of things I love that carry memories I want to hold on to – the fleeting nature isn’t really in line with that. I’m going to hit pause on my subscription for next month, but may use it again in March when we’ve got a warm weather trip planned!

I’m curious if any of you have tried subscription shopping and what your thoughts have been? P.S. If you’re interested in trying Nuuly they gave me an offer code to share that gets you $20 off your first month. – this post wasn’t sponsored, but as mentioned my first 3 month trial was gifted.

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ON MONEY: HOW TO LIVE ON A BUDGET IN AN EXPENSIVE CITY

I once read that New York City charges a $20 tax just to leave your apartment… and it’s pretty much true. This town just seems to eat money for breakfast. And every other meal after that. When I first introduced the topic of money here, one of the most requested posts was how to save money/live on a budget if you’re in an expensive city. And as someone who has managed to stay afloat in New York for a decade, I’d like to think I’ve got some insight to share here.

I believe that if you’re lucky enough to call an expensive city home (or an expensive suburban town – really this is relevant no matter where you call home), you should be enjoying it. What’s the point of living in Manhattan if you stay holed up in your apartment and never get out and see or do anything? But that being said, unless you’re a wall street mogul (which I’m pretty much guaranteeing no one reading my blog is), you’re going to need to learn how to strike a balance and cut some corners.

My number one advice? Make a list (you guys know I love a list) of the things that are absolutely non-negotiable to you. Is it living alone? Getting to see broadway shows? This list will look different for everyone and you shouldn’t feel bad about that. Maybe going out to eat with friends every week is what brings you joy. Maybe it’s designer shoes. I could care less. But for the rest? You’re going to need to learn to live cheap. Like way below your budget. Live like you’re broke.

In my early twenties I was under the impression that as long as I wasn’t crazy extravagant, I could kind of have it all. I lived alone in a studio apartment (which was always my #1 non negotiable), still went out to bars with friends, shopped for new clothes and ate pretty well. An overpriced latte here, a new book there, a cab ride downtown. You get the picture. I was working two jobs and had zero money at the end of each month. And I never had money to travel like I wanted. I wasn’t necessarily being extravagant in any one area, but I wasn’t living below my budget anywhere either. And I certainly wasn’t getting ahead.

Now all of that has changed. I have a true list of non-negotiables: as nice of an apartment as we can afford (home is super important to me), an emergency fund in the bank, money to travel and money to enjoy the perks of living in New York (whether that be a fun night out with Adam for drinks and live music or going to the ballet with a friend). The rest? You’d think I was flat broke.

I walk everywhere (I take the subway maybe 1-2 times a week if I really need to get far uptown) and don’t even have the Uber app on my phone. I pack my lunch every single day and eat cheap weeknight dinners at home like a big batch of chili, simple stir fry or pasta. You’ll almost never catch me at brunch on the weekends. I make use of the office snacks. We use my sister’s HBO subscription. I give myself at home pedicures. I go to a $20 a month gym. I take books out from the library. My shopping has halted to just a handful of well considered purchases each season. If it’s not on my list of true priorities, I’m hard-pressed to spend money on it. And it’s made all the difference.

In cities it can be easy to just let money slip away in every category. But I swear if you commit to say – making coffee at home every workday or starting a wine club with friends instead of hitting the bar – and watch where every penny is going, you’ll be able to indulge in the things that really matter to you. Even better? If you’re open about your budget, there’s a good chance most of your city living friends will admit that they’re in the same boat and together you guys can find fun things to do that are within your means.

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MY FALL FASHION SHOPPING STRATEGY

A couple of weeks ago I published my first post about the topic of money (one I’m excited to talk more about!) – and it was all about how I set myself up for financial health and changed my money mindset. Well, if there was ever a time to test my own willpower – it’s the fall fashion season. I blame it on the fact that as a kid the only real “shopping spree” I ever got to go on was for back to school, when my Mom would take my sister and I to pick out a new pair of jeans, new shoes and a few other new novelty items before the school year started – and it felt like SUCH a treat. Flash forward to being an adult, the onslaught of new arrivals, magazine’s September issues and the fact that I just truly love fall clothes.. and it can be really hard to stay on track. This year, I was determined to do things differently though. And so I came up with a strategy.

Rule One: Don’t buy anything in July. Or August for that matter. If you haven’t unpacked your sweaters from storage, it can be really easy to forget that you do in fact already own an oversized cream cardigan and before you know it, you’ve bought a second one. Last week, I dutifully flipped my closet and found myself excited about all of my favorites that I already own and get to wear again this season. While you’re doing this, think about which pieces you wore most last year. If it was crewneck sweaters, maybe you could use a new one to add to the rotation. If you remember feeling like you never had any cute blouses to wear to work, keep that in mind as you shop.

Rule Two: Make a good old fashioned moodboard. Or a Pinterest board. Or hit save on Instagram. Back in high school, I used to pour over magazines and whittle down the one or two key pieces that I could buy into (on a budget) – maybe it was one cool pair of boots or a particular handbag silhouette – and the rest I would try to find in my own closet. I started doing this again and SO many of the looks I was seeing in my inbox or on Instagram, I could nearly recreate with pieces I already owned. I just had to ignore the shiny new version. Below are looks from Veronica Beard, Sezane and Reiss that I loved.

Rule Three: Make a list. Write out the things you still really have your heart set on, and be specific. You’ll be able to see that three pairs of ankle boots are on the list.. and can clearly cut back. Or the fact that three fancy dresses are on there, but you end up in jeans and a t-shirt everyday and you work from home.. so maybe re-think that. Note the prices and estimate a rough cost per wear (a $40 trendy sweater you’ll wear 2 times has a $20cpw while a $140 camel cashmere sweater you’ll wear 40 times this fall has a $3.50cpw). While it’s nice to add a couple of fun things into the mix to refresh your existing wardrobe, be realistic about what you feel comfortable in and where you want to put your money.

Now the fun part – shop for the things left on your list. I mean, wait for sales.. but then, you know, go for it. Below – the things I’m spending on this season and why:

  1. Plaid Miniskirt – In the past ten years I’d say consistently the item I wear most in fall is a plaid miniskirt. To work with tights and a button down shirt, for a date night with over the knee boots or casually with sneakers and a crewneck sweater. It’s my signature style. I love this one with the hits of green and know I’ll get tons of wear out of it.
  2. Patent Leather Loafers – I had a pair of black patent ankle boots and black patent leather flats that I literally wore to shreds over the past three years and finally had to toss them both. This feels like a hybrid. I tried on in store to be sure they passed the ‘walk to work’ test too.
  3. Simple Cardigan – I eyed this fluffy cardigan ALL of last fall and winter and didn’t pull the trigger but this year I’m doing it. I love that you can wear it with the buttons in front or back, all buttoned up or off the shoulder for a cool, undone look. So simple, so chic.
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The Steele Maiden © 2012

Fashion, Travel & Lifestyle. Based in NYC.