Fabulous Financials

This past weekend, a friend and I were talking about things we need want to buy in the near future.  Eventually, it turned into discussion about spending money on things versus experiences.  This is a topic that has been addressed numerous times throughout the personal finance community, so I won’t beat a dead horse.  But it did make me think about the things I own that bring me just as much long term pleasure as my most memorable experiences.

• My Class Ring from Undergrad: It is a white gold ring with my birthstone in the center and two diamonds on each side.  This is the first piece of jewelry I’ve ever owned with real diamonds and I bought it with my own money.  Although I rarely wear it anymore, to me, this ring represents a major turning point in my life.

• My Car – 2004 Honda Accord: I’ve owned several cars in my life, probably 5 or 6.  But this is the first car I ever purchased brand new, picked out the exact specs, negotiated the sales price, maintained according to factory standards, and paid in full.  To me, this car represents my breakthrough into adulthood and financial responsibility.

• My Dooney & Bourke Handbag: This is a designer purse that was a birthday gift from my best girlfriends.  I rarely carry this bag anymore, but I remember the day they surprised me with it.  They came over to my house with a pizza and drinks as if it was a casual visit for lunch.  When I opened the bag, I screamed “OMG, OMG, OMG!!” and jumped all around my kitchen like I was filled with the holy ghost. LOL  We still crack up about it to this day.

• My Daughter’s Bedroom Set: It is a white sleigh bed with a matching night stand and chest of drawers.  It was the first piece of furniture I bought after I purchased our first home and it is probably the best piece of furniture in my entire home.  Although her bedroom is unoccupied at the moment, I expect this furniture to remain in our family for many years.

Of all the “things” I own, these 4 make me smile when I think about them.  They have the same lasting effect as a memory from an experience – perhaps because all of them are associated with a memorable experience.  Regardless of the memory, I’d be really sad if either of them was lost, stolen, or damaged.  So this tells me, it’s ok to buy material things.  Just make sure your hard earned money is spent on things you love that will pay for itself for years to come.

I’ve lost close to 40 lbs and recently purged my closet of everything I can’t fit or haven’t worn in the past year.  The purge was done in two parts and resulted in 8 full sized trash bags of clothes and coats.  Now…my closet looks like this:

Work Wear

• 2 suits
• 3 dresses
• 5 cardigans
• 4 blazers
• 10 tops and a few tanks
• 2 pair of slacks
• 2 skirts

Weekend Wear

• 6 sundresses
• 16 tops
• 5 bottoms
• 1 pair of jeans
• 1 sweat suit
• 5 jackets

Special Occasion Wear

• 3 dresses
• 1 skirt

Something tells me I shouldn’t complain, but my closet looks sooooo empty.  I have another ~20 lbs to lose before I can go shopping again.  :-(

Ugh!  I have nothing to weeeeeeeeeeeeeear!

A fabulous reader asked me several interesting questions and I wanted to share my answer with everyone:

I have a question for you about your wardrobe. Will it be necessary for you [to] purchase a new career wardrobe as a result of the weight loss?

Absolutely! I haven’t purchased anything (yet) but I need to go shopping because my weight loss is becoming noticeable and my once perfectly tailored suits are no longer hugging my frame.

If so, how do you budget for this type of expense?

I won’t budget for the expense.  If/when I decide to buy anything, I will use the excess cash flow from a regular paycheck.  I’m still losing and plan to drop at least 2 more sizes, so anything I buy right now will be of lower quality to supplement what I already own.

If you need to budget for an interim wardrobe, you may want to start by saving $10+ per week as soon as you begin your weight loss journey.  The total amount you’ll need to save depends on many personal variables, but I think a minimum of $10 is sufficient.  Let’s say it takes you 12 weeks to lost 20 lbs.  By the time you need a new wardrobe at the end of 12 weeks, you will have saved at least $120.  This is enough to buy a few basic staples (black or brown slacks, a few tops, bra, panties, etc.) from a big box discount store.

Also, do you have any tips or suggestions for purchasing a solid career wardrobe (good quality, but not “over the top” expensive).

This depends on where you work and the dress code, but my formula is simple:

Foundation: buy staple pieces (suits, blazers, dresses, skirts, slacks, etc.) in fabrics that transcend seasons, solid colors, and basic cuts/styles that can be mixed and matched.

Style: add your personality and various color and fabrics with your accessories (cardigans, tops, camis, jewelry, scarves, shoes, handbags, makeup, hair, etc.).

Price Point: splurge on your foundation, go frugal on your accessories.

How to Shop: buy one foundation piece at a time, stack coupons, view the sales/clearance wracks first, or shop at big box discount stores – e.g. TJ Maxx, Marshall’s, Ross, Target, etc.

Most Important Tip: regardless of what you buy, where you buy it, or how much you spend, THE most important key to a career wardrobe is a good fit.  A $500 suit from Nordstrom will look cheap and unprofessional if it has an ill fit (too big, tight, short, long, etc.).  A $20 pencil skirt from Target will look fabulous if it fits your hips and waste with a hem line that falls no more than a 1/2 inch below your knee.  Get your measurements, understand & accept that your size may vary from store to store, and find a good tailor.

I’ve also written several blogs about this topic: Professional Wardrobe on a Budget and The Professional Woman.  You may also find similar blog posts by searching the word “wardrobe” in the right hand sidebar.

Congratulations on your weight loss!

Thank you very much!

If you have any other tips or suggestions about shopping for clothes after weight loss or building a career wardrobe, please leave them in the comments.

I’m always trying to find new ways to add color to my wardrobe – and what easier way than through accessories, shoes or a handbag. So I’ve been on the hunt for a bright-colored summer bag. I’ve also been looking for cute summer tops, particularly, weekend wear. You know…something a little sexy.

Armed with a few gift cards, I made my way to the Maxx – TJ Maxx that is. And boy was I in luck! Look at what I scored…

HOOOOOT!!  This mustard handbag was only $29.99 and I couldn’t believe it! I love the texture of this leather, it feels soooooooooo soft and delicate. I must admit, the smell of the genuine leather is a bit strong though. Based on my inspection of the seams, interior lining, straps, and hardware, the workmanship of this handbag is A+++++++++. Although this isn’t quite the “summer” bag I had in mind, I couldn’t dare pass up this steal. It will get lots of usage this fall.

This type of shirt isn’t usually my style because I don’t do the visible bra look – maybe a little peek-a-boo of the lacy trim, but not a straight up display of my goodies. At any rate, I thought the fabric was cool and summer-y, which is what I was looking for. Perhaps I can wear it on top of my strapless one piece pant set for a layered effect. If I’m feeling mischievous, there’s no telling how I might wear it. For $14.99, I’m sure I can think of many ways to get my money’s worth.

I also picked up a zebra print cosmetic caddy for $7.99, a pair of hater blockers (BabyGirl taught me that term LOL) for $9.99, and a chunky hot pink necklace for $10.99. I quickly scanned the shoe selection and…*shock*…nothing caught my eye. Overall, it was a productive shopping trip for little to nothing out of pocket.

Do you shop at your local TJ Maxx?  Any great finds lately?

For most of the day, I am either on the computer or near something that gives me easy access the internet.  Therefore, it is purely out of convenience that I’d find something to buy on the internet much faster than I would in a store.  And boy, have I been tempted lately!  It’s a new seaon and every retailer is enticing consumers with their semi-annual sales.  But somehow, I’ve been able to resist.  Here are the steps I follow to avoid impulse shopping on the internet:

1. SEARCH, SAVE & SIMMER

I haven’t bought any new shoes since…uh…hmm…  *scratching my head*  Shoot, if I can’t remember, then it’s been way too long.  However, it hasn’t stopped me from [internet] window shopping.  When I find something I like, I tag the link in a “shopping” folder.  The Firefox ‘read it later’ feature makes it easy to click and sort.  Then I wait a few days – at least three but no more than seven – before I pull the trigger.

2.  PROCESS OF ELIMINATION

After a few days, I clean up the folder and delete most of the links.  I may decide not to buy an item for various reasons: don’t like it anymore, found something better/cheaper, or admit I don’t need it.  Like these…

These are a beauty, but I don’t need anymore suede peeptoe pumps.  Then again, if the price was right (think: out of season clearance), I may give in to the temptation.  This waiting period eliminates about 75% of my impulsive purchases because it forces me to think about if I really want it.

The other 25% require a little more effort…

Occasionally, I run across something that makes my heart skip a beat every time I see it, even after the waiting period is over.  Like these…

and these…

The style…the color…oh my!  I’ve been admiring these sandals for about 2 weeks.  In fact, I had a dream about the pink pair two nights in a row.  They are HOT!!  And I’ve already put together an outfit (or 2) in my mind for each pair – including the accessories!  *fanning myself*  I’m sure there’s a name for what ails me when it comes to fabulous shoes.   The only logical step is to get them on my feet.  POST HASTE!  But not so fast…

3.  PRICE/VALUE CONSIDERATION

I consider moving the ‘must buy’ item(s) to my shopping cart, but first, I have to decide if the price is reasonable and if I can afford it.   Depending on the item, this eliminates another 15% of my impulsive purchases.  I will never compromise my financial goals in the name of retail therapy.

Those sandals cost more than I’d prefer to pay – $100+.  I could wait for a sale, but I want them so badly.  Plus my size (7.5) sells out pretty quickly and I don’t want to risk it.  I’ll search for a discount code, find an affiliate cash back site (i.e. fat wallet, ebates, msn live, etc.) and use a cash back credit card to reduce the price.

Also, both brands have a good reputation and they appear to be well made.  Assuming they’re comfortable, I know I will wear them often and for years to come.  But just in case, I read the site’s return policy.  Then, on to the fun part…

4.  FABULOSITY ASSESSMENT

Before making the final decision to buy, I ask myself one more question:  Do I love it?  That one question, alone, eliminates the remaining 10% of my impulsive purchases.  If you love it, you’ll always wear it.  As a result, the per use cost will decrease and the item’s overall value will increase.  Otherwise, if an item was $5, it’s a waste of $5 if it doesn’t make you feel FABULOUS.

5.  BUY IT, GUILT FREE!

At this point, it’s a no brainer.  I found, I waited, I eliminated, I priced, I loved – and now I’m buying it.  Guilt Free.  When I say ‘guilt free’ I mean, I do not…

• Say “I deserve it” to satisfy my conscience.
• Brownbag (or make other minor changes) for a week to justify the purchase.
• Think about all the hungry kids in Africa I could have fed or all the whales I could have saved by donating the money.
• Consider the potential earnings if I had invested the money at some ridiculous rate of return for a zillion years.
• Care if Suze Orman thinks I can afford it.

None of that crosses my mind.  I sit and wait patiently for the UPS man to bring me the goods.  And when they arrive, I get excited!  I can’t wait to get home from work so I can rip open the boxes and play dress up in the mirror like a big ol’ kid.  :-)

How do you avoid impulse shopping on the internet?