Fabulous Financials

I’ve been so happy lately!  Over the past month, I’ve been in the process of developing new interests, changing my perspective on many things, adjusting my priorities, and staying on top of my finances despite the doom and gloom of the economy.  I refuse to let this recession drive me batty.  It’s a natural flow of the economic cycle, but life goes on.  Shoot, I still have things to do (get my body in shape), places to go (vacation), and people to see (eye candy!).  So instead of blogging about Obama’s housing bailout plan and how effective it may (or not) be, I’ve been saving money, spending money, and enjoying life – three things that make me happy.

Here are a few of the things I’ve been up to lately:

SAVING

I received a huge fed and state tax refund this year – over $5,000.  All of it went into savings.  Yep, ALL of it!  In addition, I saved $2,000 last month (Feb) and I project to save another $1,500 this month (Mar).  Man, I’ve been a saving machine!  The balance on my efund is over $35,000!  Only $25k is earmarked for emergencies though.  The other $10k plus regular savings is for whatever comes up that I can’t cover with monthly cash flow.

SPENDING MONEY

My shoe fever season has begun and I’ve already added 2, maybe 3 (or was it 4?), new pairs of heels to my collection.  I’m trying to practice a little restraint so that may be all I buy this season.  *thinking about what I just said* Aww shoot, who am I fooling?!?  If I see a pair of fabulous shoes and they’re within my budget, I’m buying ‘em! LOL!

I bought a CHI flat iron on Amazon for $66 (reg $190) with FREE shipping.  Let me tell ya, this thing really lives up to the hype.  I usually HATE doing my own hair because of the time it takes, but after a quick wash and deep condition, my tresses are silky and straight like I’m fresh from the salon.  I also bought a heat protectant that I apply to my hair before using the CHI because that little thing gets HOT – over 400 degrees.  But the results are fab!  And it’s already paid for itself because I can stretch out my salon visits and do more regular maintenance at home.

ENJOYING LIFE

I have 6 weeks vacation that I keep in reserves and rollover every year for emergency time off, but I also earn an additional 4 weeks each year.  I plan to take 1 this spring, 1 this summer, 1 this winter, and float 1 throughout the year for personal time.

Over spring break, I’m taking BabyGirl to NYC.  This will be her first time in the city so she’s very excited.  We’re staying in Manhattan for 4 days and 3 nights.  While there, we plan to see the The Lion King on Broadway; visit the Statue of Liberty, Empire State Building, NYC Library, Grand Central Terminal, and (undecided) one of the museums near central park; eat “real” Chinese food (BabyGirl’s term) in Chinatown and “real” pizza (BabyGirl’s term) in Little Italy; and do a little shopping.  So far, I’ve booked the transportation (megabus), hotel (partially funded with CC rewards), Broadway tickets (using discount codes found on theater discount websites) and the SOL ferry.  Total spent: $387. Total budget: $650.  I have friends from the Bronx and NJ meeting us for one or more of the scheduled activities and I already know we’re going to have a blast!

This summer’s vacay will be on a tropical island.  Still researching destination spots but undecided if I’ll take BabyGirl with me or roll solo.  Budget: $1,500 w/ BabyGirl, $700 without.

I joined a gym and I’m committed to working out at least 3x each week.  I just completed my first week and it’s had an amazing impact on my energy level.  However, I must admit, it was HARD, my body was EXHAUSTED, and my muscles are SORE.  Bodies don’t lie, I was an out of shape lazy bum.  Emphasis on the word WAS.  As I build my stamina, I will gradually increase my workouts to 4x each week.  The cost of membership and my personal trainer is $50/month without a contract (deal through my employer), so I have to pay a month in advance.  Now you know I’m not wasting any money, right?  Hellz to the naw!  I plan to have my fat arse front and center on Mon/Wed/Fri or Tues/Thurs/Sat every single week.  Hmph!  I already added the expense to my monthly budget and I think it’s worth every penny.

That’s all I have for now.

I hope you guys are making the best of these challenging times and enjoying life as well!

Pssst. When I don’t post on the blog, you know where to find me.

The kids are having a snow day, but I’m ready for winter to GO AWAY.  Got that winter?  You’re not welcome here no mo’!  Alright now, git!  In the meantime, I’m going to mentally pretend that it’s spring already and share with you guys my first spring shoe fever purchase.  Yea, I got the fever for the fabulous flavor already!  See…

They’re purple if you can’t tell.  Sorry for the bad picture, had to take it with BabyGirl’s camera phone. Mine was laid to rest in December.  Still searching for a replacement.

I found these babies on clearance at Ross for a grand total (including tax) of $14.16.  I just so happened to be standing in the aisle when the sales lady was marking them down from the regular price of $49.99.  I saw them from a distance – the color is striking – and noticed there were only two pair of its kind.  And wouldn’t you know – one of them was in my size.  Bingo!

I tried them on and immediately fell in love.  When I stood up, thoughts of spring/summer outfits began dancing in my head.  What?  I know y’all do it too – put together outfits in your mind when you’re buying something new.  I was thinking about my white linen suit, tan cropped pants, or any one of my bright colored, flowy, summer dresses.  Then I blurted out – to no one in particular – “I need jewelry!  Oh and a handbag too!”  BabyGirl thought I was nuts.  I really wanted a new bag, but I quickly suppressed the urge and settled for the shoes only.

As I approached the register, I noticed tiny scratches on the buckle of the right shoe and I was about to put them back.  I mean, the gold-toned buckle on this shoe is EVERYTHING!  I was so disappointed. :-(  Then BabyGirl said she didn’t notice the scratches at all and reminded me that I usually ask for an additional discount on slightly imperfect merchandise.  Well duh!  How can I forget to bargain during a critical shoe buying opportunity like this?  So I asked for an additional 10% off.  And BAM! They were sold!

In Single Ma land, it is officially spring shoe fever season.

Buy anything cute lately?  Do tell.

I just read an article on Yahoo Finance that reported S&P rating services placed 6 department stores on credit watch last Thursday.  Dillard’s, Macy’s, Neiman Marcus, Nordstrom, J.C. Penney, and Sears.  Currently, all of them are considered “investment-grade,” but J.C. Penney is barely holding on at “just one notch above junk.”  Is anyone surprised by that?  I’d expect Sears to be in the same “junk” category too.

But get this.  S&P has already cracked the whip on 3 other stores – Bon-Ton, Kohl’s, and Saks – by lowering their ratings from “stable” to “negative.”  Whaaaaaat, not the luxurious Saks?  The same retailer who is concerned that “heavy discounting will hurt its fourth-quarter margins.”  Umm…let’s see…no sales at all which means no profit – or – discount your already overpriced inventory to increase sales and slightly reduce your profit margin?  Saks’ management better get a grip on reality or they won’t survive the rest of this year.

Shoppers are really cutting back lately.  It is reported that the weakest retail areas are women’s and men’s apparel, jewelry, women’s shoes, and handbags.  I had to do a double take when I saw shoes and handbags.  Shoes and handbags.  Wow.  When times are tough, people don’t buy non-necessities or luxury items.  As a result, department stores have seen a sharp decline in sales from 4.5% to nearly 24% – in January alone.

Hmm…I wonder how much of this decline is due to normal shopping patterns after the holiday season and how much can be attributed to the economy.  On one hand, I think it is normal to see a decline in January sales.  When the holiday season is over and all clearance wracks have been torn to shreds, the thrill is gone.  So people return to their normal shopping/spending patterns.  But on the other hand, I realize this recession is no joke.  It amazes me how much the housing market has caused a ripple effect on everything.

I guess if century old financial firms can tank, retailers are no different.  Worst case scenario – more layoffs and probably store closures.  Best case – deep discounts to attract shoppers and increase sales.  Either way, as a consumer, I’m going to keep a close eye on my favorite retailers and dump any left over gift cards as quickly as possible.

When I moved into my first apartment back in – uh, never mind I’m showing my age – I had no furniture and I was too good for hand-me-down crap.  So I decided to buy my very own bedroom set from this cheap’o place called Furniture Liquidators or something like that.  I settled on the first thing I saw and bought the bed (headboard, rails, and mattress), 1 night stand, and the dresser/mirror for $799.  That was A LOT of money back then and you couldn’t tell me nuthin! Nope, not a word ’cause I was GROWN and planning to sleep like a Queen. Yea!

But you know I didn’t pay cash for it, right?  Heck naw!  I financed that baby using the in house finance company.  The super duper nice finance guy gave me a whole $50 off the sales price AND 6 months of NO PAYMENTS.  Wow, what a deal!  I walked away with a brand spankin’ new bedroom set, a fancy smancy loan with a bunch of legalese terms, a 22% APR, and a payment of only $77/month.  Man, I was psyched!

Wait.  Did I tell y’all I worked at Big Box Retailer for $5.65/hour?  Umm…yea.

I don’t know why I felt like sharing this today.  *shrug*

That is all.

Today is the last day of my no shopping strike!!  Woo wee!!  Yay!!  Yippee!!

*jumping up and down*

*2 somersaults*

*1 back flip*

*doing the running man*

[stop. straighten clothes and compose myself]

Ahem…

For those who don’t know, I’ve been on a no shopping strike since early September and good lawd was it hard.  Four long months of NO new clothes, shoes, or accessories…oh my!  For a person who views shopping as a sport form of entertainment part of her livelihood necessity, not being able to shop is like having no air.  Those after Christmas sales were calling my name.  Pure torture!  Wooo weeee!  Lawd, y’all shoulda seen’t me sweatin’!  I had the shakes ‘n shyt! LOL!

Side Note: y’all remember Gator from Jungle Fever?  [ffwd 2:27] *dancing and singing*  “I’ll do it, I’ll do it, you know I’ll do it.”  Man, that was me!  Funny as hayle!

Anyhoo, for a minute, BabyGirl was a little concerned.  She said “ma, what’s the purpose of your shopping strike?  you have money, just buy what you want.”  And my eyes lit up like she was Gator’s brother giving me $20 to buy a pair of shoes! LMAO!  Lawd, I was a mess! LOL  But if any of you are wondering, like BabyGirl, “why in the world was she doing that anyway?” – I’ll tell you.  It all began because I had too much crap in my closet, but the past few months have taught me three very important lessons:

1. How to Prioritize My Discretionary Spending

If I were able to shop between September and December, I would have spent every extra dollar (excluding bills and savings) on clothes and shoes.  However, I was forced to consider other things that turned out to be a better use of my time AND money.  For example, instead of shopping, my mother/daughter days with BabyGirl were spent at museums, theaters (live plays, not movies), skating rink, making Christmas gifts, scrapbooking, etc.  These monthly activities helped us bond and create new memories that will last a lifetime – not accumulate stuff that will lose its luster in a season.

During my strike, I learned that shopping should be a planned activity, not on a whim or form of entertainment.

2. Delayed Gratification

I know this one is cliche’, but let me explain.  At least once a week (or more), I’d see something I wanted to buy.  By the end of the next week, my sights were set on new things and I’d forget what the other things were.  That should tell you how badly I wanted them, right?  Whenever I’d see something I really wanted, I’d write it down or book mark the webpage.  Then guess what?  A little while later, I’d see it again at a lower price or find something similar, but better!  Maaaaaaaaan, do you know how mad I would have been if I bought it at first sight?

During my strike, I learned to apply the theory of delayed gratification: make note of what I want, wait a little while, and if I still want it after the “grazing” period, buy it without remorse.

3.  How to Shop in My Own Closet

Unable to buy new goodies, I had to settle for what I already owned.  And guess what?  I had pieces with the tags still on them!  Things I bought months ago but never found the perfect shirt, shoes, scarf, jewelry, etc to wear with it.  So there it sat…in my closet like a bench warmer with no game.  With inspiration from these fabulous budget conscious fashion bloggers, I began to create ensembles that I never would have thought of on my own.  And they turned out fab!

During my strike, I learned to pair unusual pieces for a whole new look.

Those three lessons took months to learn, but they will last a lifetime. Now, many people assume I will go on a shopping spree to make up for lost time.  Well I’ve got news for you.  There were many things I wanted during the strike, but only a few remain on my wish list:

• Reversible black/brown leather belt (Nine West or Anne Klein)
• Silk scarf with shades of purple
• Black pumps for interviewing
• Two crisp white button downs
• Hat, scarf, and gloves to complement my new coat

These are small and practical.  I may get them all at once or only if I find them on sale.  But thanks to the four month exercise, my brain is not overloaded with the urge to shop.

*happy dance*