Can I not buy clothes for 6 months??

I don’t know… can I?

Oy!

I was cleaning today and realized that my jackets & coats alone take up ALL of my closet. In my defense, my closet is seriously tiny. But maybe it’s not such a bad thing to hold off on buying clothes for a while.

At the very least, it’d be great for my budget. If I don’t buy any clothes for six months, I can probably save at least $300 or $400 (assuming that I don’t spend that money on something else). $300 is not a make-or-break amount of money, but it’s big enough that it’ll make a difference in my down payment.

Would I rather have a new dress or a house?

Must ask self that question several more times. Especially with all the after-Christmas sales going on.

Would I rather have a pair of herringbone pants or a house?

Would I rather have a satin A-line skirt or a house?

Would I rather have some round-toed pumps or a house?

Hmmm…

2008 goals: onwards & upwards

After crunching the numbers and mulling over what is “aggressive but realistic” versus what is “wishful thinking,” I’ve came up with a short but ambitious list of S.M.A.R.T. goals. The big picture is simple: I will focus on saving for short- to mid-term goals (down payment, grad school, car, etc.) and continue to save for retirement. My goals are specific, measureable, attainable, realistic, and timely, and I’m going to get it done. (And YOU are going to hold me accountable. icon wink 2008 goals: onwards & upwards )

Short- to Mid-Term

Save $21,000, with $12,500 in regular savings (money from my paycheck), and $8,500 in “extra” savings (bonuses, raises, tax refunds, gift money, etc.) Right now my goal is to save $800 for January, $1,100 for February and March, and $1,050 from April ’til December.

Retirement

I’ll max out the Roth IRA ($5,000 a year). I’ll have to save $500 a month from February to Novemeber. (I won’t be eligible for a 401(k) until 2009, and its hard to save money during December/January… all those presents!!). This is a perfect opportunity to concentrate on pulling together a down payment.

Debt

My only debt is my student loan, at $160/month. Because it’s an interest-free loan, I am not going to pay it off early. Instead, my money can work harder for me elsewhere. Eventually I’ll buy a new car, but the down payment comes first.

Spending

Who can forget about this category? Heehee. All save and no spend is a sure way to derail a budget, so I made sure that I left room for fun stuff. My top non-negotiable: massage! I’ve been going to a massage therapist regularly for the last several months, and I love her.

Bottom Line: I will save/invest $26,000 this year. Stretch goal: if I hit all of the above goals and still have money left over, I’ll… put more money into the down payment fund (or go on vacation. Hmm… the vacation sounds better, no?). It’d be sweet if I can save $25,000 for down payment, or $30,000 total. But that’s obviously above & beyond and pure gravy.

WSJ mention

Check this out: Well-Heeled got its first media mention ever (that I know of)! icon smile WSJ mention And from the Wall Street Journal, no less!

Apparently this blog falls under the “juicy diaries” category. 

Juicy. Personal finance. I never thought those three words would end up in the same sentence!

Congrats to Krystal, Mollie, Beachgirl, and Nicole, and Eric – they were also featured in the article.

New Year = New Job

Maybe some of you were able to tell from my posts that I’ve been feeling a little unsure of where I’m going lately. My previous position was a great opportunity and the pay trajectory was steep, but I realized that it wasn’t the right fit for me. I am happy to report that I have accepted a new job.

So I will start 2008 with a new job and a new lifestyle – for one, I won’t be at the office eating expensed meals every night of the week, which means… I will get to grocery shop and cook! (that’s one of the things I’m most looking forward to).

I have so many things that I want to do now that I’ll have a little bit more time: I want to volunteer, read more often, take advantage of all the wonderful museums that are around me, buy fresh produce at farmers markets, poke around thrift stores, see friends, visit Mom & Dad, go watch movies, start exercising regularly, and just take better care of my body and my mind in general. 

Business Insurance Experts Premierline Direct

Learning to care

I’d like to think that I’m a good daughter, a good friend, a good girlfriend, a good colleague. I’d like to think that some day I’ll make a good wife, a good mother, and still be a good friend, a good whatever-I’m-doing. I’m a law-abiding, tax-paying, GDP-contributing member of society. Those aren’t small things. They are not to be dismissed. They are what keeps our world humming along. But despite all that…

The thing is, there is so much injustice and sickness and calamities in this world. It’s impossible to warp my head around it all. There are things going on that you think no benevolent God would ever allow. (But just because I think that, doesn’t mean God’s not there.. does it? That what I ask everytime I talk to Him…or Her). And I don’t think I can do anything to help – from global warming to genocides to cancer to Laotians who fought a secret war for the U.S. and are now forgotten by their once-allies. Or that anything I can do is so small that it really doesn’t matter.

Does one afternoon volunteering at a soup kitchen matter? Will carrying groceries in a canvas tote instead of a plastic bag matter? Does a $10 donation to Amnesty International matter? It adds up, right? If 10,000 people each donated $10 that would be a $100,000 donation. But instinctively it doesn’t feel like I’m doing anything except writing a pittance of a check (and getting my canvas tote dirty).

In so many things, I feel, you’re not in it to win it. You’re in it to try to stem the bloodloss, to whittle down the destruction before the next wave after unrelenting wave hits. (Not to suggest that steming the losses is not a noble quest – it is, but it’s just a quest that never ends. It’s just one more obstable course after the other.) Is that a depressing way of looking at the world? I don’t know… I don’t think I am unduly pessimistic (on a related note, I smile. alot).

At the end of it, I know that it doesn’t matter how badly I feel about something, if I’m not willing to take action on it. (And that realization makes me feel even worse). But I think that whatever action I take will be too insignificant to produce any sort of observable or lasting change.

There are people who devote their professional lives (many times at great personal cost) to help the impoverished, the down-trodden, the forgotten. That’s something I’m going to try to do better in 2008 – is to care more. Because I think I am too wary to care about the bigger things. What is the use of caring when you can’t make a change? Of course, how can I make a change if I don’t care enough to take action? And you see this cycle of inaction that I seem to have gotten stuck inside…

So I try to love CB the best I can, to nourish the relationships I have with Mom, my family, the best I can. To keep my friends the best I can. I try to be good for the people who are close to me, in my life. I try not to hurt the people I love. If that’s all I can do (and who really actually accomplishes that?), can that be enough?

$75 at Bloomingdales

I just spent $75 at Bloomingdales.. and prior to this day I’ve never even set foot into that store.

It’s not even for myself. One of my friends and I each got a $75 gift card to Bloomies for our assistant, who has been a LIFESAVER in more than one situation (including one weekend where he stayed til 1 AM on Saturday and Sunday helping us finish up something). $150 is a nice way of saying “Merry Christmas / thank you / without your help we wouldn’t have been able to leave the office for three days straight”… and I’m glad to do it.

I suggested Bloomies because he mentioned that he got his cufflinks from there… so I thought that it’s a place he will definitely appreciate having a gift card to.

I know that it shouldn’t matter how much gifts cost and that it’s the thought that counts, but still. Sometimes there’s nothing that expresses that thought so well than cold, hard, spendable, cash (in the form of an artfully boxed gift card).

Amazing grace (period)

…is ending.

Just got my first bill from good ‘ol alma mater… the due date for the first payment is January 1, 2008. Happy New Year’s! Time to pay the piper!

From now until 2017, I’ll have to commit $160 every month to pay back my college loan. NOT complaining, though, I basically lucked out with an interest-free loan. And let’s face it, <$200 a month is a very feasible repayment when I think about the many, many college grads out there who are saddled with bigger loans.

The $1.55 challenge to Starbucks

For those times when you just can’t (or don’t want to) spend $3 for a Starbucks confection (yummy as it is), go to your nearest neighborhood Borders.

They have a drink called the Cocoa Trio – and it is amazing.

For $1.55 you can get a “kid’s size” (a little bit smaller than Starbuck’s “tall” size) and it’s a delight in a cup. Rich hot cocoa, topped by a mound of whipped cream, drizzled with chocolate syrup, sprinkled with lots of white chocolate shavings, and, just because there isn’t enough chocolatey goodness yet, there’s a bar of solid chocolate stuck into the whipped cream. It will melt into a delicious goop on the bottom of your cup.

Go. Drink. Be merry. You will not be sorry.

Pearls for this girl

I love pearls and mother-of-pearls. They can be elegant or whimsical, dressed-up or dressed-down. I am of the firm belief that a lady can never go wrong wearing pearls.

pearls Pearls for this girl
Isn’t this necklace gorgeous? Classic with an updated look. Equally appropriate for the little black dress at an office party or paired with a sweater and jeans for a night with girlfriends. The price is also gorgeous(ly expensive) at $390.

So… that’s basically out. But I can still admire its beauty online. icon wink Pearls for this girl

P.S. You know what the funny thing is? I saw this ad on The Simple Dollar‘s website. Heehee.

The best $3.87 I've spent ALL day

I was driving home from work, when I got sucker-punched by the worst case of munchies. All of a sudden, I wanted to eat breakfast food. I thought I’d get an Egg McMuffin from McDonalds, but realized that it’s 1 AM in the morning – McDonalds is out.

Then, I see a light shining from the distance… Jack-in-the-Box!! They serve breakfast 24 hours a day, so I quickly pulled in and ordered a Sausage Croissant and some hash browns… and let me tell you, the croissant was good. Soft, buttery croissant with crispy flakes on the outside, juicy sausage patty and softly-cooked egg all wrapped up into one delicious breakfast sandwich. Can you say love?

I still like the Egg McMuffin…. but I don’t know, maybe Jack-in-the-Box has beaten McDonald’s at its own game. But it’s okay. In this day and age, a girl has the freedom to love more than one breakfast sandwich – there is enough room in my tummy for BOTH the McMuffin and the Croissant (although not at the same time).

Finance Charges

I paid my last credit card bill late by 4 days… things were so busy that it just slipped my mind, even though I had a post-it RIGHT THERE on the calender to remind myself to pay the bill.

So now it’s $12 of finance charges and $39 (!!!) late fee. Is there anyway for me to call the credit card company and explain, nicely, that I’ve never paid my bill late before (and always in full), that it was a one-time occurence, and will they PLEASE just give my money back?

Money is hard to earn

Right now it’s just a bit past 5 AM. I got home about 20 minutes ago.

This reminds me, yet again, that making money is NOT THAT EASY. And thus I SHOULD NOT waste it on frivolous things.

Good thing that the shoes, the jeans, and the blouse that I purchased from Banana Republic didn’t fit well – so I can return them and get back $150. Maybe this is God’s way of having a sense of humor. Spending that goes against your financial goals? Let me give you a doozy of a day (and night) at work so you know what a dollar is worth!

Har har har (I’m not bitter, I swear).

Stranger in a strange land

Almost every day I see this homeless man while driving to work. He is always leaning slightly to one side, weighed down by a backpack slung over right shoulder. He wears an olive-green jacket and blue jeans. He smokes. His hair is a little long. I imagine him to be 40 or 50, although if he cleaned up he could probably pass for the lower end of that range.

Even in his current state, I can tell that he can be handsome.. in a rugged sort of way – someone you’d see in an old western movie. Every time I pass him by, I wonder, where does he go at night? How did he end up here? Where’s his family? Friends? Wife? I hope he doesn’t go hungry or cold.

There’s a saying in Chinese, that “as long as I have rice to eat, you won’t starve.” (I’m sure there’s a more poetic translation somewhere, but the basic gist is there.) Why didn’t he have someone say that to him? As long as I have a place to live, you won’t be homeless.

After a while I began keeping an eye out for him on the commute to work, and it’d brighten my day a little when I’d see him. I have no idea why.

A well-edited wardrobe

Last night I decided to embark upon the ambitious project of culling, reorganizing, and editing my wardrobe.

I have a lot of clothes – too much, Mom always said. Now I don’t feel as if I have too many clothes to wear, but perhaps I do have too much stuff that I don’t wear. To make this process fairly painless, I’ve broken it down into steps.

1. Separate clothes into piles (this is probably the hardest step):

(a) Keep pile: Pieces that fits well, that I like, and that I actually wear. Take note of which items need special care (i.e. dry-cleaning, loose buttons, whites that needs to be bleached, etc.)
(b) Want-to-keep-but-never-wear pile: Clothes that I want to keep for sentimental reasons (stained sweatshirt with a giant Winnie the Pooh on the front? You get the idea), or because it should work (yet never quite look the way that I imagine it would).
(c) Donate pile: clothes that are in good condition but that I don’t wear for various reasons: the fit isn’t right, the style’s not me, etc.

2. Go through the Want-to-keep-but-never-wear pile again -

Ruthlessly edit to 4 or 5 pieces that I like. Everything else? Donate!

3. Put the Donate pile into some paper bags,

look up the nearest Goodwill Donation Center, and let my junk become someone else’s treasure.

4. Drop off Keep (special needs) pile at the dry-cleaner’s. Do laundry.

5. Organize closet:

Hang jackets, coats, and skirts. Fold and store sweaters and pants. (Incidentally, I like to have hangers that all look the same – no plastic or wire hangers – they ruin the shape of clothes. My favorite hangers I got from Ross – sets of 10 foam padded hangers for $6.99).

*** I have a small closet, so it’s even more important for me to keep my wardrobe well-organized. It also just nice to have a closet that’s neat & full of things that I love and wear. Might it even – just maybe – keep the shopping urge in check?

Impulsively, mine

I first saw this pair of shoes this summer, tried them on and loved them. Unfortunately the store didn’t carry my size, so we had to part ways.

shoes isec1041040 Impulsively, mine

Today I found a site that had my size, so…I bought it. It’d be fair to say it was an impulse purchase. I love the pale gold color – very appropriately festive for the holidays. I did not love the price tag, also very festive (for the sellers!) at $85.

Dear FutureMe

If you haven’t already, check out futureme.org. It’s a free website service that lets you send emails to yourself – up to 30 years in the future.

Tonight I wrote an email of the 25 things I want to do by the time I turn 25, then I sent it off. I’ll get an email from “PastMe” a little more than 2 years from now.

Anyhow, I realized that only 2 out of the 25 things are directly related to money: I wrote that I wanted to have a certain net worth and a certain salary by the time I’m 25. Everything else were experiences I wanted to have, not things I wanted to buy.

Some of the items on my list: adopt a dog, go see a show in Las Vegas, take Chinese classes, practice tai chi, throw a dinner party, visit Hawaii…

So while all of those things requires money, none of them are so outlandish that they can’t be done with careful planning and a dash of luck.

3 books for $6

Today was my lucky day because I found three books that I’ve been meaning to buy – all in excellent condition – at the local library sale.

I got Joan Didion’s The Year of Magical Thinking, Calvin Trillin’s About Alice, and Nathaniel Hawthrone’s The Scarlet Letter for $2 each.  icon smile 3 books for $6 And they were all in hardcovers too!

If you are looking for good books to read, I’d recommend all three. Calvin Trillin’s About Alice is very short (78 pages) and straight-forward, but there’s something about it that’s so good.

Calvin said that he got a lot of letters like the one from a young woman in New York who wrote that she sometimes looked at her boyfriend and thought, “But will he love me like Calvin loves Alice?” Sometimes it’s hard to express how you feel about someone else in writing, but Calvin does, with really simple words and phrases. It’s a love story, not a romance novel.

Spendy spendy

I signed up for the gym (and actually went!)- hopefully this is one of many steps towards a happier, healthier me. The initiation, “towel fee” and the prorated fee for November added up to $115 – after that it’s $50 a month for the membership. The gym offers several classes that I want to take: yoga, ab workout, cycle intro, kickboxing… so I’m going to try my hardest to make time for workout.

I also purchased my first pair of workout shoes since… summer of 2005. It costs $95… SO PRICEY. But it was pretty difficult for me to find workout shoes in my size without going online (and I’m too impatient to wait for an online order), so I had to pay up.

I ALSO saw a pair of very cute black pumps with kitten heels on sale for $60 – but decided it against it. I need a new pair of running shoes much more than I need a pair of dress heels.

For Sephora, unfortunately I couldn’t cancel the order because the products already shipped this morning. But I called and confirmed that I can bring in the products to a Sephora store, return it, then re-purchase it on my gift card online. So that’s what I’ll do after I receive the stuff in the mail.