Well Heeled Blog > 2009 > February

Cheap & Chic: Decorating on a Budget

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I love decorating on a budget. My room style could be called “updated vintage” – imagine Anthropologie-like romantic features without excessive girly-ness. If I gave up my Roth IRA contribution, I could get my whole room from Anthropologie, and maybe add a dash or two of West Elm for balance.

(Pictured above is a bed that I can’t afford that would look absolutely lovely in an apartment with 10-feet ceilings that I don’t have.)

Back to reality… spending loads of money on furniture and decor really isn’t in the cards right now. Still, I want to create a comfortable, enjoyable, and dare I say, stylish space (which, I think I have. With varying levels of success depending on the varying levels of messiness in my room).

So here’s what I did:

1. Compile a “style file” to find out what kind of colors, pictures, and styles I like.
I have a personal journal that I paste clips of magazine pictures or note cards from anywhere and everywhere. A graphic advertisement note card from Merck, clippings from Travel & Leisure magazine, pictures of a Seattle boutique, etc. I also peruse Apartment Therapy.

After while, I noticed a theme: I like neutrals with pops of color. I like comfortable (mid-century Swedish might look amazing, but I just can’t live in it). I like dashes of red or aubergine. I like details. I love a good duvet.

2. Look for cheaper alternatives in a similar style.
I love the iron-wrought beds featured in Anthropologie, Pottery Barn, and Crate & Barrel. I love the scrolls and the nobs. But no money = no C&B.

When I first bought my bed, I found the Halingby headboard & frame (since discontinued) from IKEA for only $80! That’s a quarter of what a frame would’ve cost me at another, more upscale store. The frame is less fancy and I’m sure the quality is reflected in the price, but the style is very similar for the picture I’m trying to create.

3. Keep “foundational” colors basic and make “accent” colors stand out.
My furniture are divided into two camps: white, or black. The black pieces are larger and “anchors” my space (I find the look of an all-white bedroom too colorless for my taste), while the white furniture brightens up the room. It’s also much easier to find these basic colors.

4. Paint!
Paint is often the cheapest way to change the look of a room or a piece of furniture. I really, really wanted a white secretary desk (graceful and feminine, I imagined).

Instead, I found a $10 IKEA desk on Craigslist, lugged it home, and painted it white. Not quite a secretary, but it will do for now. I can’t paint my bedroom because, well, it’s a rental, but at many places you can check with your landlord and they’ll let you paint. Although, I’ve gotten quite fond of my white walls…

5. Check out Craigslist, yard sales, thrift stores, and flea markets.
I got my nightstand at a yard-sale for $10. This is also where the “style file” comes in handy – if you know what you’re looking for, or an idea of what would work in your room, it’d be much easier to walk away from “bargains” that doesn’t fit your style. I got a gorgeous pewter lamp shade for $6 at a local Goodwill.

If you are in the Bay Area, check out Alameda Flea Market. If you are in the LA area, check out the Rose Bowl Flea Market.

6. Picked up cute accent pieces at Ross, Marshalls, or TJ Maxx
These stores are great for discounted desk accessories, French fabric boards, and note cards and stationery. I got three sets of 6 satin padded hangers for $5 a set. I’ve also gotten a black & white memory board that fit perfectly with my color scheme for $6.

7. Declutter!
Too many knickkacks will look messy and haphazard. The key is to keep a small cluster of pieces similar in color (and maybe structure – a group of vases in various shades of blue, for example) or one statement piece (a large, deep, red bowl), and then that’s IT!

I had to resist the urge to add to my knickkacks, but I think my room is better for it.

Friday is in sight!

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Which means the Freedom Fund will get another cash injection (or an additional buffer between job loss and the streets Mom & Dad’s).

Recently, the recession has hit home when one of my relatives lost her job at a tech company. She is poised to weather the layoff well (she received a good severance, her husband has a well-paid job, and they own a couple of different properties), but the news is still disconcerting.

Many newspapers are touting the need to bulk up one’s emergency fund, but how much can you really save with only a few months’ notice? It has taken me more than a year and a half to save my emergency cash.

What I’ve learned from everything that’s going on around me is that in good times, I need to prepare for the not-so-good times. In this economy, it seems that nothing is guaranteed. I’ve read account after account of laid off bankers, consultants, marketing managers, engineers, IT workers (not to mention the scores of auto worker) who made good salaries but are now having trouble finding work after several months of searching.

I’ve been a saver mostly because of Mom’s influence – she has taught me through words and actions that saving for a rainy day is important. Living through my first recession as a working adult (a recession that may be the stormiest of a generation) has made the lesson just that much sharper.

So come Friday, I’m going to take my paycheck, pay my rent, and put everything else into the Freedom Fund. $30,000, here I come.

***Okay, having said all that above – as long as I still have a job, I’m going to keep eating out. Not every night at a $50 a plate restaurant – but, to give up dining out entirely? No can do.

Selective memory

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I was itching to buy a pair of boots and a couple crewnecks at Ann Taylor Loft ‘s sales section. After all, I rationalized, it’s been so long since I’ve went shopping.

Um, no. It’s actually been less than two months. (How come it feels so much longer?)

Selective memory? Yes, yes, and yes.

Remembering the good stuff in times of the bad stuff

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I have to admit I’ve been feeding into the frenzy as well. As an information/news junkie, I must know where the Dow closes. And the difference between a Tier 1 Ratio and a TCE ratio. And why banks are actually in MORE trouble according to the conservative TCE.

All this news-mongering must’ve gotten to me, because, last night? I had a dream that I was laid off. What’s the worst that can happen? According to WSJ, really really bad things. (Think alcoholism and sleeping on the train tracks). SP is right… all this economic doom & gloom is EXHAUSTING.

So this post is dedicated to all the good stuff that’s happening in my life despite the economy:

1. My aunt & uncle (who live overseas) will be visting in a month. I am very excited, as I haven’t seem them for two years.

2. My mom may consider buying a condo at the end of 2009, which means I can tag along on house-hunting trips. When I was younger and my parents were looking for our first house, open-house-viewing was THE weekend highlight for the whole family. Come to think of it, that’s probably how Mom saved enough money to buy real estate – subbing open-house watching for family vacations.

3. CB and I are doing well. I finally got the perfume he bought me for our anniversary, and now I greet every day with a spritz of Marc Jacobs.

4. Not sure how this categorizes as “good news”, but I haven’t filed my taxes yet. Hmm… I guess the good news is that I still have time to file. Woohoo!

5. I am surrounded by good, great, and so-delicious-I-think-about-it-all-day food. In the past week, I’ve discovered a Japanese fusion restaurant with a delicious sea bass dish and a Thai restaurant with the silkiest, coconutty-ist curry I’ve ever had. And speaking of the diversity of deliciousness around me, I can get Ethiopian on Monday, Japanese on Tuesday, Chinese on Wednesday, Thai on Thursday, Mexican on Friday, French on Saturday, and Italian on Sunday. (That still leaves Vietnamese, Indian, Cuban, and many, many more). Oh, and let’s not forget the great Californian classic. My taste buds are spoiled.

What are 5 good things that’s going on in your life?

To all you math whizzes, this might be easy, but for me? I'm pretty darn proud I figured it out*

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Circle O (see below) has center O, diameter AB and a radius of 6. Line CD is parallel to the diameter.

What is the perimeter of the shaded region?circle1 To all you math whizzes, this might be easy, but for me? I'm pretty darn proud I figured it out*

The perimeter will be the length of the arc CAE and the line segments CB and EB.

Calculate arc CAE

Step 1: Angle X = 30 degrees, because they are alternate interior angles

Step 2: Angle CBE = 2X = 2*30 degrees = 60 degrees

Step 3: Angle COE = 120 degrees because COE is a corresponding angle of the inscribed angle CBE. Corresponding angles = 2x inscribed angle’s measure

Step 4: arc = (120 degrees / 360 degrees) * circumference = 1/3 * 2(radius)pi = 1/3 * (2)(6)pi = 4pi

Calculate lines CB and EB

Step 1: Triangle ACB is a 30-60-90 triangle because one it’s in a semicircle. Angle C = 90 degrees.

Step 2: 30-60-90 triangle = x – rad3(x) – 2x

Step 3: line segment CB is opposite 60 degrees, so the length is radical3(x) = radical3(6)

Step 4: line segment EB is the same as CB, so EB = radical3(6)

Add them together:

perimeter of shaded region = 4pi + radical3(6) + radical3(6)

perimeter of shaded region = 4pi + 12 radical3

*after the timed practice test & looked at my notes, but still. I RULE (for one, brief, shining moment).

Does paying with credit card = spending more money?

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Today, a friend and I discussed the difficulty of really watching credit card spending. Like my friend, I put 95%+ of all my non-rent expenses on my credit card. We are both responsible credit users – we pay off our charges in full every month, and we use the card to get rewards like cash-back and gift cards. But we both agree that somehow, credit card spending seems to be subject to the “creep”, and the direction is often upwards.

The conversation got me thinking: am I prone to spend more paying with a credit card than I would be using cash?

Research says yes, and as much as I love my CC, I tend to agree:

Even though I don’t carry a balance month-to-month, a CC is just SO convenient that it’s easy to rationalize that “oh, it’s just an extra $20″ and “oh, I’ll get rewards on it.” A $20 bill seems to be like a quite a bit of money. But a $880 credit card bill doesn’t seem that different from a $860 bill.

I don’t think I spend MUCH more using a credit card than I would using cash, but I’d be giving myself too much credit (heehee. pun intended!) if I insist that I haven’t been lulled by the CC into spending just a little bit more at times.

Still, I have no plans to give up the plastic. My credit card allows me added protection that I would not get with a debit card (virtual account numbers, low liability in case of fraud, etc.) and is way more convenient than cash. Besides, when my cash is gone, it’s gone. I have no idea where it went. At least with a CC, I have a statement and can keep track of my purchases.

Despite some valiant attempts in the past, I don’t really keep track of every penny either. My fixed expenses are what they are, and I have an idea of how much my credit card bills should be every month (below $800-ish) for me to make my savings goals. I have dollar-amount saving goals – as long as I make those, the rest of the money is mine to do as I will.

Do you think you spend more using a credit card?

Tick Tock Tick Tock, My Clock Is Ticking…

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No, not that clock!

I’m talking about my Real Estate Clock and my Puppy Clock.

Here are all the reasons why I should NOT buy a place and why I should NOT have a puppy:

1. I may very well move for school in the next 2-3 years.

2. I don’t have a down payment saved up.

3. I have no time to spend with a brand-new puppy.

4. I live in an apartment that doesn’t allow dogs.

5. I must achieve more financially stability before I become a homeowner and a dog owner.

An honest assessment of my personal situation tells me that it’ll be another 6+ years  before I can buy a place and a puppy.

….

But it doesn’t change the fact that I yearn for a little townhouse and a fur ball of love to call my own.

What clocks have you got going?

In defense of Valentine’s Day

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It seems as if a lot of bloggers are up-in-arms about this holiday, especially when the money aspect comes in. I’m feeling a little sorry for poor ol’ Valentine, so here’s my take. icon wink In defense of Valentines Day

True, Valentine’s Day is just one day. And true, no one should feel pressured to spend exorbitant amounts of money on dinner. And true, there’s no rule that says you have to comply with an arbitrarily chosen date manufactured by the chocolate-candy-flowers industry to celebrate your love.

But I see it as kind of like, well, all other holidays:

  • We SHOULD remember that family is important, every day. But Thanksgiving and Christmas brings out the warm-fuzzies (often neglected because of the rat race).
  • We SHOULD love and appreciate our moms every day, but Mother’s Day shines the spotlight on moms everywhere.
  • We SHOULD remember that freedom isn’t free, but Veteran’s Day and Memorial Day reemphasize the sacrifices made by our soldiers, living and dead.

That’s why I say: even if your significant other insists that Valentine’s is a overly-commercialized day devoid of any actual meaning, do something nice. A picnic by the beach, a handwritten card, his favorite movie, a cake from her favorite bakery – the good feelings you get in return are worth multiples of what it’ll cost you to put together something simple and heartfelt.

People aren’t very good at being the best person they can be, all the time – we aren’t very good at being great children, or lovers, or citizens. We take things – people – for granted. Sometimes, we just need a reminder.

Which is what Valentine’s is. A reminder that love should be cherished and celebrated.

10 Things I've Learned About Love, Money, and Myself

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Valentine’s Day + 6 years with CB + personal finance blog = 10 things I’ve learned about love, money, and myself!

10. I can have fun without lots (or harder, but still possible, any) money: So many of my happiest moments with CB are cuddling in bed and watching a movie on hulu.com. Hugs? Are free.

9. But I have to be more creative: When I have $50 or $100 or more to spend – having a fun-filled day is easy: theme park, museum, or dinner. Perhaps a trip to go kayaking or a weekend get-away. Having a $10-$20 budget means that I have to be creative about places to go.

8. It’s easy to say money doesn’t matter, but it’s not true: Money is like air – you notice how desperately you need it when it’s not there. And being together and broke in your 20s might be romantically bohemian, but being together and broke in your 30s or 40s often results in… not together.

7. It’s more romantic when the guy pays for dinner: I hope I didn’t just set feminism back 100 years, but it IS more romantic. Just like it’s more romantic when the guy opens doors, pulls out chairs, and walks on the curb side of the street (CB does this, and I absolutely love it).

6. Money reflects values, and it takes adjustment to see the other side: I love going out to eat. Good food = something worth spending on. CB loves electronics. So I try to be mindful of that fact. Dinner at Chez Swanky might be good enough for me to spend $40 on, but not for CB. So, I deal with it.

5. Fighting about money sucks: CB and I have had maybe one fight about money, which sucked.

4. Fighting about money isn’t really about money: It really reflects our priorities and expectations, both of which can be out of sync between two people. Money is just the conduit through which we express those feelings. It doesn’t help that feelings of self-worth, accomplishment, and all that stuff is wrapped in money.

3. I want a (fair, reasonable, executed-by-two-happy-in-love-people) prenuptial agreement: I just do. I did my high school presentation on prenuptial agreements – you can imagine the excitement in class. It makes me feel more secure. Does this mean that I won’t be as committed to my marriage? I hope not.

2. When I’m married, I want to have a dual-income household: We don’t have to make equal amounts, but each of us has to make SOMETHING (of course, barring layoffs and illness and such). It’s far too frightening for me to go without my own income, and it’s far too stressful to be responsible for the well-being of an entire family. My mom did that for a while, and I think that was one of the most stressful periods I’ve ever seen my parents in. Ever.

1. Underneath it all, I still believe in love, marriage, and (maybe) the baby carriage (and long-term investable assets and positive cash flow!): Despite a penchant for seeking out dissections and critiques of the modern institution known as marriage, along with dismal statistics about equality, divorce, and happiness, I still want to build my life with someone whom I love and respect. I still think we will be happy. Optimism? Still got it.

What are your 10 things?

PF bloggers undercover

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This weekend: brunch date with a fellow blogger, dim-sum-lover, and Neil Gaiman aficionado.

To the unsuspecting eye, we might just be a couple of girls out & about. But alas, little do those passerbys know that they have a pair of PF bloggers undercover among their midst.

We may look harmless, but secretly, we possess powers of super-sleuthing-for-low-prices.

Exhibit A: Coraline 3-D costs $12.50 online ($9 matinee + $2.50 3-D + $1 convenience fee)

What to do?

- Your everyday gal about town: pay the full $12.50

- Those a little more cost-conscious: pay $7.50 for Edwards tickets at Costco.

- Us, PF-blogger-extreme: subscribe to music site for a trail period (already canceled my membership!) to get 1 free movie ticket. Pay only $1 for convenience fee.

Result?

One delicious brunch? $11-ish

One movie ticket? $1 (We originally planned to watch Coraline, but got a voucher because something came up, but still – $1 movie ticket for use anytime!)

Good conversation over stuffed buns and dumplings? priceless!

Doom, gloom, BOOM! (or, am I being too negative?)

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That, ladies and gentlemen, is the sound of world economy falling off a cliff.

See what I mean about being too negative? Even though (I think) I am in pretty good shape to weather the storm, I find it difficult to be upbeat and optimistic about this whole situation. Ever since I was young, I never want to be someone who never saw it coming (whatever bad thing “it” might be) and be completely psychologically beaten down. But I’m afraid that in trying to be realistic, I have overcompensated and fallen off the cliff into the abyss.

But how can I not, when every headline I read is saying, in essence, “How bad will it get? Worse than you think?”. So if things are worse than I think, I might adjust my thinking to a “worse” case scenario to reflect reality, but then it just turns into a vicious cycle where things are NEVER as good as I think they might eventually be, which means that no matter how bad I think things will be, the truth, when it comes, will be even uglier than the ugliest scenarios I can foresee.

It doesn’t help that:

a) I am an absolute news junkie. I read the WSJ, New York Times, The Economist, and CNN Money every, single, day. On the way to work, I listen to Market Place on NPR. (Of course, I also have a plethora of personal finance blogs that I frequent). On any given day, I know the Dow and I know the layoff count. All this news-reading is very informative, and I’m being informed that well, there ARE no good news out there.

b) I keep an ear out for layoff news from my circle of fellow young professionals (financial analysts, consultants, accountants, PR people, etc). Many of the Big Four accounting firms have already had 3-4 rounds of layoffs. Law firms are cutting attorneys. Hiring everywhere is contracting. Most people I know who were laid off have not been able to find a comparable job. Oh, and you know how health care and education are supposed to be “recession-resistant?” Well, my mom works at a hospital, and she said that even they have cut back on per diem (temporary) nurses.

So I think things are pretty bad.

BUT – what if my thinking is too optimistic? Then obviously it’s even worse than I think. Maybe the job market won’t improve until 2014. Maybe it will be a jobless recovery. Maybe I will lose my job, go to grad school, graduate with debt, and can’t find a job. And become the weird, unaccomplished (also unmarried) cousin at family gatherings…

I do think (hope?) that things will start to get better in 2011 and beyond. I know I am an ultimately optimistic person, because the very act of PUTTING MY MONEY into deteriorating markets imply that I believe, one day, the economy will recover. So perhaps, depsite all the doom and gloom, I am a total optimist.

Oy.

"There's no great loss without some small gain"

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That’s what Ma always said in The Little House series.

Example:

  • Great loss = blackbirds destroyed Pa’s corn crop and made Pa sell a calf to fund Mary’s college tuition.
  • Small gain = delicious blackbird pie with fresh young vegetables (no use in saving them ’cause the blackbirds will get it all).

I haven’t gotten to the great loss (yet? knock on wood): a layoff, which would be the greatest great loss, as it would be for most others.

If I were to lose my job, the small gain(s) would be 1. opportunity to take risks (one of my mentors say that when you’re unemployed, your opportunity cost is the lowest), and 2. time to travel abroad for an extended period.

What would you say the “great loss” and the “small gain” would be for you personally in this economic meltdown?

Also, what book did the blackbird scenario come from? No material prizes, but you get the satisfaction of being a Little House Trivia Expert! icon smile "There's no great loss without some small gain"

Can I say blah?

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That’s how I’ve been feeling lately.

I feel tired and frustrated. Most days I battle the twin evils of wanting to go to bed at 8PM and the guilt of not-studying. You’d think it’d all be easier if I’d just STUDY, right?

Right.

It was so easy in college. ALL I had to do was to study and do fun extracurricular activities. Sigh. This is another reason why I don’t consider a part-time program – working and studying for the GMAT is unpleasant enough, I can’t imagine what it’d be like working 8+ hours a day and then going to a class on Modeling Consumer Behavior for 3 more hours.

Okay. I’m going to quit complaining and hit the books.

Oh, how quickly money goes!

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Or, a play-by-play of how I spent my money in one day:

10:40 AM: brunch at local cafe, $8.96

12:15 PM: museum tour + exhibition, $9.00

2:27 PM: Moscato d’Asti at BevMo, $11.90

3:36 PM: Ice cream cone, $1.79

4:09 PM: Aromatherapy body washes at  Bath & Body Works, $10.83

5:20 PM: tank of gas at Shell, $20.00

7:30 PM: Italian flat bread pizza and pasta, $22.00

Here’s hoping I gave the economy a (teeny, tiny) boost!