Last-Minute NYE Plans!

Vox Pop, a favorite Brooklyn coffee shop/bar/printing press, is hosting a NYE party for those of you who loathe cover charges and annoying idiots in sparkly party glasses. Read more

How To Spend That Holiday Bonus – Responsibly.

If you were lucky enough to have a job this holiday season, and even luckier to get a holiday bonus from the boss, then pat yourself on the back. Since funds are few and far between these days, that holiday bonus is even more precious. And precious things should be spent well — or shall we say invested well. We know it’s hard to not spend that cash, but hold out for another week or so when most of the shopping mania calms and the urge to spend dies down. And in the spirit of saving cash and building wealth, we’ve thrown together a few ideas on where to go and what to do to get the most out of your bonus this year.

1. Open or Fund a Roth IRA

If you haven’t opened one yet, this is your year! It’s never too early to start planning for your retirement. And if you think that your company pension is going to offer you a warm retirement, chew on this for a minute: a 25 year old currently making an annual salary of $40,000 a year would need to save approximately $600,000 by the age of 65 to effectively battle inflation and live on 75% of their ending salary (assuming they received living wage raises each year). Keep in mind that the majority of pension payment lump sums are in the $100,000 range, meaning that most people only save that much throughout their entire career, and social security payments are barely a drop in the bucket. Never underestimate the crippling power of inflation and economic instability. Supplement your future income by chucking away even a hundred dollars a month into a Roth IRA, and your future self will thank you.

2. Open a Vanguard Stock Account

I will be the first person to tell you that now is the time to Buy, Buy, Buy! Stocks are cheap, the market will rise again, and the people who take advantage of opportunities now will be in better financial shape ten years down the road because of it. Don’t believe me? Follow Warren Buffet’s lead. He’s been buying up stocks like they’re on the 50% off aisle at Wal-Mart. I’ve been putting more money into my stock account, and am planning to invest in another fund this year. And since I’m a big Vanguard fan, here are my three favorite funds managed by them: 500 Index Fund, Extended Market Index Fund, and the Total International Stock Index.

3. Debt Repay

Nothing says “Hello 2009″ like a clean financial slate. Throwing a lump sum at a mountain of student loan debt can be a big motivator to getting that balance paid off. Plus, knocking down a balance can drastically reduce your monthly payments, although I prefer the snowballing method rather than lowering your minimum payments to hasten the repayment process. There are few feelings that trump being free of debt, and the extra disposable income you’ll see each month after finishing off that last bill will feel like sweet victory.

4. Invest in Yourself with a Networking Vacation

I’ve decided to sock away some cash to go towards Networking Vacations. This is not your typical vacation, but attending industry conventions and networking events to further promote my freelance career. After a quick Google search for industry networking events across the country, I realized that there is a convention for absolutely everything. So far for 2009, I’ve planned three small trips and I’m treating them as personal investments in my budget. To save funds, I’ve set up a recurring savings transfer to a high yield checking account with a savings goal (this means once I reach my target amount, the money transfers will automatically stop). And since I’m planning pretty early (almost a year in advance for two of them), I’ll be able to get super cheap airline flights and good hotel rates.

Vanguard on Investing Successfully in Today’s Market

Vanguard has a cool new video series up on their website right now which talks about how to make the most of your investing ventures. Their reassuring voice couldn’t come at a better time, considering many people’s hesitancy to trust the market right now. Read more

One on One with Kathryn Finney, The Budget Fashionista

As a LifeStyler reader, you’re probably hip to a few other budget savvy blogs and websites regarding frugality and shopping. And if you’ve spent any time checking out budget shopping guides, you’ve no doubt come across the musings of The Budget Fashionista. Founded by Karthryn Finney, TBF has built a cult following by becoming the Go-To destination for budget-savvy shoppers looking to stay in style without breaking the bank. Along with showcasing fashionable looks for less, they frequently feature sample sales, interviews with the creme de la creme of the fashion world for style tips, and DIY guides to re-creating runway looks for under $100 (and oftentimes under $60). So with budget consciousness on the brain and the masses flocking to find bargain deals, we couldn’t not pick Kathryn’s brain for some tips on how to keep in style in the workplace for less than you probably spend on your electricity bill.

As an introduction to some of our readers who aren’t familiar with you, how did you become known as the Budget Fashionista?
The budget fashionista started from a love of fashion, but a lack of cash. I was living well above my means, racking up over 6 figures in credit card and student loan debt. I started the blog in 2003 as a way to stay connected with friends and to chronicle my experiences getting out of debt.

‘Tis Still the Season of Giving

By now we know that it’s no picnic dealing with terrible economic woes in general, but it’s particularly biting during the holiday season. You may have scrapped some holiday plans or purchased less gifts this year, but don’t let that stop you from helping out a few good causes. There are many organizations out there with charitable missions that you can support with a small donation (and get a tax write-off in the meantime). Keep on reading for 20 charitable causes and organizations to support this holiday season.

1. Support Disease/Illness Research. There are so many foundations out there for various conditions such as Breast Cancer, HIV/AIDS, Diabetes to name a few, why not aid in the search for cures and better treatments. A few sites for online donations are: The Breast Cancer Research Foundation (www.bcrfcure.org), The American Foundation for AIDS Research (www.amfar.org) and American Diabetes Association (www.diabetes.org).

2. Pass on a Coat. If you have an extra gently used winter coat lying around, give it some purpose and pass it on to someone who doesn’t have one. New York Cares accepts donations of winter coats for men, woman and children. Check out their website www.nycares.org for one of many drop off locations, or to make it even easier, just drop off your coat at any NYC Police Precinct.

3. Give Blood. The nation’s blood supply has been fearfully lacking for quite some time. If you are healthy and weigh at least 110 lbs, look into donating blood. You can find your local blood donor station at www.GiveLife.org. This simple act can have the truly monumental impact of helping save a life.

4. Help Stop Female GM. Author, former supermodel and UN Special Ambassador (1997-2003),Waris Dirie created a foundation to combat the practice of Female Genital Mutilation. For at least $10, you can help the foundation continue to speak out against this cruel and inhumane practice. Visit www.waris-dirie-foundation.com.

5. Send a Stuffed Animal. Project Smile is a non-profit organization, founded 5 years ago, that provides stuffed animals, small toys, and books to firefighters, police officers and paramedics to give to children involved in traumatic events. By simply putting a teddy bear in the mail can you can help ease a child’s distress. Project smile also has a neat Aidmatrix account (you can access it by clicking the donate tab on their homepage) where you can purchase supplies for their cause that get sent directly to them and avoid actually going out shopping for goods to post in the mail. Visit www.projectsmile.org for all the donation guidelines.

6. Be Santa. Around this time of year the US Postal service kicks off its annual Operation Santa Claus. This program provides a solution to the record numbers of letters post offices receive every year addressed to Santa Claus. If you’d like to help a needy child this Christmas season, check with your postmaster to find out when and where to pick up a “Dear Santa” letter. In New York you can pick up letters at the James A. Farley Post Office located at 421 Eight Avenue (between 31st & 33rd) from Monday-Saturday from 9am-4pm. On Thursdays you’ll have until 7pm to pick up letters.

7. Help Provide a Safe Ride. RightRides is a NYC based organization that provides safe and free late night rides to women, transgenders and those who are gender queer. RightRides was founded to combat the increase in attacks on women walking home at night and they service 35 neighborhoods in NYC. To help keep this service going with monetary help, visit www.rightrides.org and click the “donate” link. Donations are made via PayPal, so it’s a safe and easy way to show your support. For more hands on help, look into volunteering to be a RightRides driver. Check the RightRides website for further volunteer info.

8. Feed the Hungry. There are several food drives over New York accepting non-perishable goods. Soup kitchens also take donations. Check here to find a soup kitchen in your neighborhood. If you’d rather donate online, look into Feeding America, a non-profit hunger-relief charity. Feeding America serves the US and Puerto Rico and, as they state on their website, “distributes more than 2 billion pounds of donated food and grocery products annually”. Donate money to the cause at www.feedingamerica.org.

9. Give Away Your Business Suit. Ladies, do you have business attire that you no longer wear? Bottomless Closet states its mission as promoting “self-sufficiency among economically disadvantaged women in New York City”. Bottomless Closet provides a professional wardrobe and skill developing workshops. An easy donation of business professional clothing can help this organization transition women into the workforce. You can drop off donations Monday–Thursday, from 9:30am–5:00pm, at 545 Eighth Avenue (between 37th & 38th Streets), 12th Floor. Call 212-563-2499 to schedule an appointment. Visit www.bottomlessclosetnyc.org for more information. There are other organizations like this so don’t hesitate to do a bit of researching to benefit this cause if you are outside of the NYC area.

10. Help an After school/Youth Program. After school programs are a great asset to any community by providing an outlet for young people to realize and take advantage of their potential. Donate to a local programs and be involved in helping empower and motivate the youth. Here in NYC, there is a great program: Team Revolution, which was founded by Divine Bradley when he was only 17 years old. This organization states that its goal is to “create the next generation of community leaders and social entrepreneurs”. Visit their website (www.teamrevolution.org) to make a donation.

11. Support the Performing Arts. Many performing arts institutes are in desperate need of funds to support production and touring. Companies and dance schools will also usually take other donations such as office furniture, computers, and even more importantly, your time. Volunteering with a specific skill set in marketing or grant writing can be a huge boost to a small performing arts organization. Our NYC favorites are The Dance Theatre of Harlem (www.dancetheatreofharlem.org) and Elisa Monte Dance (www.elisamontedance.org).

12. Support Local Theatre. Keep the arts alive with a donation to a theater or playhouse. Many theatre programs offer excellent after-school programs for local youth as well. There are many adult and children’s theaters in need so make a contribution and help maintain and expand current programs. We’re big fans of The Children’s Theater Company (www.childrenstheatercompany.org).

13. Buy a Toy. The U.S. Marine Corps Reserve Toys for Tots Program collects new toys to be given out to children for Christmas. Put a smile on a child’s face for the holidays and check out www.toysfortots.org for drop off locations.

14. Contribute to a Local Hospital. Hospitals are a necessity for obvious reasons, so make a small donation. In NYC, for example, you can donate to The Bronx’s Montefiore Hospital, the university hospital of the Albert Einstein College of Medicine at giving.montefiore.org. With so many hospitals all over the country, feel free to take your pick and do a good deed.

15. Give Away A Scientific Calculator. There is a major lack of school supplies in many public schools. If you know a teacher, see if he/she needs any supplies for their class. Even if you don’t know any teachers personally, you can pick a random school where you live. I’ve heard that scientific calculators, in particular, are in need, but teachers would most likely welcome a host of supplies from crayons to rulers. Another way to help could be donating some old books you have to the school’s library.

16. Shop. In NYC there are several second-hand shops that support charities. On 17th Street in Manhattan you’ll find Angel Street Thrift Shop (www.angelthriftshop.org) which states that its profits benefit “individuals and families affected by substance abuse, HIV/AIDS and Mental Illness”. You’ll stumble upon many great “finds” in this place from dishware sets and ornate crystal candy dishes to Ann Taylor blazers and vintage coats. Housing Works is another organization addressing the AIDS crisis as well as homelessness. They have shops in Manhattan and Brooklyn and you can also bid on items online at www.shophousingworks.com. Don’t miss out on the steals you’ll get on quality goods at Housing Works like the Marc Jacobs spring jacket I scored for $45 or the English dinner plates I bought for $3 each!

One Laptop per Child (www.laptop.org) – For $199 you can provide a laptop to a child in the developing world. For $399, you’ll get one laptop for the child in your life and one to be donated to a child in a developing country.

The Amber Chand Global Gift Collection- This organization provides a way for female artists in conflicted areas to provide for themselves financially. Online you can purchase items crafted in Tibet, Sudan, Nepal, Afghanistan and other countries. The cost is a bit pricey but the items are handmade, beautiful and for a good cause. Shop online at www.amberchand.com.

The Body Shop- Buy a Home Lip Care Stick from The Body Shop (www.thebodyshop-usa.com) and contribute to the National Coalition Against Domestic Violence helping women and children affected by domestic violence.

17. Give a Kid A Backpack. Support education and set up a donation through giveakidabackpack.org. This non-profit uses donations to obtain backpacks filled with school supplies that are then given to children in impoverished areas around the world. According to their website, this organization is responsible for handing out backpacks to 14,000 children.

18. Support Victim Assistance Programs. Safe Horizon, according to their website, is here to “provide support, prevent violence, and promote justice for victims of crime and abuse”. They provide 24-hour lifelines for victims of crimes and are working hard to tackle domestic violence, child abuse, trafficking, rape, sexual assault among other crimes. Donate at www.safehorizon.org.

19. Help Your Alma Mater. So you get those alumni newsletters in the mail and more often than not give them a quick flip-through and toss it. Why not contribute a few bucks and help out your old college. You can also earmark your funds for specific areas if you’d like, for instance, to help support the construction of a new science wing.

20. Volunteer Your Time. Well maybe you don’t have any extra money to give to a charitable cause. As much as we all have used the “I don’t have time” excuse, the truth is everyone can spare a few moments of time to do something they really care about. So,if you’re really interested in helping out during the season of giving, check out organizations of your interest that accept volunteers for a day or maybe even two. You can also head down to the local church or soup kitchen and serve up some grub to the less fortunate.

Housing Works: Gift Giving with a Purpose

I’ll make this short, sweet, and to the point. I’ve spent the past two Saturdays rummaging through the Housing Works stores looking for Christmas presents, and let me tell you, they have not disappointed. So if you’re lost on what to buy someone for the holidays, hop on over to one of their stores for some quick inspiration. Read more

How Much is Your Brain Worth?

Months back, we discussed ideas on how to generate some extra cash on the side, and followed up on those ideas with a how-to guide in pitching yourself as a freelancer or consultant to potential clients.  While doing some part-time work can be some great additional income, there are still other ways to make a quick buck with little work and relative ease.  While it’s not steady money, focus groups can provide some quick and painless cash if you qualify for a study.  Read more

Airport Travel on the Low (Cost, that is)

Fuel costs may have gone down, but that doesn’t mean that the airlines previous cost-saving tactics have disappeared. In fact, a lot of those cost-saving implementations during the days of sky-high fuel prices are still around. Take for instance my recent flight on Jet Blue Airlines — the ones that promote more leg room. Now if you want those extra four inches you’ll have to pay an extra $10. I’ll just jam my legs up against the seat in front of me, thank you.

With their notoriously high priced refreshments and entertainment, the airport can be a tricky place to navigate when it comes to spending money. So, in the name of keeping down costs, we’ve put together 5 money saving tips for the airport. And all it takes is a little planning beforehand.

1. Brown Bag It.

Thinking about grabbing a $7 slice of pizza during your two hour layover? Uh uh. Save that cash for a $4 bottle of water and pack a sandwich to nibble on during that wait. Airport food providers are one of the few places that can boast a surefire way to blow $20 on a Diet Coke and a pretzel. And we’re willing to bet that whatever you can throw together in your kitchen at 4am will be just as good as whatever you’re buying there for the price of a small bag of groceries.

2. Pack Reading Material (or an Electronic Reader)

I’m always surprised when I see people buying books and magazines at those little reading kiosks in the airport. They could have picked up some library books or even a magazine at their local corner deli before they made their way to the airport. Airports jack up prices of everything inside of them. It pays (or rather, saves) to plan ahead of time for things you’ll want. And if you want the convenience of picking something up on the fly, pick up an electronic reader like the Amazon Kindle and download e-books from the comfort of your waiting room chair.

3. Be a Pro Packer

I like being prepared as much as the next person, but I have mastered the art of light packing. This is on account of two things: Most airlines now allow you to check only one bag for free, while charging for the second; and secondly, I hate, hate, HATE waiting for my luggage at the carousel. So, to avoid additional weight fees for bags and an annoying “spot and grab” at the airport, I pack two bags. One is my purse loaded down with my necessities and the other is the biggest carry-on I can manage to fit into the overhead bin.

4. Avoid Buying for In-Flight Drinks

With some airlines charging upwards of $3 per tiny drink, a six hour flight could run you some serious dough. If you’re a fan of tea or fruity beverages, bring along tea bags or single-serve powered drink mixes like Crystal Light and Kool-aid to cut costs. Last time we checked, water was still free – served hot or cold.

5. Utilize Airport Shuttles/Trains

You’d be surprised at how many public transportation alternatives there are to local airports (except for maybe Newark). For JFK, you can hop on the A subway line to Howard Beach or the E, J, or Z to Jamaica Station and transfer to the Air Train for a measly $5. There is also a bus that goes to La Guardia from 125th Street in Manhattan, as well as a few other staples like the Super Shuttle and the New York Airport Express Bus. Just keep in mind to give yourself plenty of time to get to the airport, as they’re not straight shots.

If you’re still dead set on splurging for a car service or if you have a red-eye flight, try these companies for some good, cheap, service:

Manhattan:
Allen Car Service
212-228-1111

Brooklyn:
MexExpress
718-941-5200

Bronx:
Laconia car service
718-798-2222

Queens:
Caprice Car Service
718-424-9300

Pulling in the Reins: 5 Tips to Curb Your Spending

Over the past few weeks, I’ve noticed myself getting a little slack with my spending.  I’m not sure if it’s the fact that my debt is paid off, and I’m seeing a little more disposable income, or the fact that it’s the holiday season and the dozens of Macy’s shopping bags on the streets are a little too tempting.  Either way, I’ve decided to slap my own wrist and pull in the reins.  And since I’m sure I’m not the only one suffering from this slack-wristed, debit card swiping syndrome, I’ve compiled my 5 tips for keeping my own shopping in check.

1.  Shop Alone

Shopping with friends (especially friends who love to shop) is a surefire way to override your spending budget and hop on the credit train to financial ruin.  I don’t have any statistics, but I’m willing to bet that a woman is somewhat more likely to buy something from a store if she’s with someone who’s buying something.  I know that I tend to want to pull out the wallet if a friend’s doing the same.

2.  Don’t shop to cure boredom.

If you’re like me, then you frequently try to walk around and busy yourself during lunch hours or right after work while waiting for someone.  These are prime shopping times, and we all break down occasionally and hop inside of the nearest warm and glowing H&M.  Break the habit!  Scout out local libraries, museums, anywhere you can blow time without pulling out a credit card.  You’ll be heavier in the wallet, and possibly improve your mind in the process.

3.  Bring Cash

If you tend to shop more during lunch breaks, take your credit card and debit card out of your purse and leave in your desk during your lunch break so that you only have cash on you if you head into a store.  This will obviously limit what you can buy with the money on you, and if there’s something that you like not within your cash limit, it gives you some time to think it over with a clear head before making a spontaneous purchase.

4. Re-Plan Your Routes

If you walk by a Nine West shoe store each day on your way to and from work, and you own 34 pairs of shoes, you should probably find a new route to work.  Taking tempting places out of reach (or out of sight) can help you avoid running in and spending a quick $70 or $80 dollars on something you really don’t need.

5.  Give it the ‘ole 24-hour Rule

The best way to distinguish between a purchase that is really needed or wanted and an impulse buy is to leave the store and come back the next day.  Twenty-four hours enough time to slow down the buy impulse and think over the potential purchase.  If you’re still itching for it the next day, and you have the funds to cover it, then go for it.

Clueless at Christmas? Give Gifts That Really Count

The scramble for Christmas gifts is officially in effect. Many people will be racking their brains to find the perfect gifts for their family and friends. And, in return, many wallets, fruit scented body lotion sets and other mediocre gifts will be purchased. Read more

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