10 Halloween Tricks That’ll Leave You With More Money For Treats

October 27, 2009 by Francesca Antonacci · 1 Comment 

Candy

So Halloween is around the corner and you know there’s going to be a bunch of parties and bars that will be celebrating the event. You can either go to the store and drop at least $50 on whatever polyester mess is left standing, or you can pull together a simple, yet fun, getup with what you already own-or can get with just a few dollars. Grab a date or a group of friends and pull together some of these tried and true ideas that can be thrown together — even as you’re heading out the door.

Danny Zuko
What’s easier to pull together than an all-black outfit? Just pull out your old black jeans from the 90s (you know you still have them) or substitute with black dress pants. Your little brother’s tight black tee-or your own, some slicked hair, a cigarette and a lot of attitude pull that look together in a matter of minutes.

Sandy
Almost all of us own black leggings. If you don’t, I guarantee you know someone who does. If you have an off-the-shoulder top, rock it. If not, go for a tank and some killer heels. Lots of hairspray for your ‘do, a cigarette and some red lipstick will scream “sexy Sandy” from the end of the classic movie.

(A leather jacket with either of these costumes is a plus)

Athlete
Whether it’s your favorite A-Rod jersey or your boyfriend’s old letterman jacket, you can sport it with shorts and cleats and work your inner jock. If you’re going for baseball, grab a bat that’s lying around. A football, basketball, hockey stick — with the right props, your favorite player’s jersey and even some grease smeared across your cheeks, you’ll have the hardcore look of a team player.

Superman
Ok, so not everyone is man enough to walk around in blue tights and red undies, so why not go for Superman’s subtler, yet mysterious alter ego: Clark Kent. With this look you can go from cradling your coffee at your staff meeting to cradling a beer at your favorite pub-no phone-booth quick change required. Just wear your trusty Superman tee (or pick one up for $13 at a store like Kohls) under your button-up. You can sport your new parted ‘do at the office or slick it over right before you leave. Open the top few buttons of your shirt so you can see the tee underneath, and slip on your classy $3 party story glasses. (Try Party City at 38 W. 14th Street).

Lois Lane
This works just like the Clark Kent concept. Wear your work duds (preferably a pencil skirt and button-up) and don’t dare be seen without pencil and paper in hand-you never know when a story will break! You can even paste your photo on an index card and mark out your own Daily Planet Press Pass.

Prom Queen/King
I for one, loved my prom dress and wish I had any excuse to wear it again.  Luckily, I just found one. Girls, dig that dress out of your closet. Boys, dust off your tuxedos. It’s time to bring prom back — and finally get use out of the $200 you spent on your one-time-only outfit. If you were prom queen or king, re-live the night! If you weren’t, here’s your chance. Party stores sell crowns for around $5 and if you can’t find a sash to announce your regal status. You can get a yard of white, satin fabric from the craft store for as little as $2. Cut it into a strip long enough to go from the front of your torso, wrap around the back and meet up again. Use some glitter pens to designate yourself “Prom Queen” or “Prom King” and pin it on!

80s Rockstar
Let’s face it, 80s fashion has slowly been making its way back into the mainstream. So whether you’re keeping up with the trends or dug out your ripped, bleach-stained jeans that you’ve been secretly hoarding in remembrance of the age of crazy hair and even crazier getups, then you’ve got yourself a match made in costume heaven. Ripped jeans, studded belts, bandanas, legwarmers, your perfectly worn-in leather jacket, your KISS t-shirt with the hole in the armpit — be creative. Fellas, tonight’s the night it’s ok to shamelessly walk around with your guitar. Don’t have one? Come on, we know you eat and breathe Guitar Hero — it’s only for effect after all. And ladies go ahead, tease your hair and pull out the blue eye shadow. You know you want to.

Celebrity
Whether we’d like to admit it or not, celebrities fascinate us. The money, the fame, the parties…the idiotic behavior. Channel your inner Lindsay Lohan with some smudged eyeliner and lipstick — remember you’re going for the whole “I’ve been partying for 3 days straight look.” Don’t forget a skimpy dress (or something flashy if you don’t want to show too much skin), oversized sunglasses (yes, even at night) and the two essentials: cigarette in one hand, beer in another.

Feeling gutsy? Then there’s always Britney! And no, I’m not talking about her cute, and innocent (?) school girl days but her more recent, and amusing, Cheeto-snacking, beer-guzzling days. For the sake of your hair we’re not suggesting you buzz it off, but pick up a bald cap from Party City for $13. You can walk around with buzzer in hand or an umbrella — we’re sure you remember that display of sanity. Oh, and don’t forget, PJ’s are a must. Cheetos are optional.

A Significant Other/Friend/Co-worker
If you’re going to a party where everyone will know who you’ll be imitating, all you need is a trip to their closet for some of their duds. Steal their hairstyle and don’t forget to mimic their mannerisms and the way they talk all night. If you really want to get a kick out of it, have them dress up as you at the same party.

7 Deadly Sins
This is a fun idea when you’re going out as a group, but you can still be just as sinful on your own. Just like for the Prom Queen costume, you can each wear a sash to designate what sin you’re representing. Here’s what to wear:

Lust - For this deadly sin, sex appeal is your biggest asset. Spice things up with those sexy boots you love, a slinky dress, fishnets, some red lipstick and yes, even a feather boa if you’d like.

Gluttony - I would recommend a T-shirt you wouldn’t mind getting rid of (preferably a white one) and some slouchy sweats. Stain your T-shirt with anything you can out of the fridge-ketchup, mustard, soy sauce, whatever. (You can use paint or markers if you’re not into the possible stink-factor). Then, tape on food wrappers (or actual food if you think you’ll get hungry) from candy bars to lollipops to chips to that McDonald’s wrapper that’s been on the floor of your car for the past week. Don’t forget to walk around eating (or at least pretending to) throughout the night.

Greed - It’s all about the money! Get decked in your most expensive-looking business attire, tape some fake bills onto your clothes and always keep a stack in hand. You can find fake bills at the dollar or party store. If you’re desperate, there’s always your trusty Monopoly money!

Sloth - This costume is as easy to put together as rolling out of bed — literally. PJs, slippers and you’re best “I just woke up and I’m still tired” look are all you need. This may just be the comfiest costume yet.

Wrath - Anything red would be perfect for this sin-it screams anger. Make your hair look wild and untamed and don’t forget a scowl that’ll make blood run cold.

Pride - Think beauty queen for this deadly sin a la Prom Queen. Pull out that dress and tiara and work on your pageant wave.

Envy - We’re talking about green. Not Hulk green, but green with envy. Green dress, green shirt, green makeup-whatever. If you’re felling super gutsy then you can even paint your face green. Try Ricky’s Green Base makeup for $3. And don’t forget to look envious.

Beat the Rain: Hang Out at the Rock-n-Shop Event Tomorrow!

October 23, 2009 by Lauren Fairbanks · Leave a Comment 

Rock-n-shop

Since Saturday’s weather is supposed to be less than ideal, what better way to wait out the sunshine than to leisurely browse the racks while being entertained by some top-notch live music? Read more

$30 Dinner Party: Autumn Style

October 22, 2009 by M. Cole Chilton · 1 Comment 

Place setting

$30 Dinner Party is a Monthly Column that lays out a detailed 3-course meal (appetizer, entree and dessert) for a dinner party of four for under $30. With a detailed listing of ingredients (and their cost) and super easy recipes, along with budget wine pairings, you’ll never have to put off socializing due to budget restrictions again.  Recession be damned!

Cucumber, Tomato, and White Bean Salad

Amuse Bouche, or “mouth teaser” when translated from French, is the best way to describe what an appetizer really should be. The first course should make your guests both salivate and gasp. The combination of dill, mint, and garlic serves as a fresh and savory decoration for the stunning gastronomical architecture of the strings of julienned cucumbers tossed with tiny cubes of diced tomatoes. The tiny white Italian beans add a meaty texture, and save you from having to chop an entire bushel of cucumbers just to make sure that your serving dish doesn’t look empty.

A grumpy Israeli man first served this salad to me outside of Milan, where he complained to me, “In Tel Aviv, I would use parsley, but here they grow their parsley too big so I have to use mint.” He then pirouetted on his way back into the kitchen, yelling back at me, “Maybe it’s not so bad a curse- the mint is my daughter’s favorite.”

Wine Pairing under $12: Look to the Loire Valley (northwestern France) if you want white wine; they use mostly Sauvignon Blanc, and they make sure it is crisp, herbal, and citrus-driven, which are aromas that all go well with the light flavors of this first dish. If you want red wine filled with light, tart berry flavors, then ask for something made with Gamay grapes; they grown natively in Beaujolais, and they’ve found a second home in the Loire Valley.

Ingredients
3 cucumbers    $2.00
1 can of beans   $2.00
2 tomatos    $3.00
3 clove of garlic
dill
mint
olive oil
1 lemon (the juice of)   $0.50

Recipe: Rub your serving/mixing bowl with the smashed garlic cloves. Julienne the cucumbers if you can. You will need a mandolin to do this, but if you don’t have one, an extremely fine dicing of the cucumbers will work, too. Dice the tomatoes. Rinse and add the can of beans. Drizzle olive oil over the entire bowl, and cover with a generous shake of dried dill. Sprinkle dry, crushed mint until you can just barely smell it through the mint. Toss everything together. Serve chilled or at room temperature.

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Creamy Crab and Pea Linguini

The hardest part of cooking this dish is the waiting. I suggest you have at least one good friend and one good bottle of wine to split between the two of you while you simmer this dish’s ingredients down into a chewy sauce.

The most important step is adding the frozen peas at the very end of cooking so that they are still a luminescent green when they hit your guests’ bowls. For budget conscious gourmets such as me, it’s the green in the peas more so than the sizzle in the steak that matters most.

Wine Pairing $15 or less: Ask a friend to search out a bottle of Muscadet, and you’ll be able to pair your dish with a wine that tastes like lemons, limes, and green melon sprinkled with salty, crushed seashells. If for some reason you really want to drink red with crab, please, don’t be upset if your local wine merchant gives you a snobby scoff, but do insist that the merchant helps you find a fresh, light Valpolicella so that you can at least brighten up the dish with some tart, cherry-driven acidity and fresh, herbal notes.

Ingredients:
3 cans of crab   $6.00
1 package of linguini   $1.00
1 bag of frozen peas   $2.00
1 small onion   $0.50
¼ cup of olive oil
¼ stick of butter
Dill
Tarragon
2 cups of milk or 1 cup of cream

Recipe: Make the pasta so that it’s just barely done, drain it, and set it off to the side. Dice the onion and sauté it in the butter, olive oil, and (salt & pepper to taste) in a large pot (it can be the same pot you cooked the pasta in). Add the milk or cream and reduce over medium-low heat until it has soft, creamy consistency; this could take up to 30 minutes so be patient, or have a friend, some music, and a bottle of wine on hand. Add the peas and cook just until heated through- the point of adding the peas last is that they turn out a bright green color that wows your guests. Dust the sauce with equal portions dill and tarragon- it should smell both savory and sweet after doing this step, and be generous because, unlike a strong flavor such as basil or paprika, it would be hard to overdo it with delicate herbs like tarragon or dill.

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Roasted Acorn Squash Rings filled with Sweet Couscous

It’s amazing how just turning the oven on and waiting an hour can make you look like a superhero. Your oven can make your meals feel like warm hugs from friends where stir frying or sautéing might leave you feeling like you just fumbled through a slick handshake from a new acquaintance.

Sweet, starchy circles of green, brown, and orange serve as brilliant frames for a soft mound of dessert-style couscous. Burning the acorn squash is key. Otherwise, the raisins and brown sugar will swing the dish from wonderfully sweet to jarringly saccharine very quickly.

Also, don’t worry if you don’t end up making this dish after all the cooking from the first two; the uncut acorn squash will stay fresh in your fridge for many weeks to come; there’s a reason why you see these vegetables in every cheesy painting of Pilgrims’ Thanksgivings!

Wine Pairing $15 or less: Ask a friend to bring a dry Viognier if you like white wine better so that you can combine the wilted flowers, tart apricots, and warm nutmeg flavors of the wine with the woodsy toast and sweetness of the dish. If you like red better, then look to an Italian Primitivo for jammy red berries and flowers along with the same warm, brown baking spices of the Viognier would add.

Ingredients:
2 Acorn squashes  $3.00
1 small onion  $0.50
1 handful of raisins  $1.00
2 cups of couscous  $2.00
Brown Sugar
Olive Oil
Butter
Salt & Pepper
Allspice
Cinnamon

Recipe: Rub a cookie sheet with butter and olive oil. Use a sharp, serrated knife to cut (start from the pointy ends) the squashes into ½ inch to 1 inch thick rings. Arrange the rings over the cookie sheet and lightly sprinkle them with salt, pepper, and allspice (allspice is a very strong spice so go slowly if you have not used it often in the past). Put the cookie sheet into the oven in the middle rack at 400 degrees for 45min to 1.5hrs. The secret is to cook the squash to a level that may actually seem as if you’ve burned it- you want very dark brown edges on the squash. While it cooks, mince the onion and sauté it in olive oil, butter, a little salt, and a sprinkle of cinnamon. Add 2 cups of water and bring to a boil, then stir in the couscous, turn off the heat, and cover for 10 minutes. Stir in a generous sprinkle of brown sugar, and when then squash is ready scoop in a mound of the couscous into the center of the squash rings. Sprinkle the whole dish with brown sugar and place back in the over for 2 minutes to crystallize it. Serve warm.

Total Cost of Meal: $23.50 (excluding wine — the guests can bring that)

M. Cole Chilton makes videos about, teaches classes on, and makes a living from tasting and talking about wine. He lives in Brooklyn, NY, and drinks three cups of coffee a day.  You can check out more of his musings at Porter’s Wine.

Takin’ it to the Streets: A Cheap, Cool Way to Re-Discover New York

October 21, 2009 by Christine Rochelle · 5 Comments 

LES_tenements

Lea Michele, Brian D’arcy, Kristin Chenowith, Lin-Manuel Miranda.  If you live in New York you should know at least one of those names. They’re some of the biggest performers on Broadway today and hearing their voices live will not only give your the goosebumps but have you thinking “yes, this is why I live here.” Read more

Bargain Beauty Buys: Looking Fab Without Blowing the Budget

October 19, 2009 by Ashley Dutta · 1 Comment 

Lipstick

From the time I was a teenager, I was endlessly trying multitudes of beauty and skin care products in an attempt to find the perfect “miracle products” – the ones that would erase my blackheads, make my hair look shiny and full, and make my lashes long enough to touch my eyebrows. Even though I knew it was wasteful to buy a product, try it, and toss it, I was on a quest and nothing short of finding those miraculous products would stop me.

After moving away to college and supporting myself after graduation, I realized just how wasteful this futile effort was, but still the quest continued.  I longed to be the girl who was so comfortable with herself that her beauty routine was simple and inexpensive – a girl who could walk past the shampoo aisle without anxiously glancing at the myriad of shampoos and face cleansers on display . However, I wasn’t the financially wise woman I am today, so my seemingly unending spending spree continued.

About a year and a half ago, I made a break-through and learned something that has saved me countless dollars and minutes — and put my restless beauty-product-shopaholic mind more at ease: purchase one high quality product and stick with it.

I also realized that the best treatments for hair are only natural ingredients — such as olive oil, or yogurt, honey and egg. This realization has transformed the way I see beauty products and how I shop for them, in turn saving me tons of money. I’ve summed up my quest for effective, yet inexpensive products in 4 simple steps.

1. Do Your Homework

If you are looking for a product, be sure to do your homework and read the reviews before you ever purchase one. Create an account on a site such as www.makeupalley.com where you can read reviews of products and discover which ones are the highest rated and are most likely to work for your skin or hair type. Even Amazon often has reviews of beauty products.

2. Do a Test Run

Go to the department store and try some free samples of products you think are quality. Stores like Macys, Nordstrom, and Sephora will often give you a sample to take home before you decide to purchase. And remember if you use it a few times and don’t like it, you can always return it! Don’t be afraid of them if they initially look expensive, because a one-time purchase of a quality, effective product is actually cheaper than buying ten cheap and ineffective products that you will throw away. Also realize that just because a product is expensive and a department store brand does NOT mean it is necessarily more effective than a cheaper brand. This is where research comes in handy!

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3. Drop Some Cash Where Necessary

It is important to decide where you feel it is most important to spend the money for quality products. Choose selectively and buy cheaper brands of all the other things. I actually only find a handful of products that are worth high end prices. A few tips on what to spend on and where to scrimp:

  • Buy drugstore lipsticks – Maybelline and Revlon have good lipsticks, and they are often on sale. Sometimes cheaper lipsticks are a little drying, so just put a dab of lip gloss (again I use $2 Wet n Wild — every bit as good as $20 Dior) on top. Buy drugstore brand eyeliners and lipliners. NYC, Jane, and Wet n Wild offer a perfectly suitable range of liners.
  • Department store foundations, concealers, and tinted moisturizers are worth the money – and may save you money in the long run. Drugstore foundations are pre-packaged so it is not possible to try the color or get a sample. Every time I have purchased a drug store foundation, I threw it away because it either didn’t work with my skin (made me oily or dry etc), or it didn’t match my skin. With a department store brand, however, you can not only test the color, but you can also take home samples so you can find exactly the right product before you purchase. In addition, higher end foundations rarely clog pores and almost always give a much more beautiful, smooth finish than drug store brands. Given that you are using foundation all over your face every day, it is important that the foundation have good quality ingredients! However, if you are on a tight budget and cannot buy the high end, the drug store foundations that get the highest reviews are Cover Girl CG Smoothers Tinted Moisturizer, Revlon Color Stay, Revlon Color Stay Active, and Almay TLC Truly Lasting Color.
  • While there are some outstanding high end mascaras, if you are on a budget there are some perfectly suitable drug store versions. From my personal experience and based upon reviews, Maybelline Full n Soft, Maybelline Volum’ Express Lift-Up, L’Oreal Voluminous, L’Oreal Bare Naturale, and Neutrogena Healthy Volume are great choices – and even better than some high ends I have tried!
  • There are some excellent drug store eyeshadows that stay put, especially if you first apply a good primer such as MAC or Urban Decay Primer Potion. Revlon and L’Oreal Wear Infinite stay on well. However, steer clear of the cheapest brands like Jane or Bonne Bell – the eyeshadows I bought flaked, creased, and rubbed off within an hour or two of application.
  • Stick to a more natural drug store brand of skincare product. I have gotten the best results from the following natural skin care lines: Kiss My Face and Burt’s Bees. Alba Botanicals and Yes to Carrots also have some good products. These lines are quality (more quality than department store skin care lines, and they are moderately priced). Other inexpensive lines formulated for sensitive skin (therefore containing more simple ingredients and fragrance free) are Eucerin and Cetaphil and some Dove products, such as the sensitive skin beauty bar.
  • Beware of cheap shampoos and hair care products. They are formulated with harsh chemicals that can ruin your hair in the long run. Sodium Lauryl Sulfate (SLS), Sodium Laureth Sulfate, or Ammonium Lauryl Sulfate are harsh cleaning agents that most shampoos contain that can cause hair loss. My whole life I thought it was normal to lose so much hair – until I stopped using shampoos with these harsh chemicals. Now that I use Aveda, I rarely see any hair fall. I advise keeping with gentle shampoos such as Abba and Aveda that are sulfate free. While they may be a bit on the expensive side, it’s worth it to keep the hair on my head — and keep it healthy.

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4. Use plain, simple DIY treatments

Instead of continually purchasing lotions and creams, simply buy a big bottle of extra-virgin olive oil and maybe a bottle of jojoba oil. Use them for conditioning your hair and skin.

It’s hard to resist the urge to try new products, but remember that simple is always better, and your skin and hair are not guinea pigs. By reading reviews, staying informed, and sticking to what you trust is quality, you’ll have the freedom to walk past the beauty aisles in the drug store without so much as a passing glance.

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Ashley Dutta grew up in West Monroe, Louisiana, and attended college at Vanderbilt University in Nashville, Tennessee, where she studied international relations and French. Over the past six years she has traveled extensively and lived in India, France, and Thailand. Ashley currently resides in Seattle, Washington, with her husband, Sunava, where she is pursuing her Masters degree at the University of Washington in South Asian Studies. She hopes to find a career in the non-profit sector and aspires to be a writer, an artist, and to found a make-up and beauty product consultancy website.

Shop Your Closet This Halloween: 10 Costumes That’ll Cost Less Than Your Buzz

October 18, 2009 by Christine Rochelle · 3 Comments 

Halloween mask

Halloween isn’t just for kids. In fact, my costumes have only become bigger and better throughout the years. But the best costumes are the ones that are so simple, you smack yourself in the head and think “Why didn’t I do that?” or “That could have saved me three hours of struggling with my mom’s hot glue gun.”   Read more

Beat the Boredom: 5 Ways to Keep Intellectually Stimulated at a Mediocre Job

October 13, 2009 by Felicia Montalvo · 1 Comment 

Bored at work

Work sucks. And it sucks even more when the job you’re working is a boring, mind-numbing, string of monotonous processes which you have to suffer through until your boss decides to let you go for a 30 minute lunch break. And while some of us are courageous enough to say good bye to our mundane occupations and look for something better, most of us are not, or simply cannot afford to be. So for those of us who have wasted countless hours staring out the window and daydreaming of better days, or looking at the clock so many times it seems as if it’s barely moving, here’s a couple of things you can do to put some meaning back into your life or at the least some increased brain activity.

1.  Start a blog — Anonymously

If you think you’re job sucks… let people (other than your boss) know. Whatever experience it is that you’re going through right now, be it a crappy internship that lured you in with a promise of networking with important figures (which you now realize must have been the copy and fax machines), or a mundane job that promised you great growth potential, odds are there are people out there who are stuck in the same dead-end boat or who are thinking about getting in it. Starting a blog that documents your experiences in the workplace and warns others about the fine print they may have missed is a great way to vent some stress and offer useful advice to others like you. And, hey, you might even stumble upon a new talent in the process.

2.  Become a Mentor

If you want to put some meaning back into your life but don’t have a lot of time to commit to any big projects, you should consider becoming a mentor. NYC currently has a great program, Big Brothers Big Sisters of New York City, in which you can volunteer to be a mentor for a child who needs a supportive adult in their life. After you attend the initial orientation session and training programs, the commitment is only four hours every other week. Helping a child in need is a great way to take your mind off the daily stresses of your job and more importantly, to help someone else along his or her life’s journey.

3.  Start A Club

If the only thing that brings you your much needed after-work solace is baking (and eating) 4 dozen oatmeal raisin cookies you’re in for a lot of weight gain unless, of course, you form a club. Whether it’s Baking Buddies United or Wizards of the Word (the Harry Potter Book Club), forming a club or a chapter of an already existing organization can be a great way to explore your interests with others who share similar passions. Additionally, having a book club or baking club meeting can be a great opportunity for social as well as professional networking (provided you do not require that everyone wear costumes).

4.  Discover Your Brain Age

If you have some money to spend on a Nintendo DS or can steal one from your little brother, you might want to try buying Brain Age. The self-professed brain-training game that exercises your pre-frontal cortex through quick calculations, reading aloud, and various memory games. According to Dr. Ryuta Kawashima ’s research, doing these types of exercises increase overall brain functionality and decrease your brain’s age (which is apparently often older than your actual age). Whether this is complete crap or a legit way to exercise your pre-frontal cortex, we can’t be sure. Either way, this game will keep you entertained for hours (making you feel as if you’re actually getting smarter)…or it’ll frustrate the hell out of you and force you to come to terms with the fact that your brain’s older than your grandma.

5.  Learn to Play an Instrument

Are your friends tired of watching you play your air guitar rendition of every song that comes on at the bar? Then, perhaps, it’s time to learn how to play an actual guitar (not one that hooks up to your x-box either). Don’t have the money to purchase a brand new guitar? No worries, sites like Amazon, Ebay, and Craigslist have tons of new and used instruments for very low prices. With all the instrument tutorials that are available online you won’t have to spend a dime for private lessons either (although if you’re planning on quitting your day job you should probably go for private lessons). And, if you’re still in college, many universities offer introductory piano, guitar, flute etc. classes free, or of little cost to the student.

So before you grab another paper clip to tag on to the paper clip mobile you’ve been working on since August, choose one of the aforementioned suggestions and prepare to embark on your new intellectually stimulating experience! At least, until you can find a new job.

The Secret Science Club Returns To The Bell House To Talk Gravitational Waves

October 12, 2009 by Jeffrey L. Wilson · Leave a Comment 

The Secret Science Clubs returns to the Gowanus’ Bell House with more brain-stimulating lectures, starry-eyed cocktails, and stratospheric sounds for astronomy nerds with a thirst for knowledge and tasty drinks.  All-star astrophysicist Janna Levin is in hot pursuit of the cosmic drumbeats produced by gravitational waves. Read more

92nd Y Hosts $10 a Day Dance Marathon (!)

October 9, 2009 by Lauren Fairbanks · Leave a Comment 

92nd Y Concert Hall

Unbeknownst to me, the 92nd St. Y is (and has been) a hub for all things artistic and performing arts related.  And with their 75th Anniversary coming up, there are all sorts of cool (read: cheap) events happening at both their uptown and Tribeca locations. Read more

To Charge or Not to Charge: Should Credit Card Spending be Restricted for Young Adults?

October 8, 2009 by Francesca Antonacci · 7 Comments 

College students credit cards

As soon as I was 18, I couldn’t wait to do two things: buy a lottery ticket and get my own credit card. I lost my first $10 and gave up on the former, but I didn’t even have to try to get the latter. I got a phone call merely a few weeks after my birthday with a survey from a credit card company — they wanted to issue me my own card. Ten minutes on the phone and one week later, I had that little piece of plastic magic in my hand — and a whole new mess of troubles.

With six months of 0% APR and an increasing spending limit, I went on a charging rampage for four months and then struggled my last two to pay it off. After that, I just signed up for another one. And the vicious cycle continued until I ended up with five different credit cards and a balance on each. Now, four credit cards lighter and (almost) debt-free, I’m just glad I didn’t ruin my credit score because I paid my bills on time.  I’m certainly never digging myself into that hole again. But, could my spending problems have been prevented? The government thinks so.

In February, a federal law will be passed requiring all those under 21 to have either a parent co-sign or require teens to prove they can prepay their debt.

Like most good things in life, credit cards can do us good or bad. So will the limitation help or hinder? According to Ken Lin of Credit Karma, this limitation could just keep young adults from building credit. Credit Karma helps you calculate and track your credit score in order to gain access to exclusive offers from companies that “value your creditworthiness.” In order to calculate credit score, payment history and the length of access are considered. By pushing the age required to get an unlimited card to 21, the process is just getting delayed “limiting the data available to build a good or excellent credit score” and even keeping some from getting auto or mortgage loans, according to Lin.

Avi Karnani, the founder of Thrive, a company directed to helping adults in their 20s and 30s learn to control and manage their finances, finds credit cards a pathway to disaster. According to Karnani, young adults who are not educated in financial responsibility can easily destroy their credit and lead themselves to years of debt payment. But with the average college student graduating with $3,100 in credit card debt according to Credit Karma, “there’s no point in building credit and then trashing it,” Karnani said.

So instead of handing an 18-year-old a card that allows him to spend money he might not have and lead him into whirlpool of debt, why not teach him how to use credit responsibly. Karnani compares it to getting a driver’s license. There are learner’s permits that allow driving with limitations. Then, there’s driver’s education and tests that one must pass before he’s given full license over the vehicle. That’s “exactly what we’re doing here with credit,” Karnani said.

Is involving a parent’s signature and putting his/her credit on the line a good idea? It can work both ways. It can seem like just another restriction on the freedoms of young people. First, no drinking. Now, no credit cards. It can also work against the co-signing parent. “When co-signing for a child, the parent becomes liable,” Lin said. So, if a child misses or defaults on a payment, it reflects negatively on the parent’s credit score.

On the other hand, the co-signing parent could use it as an opportunity to get involved with their child’s spending and teach them how to use credit responsibly. “Parents need to sit down with their child and discuss the importance of good credit and the ramification of ruining [it] while you are young,” Lin said.

The other option is a prepaid credit card. This is a good choice for those who have a tendency to splurge or trouble remembering to pay bills on time. However, activity of prepaid cards isn’t reported to the credit bureaus so no credit history is built, Lin said.

But no credit has to be better than bad credit. “We’re looking at 20 years of tragedy brought on by credit, and we’re making some rules,” Karnani said. “People will be better off for it.”

Although Lin disagrees with the idea of delaying the building of credit history for 3 more years, he agrees that “having a safety net in the form of a parent for the first few years is a good idea.” As are spending limits. A “good” limit, according to Lin, is one that can be paid back within 3-6 months based on income, not exceeding 30% of annual income.

Lin also suggests that a credit class for students who do not have co-signers is something for future credit card legislation to consider.

As it seems, credit card overspending for young adults will hopefully come to an end. And it will leave college students considering: to charge, or not to charge? That is the question.

Photo credit: DartVader