Color Me Thrifty - Resolutions & Scary Saving

This morning while making my own lunch to take with me to work I was watching the Today Show and saw a segment on the Face Retirement app from Bank of America. Basically it is an aging software to show you what you will look like in retirement. It also projects the average cost of everyday items in the year you plan to retire (like $9 loaves of bread). 

The stat going around is that those of us new to the work scene will have to have over a million dollars saved in order to retire. 

Armed with this information and with the ceremonial New Years Resolutions quickly approaching I figured I'd share this one of mine with you.

In 2013 I will understand my finances, stick to my budget and save.

Seems basic yes, but at the end of each month it seems that I've somehow steered totally off track! I'm not adding any new debt (credit cards) but I'm not really improving my situation much either.

There is a grand master spreadsheet where every financial transaction will be tracked. Paychecks are listed out for each period throughout the year and each paycheck has an amount allocated for savings (401k and basic savings account), and expenses due at that time of the month. There are then weekly amounts for groceries, shopping, entertainment. Monthly amounts for bills, loans, insurance and gas. And finally a "MISC" column broken out by month where birthdays, trips and holidays are counted for. 

On another tab within the workbook is a place to literally dump my online bank statement each week so all purchases can be checked and counted in their bucket. 

The plan is to visit the spreadsheet once a week and plug in all the details. Any cash leftover and not used in that month goes directly into savings. 

If you would like to see the template of the spreadsheet just shoot me a line at colormestyled@gmail.com and I'll send it over. You'll have to make some adjustments to it to customize it for you but it is a great starting place.

I am also convinced that financial discipline and success is directly related to weight loss success and my second resolution is to loose 35 pounds. I am tracking my weight loss on Daily E every Thursday... starting (again) today.

The final resolution is to shamelessly promote my blogs and to make as many connections in the blogosphere as I can. Since starting Color Me Styled in July the site has grown past my initial expectations (thank you for your loyalty) but if I want to make Blog-world Domination my resolution for 2014 I've got a lot of ground work to do!

What are you resolving to do in 2013? 

Color Me Bonita - Acne Series - Work Stress Part 2

Daniela is back today with her Part 2 of the Acne Series - How can I stress less about work? Yesterday she shared her background and her experiences as a small business owner... today, how to battle some of that stress!

How can I stress less about work ?  Part 2

When I was in beauty school, we were told, “Treat the salon you’re working for as though it were your own.”  I’m not the only one who got bit in the b-hind for following that advice.  Treating the business you work for, that doesn’t belong to you, as though it were your own is a recipe for two disasters; arguments with owners and managers who don’t know as much as you, and stress you end up wearing because you simply care too much.

The sad fact of today’s economy is that the 90%-, 100%- and 110%-giving employees cost the same in salary.  Given the job market, the 110% giving employee will be given the work of a just laid off 90% giving employee with no additional salary, while another 90% giving employee gets a promotion and becomes a VP.  What happens when you try to prove yourself to an under-qualified VP?

Here is what I tell my clients: You must give 100%.  No more, no less.  Always remember, the company doesn’t belong to you.  There’s simply no need to care that much when it’s not your name above the front door.  It’s great that you want to give your all, prove yourself, care a great deal about the work that has your name stamped on it.  But when all is said and done - it’s just a paycheck.  It’s that simple. 

There should only be two reasons for working your butt off.  1) compensatory salary and 2) augmentation of your resume.  If you don’t benefit from your hard work by salary or resume, it’s time to either move on, or emotionally distance yourself from the company you work for entirely.

Next – Corporate Acne?

Color Me Bonita - Acne And the Economy Series #1

Daniela, our skin care expert has developed a new series for us called "Acne and the Economy" so not only can we blame our acne on hormones and that weird product they swiped on at the department store, we now have another scapegoat! This is a five part series that will be posting over the next 5 weeks. Also coming up we've got Gift Ideas, Holiday Party Planning, Holiday Decorating and Holiday Travel Tips! Plus whatever news comes out of GB with HRH Kate and HRH Baby!

How can I stress less about work ?  Part 1

As an independent woman in business, many of my clients ask me about how to become less stressed out about work.   Generally my clientele work in the corporate world in positions of sales, advertising, consulting, marketing and PR, among a few other professions.  They see me as not only independent, but also calm and serene so much of the time.  Clearly I love what I do, I’m an enthusiastic expert in my chosen field, and I don’t have to follow anyone else’s orders, since I’m self employed.  Not only do they want to know how I do it all, but how I stay so calm.

The problem I’ve observed over the years seems to be that people feel they are putting in their 110% and getting nothing in return.  I think there’s a reality in the workplace today that’s vastly different from how many of us were raised, the idea that you must put in 110% to be noticed, praised, promoted or given a raise.  Our grandparents’ generation believed this to be ethical in addition to being a guarantee of job security.  Our parents’ generation believed this to be the way to get ahead.  The perception of our generation and this economy? It’s the way you keep your job.

So, wanting to have pride in the work you put forth every day, and naturally wanting not only acknowledgment, but some kind of appreciable benefit you can see right in front of you, you start to care so much, if you get scolded, ignored, pressured, blamed, or taken advantage of, you end up wearing that stress as a personal garment.

The solution ?  See Part 2.

We won't keep you waiting long... Part 2 will be up tomorrow so make sure you come back for Daniela's advice!

Color Me Thrifty - Moving Day

If you're near college aged or have kids / nieces / nephews near college age, moving is a season that comes around about twice a year in the spring and fall. After 4 years of undergrad and a cross-country relocation (and then back) you'll be an expert just like us.

Editor, Erin as she re-located to Santa Cruz, CA in 2008

We're going to do a few posts about moving to answer your questions and share our wealth of knowledge on the subject.

Today's post - money, money, money. More important than location, location, location... we think so.

 How much should you pay for housing on a monthly basis? 

Experts suggest no more than 25% -30% of your take home pay for rent. This doesn't include your utilities (gas, electric, cable, internet, insurance, shoes) which should round out the monthly budget at no more than an additional 10%. But, a simple calculation is only a starting point.

If you've got student loans, a car loan payment, car insurance and credit card payments to make those have to be subtracted before you calculate your monthly budget because they're basically fixed costs. Once these are taken out, the 30% rule might not apply. 

Do I really need renter's insurance?

Yes.

True story - four close friends of CMS editors have had their Chicago apartments struck by lightening, flooded or fire damaged. 

No one had renter's insurance and were all stuck with the costs of replacing everything (clothes, mattress, furniture, electronics) at brand new market prices. Renter's insurance will pay for it... less your deductible (usually $500 or $1,000... pennies compared to the cost of replacing everything).

What does it really cost to move?

You might think that moving is just one day, one new check and a whole lot of boxes but unfortunately it is so much more than that.

Typically first month's rent comes with a full month's security deposit (read: double rent for a month). If you take care of your place you'll get your security deposit returned, but don't count on that cash to pay for your new place's deposit... timing is too tight. 

Hiring movers or renting a truck and paying friends with pizza and booze will be another moving day cost. Add in any packing materials (wrapping paper, popcorn, boxes, tape) before you close the books on moving day.

Experience has shown us that you should be saving up for about 6 weeks in prep for a move. As soon as you have your move-in date and location hire movers... the peace of mind and zero risk of irritating friends make the extra cost worth it. 

Oh, and don't forget to save up for Moving Announcements! We love these from Paper Source. Happy Moving!!