Keep Cost Per Wear In Mind When Doing Summer Shopping

If you live somewhere along the East coast like I do, you have probably experienced some nice (but hot weather!) for the past few days. A change in seasons (or drastic temperature fluctuations) usually make me think of what gaps exist in my closet that I'd like to fill, I'm sure others can relate. But before you go out and make a summer appropriate purchase on your next pay day, keep in mind how much wear you will actually get out of the item you'd like to purchase. I'm not a 'math person,' but even I can remember this relatively simple formula:

Item cost /Times worn = Cost per wear

I don't really NEED any clothing and I'm an accessories girl anyway, so it's easiest for me to think of something I'd actually want: a cognac colored bag is currently on the top of my wish list. But I've only seen inexpensive versions from big box retailers that I am pretty certain won't last beyond a season or two, so my wish is still indeed just a wish. So if I purchase a bag for $100 and wear it 100 times over the year, then the cost per wear for the shoes would be around $1.00. You can use the cost per wear concept for other purchases, but for me, it applies most to clothing/accessories. I do afterall have a strong interest in style and strive to spend less than I earn. I also implement the 'remix rule' which I've mentioned before on this blog. If I can't think of at least 3-4 ways to 'remix' an item before purchasing it, then I usually put it back on the shelf (or virtual shopping cart). Your closet should be filled with 'work horses' that will stand the test of time and can be worn in multiple ways. If I can't create ways to wear an item without other supporting purchases (shirt to match pants, shoes to match belt, etc), then I don't buy it.

What are some of your shopping rules?

Curbing Debit Card Usage

During the Easter weekend, I used cash for the majority of my spending and I realized how much more conscious of my spending I was as a result. I've gotten out of the habit of using cash regularly, and use my debit card for most of my purchases. I'd like to continue to curb my debit card usage for the rest of the month. I noticed a few things while operating on cash (mostly) instead of my debit card exclusively:

1. Took away my shopping mojo. The weather was so beautiful over the weekend that I did go into several stores including my usual 'budget kryptonite,' H&M and managed to walk out of the store without purchasing anything. In the past, I might have made a small purchase with the idea that I can return or exchange the item if I change my mind about it later, but nothing I saw passed the 'Love' test. The 'Love' test just means, I knew I wouldn't feel a sense of regret for leaving anything in the store, so I did just that.


2. Spent less. I find it so much easier to just hand over my debit card and not think too closely about the money being spent until after the fact when I reconcile how much I've spent, but physically handling cash makes me watch my spending more closely because once it's gone, it takes an extra step to withdraw more money at a bank or store that gives cash back.


3. Decided on cheaper options when I did spend. When going out to lunch on Saturday, I opted for a kids meal at Qdoba, that was quite filling instead of an adult-sized meal because I didn't want to use all of my cash.

I don't plan on spending much money this week, so I withdrew money today that should last for the rest of the week. I'll continue to do this on a weekly basis. I will pack my lunch daily and will think twice before making any non-essential purchases. The only exception to this rule will be loading money on my Smart Trip card for my daily Metro rides and a trip out of town that will take place at the end of the month (more on that later).

Hobbies and the costs associated with them

I feel that most people benefit from having a hobby or an outlet outside of their job and daily commitments. Though blogging has been a very fun hobby for me over the past few years, I wanted to stretch myself to be a little more creative in 2010, so I decided to take up another hobby which is drawing. I was also inspired to pursue my own non-blogging hobby by Well Heeled's posts on her hobby which is Argentine tango dancing. I signed up for an Intro to Drawing class at an art studio that offers adult classes in my area called the Capitol Hill Arts Workshop and have really been enjoying it. I'm still very much a beginner, but the class has encouraged me to practice drawing on my own and I definitely plan to take other art classes in the future. Unlike blogging which I love, I don't have to sit in front of a computer to draw and it requires singular focus, so I can't try to multi-task and do several things at once which I'm usually tempted to do when I'm blogging on my computer.

I'm in the last week of my eight week class which cost $272. I think this price is pretty reasonable for my class and I was able to arrange a payment plan, so I didn't have to pay for the class in one lump sum. I have spent approximately $50 on supplies that include newsprint paper, high quality drawing paper, sketch pad, drawing pencils, ink, charcol sticks, erasers, a supply case and an artwork carrier. Replacing these supplies won't cost as much because I won't be buying things like the supply case and artwork carrier again. Art supplies like pencils and paper should also last a while for me since this is a purely recreational hobby and I'm not taking time-intensive art classes. I think the money for the class and supplies was worth spending and look forward to seeing gradual improvement in my drawing/artwork in the future.

Maybe I'll take a stab at drawing a landscape picture of some cherry blossom trees this week since they are in full bloom!

Money On My Mind

I finally buckeled down and completed my taxes last weekend. I expect to receive my tax refund in the next few days. I also recently completed my last FAFSA of graduate school. Time is going by way too quickly!

So what will I do with this 'expected windfall'? The majority of it will go toward my airfare for an international trip I want to take later this year, I'll talk about this trip in more detail once I make more head-way in planning it. I won't begrudge myself traveling opportunities as long as I don't incur more debt to pay for them. The remainder of my tax refund will go toward making an extra payment on my credit card balance. I'm going to try to make larger payments for the remainder of the year to see faster progress in paying the remaining balance off. It bugs me that it has been lingering around for so long.

I feel like I won't be able to fully focus on other financial goals until my credit card is completely paid off. But to be honest, I haven't been making debt repayment a high priority lately. I don't plan on taking on a side hustle until I finish my graduate program at the end of the year, but when that time comes, I'll definitely allocate all money made on my future side-hustle to debt repayment. It's time to re-focus on my money (more specificially on how I spend it and how I save it) because 2010 is zooming by and I'd like to have some goals accomplished before the year ends and that includes shedding some debt.

I LOVE Apple Products But I Won’t Be Buying an iPad Anytime Soon

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I love Apple products and have been an Apple Macbook and iPhone user for the past two years and an iPod user for the past several years. But I don’t plan to purchase an iPad anytime soon. Here are a few reasons why:

1. I like to support my local library, hey it’s free! Even if I were to be given an iPad, I’d still have to pay for applications, books and music to put on the iPad. Why would I do that when I can go to my local library and get several books (and movies or music) for free? I try to support libraries because I believe they add value to neighborhoods and are a source of free entertainment for those who may not be able to afford it or are like me and would rather spend their money on other things.


2. I like to swap books. I enjoy swapping books with friends, neighbors or on websites like Paperback Swap. I like the idea that other people can enjoy my books after I’m finished reading them. I guess this could also be considered a 'green' way of getting books as well.


3. I have other financial obligations that are more important than another ‘toy.’ I have bills to pay, savings goals to meet and a seemingly never-ending case of ‘wanderlust.’ So I’d rather spend my money on any of those things rather than an ipad.
   
4. My current technology products serve me just fine. I honestly have all of the technology products I need at the moment. I don’t need an iPad anymore more than I need a new camera or anything else. Of course I see things that look ‘cool’ but I don’t NEED any other technology to improve my quality of life. I could probably do with subtracting something because sometimes I think I'm too 'plugged in' and accessible. Can any other iPhone (or other Smart Phone) users relate to that feeling?

So, do you think an iPad or any type of book reader on the market fulfills your technology needs enough to actually purchase it?