Showing posts with label advice. Show all posts
Showing posts with label advice. Show all posts

Wednesday, September 14, 2011

Single & Fabulous

One of my best friends is overcoming a heart break as her long-time & live-in boyfriend of many years broke up with her two weekends ago. It took her completely by surprise… and me too. Whatever her now ex-boyfriend’s reasons may be for the change of heart, my friend is bravely embracing the adventure that lies ahead of her as a single & fabulous girl. My friend is at a point now where she has to move on and move out.

Fortunately, she told me last night that she found an amazing apartment in Toronto above a little café in the city’s core and today, the lease is signed so the place is hers. This will be her first time living completely alone: no boyfriend and no roommate. She asked me for some advice on handling the adjustment and was ok if I wrote it via my blog. This post may have very little to do with finance, but it is personal so here we go.

Your nest

A single girl should never compromise when it comes to her home! If it means pinching your budget by a few more pennies each month to live in the perfect neighbourhood, then do it! The best feeling in the world is coming home to a place that feels just like “home.”


Whether this means cushions that perfectly accent the paint on your wall, a chic crystal chandelier dimly lit above your table, cupcake accents in your kitchen, or candles everywhere in the bathroom, now is the time to express yourself through your nest. The best apartments are decorated one piece at a time so don’t rush out to IKEA for your home furnishings. My best advice is to search Craigslist for previously loved furniture that suits your budget and for inspiration, check out Apartment Therapy daily.

And don’t forget that you’ll now get to enjoy a queen size bed all to yourself (and sometimes with an occasional overnight visitor) so make sure your linens are always fresh and pillows are plush.

Your fridge

A fabulous girl whether she is single or coupled up is also a healthy girl and a well-balanced diet is crucial. I’ll admit that this is harder to do as a single girl since cooking for 1 can become dull and difficult. But don’t despair! Plan out your menus and then go grocery shopping.

You should also plan meals that are easy to make and keep well:
  • a pantry stocked with peanut butter and protein powder that just needs to be mixed with almond milk, ice, frozen berries and ½ a banana for a breakfast shake
  • cook up a frittata on Sunday night so you can slice a piece for breakfast throughout the week
  • shop for fresh vegetables and local produce for easy lunch salads. Check out Women’s Health for these wonderful recipes.
  • try new recipes and come up with your go-to-no-thinking required dinner. My favourite is a Caribbean spiced roast salmon with salsa on a bed of black beans and vegetables.
I remember my first grocery trip as a single girl living in her very own place as I purposely bought a bottle of Perrier. I’m not sure why – there was just something sophisticated about having bubbly water in my fridge just for me to enjoy.

Your bookcase

Fill your bookcase and your mind with inspirational words and tales from leading ladies. Biographies and books by women in business are my favourite as they remind me how powerful women are and they offer countless role models. These are the books that sit on my shelf:

Your bank accounts

I shopped way too much before I met my Eye Candy and while there’s nothing wrong with spoiling yourself, it should never be mindless. Don't make my mistakes. Instead, put your mind to work and build your budget. Now is the time to get your finances in order – be your own prince in shining armour by creating a path to your achieve your goals. Focus on maximizing your RRSPs, building a savvy investment portfolio, and saving towards your dreams (whether it’s a closet full of Chanel or ziplining through the Amazon.)
 
Being a single girl is initially expensive as there is no one to share costs with… but it doesn’t have to break your piggy bank. After all, a lot of couples tend to double-up their lives when they co-habitate by opting for a bigger condo, moving into high end neighbours, or splurging on an extra vehicle. Living on your own does not mean you’re financially behind your coupled-friends as living within one’s means has nothing to do with your relationship status.

Your safety

Confession time! When I first lived by myself, I was paranoid about being kidnapped. Seriously. I worried that it would happen on my way home from work and no one would notice until the next morning when I didn’t show up for work.  I was definitely watching too many episodes of Without a Trace! So to calm my nerves, I made a point of emailing, phoning or text messaging someone every night just so I knew that there was a person out there who could account for my where-abouts at X hour. Silly? Maybe. But it made me feel better so who cares?

Whether you opt for a condo with a concierge, black-out blinds, or a security alarm, do whatever it takes to make you feel like Sheera in your own home. Always be cautious and use common sense. Perhaps “checking in” at home every night via Facebook is not a smart habit since you don’t want your 784 friends to know exactly where you live, but don’t be paranoid about every bump in the night. And for goodness sakes, stop watching Criminal Minds.

Your social life

Be a butterfly! Chat with people! It turned out that 3 of the women in my building worked at the same company as me but in different departments. Our weekly laundry room chats turned into wine drinking evenings on the balcony and taking turns hosting dinners while turning into Grey's Anatomy. 

As a single girl, I also opted to go back to school in the evenings. Not only did I grow my social circle, but in less than two years, I earned a graduate in PR and Communications.

I also made a point to accept invitations – whether from co-workers or classmates so I kept my social calendar pretty busy. After all, showing up, surveying a party and realizing you’d rather just go back home is always an option… but at least you were out and about the town to begin with. I also highly recommend furry friends. My rescued my cat Fernando from the SPCA on day 2 of my life in Montreal and he's been the best companion ever since.

The bottom line

I wouldn’t trade my life with my Eye Candy and our little Zoo for anything, but I am so glad that I had a few years of living on my own and living it up as a single girl in the big city. It helped to shape my personality, my tastes and my confidence. Whatever your living arrangements or relationship status may be, the most important part is that you make each adventure as fabulous as you are. 

*Rosie*

Saturday, June 11, 2011

Money management tips & tricks for grads

June is the season of graduation ceremonies so this post is dedicated to all my favourite graduates who are looking lovely in royal blue gowns this week. I’d like to share some tips & tricks for managing money as you make the transition from university to the workplace and into your first home-away-from-home that is bigger than a dorm room.


Live like a student as long as possible.

This is easier said than done as the first batch of paycheques make it tempting to go out and live the highlife with frequent dinners on the town, constant take-out meals, buying a new work wardrobe, jet-setting for vacations, and ordering furniture. However, the longer that you can “live like a student” the sooner it will pay off in the long run.

This doesn’t mean surviving on Kraft dinner and staying at home reading library books, but it does mean:
o       accepting hand-me down furniture to create a shabby-chic apartment
o       making your own lunch for work daily
o       grocery shopping smartly with a list
o       frequenting Wal-Mart for your household basics
o       inviting friends over for a potluck dinner instead of hitting up the local pub
o       indulging in DIY beauty routines


While you may have champagne taste, keep yourself on a beer budget and save! 

Create & stick to a budget

I only started budgeting 11 months ago and I wish I had started the habit as soon as I started working. It gives me a sense of confidence in managing my money and I make smarter choices. I would rather see the balance in my Vacation Fund rise than spend $100 a month at Starbucks. When I started working, I lived paycheque-to-paycheque paying my bills as they came and then I’d go crazy depriving myself to put a huge amount all at once into a savings account. This is no way to control your cash and it is unnecessarily stressful.

Gail Vaz-Oxlade is the guru of money management and I strongly recommend her tools to plan where your hard-earned dollars will go. 

Pay yourself first

I hope that every graduate receives a copy of The Wealthy Barber as a graduation gift, but if you don’t, then please pick-up this must-read. Managing your money can be overwhelming and it is hard to know where to start. I’m still just figuring it out.

But one thing is for sure, the future-me is relieved to know that she’ll retire in style as I’m maxing out my Registered Retirement Savings Plan contributions monthly. The current-me doesn’t even notice as my contribution is taken directly off my gross income and thereby, minimizes my taxable income. If there is one form that you sign with your employer, it should be to sign up for an automatic deduction of 12-18% of your salary into an RRSP. Even if you don’t quite understand what that means, just do it and take some time once you’ve settled into your new life and have read The Wealthy Barber to review your RRSP plan.

Re-read your employer benefits once the ink dries

By the same token, it can feel like a world-wind tour as you sign your first contract with an employer and the 100 forms that come with it. Again, once you feel settled take time to review what you’ve signed and request changes as they make sense. For instance, I was paying $45 a month into a life insurance plan when it finally dawned on me that I have no dependents relying on my salary. The $45 is better spent investing into an RRSP and up’ing my health plan for full dental and eyewear coverage.

Be student-loan free as soon as possible

I paid for my university education with a mix of scholarship and earnings from my summer internships, so I did not have the burden of paying back loans once I graduated. If you do have loans, it should be your priority to pay them off. Based upon your budget and minimum repayment requirement, you should set-up an automatic payment. Time this with the same day as your payday so that your disposable income is reduced right away and you won’t notice a difference in your lifestyle.

Your mode of transportation should be a BMW

Fooled you! BMW stands for bus, metro, or walking. If you’re living in an urban city with ample public transportation now is definitely the time in your life to take advantage of it. As a rule, transportation costs should not exceed 15% of your monthly budget. A 0%-interest loan on a car lease for a MiniCooper may seem like a fabulous way to zip around the city, but consider the hidden costs: insurance, gas, parking fees, and maintenance. Suddenly $73 for a transit pass seems like a bargain.

Take advantage of birthdays & Christmas

Ask for gifts that you really need! Now don’t go all bridezilla as no one likes to be given a checklist to scratch off. When a special occasion approaches and you expect to be spoiled and adored, it is ok to hint for gifts that you'll use and appeciate. Times have changed and young ladies & gents are no longer leaving their parents home right after getting married with piles of wedding gifts so we have to spend our own dollars wisely to create our perfect nest. 

I recommend asking for items that you may have initially purchased on a budget, but would like to upgrade: for instance Egyptian cotton sheets, luxe bath towels, or gardening tools. Likewise, mention your favourite stores so friends & family will know where to shop or where to pick up a gift certificate. I love receiving cards for Winners, HomeSense, Lululemon, Jacob, and The Running Room as these are the stores that I know I’ll hit up at some point for wardrobe additions, condo décor, and sporty gear.

Be VISA’s worst nightmare

Pay your credit card bill every month on time and in-full. If it’s your first time having plastic to swipe and you don’t think you can show restraint, put your credit card in an icecube tray and freeze it. Only defrost it for planned purchases and then transfer a payment over right away. I use my credit card for most purchases  as I get 1% back on all purchases in December and I pay no account fees. Every 2 weeks, I log-on to my CIBC account and pay each charge on my VISA transaction by transaction. VISA must hate me for it as they earn no interest from me and end up paying me to be there customer!

Don’t cave to the pressure to keep up appearances

Chances are your social group is paying for their ballin’ lifestyle with credit and in the end, it will cost them dearly. The average Canadian consumer debt (excluding mortgages) is $26,000 and this behaviour of over-extending oneself doesn’t happen over night.

Don’t feel the need to rush out and buy a leather couch or designer suit simply because your friends are doing the same. You are not being left behind if you take the time to save up for a dream vacation of tango’ing in Argentina, building a quality designer work wardrobe piece-by-piece, or investing your cash to build a down payment. Figure out a way to get your money to work for you and if you haven’t picked it up yet, Rich Dad, Poor Dad is another great read.

I also recommend setting up an account with ING to automatically move money into a saving account with each paycheque. For your first deposit of at least $100, you’ll get $25. This is an incredible ROI! And if you use my Orange Key Number: 31643528S1 letting ING know that I recommended you, I’ll also get $25. Let’s share the wealth!  ING will also give you $100 for switching your chequing account to them and I’m in the process of doing so too.   
Final thoughts

Graduating from university and stepping out into your first job and first apartment is incredibly exciting and understandably, overwhelming. You might hit a few bumps in the money-management road, but if you resolve to learn & control you finances, you are setting out on one fabulously fun road trip.  

*Rosie*