Anatomy of the Returning Spree

And the Mighty,Too, Shall Fall... (sort of)

It's been 27 days since I committed to shopping in my closet only. And in the spirit of transparency, I have to admit that I bought a red dress using a gift card that one of my close friends had given me and found that I had to pay the difference between the cost of the dress and the value of the card. I paid $18 for a Calvin Klein red sheath dress that fits me well, which I plan to wear as soon as the weather permits. Yum!

The Returning Spree
What made me feel not so bad about the $18 purchase (even though I did deviate from my initial SMART goal) was that I spent a larger part of my time in department stores during on the onset of 2011 on a "returning spree." Let me be the first to coin this phrase. The "returning spree" is the inverse of the "shopping spree". Instead of going to stores with the single-minded focus of spending money and cluttering your home with unnecessary items, a "returning spree" seeks to increase your income and remove unwanted, unneeded items that clutter your home and possibly your spirit.

Case Study: Post-Holiday Returning Spree

Here is the financial bottom line to my most recent returning spree.

Astringent to Duane Read $5.87

Writing Course $340.00

LIRR Tickets $33.00

Skirt from Marshalls $17.00

Total Income Generated on Returning Spree $385 .87

Preparing For Your Returning Spree
1. Don't Discriminate: Do not limit the focus of your returning spree to apparel, services such as internet, cable, Netflix, and the like are also fair game. Think about electronics, houseware, and insurance that you have left untouched or do not suit your needs as well. Also, be open to returning everything possible,(assuming that cost of returning an item is not greater than the actual value of it) every little bit helps.

2. Receipts and Return Policies: If you do not do so already, hold on to the receipts of your purchases for as long as the return policy states. If you have buyer's remorse, your receipts and knowledge of your rights as a consumer, will neutralize that feeling in addition to raising your cash flow.

3. Be Prepared For Resistance: Luckily, the Duane Read cashier said nothing to me when I approached her register, took out my crinkled receipt, smoothed it out along the edge of the counter, and asked that the full $5.87 be credited to my credit card account, patiently waited for her complete the transaction, and check my new receipt before exiting. Perhaps she knew the value of money, perhaps she was thinking about her lunch break, perhaps she was thinking about a possible ringing in her left ear. Either way, it was not my problem to justify my money moves or shift my financial thinking to be more aligned with hers.

4. Have a Plan B: Maybe you lost your receipt or a tag is missing. Ask to speak to the manager to see if store credit or partial refund could be arranged.

5. Leave the Store, Do not Browse: Your purpose for entering a store is to return an item in order to increase your income. That means that you should not find yourself walking around the store, looking to purchase something. Though tempting, it will sabotage your financial bottomline.

Post-Returning Spree Decisions

Earmark the Savings for Paying Down Debt or Increasing Emergency Fund: Try to conduct all post-returning spree payoffs within 2 days of the big event as not to lose momentum or "nickel and dime" yourself back into the red.

Involve Your Friends: Tell your friends how easily you were able to jump-start your journey toward financial fitness. You can also barter items that you were unable to return with groups of friends. This makes saving not only financially rewarding, but socially responsible as well.

All Good Things Come to An End

I will be happy when I no longer have to rely on "returning sprees" to increase my income. When my financial decisions are clearly aligned with my priorities, I will not have to return several impulse buys or reconsider a service because I would have done the financial thinking beforehand.

Be S.M.A.R.T. not STRONG

Be S.M.A.R.T. not STRONG

In Ain't I a Woman: Black Women and Feminism, bell hooks, intellectual and cultural critic, discusses the downfall of one of the more unilateral characteristics that black people in general, and black women, in particular, pride ourselves on.

Strength.

As hooks explains it, strength has more to do with the ability to endure than the ability to overcome. And it's true. As it relates to money management, it takes a lot of strength to know the dire consequences of certain financial moves and yet follow through with them anyway.

But Girrl, you still standing! You still strong! You keep your head up!

The key to financial empowerment, though, has nothing to do with strength; it has everything to do with being S.M.A.R.T.

S.M.A.R.T.

Corporations and institutions run like corporations, such as the New York City Department of Education, large not-for-profits, and (non)-religious foundations, have utilized the structure of the S.M.A.R.T. goal to guide long-term planning, financial or otherwise. Anyone familiar with the use of SMART goals know that they have to be specific, measurable, attainable, realistic, and timely.

The benefits of the SMART goal is that it concretizes and focuses long-term plans, making them manageable and more easy to do-- hence, maximizing the chances of meeting and/or exceeding initial expectations.

Shopping S.M.A.R.T.

In the last post, I stated one of my core financial values: Spending money on experiences, home ownership, or learning is more valuable to me than spending money on items that do not appreciate in value. For example, I want to reallocate six months of "shopping free"savings toward funding a trip to Costa Rica in order to strengthen my Spanish skills in August or toward beefing up my condo fund. I have translated this financial belief into the following S.M.A.R.T goal:

From January 1, 2011 until June 30, 2011, each month, I will save the ~$225 that I spent on clothes, jewelry, shoes, and accessories (as evidenced by my previous VISA statements) toward the $1,500 cost of tuition, accommodations, and the like for Costa Rica or my condo account.

How S.M.A.R.T. is it?

S Is this goal specific? It's a 6-month goal with monthly benchmarks.

M Is this goal measurable? I can count and so can the bank tellers and accountants. $225/month is $225/month, not $224 or $223. My bank statements will reflect the growth.

A Is this goal attainable? I chose one financial value (meaningful spending) and applied it to one area of my life (shopping for clothes) so I will not feel overwhelmed or deprived.

R Is this goal realistic? Deciding not to shop for six-months is realistic. If I want to add nuance to my wardrobe, I can consult styling guides to create "more" outfits.

T Is this goal timely? My goal begins January 1, 2011 and ends June 30th, 2011.

Why Be Strong When You Don't Have To?

It has been nine days since I made my SMART goal. Having a goal that has beginning, end, and purpose has made the transition from not shopping for clothes to saving for a trip (or whatever else) more easy. The types of conversations that I have with myself are rooted in a cost-benefit analysis, which are grounded in my personal financial principles and values. It keeps me from having to deal with buyer's remorse, guesswork, and money-related drama.

Six Months of Shopping in My Closet

"How Much Did You Say That Self-Improvement Was?"
Since the last time that I blogged about personal finance, a lot of things have happened. I left the classroom to work at the network level. I completed a costly degree in Educational Administration. I started taking writing classes and Spanish classes consistently. I consider all of these changes or decisions to be short-term and long-term personal and professional investments. So the costs of paying back graduate loans and the costs of tuition do not get me down. If, however, there were a reparations fairy with well-conditioned locks that viewed the cost of schooling and training as our 21st century version of the "40 acres and a mule" that we never received on this side of the Atlantic back in the day, I would happily accept all loan forgiveness plans and dissolution of mandatory payments.

I'm just sayin....

Where Did All of My Money Go?
What I have noticed, though, is that in my spirit of self-improvement, I have found myself also justifying purchases to stores for outfits, shoes, and accessories-albeit cute- because of the nature of my work, because it was on sale, because I "deserved it", because, because, because....

I also found myself charging lunches for $10 in addition to $5 breakfasts because I was on the run, because I so hungry by the time I ate, or because that was what my co-workers were doing. These credit card charges were in addition to whatever incidental purchases I made in cash: mid-morning runs for tea, cookies, bottled water, blah, blah, and blah.

Because. Because. Because.

I opened up my most recent credit card statement and saw that I had racked up $1,800 worth of debt in the last three months. After I subtracted the costs of tuition, car repairs, and my $16/month gym membership, I was still left facing $900 of credit card debt.

But where did all of the money really go?

Most obviously, the clothes went on my back. And the food, especially the dishes with rich sauces and generous portions contributed to the expansion of hips, booty, and thighs.

"My Family Thanks You!"
But here is the most obvious, yet unspoken place to which my money went: a stranger's dream and a stranger's family's dream of financial security, early retirement, private education from their children, that hip-replacement surgery, or that teeth-whitening treatment not covered by insurance. Whatever. And conversely, my spending to finance someone else's dream has by its very nature prolonged the time that it will take to realize mine.

Kakra, Kakra, The Chicken Will Drink Water
So with that, I have brushed off the old blog and would like to use this as a forum for accountability--for us to start thinking about how our impulse purchases keep us for getting one step closer to investing in something that brings more meaning.

I will save you from having to read until the end of the story because they all end the same: there will always be something cute to buy if you go shopping. So, I have decided to start shopping in my closet and start using the money that I had been spending on clothes toward funding my trip to Costa Rica in August for a Spanish class or towards a down-payment for a condo(or whatever else I may want to do by that time).

Mindful Budgeting Equal Success
I refrain from cutting out buying books or doing my nails monthly for three reasons. The first reason is that I am self-aware and know that eliminating those things from my budget would make me feel deprived. Secondly, the cost of a used book on amazon + shipping and a midweek pedi once a month are a fraction of what I have been spending on clothes yet provide me with such a sense of joy and abundance. Finally, I want to succeed. Success for me is identifying and implementing small changes over a period of time, not completely upsetting the ebb and flow of my life.

"You Talking to Me?"

Actually, I am. What are you thinking? What small shifts in spending can you make toward achieving your meaningful goals and aspirations? In the next entry, we will create SMART goals in order to frame our financial planning. SMART goals can help us become better, stronger, bolder, and more deliberate, and more courageous in all aspects of our lives...

You'll Have Enough Time to Sleep When You're Dead!

New Year, Same SH@t?
The answer to this is a hopeful "no" for many of you as I have decided to revisit this blog with a new purpose in mind. For a year or two, I have been writing about money. How to save it. Where to get it. How to stretch. From whom to hide it. The history of financial success and enterprise amongst our people.

I have learned a lot from all of you and I am hoping that you picked up a couple of things from me because I have been inspired to change. A new turn in my personal development. During this bend of my journey, I am hoping to use this space as a virtual empowerment club. A safe-space where we can dream really big (or small), but absolutely and always meaningfully about what we want out of life-- whether it be financial, personal, health-related, and professional.

If you want to do any of these things with me, please write your name next to the number! Please also generate your list, so I can write my name next to ours!

You'll Have Enough Time to Sleep When You're Dead!
1. Get a Brazilian wax.
2. Play mass in somebody's Caribbean
3.Write and publish children's books.
4. Be in love.
5.Write and direct a small play.
6. Have my own home and entertain guests there.
7.Become fluent in Kreyol and Spanish.
8. Open an all-girls school.
9.Become a millionaire through saving and investment.
10. Be interviewed on television.
11. Learn the damn turns in salsa without getting dizzy.
12. Have a ladies' night once a month
13. Have a small exhibition of my photography.
14. Sleep in a tent in the woods for a night.
15. Go to a Beres Hammond concert
16.Be a good friend/confidant.
17. Have thighs of steel (think a not-to-so-diesel-Serena)
18. Become a vegetarian.
19. Go to strip-club
20.Go to London
21. Bed-n-breakfast in the mountain here or abroad.
22. Do a colonic.
23. Fast for 7 days.
24.Meet Michelle Obama and have lunch with her.
25. Visit all of the hubs on blackness throughout Latin America
26. Learn to drive on the highways with confidence.
27. Take a cooking class.
28. Learn Swedish ( or somebody else's) massage.
29. Pose nude for an art class (after #17)
30.Take pictures of black folk in the South and interview them about their lives.
31. Do a family tree project.

32. Learn to say "yes" even though I am scared.

33. Learn when to say "no" when I really need it.

34. Take classes in Caribbean, African, Afro-Latino and African-American women's lit.

35. Open up a UPS store.

36. Have a flea-market stall.

37. Get a black belt in Tae Kwon Do

38. Go to Hot Yoga classes.

39. Wear a really ugly wig and pick-up random men in a bar for kicks.

It's a Living, Breathing Document

Just start writing. Nothing is too insignificant. Let's share our lists and our support to actualize as many of these dreams as we can.

Taking the Training Wheels Off

Theory Shameory: The Bridging the Disconnect between Money Thoughts and Money Practice

I have to admit that I am a self-help buff. I love the idea of looking within with the goal of leaving better than when I chartered out...moving some stuff in, throwing some stuff out, collapsing this, expanding that... you get the hint. But, here is the caveat about self-help. It does not work without practice. AND it requires patience, commitment, and adaptive problem-solving.
The only way that you know you have transformed is not when things are ideal: when there is nothing that you see that is cute in the store, you have no battling financial priorities, or you have a volume of discretionary income (although some pundits that there is never discretionary income see Michelle Singletary) but when your financial circumstances are complex: you like to shop but you need to save for school, you just got paid and your irresponsible sister asks for a loan, you received a promotion and a raise and the pressure to keep up with the Joneses is surfacing...

Taking Off the Training Wheels

In the latest Essence or Ebony, it would be easy to take a quiz on financial theory, tally your score, and label yourself highly financially savvy or literate. There is nothing easy about standing strong in this consumer-heavy, predatory world. But you know that you have learned everything that you can learn about this. Now, it is time for you to get out there and make moves. Will you make mistakes? Possibly! Will you revert to your spending ways when times are tough? Perhaps! Will you be better off, more confidence, more self-authoring, a pleasure to around, an envy to your former unevolved financial self? ABSOLUTELY!

Never Go To War Without Armor

It's your choice and you can double and even triple-up depending on the financial situation. Choose from any of the following as you build-- dollar by dollar, decision by decision, reflection by reflection, YOUR financial future. Solid. Meaningful.

1. Create and repeat your money mantra.
2. Do NOT go there if you know you are tempted to spend.
3. Call your girlfriend to smack some sense (cents) into you.
4. Leave your wallet at home.
5. Create a budget and stick to it.
6. Make it a community efforts.
7. Ask to speak to the manager. "I am willing to pay..."
8. Barter with girlfriends.
9. Pack your lunch.
10. Leave it for 2 days then come back.
11. See if you have it in your house already.
12. Clean your house and sell whatever is left.
13. Turn your passions into profit.
14. Marry wealthy. (SIKE! just to see if you're paying attention)
15. Pay in cash.
16. Stick with big bills.
17. Find several functions for one thing. (Think: Is that a plastic bag or shower cap?)
18. Eat less.
19. Pick up the phone, don't send a text. (pre-pay it)
20. Ask for sponsor.
21. Stay in.
22. Journal about it.
23. Buy it used/Share it.
24. Don't be afraid to negotiate.
25. Return it if you can.
26. Pay yourself first.
27. Look within instead of around.

Coming Out of Retirement

Coming Out of Retirement

I feel like Jay-Z. My public has spoken. They want those gentle reminders to save, to stop spending, to get their stuff together. And as a good public servant, I must oblige. Here are a few things that you need to reflect on before the summer gets you too lazy to stay focused.

Summer-Ready Money Checklist

• Have you started saving for retirement? checked the beneficiaries on any financial accounts? reevaluated your risk tolerance?
• Have you been keeping your spending journal current?
• Have you written a will? (Even though we are young, getting started early when there is time helps us avoid panicking, confusion, and fighting when you have already passed.)
• How is your emergency fund with 6-12 months expenses looking?
• Are you paying your bills when they come or are you waiting for a "convenient time" to pay?
• Are you using your summer sun time locked up in a mall shopping?
• Have you set short-term, manageable goals (ie earn through saving or extra work $1,000 per month for 10 months for the down-payment on that house) ?
• Have you transformed a passion or hobby into a profitable endeavor?
• Have you aligned your spending patterns with what you truly love? (That is, are you spending all of your money on lattes when you really could be putting it toward that trip to Ghana you have been claiming you can't afford?)
• Are you selling stuff that you don't need on amazon.com, textbooks.com, or ebay.com?
• Are you hating on someone else for their financial discipline?

Going Away, Coming Home

This is one of the recurring themes throughout post-colonial Caribbean literature. The idea that one can't go home twice. The home that once was is no longer because the self that has left has transformed. I am happy to say, though, when it comes to my passion of financial empowerment for black women, this is not the case. I just needed some time to place other parts of my life in order. I can not promise the length and nature of my future blogs, because truthfully, like my Caribbean ancestors,  I am not the same person that started writing this blog a year ago. Can't pinpoint how she is different, but she told me that she wants to take it easy for the summer. 

Marriage, Feminism, Babies and Love: A Reaction to Rebecca Walker's Baby Love

Hey Marta,
Sorry for taking so long. Actually, I was in Limon, Costa Rica. Its a province along the Caribbean that is 40% black, descendants of Jamaicans mostly.

As for the discussion of marriage, feminism, and children, it has been a couple of months since I have read that book, been in that relationship (we broke up), and felt the pressure to think about any or all of the above. Honestly Marta, as it relates to some of the issues that Walker addressed in the book and my growing and ever deepening understanding of what it means to be a woman, I have decided to remove the labels and take it as humanly as possible. that is not an excuse or a way to avoid the topic, it's my approach to dealing with my tendency to be extreme, in and outside of the discussion of feminism.

I think that I was raised to be strong, resourceful, and self-sufficient as a survival strategy. I did not grow up around men. I did not know them and did not trust and/or like the ones that I knew including my father and brother at that time. They, honestly, did not serve as cornerstones to my existence. My mother did not date much, so I grew up thinking that it was normal to be alone, not to make much of men, and be comfortable and happy with it.

Fast forward to now, after having had relationships that ended because the men thought that I was not domestic enough, or emotionally available enough, or whatever... I really don't think about it so much now because I have found that when you actually like someone, you do things to make them happy within reason and it goes for both sides. I am dating this new guy, a Haitian dude, and I approach it with as much neutralness as possible, if you know what I mean. I think that working, studying, and hustling, makes anyone tired, so if I can, I will try to pick something up for him and I notice that he does the same for me.

I am learning that not all men want to dominate and often they have just as much fear and as many insecurities as it relates to losing self, abandonment, and hurt that women have. I feel that I have found that I am not a victim, and I think that feminism, at times, has a tendency to make you hyper-sensitive to the micro elements of dealing with another human being. As I have been dating and breaking up and thinking some more, I feel that the idea of "compromise" is a little appealing for me because I have done so much by myself in my life and I feel very self-actualized in a lot of ways... that the idea of working together with someone else would be challenging,but also very rewarding... a person that is worthy, of course.

As for babies, as a classroom teacher, I am not interested in having babies anytime soon. I am not interested, at this time, to sacrifice my free time, autonomy, or change the flow of my most basic and guarded rituals (ie. weekend retreats, emailing at 11 pm, sleep, movement without second thought). I keep the option open, though,because I think there will be a time when all that I am doing for/just/and all about me will lose its appeal and I am going to want more. I also think about the legacy that I feel that I will have to live up to. My mother is such a loving, nurturing, and giving woman and it frightens me that I would not live up to her legacy sometimes... you know? but then I think about how nice it would be to have a relationship that I had with my mother with my own daughter...-Kara