https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns Style Advice for Fashion Lovers en-US Mon, 11 May 2026 19:40:14 +0000 http://bbpress.org/?v=1.0.2 q https://youlookfab.com/welookfab/search.php https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29242 Sat, 04 Oct 2008 03:40:25 +0000 Julia 29242@https://youlookfab.com/welookfab/ <p>I just got time to read the posts here in the forum. As you know, I live in Charlotte and we have two big banks here (Bank of America and Wachovia). The city is deeply affected by the recent economic crisis. So are our jobs, house values and investments. I have lots of friends working at Wachovia who worried about their jobs all week long, it's getting better now but not over yet. What a week it was!</p> <p>Ana, the law passed today increased the FDIC insurance limit to $250,000 for each depositor with an insured bank, so as long as you are banking with an FDIC insured bank, your money is safe.</p> <p>I started to work this Wed. so technically speaking I'm not affected by the economic downturn yet. However, when I was staying at home, I read books like "Not Buying It: My Year Without Shopping", "Middle-Class Lifeboat: Careers and Life Choices for Navigating a Changing Economy", etc. They gave me new perspectives of spending and saving. I realized how mindless I was before when buying clothes and how much I have wasted. Now I'm more selective since I have a basic wardrobe already and I appreciate Angie's blogs and this forum even more because you help me to make good choices.</p> <p>I think that with a slower economy, clothes would get cheaper and go on sale more often; the service would become better, which are all good news to us. I'm trying to look at things on the bright side. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29216 Fri, 03 Oct 2008 21:17:06 +0000 Laura 29216@https://youlookfab.com/welookfab/ <p>Shiny, it sounds like your grandmother was a woman who knew how to live! I sense that you got some of your love of style from her?</p> <p>My friend's mom was just as you describe. She was a jazz singer who had cavorted with the Brat Pack, dated Frank Sinatra, had the Beatles at her house, and lived quite a life. She had a costume jewelry collection that was auctioned off in its own show, and she looked just like Rita Hayworth. She died 8 years ago at the age of 84 when she slipped in her high heels and fell and hit her head on the marble lobby floor of her apartment building on Miami Beach.</p> <p>I hope I go like that. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29201 Fri, 03 Oct 2008 19:54:13 +0000 shiny 29201@https://youlookfab.com/welookfab/ <p>My grandmother came from a highly wealthy family, that lost all its money in the depression. By the time I was born, she was solidly in the middle class. But you know what? I don't ever remember her not wearing makeup, perfume, high heels, diamonds and pearls, and a mink coat whenever she walked out the door, and carrying herself with an attitude that exuded wealth and status. Even into her late 90s (she died at 97). </p> <p>Just throwing that out there, because this thread brought back strong memories of her (I can even smell her perfume). Maybe it sounds frivilous, but if we're going to go into another Great Depression, why not look fabulous? </p> <p>Clothes - well made, quality ones - are tangible goods. Not intangible like the $ sitting in our investments. </p> <p>Or I could be in complete denial. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29166 Fri, 03 Oct 2008 17:22:20 +0000 Anonymous 29166@https://youlookfab.com/welookfab/ <p>So far the economy hasn't made a huge difference in our spending. We took a vacation in the US instead of going to Ireland as we'd planned and also plan to pay for our son to come visit us from Japan instead of going to see him. We will probably drive a car for a year or more longer before replacing it, partly hoping for better choices to come along.</p> <p>I do have a concern about clothing as I try to build up a new wardrobe. We have lived in the same area for about 30 years now. My concern is that I'm watching women a bit older than I go from being stylish to dumpy in the years after retirement. I admit that some of my confidence and self esteem is tied to how I look. I don't feel I can ask, but I suspect that the economy and drastic drop in income is the reason they haven't updated their wardrobes. Their old work clothes are still in good shape and more-or-less still fit even if they have huge shoulder pads, tapered pant legs or less than flattering skirt lengths. If they have something new, it was a gift from a daughter.</p> <p> I dread finding myself in this position. I'm wondering if there are investment pieces I should get now while I can afford them. If so, what are they? The discussion awhile ago about the stylish older women in Europe, especially France, is of great interest. I'd like to know more about how they do it and what I should be doing now to prepare for retirement that is just around the corner...maybe sooner if layoffs are made. Any ideas are appreciated! </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29132 Fri, 03 Oct 2008 15:17:09 +0000 marianne 29132@https://youlookfab.com/welookfab/ <p>I second Tanya, I've experienced fairly severe economic conditions, and it does help to keep things in perspective. Of course after getting used to comfortable lifestyle it's hard to downsize.<br /> I also anticipate good deals on clothing this fall </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29126 Fri, 03 Oct 2008 14:26:51 +0000 Sarah 29126@https://youlookfab.com/welookfab/ <p>Ana, I heard some wonderful advice by Suze Orman recently regarding your cash. Your cash is safe in a bank so long as it is FDIC insured. If you have more than 100K separate it into various banks.<br /> Dave Ramsey also has great information. Just google his name and you'll find some great tips.<br /> This is scary, but I also don't want to be paranoid. It is challenging me to make wiser purchasing choices, which is never a bad thing. It is encouraging my husband and I to think ahead and plan financially.<br /> Bryan has always been money-wise, which is a good balance for me. We both have backgrounds in banking as well, which has helped. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29106 Fri, 03 Oct 2008 12:25:34 +0000 susan 29106@https://youlookfab.com/welookfab/ <p>Girls, I haven't had time to read the whole thread, but want to put my 2 cents in! As I have mentioned before, my husband worked in banking for years and is now a part-time consultant/full time farmer. He, of course, is very astute with money-me, not so much! One thing that really helped me was taking Dave Ramsey's Financial Peace course at our church. It was reallllly good and I learned a ton. If you have the chance, take it.</p> <p>As for me and $ for clothes, I am going to be more picky. I am going to try to only buy things that make my heart beat faster. No more drive-by shopping! </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29085 Fri, 03 Oct 2008 04:10:33 +0000 Ana 29085@https://youlookfab.com/welookfab/ <p>:) Thanks Tanya. It's good to have some perspective. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns/page/2#post-29084 Fri, 03 Oct 2008 04:07:02 +0000 Tanya 29084@https://youlookfab.com/welookfab/ <p>A word of encouragement: we can not really know what's going to happen. It is wise to think about it, analyze our spending/saving habits etc. but in the end we personally can not influence it that much. I am worried too, but trying not to overdo it.</p> <p> My country went through a couple of awful years, when there was no economy, due to international embargo all the stores (including grocery) were absolutely empty, no gasoline could be bought, and the inflation was in such a hyper state that the salary the moment you received was worth three loaves of bread and the next day one. We had about ten or so zeros on our money bills. We survived somehow So whatever happens here, I am sure it's not going to be even nearly as bad. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-29083 Fri, 03 Oct 2008 03:56:27 +0000 Ana 29083@https://youlookfab.com/welookfab/ <p>What scares me is not saving/spending money, because we're doing okay in that regard. It's the nature of our money now. It's literally either just paper, or on a computer screen, you know? It's not tied to anything valuable. I have X amount in the bank because my computer screen tells me that. In the event that something happens with computer systems or the value of the dollar, does it really matter how much I have saved? If it's not worth anything? Those kinds of questions are the ones I'm wondering about. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-29074 Fri, 03 Oct 2008 03:28:00 +0000 Amanda 29074@https://youlookfab.com/welookfab/ <p>When I was in college in the late 1980s, I interviewed my grandparents about the Great Depression for a class paper. We spent a whole day talking about their life during the Depression and World War II. I can't remember the exact dollar amount, but my grandfather gave my grandmother something like $10 a week for groceries and if she had anything left over, she would save it up to buy a dress. I'm beginning to wonder if I'm going to be telling these kinds of stories to my nieces' and nephews' kids one day. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-29073 Fri, 03 Oct 2008 03:21:35 +0000 Maya 29073@https://youlookfab.com/welookfab/ <p>Ana, it really is scary. This morning on NPR there was a story about how enormous and complex the economic situation is that media outlets are having trouble trying to condense it into something that is accessible to average listeners. Well, I will leave my political leanings out of this, but I just wanted to say that you're far from alone in your concerns. I have sharply reduced my spending recently. I even returned some of the fabulously fitting pieces I got from my shopping spree a few weeks ago, as well as a pair of low heeled boots. I think it's time to reevaluate what we think we "need." </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-29069 Fri, 03 Oct 2008 02:17:46 +0000 Ana 29069@https://youlookfab.com/welookfab/ <p>You guys, I'm getting freaked out by what is going on. :(<br /> Maybe it is because I don't completely understand it, or the implications of taking one path versus another. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28742 Wed, 01 Oct 2008 15:31:55 +0000 Sarah 28742@https://youlookfab.com/welookfab/ <p>We've certainly been discussing the economic changes recently, but they haven't really affected us too much just yet.<br /> My husband and I have always tried to be financially independent. If we don't have the dollar, we can't spend it. And so on. So now there are just a few less dollars than usual. :)<br /> And to Maya, I want to say that I have been there, too. I lived with my parents until I was 24. I paid them minimal rent, but I was trying to save as much as I could.<br /> And now that I'm married, that hasn't changed. We try to save a lot and spend only what is necessary. It IS hard to see other people who have more spending money, but I am content because I have what I need.<br /> And like someone said before me, it really helps you think about each purchase carefully.<br /> Clothes are important and I have a certain dollar amount per month that my husband and I both agreed upon. I usually end up saving month to month so I have more to take on a shopping trip. I got my job so that I could afford to shop.<br /> However, I am going to try this month to not purchase any clothes to see if I can do it in the event that things get worse.<br /> I am also losing weight so I can't justify spending a lot on clothes until probably December. Ana can testify that my wardrobe is quite tiny. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28738 Wed, 01 Oct 2008 15:15:55 +0000 anne 28738@https://youlookfab.com/welookfab/ <p>I was away on the weekend and came back to find this thread and have been thinking about it.<br /> Here is Australia the PM etc keeps telling us our banks are in good shape. I just learnt that 2 people I know have lost their jobs though. Hopefully we will be okay, as we have hardly any debts and our living expenses are not high. We are a one income family and that income would be below the australian average, but we are fine, for a number of reasons, including the fact that our tax system favours families, so we are part of the 42% of Australian families who don't, on balance pay income tax! </p> <p>So I don't think I'll need to cut back my clothing spending, to get back to the original question. I am not a big spender on clothing - only one year of my life would I have spent more than $500. I tend to have some years that are bigger than others, and given that in the last 6 years I have spent only about 4 months when I wasn't either "gestating or lactating", I have, like Dani and Marianne, some catching up to do. Also, prior to that I worked in corporate environments and have few casual clothes</p> <p>If we did have to cut down, I figure I could get by on $200 a year, for shoes, repairs and underwear, but I would be wearing very shabby clothes after a year or so, and it would only save a few hundred.</p> <p>I have been thinking what else I'd be able to cut down on (which I don't think I do, at the present) because I am pretty frugal! But in the past I have<br /> * grown my hair and had my husband cut it<br /> * had only one car ( we have only had 2 for less than 4 years)<br /> *used cloth nappies (diapers)</p> <p>And I could cut out desserts and baking, not buy bananas or kiwi fruit or avocados for the baby.</p> <p>My husband, while by no means a spendthift, is more of a spender and is urging some expenditures on me that I haven't caved into yet. (ie replacing our 1992 model TV - a hand-me-down from my mum, buying bunkbeds for our daughters - they already have beds!, replacing some 2nd hand cabinets with new IKEA ones)</p> <p>I don't think we ever lived in such bad areas as some of you, but we lived in a one bedroom flat (apartment) til our eldest was 17 months. The outside laundry had no power, so to do washing we had to stick a power cord out through the balcony. And at one point(while I was pregnant) the door didn't open, so we had to climb in the laundry window.</p> <p>Maya, it was pretty hard to get work etc when I graduated (1995) too. I was unemployed/underemployed for a while before getting a job and it wasn't in a professional area. It has been incredible how different the situation has been now (until, possibly, very recently) as Australia has had a labour shortage. But I think getting work in a creative field is alway hard </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28321 Mon, 29 Sep 2008 02:27:43 +0000 Taffy 28321@https://youlookfab.com/welookfab/ <p>Maya-- Everyone starts somewhere! We got married at 22 and 21 (both students), and had our first son about a year later (SURPRISE!!!). We had $1000 a month budget, and baby Henry slept in the laundry basket, which we hauled from room to room with us. We were afraid we might not hear him from the other room in our ENORMOUS 500 sq ft apartment, just off the ghetto. (It's amazing that your first kid turns out okay...you don't have a clue what your doing!) </p> <p>Nicole and Ana-- I remember hearing in the movie "Sneakers" that it's not reality that matters, but the perception of reality. Interestingly enough, I think they were talking about and economic or banking collapse. i.e, if people think a bank is insecure or fragile, they pull out there money; thereby making it insecure....Cute movie if you have the time! </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28319 Mon, 29 Sep 2008 02:14:21 +0000 Kyle 28319@https://youlookfab.com/welookfab/ <p>Also on my mind a lot. When I was young, we were fortunate if we got to shop at Sears. When I got married, my husband practically begged me to buy a leather (vs. vinyl) purse. My taste has evolved as my budget has improved, but I am feeling it's time to scale back. Just yesterday, I told my friend that my gift card shopping spree was my last for some time. These are all wants, not needs. It's a very unsettling time, economically speaking. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28317 Mon, 29 Sep 2008 02:02:54 +0000 Nicole 28317@https://youlookfab.com/welookfab/ <p>aj, thanks for the explanation. I admire people who can go that far with their education. And to go back to do it, is that much more impressive. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28307 Mon, 29 Sep 2008 01:46:36 +0000 Amanda 28307@https://youlookfab.com/welookfab/ <p>I am in a Ph.D. program in history at the University of Washington. I am a "mature and returning student" -- this was my mid-life crisis, leave the good job to fulfill my dream of getting a Ph.D. For my first two years and the 2008-2009 school year (my third), I have a federally funded scholarship because I study a "less-commonly studied language." It's designed to promote graduate study of parts of the world that there aren't many American experts in. This year will be my last year on this scholarship. Mostly likely during my last two years, in which I'll be writing my dissertation, I'll be working as a teaching assistant in the history department so my funding will come through the university itself. I've been very fortunate with funding and with the fact that I can charge high rates for contract grant-writing. I'm finding that at 43, I just can't go completely back to the lifestyle I had at 23 when I was living on a student budget. But I really love what I am doing and I keep telling myself that I will have discretionary income again when I graduate and get a job. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28295 Mon, 29 Sep 2008 01:12:24 +0000 Ana 28295@https://youlookfab.com/welookfab/ <p>Nicole, what your FIL said is so true! I was just talking about this with Brendan the other day as well. Something is only worth what value we place on it. A dollar is only worth whatever you want to trade it for because we've said that's the way it is. Kind of scary, but that's life I guess. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28286 Mon, 29 Sep 2008 00:36:08 +0000 Nicole 28286@https://youlookfab.com/welookfab/ <p>aj, do you mind if I ask you who pays a student stipend? Are you going for your PhD? Is that why you get paid to be a student?</p> <p>Has anyone here ever watched the Suze Orman Show? I really like her philosophy..."People First, Then Money, Then Things". She has a segment on her show called "Can I Afford It". People give her their fincial sitch, tell her what they want to buy and how much it costs, and then Suze tells them if they can afford it or not. Sometimes people will call up, up to their neck in debt and ask if they can buy a $500 purse. Othertimes people call in and they are really solvent and have great cash flow--they want her permission to buy a $200 gadget. It's quite interesting--I always enjoy hearing other people's financials.</p> <p>Maya, you made a decision to go back to school. You won't regret that decision. You are young and I agree that it is a right of passage. It builds character to not have every thing handed to you on a silver platter. Even if I had a bazillion dollars, I wouldn't indulge my kids and myself with everything under the sun. Things don't make people happy. I lived at home til I was 21...shared an apartment with a few girls for a year...lived in a nasty basement apartment with my fiance for a year...and bought my first house (which was a whopping 800 square feet) before my 24th birthday. Then I spent the next 16 years upgrading real estate. I never had the money to invest in clothing, because my priorities were in buying a home. We don't know what paths we will take to get to a future self. Enjoy the path, not just the destination.</p> <p>My FIL, who is a math guy, said something really smart the other day. He said the economy is just an illusion. There is nothing tangible about it. A dollar is just a piece of paper. Our economy could fail, but people would rebuild a new one. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28271 Sun, 28 Sep 2008 21:39:48 +0000 Amanda 28271@https://youlookfab.com/welookfab/ <p>I've been thinking about this too. When I started my wardrobe "rebuild" this summer, I didn't realize that truly most of my clothes didn't fit me anymore. I've bought a lot more than I expected to -- but feel like it was money well-spent (with YLF's help). But I didn't pay full price for any item except jeans and shoes. Those are things I wear all the time and are worth the money. Everything else I bought at stores like ATL or BR were either on sale or there was a promotional discount. I've decided it's time to stop, wear what I have and then think about what I need for winter in another month. I'm hoping that with the bad economy, there will be a lot of pre-holiday sales that I can take advantage of.</p> <p>Two years ago I left a job as executive director of a non-profit to go to graduate school -- huge pay cut from my salary to student stipend. I had built up my savings to do this and cut back on any expense I could (no more cable; no more hair color/highlights; taking the bus everywhere I could on my student bus pass; not eating out). I've done okay for the past two years by supplementing my grad student stipend with contract grant-writing for non-profit clients, but that may not continue in this economy since they did to pull work in-house when times are tough. I can always get student loans but I'd like to get through this with as little debt as possible. And hopefully the economy will be in an upswing when I finish in 2-3 years and I'll be able to find a job! At least I don't have to worry about getting laid off and even if the student stipend is low, it's steady income -- and it covers rent and food which is a good thing. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28260 Sun, 28 Sep 2008 20:15:36 +0000 Becky 28260@https://youlookfab.com/welookfab/ <p>Interesting topic. DH and I have been discussing our spending habits and financial status in light of recent economic news and projections. We are a very frugal family, and live in an area with a low cost of living. We're not worried about our family's financial well-being in general, but have definitely taken a look at the "extras." I have spent very little on clothing for most of my life (and it shows, I'm sure!); since my "style awakening" and discovering YLF, I have spent more this year on my wardrobe than *ever* in the past, even when we were a two-income family and I had to consider a professional wardrobe. I'm sad that I have to be even more cautious now when I am just getting started rebuilding (or to be more accurate, building, since I never had a good wardrobe to begin with) my wardrobe. However, a look at the bright side: Knowing I can only afford a few pieces is making me look long and hard at which pieces will go the most distance, as well as being much pickier about what I do purchase. I think I will have to comfort myself with the knowledge that I am still continuing to learn about style, fit, and shopping smart even when I can't afford to do so, so that someday when I can spend more, hopefully I'll make wiser decisions than I have in the past. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28255 Sun, 28 Sep 2008 19:31:09 +0000 Maya 28255@https://youlookfab.com/welookfab/ <p>Thanks for the words of wisdom Shiny and Ana. I think part of the problem is that I grew up in a very rich area of NJ, where kids wore Prada bags to class and got brand new BMW's for their first cars. Now I know how sick and sad that really is, but I grew up thinking this was normal because I was so insulted from how other, normal teenagers really lived. </p> <p>(I never dressed like that, for the record. My teenage wardrobe came predominantly from Delias and Hot Topic and I never spent more than $40 in one shopping trip, which happened about once a month.)</p> <p>While I know I was probably still spoiled and well off compared to most people, I had nothing compared to the kids in my school or my college. While their parents were paying for everything, my parents only paid half my tuition, and aren't paying anything for my current education. I never owned a car or anything like that. I'm not complaining about any of this nor do I resent my parents at all, but it was frustrating when the rest of my friends would go on shopping sprees and I had to just tag along and sit outside the fitting room waiting for them. Eventually I wanted to join in the fun. It was hard sitting there and admiring all these beautiful clothes and seeing how great all of my friends looked and feeling left out.</p> <p>I have been thinking of shopping less at big retailers and more at vintage stores and thrift stores Shiny. Ironically, some vintage stores here are just as expensive or more so than mainstream. Most recently I have been really into the idea of eco-friendly style, and in particular recycled clothing, but it's so expensive! As for sewing, I wish I were better at it but I'm horrible. I've tried so many times, and failed miserably. I'm not very good at detail-oriented work like that.</p> <p>My best friend who I have known since we were 14 is in a similar spot as me now. She used to shop at Anthro and BR and the like, but hasn't shopped at any of those places for about a year, and she still lives with her parents. She has gone back to school and can only work part time (again, like me). So next week or sometime soon we plan to go thrift shopping together. The good thing about living in such a rich area is that when those rich people get tired of their expensive clothes, they often end up in thrift shops. It's not unusual to find things from AT, BR, Anthro, and other high end brands. I even scored an authentic Kate Spade back for $4 once. </p> <p>I know I'll get through it without any scars or anything like that. But to respond to the original question, I just wanted to say that the economic crisis has been a real wake up call for me. </p> <p>As for living conditions: I'm planning to take whatever money I could theoretically spend on rent (which is of course not enough to live In NYC), and put it into savings, so in a few years I can put a down payment on a condo. Maybe I can skip the roach-infested apartment phase all together (I have a terrible and irrational phobia of roaches. They used to crawl into my dorm all the time and I would literally stay up all night shaking and sometimes crying). </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28241 Sun, 28 Sep 2008 17:59:06 +0000 shiny 28241@https://youlookfab.com/welookfab/ <p>Ana - I have my crummy apartment stories too!</p> <p>My first job - after living with my parents for two years right out of college. 400 sq ft apt in seedy neighborhood, peeling paint, bad plumbing, bad electricity. But I LOVED that crummy apt because it was the first time I ever got to live all by myself - no roomies - YEAH!</p> <p>Then after my divorce, for 6 years while restarting my career, we lived in the crappiest apartment - bigger than that first place, nicer neighborhood, but still crappier!! The basement would flood every time it rained - up to a foot of water - and that's where the laundry was, so we'd have to put on waders to do the laundry. The back part of the foundation was sinking steadily into the ground, so my bed was on a slant. </p> <p>Roaches we don't have around here, but we had a major mouse problem. I mean MAJOR. I still have memories of the T-day my family came up, and we spent the entire dinner with my hubby jumping out of his chair to catch mice running across the floor and put them in an aquarium - his plan was to set them free the next day (he can't kill a fly). But in the morning, we discovered the mice had all cannibalized each other... &lt;shudder&gt;.... </p> <p>I still cringe at that T-day memory... I was so ashamed to have my family see me living in such a state... and I hated their pity and offers of assistance. </p> <p>But despite the mice, we all have very fond memories of that apartment. We shared the building with another family who lived downstairs became like extended family to us. It's where I lived when I met and fell in love with my DH. The kids don't remember the peeling paint and crappy electricity and heat and stuff - they just remember the good times and memories. We still drive by the place occasionally. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28240 Sun, 28 Sep 2008 17:48:10 +0000 shiny 28240@https://youlookfab.com/welookfab/ <p>Ana - what you want is a "fee-based" financial planner. You pay an upfront fee (it's tax deductible) for his/her advice. This is different than taking advice from someone who is comped based on what investments he sells you, and therefore is more interested in selling you things that make *him* money, not you. And a fee-based planner will take a much more holistic view of your financial picture - not JUST investments. </p> <p>Just google the term, and some sites should come up where you can search for someone in your area. Some have specialties in accounting and taxes. My planner does do this for his clients who have a lot more $ than I do - people who he works for on retainer and he gets a percentage of their investments. I'm NOT in that category and never will be. Instead, I paid him a flat-rate fee for the year-long process... spaced out in three separate payments. When major events occur - like the kids hit college or say I hit the lottery (hee hee) or something else major like an illness - then I can re-hire him to go through the exercise again, or just a portion. </p> <p>If I was to go back to consulting, I might find it worthwhile to pay him for the tax help (figuring out the self-employment tax code is enough to deter me from consulting work unless I have to!!). Otherwise, my planner would encourage me to either do my taxes myself (which we do) or hire an accountant who will be cheaper than he would charge.</p> <p>Most important tip when choosing a planner: feel comfortable with him or her. Hopefully your first appt will be free, and you can spend time seeing if you "mesh" with the planner and are on the same page with what you want to get out of the exercise. Referrals don't hurt either - but once again, everyone's needs are so different. </p> <p>Maya - living with your parents so you can save $ is a very, very smart strategy for your situation. Even if it has its.... downsides. </p> <p>You are living in the most expensive city in the US. I can imagine your situation, because when I was a recent grad I was looking to work in NYC for a magazine... I ended up going an entirely different direction instead, because the idea of $14K salary and having to bunk up with 6 people in a 900 sq ft apartment blew away all my romantic fantasies about a NYC publishing career. :-(</p> <p>As for clothes - you are creative. I have faith you can tackle this challenge with creativity. Ever consider taking up sewing? Or have you scoped out vintage stores? </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28238 Sun, 28 Sep 2008 17:29:46 +0000 Ana 28238@https://youlookfab.com/welookfab/ <p>I can't speak for everyone on here, Maya, but I have a sneaking suspicion that most of us have been where you are right now. I know I certainly have. When I was your age, I didn't shop at Nordstrom or J. Crew or or Anthropology either. We didn't even have those stores in my town. They closed Express and the Limited in the one mall we had, so I didn't shop there either. It was a big deal when they opened an Old Navy. I shopped the super clearance racks at Macy's, and Ross, and ON when it opened (I was 19, I think). BR sales *occasionally* but not very often, because I couldn't afford it, not even on sale. I lived with my grandparents and made $6.00 an hour working at a job I hated. I'll be honest, it totally sucked at the time (other than living with my grandparents, which is something I'll always cherish). When I finally did move out into my own apartment, it was really crummy. Someone tried to break into my bedroom window one night. I had roaches. My dinner choices consisted of spaghetti, ramen, or whatever cereal I happened to have in the cupboard. I'm not saying this to seem like, "poor me." I just....I think it's a rite of passage. It's not fun at the time, but you really do come out the other end a more mature, stronger person. </p> <p>I think you're making a good decision, living with your parents and saving money. Your body is changing, and will probably continue to change until you're about 25 or so, so if I were you I wouldn't be investing in expensive clothes, either. There's time for that, lots of time. And if you decide that is not something that is high on your priority list, then you can do other things with your money. You'll find something that you love and will want to spend money on, and you'll (hopefully) plan and have a budget for it. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28237 Sun, 28 Sep 2008 17:04:45 +0000 Maya 28237@https://youlookfab.com/welookfab/ <p>I have been thinking about this for a long time, ever since before the summer, long before all of this news came about but it was still something I anticipated. It would always blow my mind to watch some of you come here and post new purchases from expensive stores like J Crew and Nordies on a weekly basis, and I was always so curious to know how all of you managed, but of course it would have been really ratty and obnoxious to ask. I have to admit it was something I would think about a lot. I don't approve or disapprove (since I obviously don't know everyone's individual situations), but it was always something I was curious about, because it's something I don't think I will ever be able to do.</p> <p>Now is a bad time to be a designer, and a worse time to be a recent graduate. I"m lucky to have secured a job before I graduate, but even so I hardly think of it as being "secure." I know I could lose it at any time. I always hear from my teachers that we should forgo security and money in favor of doing a job in the specific field we choose, the money will follow the experience, but this is a very 1999 mindset and it seems like they either don't care or don't know what young designers are up against now, in 2008. This is not a job I would have chosen if the economy was hopping and there were jobs aplenty. It isn't creative at all, and it won't give me portfolio pieces. It's basically a dead end job, and it doesn't even pay all that well...but I have to be realistic. I can always look for something else in the meantime, but now is not the time to be picky. </p> <p>Having said all that, I feel extremely insecure, but to completely cut myself off from the things I love would just make me feel even more helpless and hopeless. A couple of years ago, I would have no problem treating myself to the occasional Anthropologie gift. I'd buy things from BR full price. Now I don't even bother looking anywhere other than the sale rack and I'm always googling for coupon codes. I shop at stores I never would have set foot in before, and get a lot more of my clothes from H&#38;M. I realize now that places like Anthro and BR are just beyond my means and not really practical at my age and on my income, and even though it's hard and crappy, I have to learn to lower my standards. Thankfully there is still ebay, and BR often has very good sale prices, so I'm not totally lacking, but it's going to take a lot more effort to get the things I really want, and realistically, there will be many times where I miss out.</p> <p>I have sort of just resigned myself to the fact that I will be living with my parents for at least a couple more years, but I don't want that time to go to waste. If I have to live at home anyway, I would like to save up as much money as possible, so that will mean cutting corners. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28231 Sun, 28 Sep 2008 16:41:02 +0000 Ana 28231@https://youlookfab.com/welookfab/ <p>That was really helpful Shiny! Brendan and I have been thinking about consulting with a financial planner or an accountant, because we would like to plan for taxes next year. How did you find your financial planner? I know they are not all created equally. </p> https://youlookfab.com/welookfab/topic/how-iswill-the-economy-affect-your-clothes-shopping-patterns#post-28229 Sun, 28 Sep 2008 16:33:42 +0000 shiny 28229@https://youlookfab.com/welookfab/ <p>Tracking spending and budgeting... </p> <p>Because I've been through so many layoffs, around 2002, I hired an independent financial planner. It cost money to do this, but it was the best investment I ever made. It took a full year of meetings and he was very, very thorough - looked at EVERYTHING - not just investments. Ran through various scenarios like "if I get laid off again" and "if both of us lose our jobs" and "if one of us becomes disabled" and "if one of us dies or we part ways" Etc. </p> <p>During this exercise, I worked at paying off all my outstanding debt. I've always been one to pay my CC off in full each month, but during the long layoff, I had no choice but to run up the CC to get by. That is what CC are for - emergencies. </p> <p>Based on this year-long exercise, and once we had the CC paid off, and I was employed - plus my divorce was finally settled so I had $ for a house downpayment - we decided to purchase a house that is much less house than we could qualify for. It gives us peace of mind. If any of the above scenarios should happen, we can swing the mortgage on unemployment for awhile, or on disability, or with greatly reduced income. If the tough patch lasts long, we know which funds to tap into next. </p> <p>And the house is a house we intend to retire in - so we have it in our plan to have it paid off by the time we are 65. It is big enough for teens, but once they are grown and gone, their rooms can be turned into exercise room/guest room etc. We have enough futons and sofas and sleeping bags, we can sleep about 8 people, so there's still room for grandchildren to visit too. </p> <p>The benefits of living in a smaller house than we can afford goes well beyond worst-case scenarios. We have found:</p> <p>1) Our energy costs are equally modest<br /> 2) I can clean the house much more quickly (took me the length of Abba's Greatest Hits to whip the house into shape yesterday)<br /> 3) Our lawn is so tiny, DH can use one of those gasless mower thingies... what do you call them? It takes him 15 mintues to maintain. </p> <p>Downside: not a lot of closet space. You learn to become masters of organization, and good at decluttering. And learn to be picky about what you buy and drag into the house, always asking first "do I have room for this?"</p> <p>The next step was to set up my accounts so that savings are automatically taken out of my paycheck before I even see it. This includes 401K, company stock plan, and other investments. </p> <p>My financial planner prescribes to the view that 50% of one's budgets goes towards nondiscretionary spending (housing, utilities, food, basic transportation, basic clothing needs, paying down debt); at least 20% towards savings (we do a bit higher than that), and 30% for "wants." He believes strongly that life is really not worth living if you don't have room for the "wants." </p> <p>So next he looked at the "wants" category with us. A big want was to help our children pay for college. I felt this was a need, but my fp turned my thinking around on that, and placed this in the want category instead. His reasoning: you do your children a favor if you take care of your retirement first - so you are not burdening them right when they are starting their own family. So we have "college savings" in our "want" category.</p> <p>The other items in the want category include: </p> <p>1) Entertainment &#38; eating out - as you may have noticed, we eat out and go out a lot. ;-)</p> <p>2) Travel - it's my dream to see the world. So we have this budgeted as well.</p> <p>3) Clothes that aren't basic needs. </p> <p>Everyone's individual "wants" will be different. Some people may put "electronic toys" like stereos and iphones in this category. Some people may put "boats" or other expensive hobbies in this category. Some people may put "redecorating" in this category. It's all based on what brings you pleasure and joy. This is the icing on the cake category -and what makes you feel like you are living, not scraping by. </p> <p>In our worst-case scenarios, it's the Wants that get cut first. Although... my fp says *even then* he recommends you have a small want budget.... it's just gotta scale down ... but if you are disabled or out of work, it will help lift your spirits to have a bit of fun money. </p> <p>As for detailed tracking and spreadsheeting, I used to do that (with Quicken) but I gave it all up once we had this plan in place. I built up a reserve amount in my checking account that gives me peace of mind. If I go over a certain #, I pull the extra $ into an investment vehicle. If I drop below a certain #, I curb my want spending for awhile. I will never bounce a check again (don't ask about the xmas during my layoff when I bounced TEN checks ... due to a bank mistake.... what a fiasco! ... but the lesson there was: always have enough in checking so things don't bounce). </p> <p>Otherwise, savings are already automatically deducted. I have a sense of my nondiscretionary bills because they remain pretty stable. And it has helped *immensely* now that we have no day care, no orthodontia. That gives us even more room for slush. </p> <p>I still use CC - because it gives me the benefit of a steady stream of coupons and special sales invites. I just pay them all off automatically and don't carry a balance. </p> <p>I know this is getting wayyyy off topic, but I hope all of this is helpful! </p>