Single Occupancy: Saving for Your Rainy Day Travels

By Melanie Nayer

When I started talking to other women about their finances, I realized I wasn’t alone when I’d felt confused and a little intimidated by money management. And the more I looked into it, the more I realized there wasn’t a personal finance book for women like us written in a voice we relate to–not a mother-figure tsktsking us, but a woman who gets that it’s not an option to never buy an amazing pair of shoes or go cold-turkey on nights out. And thus, Shoo, Jimmy Choo! was born.

I confess I’m a shoe-lover and my two closets have racks and boxes of shoes just waiting to be worn. The thing is, shoes make me feel good — they always fit, they add a lift to any wardrobe and truth be told, there’s a level of self-confidence a woman has while walking in a pair of Louboutins or Jimmy Choos. However, I know the reality of how much shoes cost so, what tips do you have for women who need to shed the “shoes”?

I am shoe-obsessed too – I mean, you can gain 10 pounds and though your jeans don’t fit, those shoes always do! So, I am not going to tell women to never buy that pair of amazing shoes (I mean, as if we can resist shoes for the rest of our lives!), but what I will recommend is to budget for the shoes – and everything else – that you want.

Here’s how: Go on – an amazing FREE budget site that pulls all your bank account information (safely) and helps you make a budget that makes sense for you – and develop a budget that will allow you to save enough money for the amazing pair of shoes you need. Once you do that, you’ll know how much you can spend.

Now try these tips to help you stop spending so much on other things, so you can save the money for those shoes you love!

Tip #1: Procrastinate
How many of you have been standing in line at the drug store and tossed a pack of gum or lip balm in your basket without thinking about it? Or been racing through the grocery store, seen a sale sign, and thrown the item in your cart even though you didn’t need it? I imagine most of you have done this – and that’s why you need to learn to procrastinate. There are two rules:

  • 48-hour rule: For anything over $100, try to wait at least 48 hours before buying it. This is the cooling off period, allowing you to decide whether you really need it.
  • 5-second rule: For everything else, wait 5 seconds before you put it in your cart. During that time, ask yourself, do I really need this? If the answer is no, put it back and walk away.

It’s easy to buy things on impulse, and that’s why these rules of procrastination are important.

Tip #2: Go green
I call the all-cash budget “going green.” Here’s how it works: At the beginning of each week, take out exactly how much cash you can spend in that week. (If you aren’t sure, go on to get budgeting help.) This is all you can spend during the week. Leave the credit cards and debit cards at home. This will help you self-regulate – you can see when you are running low on cash, and compensate by spending less.Plus, try shelling out a wad of 20s for whatever it is you want,and I can assure you, it will lose some appeal!