4 Steps to a Financially Fashionable Spring

By now, you may have heard about the best-selling author and Netflix sensation, Marie Kondo. If you haven’t, I highly recommend you do so here.

She has made waves (think Alexander Wang circa 2005) with her organizing and de-cluttering technique, dubbed the “KonMari” method. She advises clients to only keep items that “spark joy” in their life. Anything else? Say “thank you” for its service and donate.

Clean, joyful homes filled with personified inanimate objects = very on trend.

When I applied this method to my recent spring cleaning extravaganza (read: drank rose’, color-coded my Lilly Pulitzer dress collection, and paid someone else to deep clean my house), I didn’t realize how much joy my pair of past-season Stuart Weitzman heels sparked until I had a full on conversation with them. It went a little something like this:

Me: “Hello, Stuart Weitzman heels. May I ask you a question?”

Heels:

Me: “Do you spark joy?”

Heels:

Me: “I mean, you are a stunning metallic silver hue, with vintage bows and the perfect heel height for the company Christmas party. Wow, you really are lovely!”

Heels:

Me:*Sips wine* “Well that was certainly a joyful discussion. Back in the closet you go!”

Let’s take this a fashion-forward step further. Here are 4 style tips on how to make your money “spark joy” this spring with a perfectly tailored fit:

Style Tip #1: Go Paperless

Not only will you get a pat on the back from Mother Nature, but you will no longer be buried by the never-ending tower of bills, statements, tax documents, and past due notices when you can’t find said bills in all the clutter and forget about them like those impulse buys at TJ Maxx in the back of your closet.

Concerned about losing track without a tangible bill? Put recurring monthly calendar reminders on each bill’s due date. Bonus: add a link to the bill’s payment website in the reminder details.

Save your desk space and bulletin boards for cute home decor and invites to NYFW.

Style Tip #2: Cancel Unused Subscriptions

Do you ever get to the end of the month and ask yourself, “Where did all my money go?”

Unless you really are spending every last bit of your paycheck (bad), or someone is stealing from you (worse), check the recurring charges hitting your account (also not that great).

For example, I recently cancelled a news subscription I was no longer reading. They were charging me $15/month.

That’s $180/year = a flight to Cancun…or a really great pair of shoes. Lost working capital? Not a good look.

How many media streaming services do you have? Do you use them all?

Do you really need that subscription box of custom, curated handmade scarves delivered every month if you live in Florida?

Only you can answer these questions and determine the real opportunity costs involved. There are no wrong answers! Your interests and priorities change over time, as do the subscription services you find valuable.

Tip: Review these charges every time a new collection is released from your favorite designer (usually about every quarter).

Style Tip #3: Know Your Numbers

Fear not, my financial fashionistas in training. I have future content dedicated to the art of budgeting. For now, let’s focus on your paychecks sparking joy instead of fear.

First, add up your monthly fixed expenses (rent/mortgage, groceries, utilities, etc.). A fixed expense is like a form-fitting satin dress: no wiggle room. Unless you make some serious alterations (move, starve, give up electricity and running water) they’re not going anywhere.

Subtract this total from your monthly income. What’s left over? A beautiful, powerful thing we call discretionary income.

Real talk: Discretionary income is the cash that will either make or break your financial success. The deciding factor? You. No one else. Cue the personal responsibility and empowerment. Read more about my mission here.

If you have credit card debt (I mean, who doesn’t after a Shop Bop sale?!), put as much of your discretionary income towards it. Paying credit card interest is by far the most outdated trend of the 21st century. Worse than puka-shell necklaces and jorts. *Shudders*

What else can you do with your discretionary income? The possibilities are endless. But I wouldn’t be the Finance Fashionista if I didn’t suggest my favorite option…

Style Tip #4: Invest In Future You

The most rewarding, long-term joy-filled activity you could possibly take part in today is investing in your future fabulous self.

Because this is such an important concept in my Look Book, I have created a whole series dedicated to teaching you about the do’s and don’ts of planning for retirement in style (Launching soon!). .

But for now, if you are just beginning to create your future-self nest egg, here are a few quick steps to get started:

1. Does your employer offer a company match for your 401(k)? If so, contribute up to at least that amount. Free money!
2. Have an old 401(k) from a previous employer? Roll it over!
3. Want even more options to save? Open up an IRA. Compare the two types of IRA’s here.
4. Self-employed boss babe? There are great options out there for you, too, including SEP IRAs.

Got questions on any of the style tips above? Shoot me a note.

Your financial strategy most likely has great bones – like a little black dress that just needs a hem, a few darts, and a good dry cleaning. By adding in the tricks above, you’ll be on track to find the perfect fit and ensure your finances are always in style.

What other techniques do you use to tailor your finances? Keep us all on trend and share your ideas below!

Xx, The Finance Fashionista

P.S…

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