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The Fre$h Bread Money Blog is updated on a semi-regular basis. Check back often. Explore the Favorites in our Archives and share your comments. We’ll post them here.
Wednesday, March 21, 2007 Dimes Are a Girl’s Best Friend! If you’ve been following Making Bread intern Danielle Bullen’s job search, chronicled on this blog, you’ll be happy to learn that Danielle landed a great job as a marketing coordinator for a professional association in January. She’s wasting no time looking for ways to manage her salary wisely. Below, she shares some baby steps that will add up to big savings for her in the months to come. For more information on how to manage your first paycheck so you don’t end up living paycheck to paycheck, read “Because One Is the Loneliest Number (in Your Bank Account): Smart Money Moves for Single Women,” the second chapter in “Making Bread: The Ultimate Financial Guide for Women Who Need Dough,” available on Amazon.com. CLICK HERE to download the book’s Table of Contents and get a sense of the rich range of real women’s stories and expert advice the book contains. Need a little inspiration to jumpstart your savings? Download our “Dimes Are a Girl’s Best Friend” poster. Prosper & enjoy, Gail Harlow Baby Steps Add Up to Big Savings The CFO of my company sent an e-mail last week, informing us that Independence Blue Cross will offer free generic medications for the rest of 2007. This welcome news made me even more grateful that I have a high-quality, employer-subsidized insurance plan—especially when I have friends whose employers offer them no health care at all! It also got me thinking about the importance of small savings opportunities. A generic prescription only costs $10, but that’s $10 more that I can put in the bank, use to fill my car with gas, donate to charity, or treat myself to dinner with friends. Lately, I’ve been seeking out similar savings strategies. Instead of hitting the newsstand, I read one of the free newspapers widely circulated around the city during my commute. One of them occasionally prints coupons for use at local restaurants and coffee shops. Free news and discount lunch. Can’t beat that! Not only do I use public transportation for my daily commute, but I also ride the train to get into town for weekend excursions. It saves me parking fees. If I’m already paying for a monthly pass, I might as well get as much use out of it as possible! For a mid-week treat, I’ll sometimes stay in town after work and head to one of the independent movie theaters that charge only $6 per show on designated weekdays. Sure, the latest blockbuster might not be discounted, but I can enjoy a critical favorite at a drastic discount. What do I do with the dough I save? I’ve transferred my funds to a checking account that offers interest. Like I said, all small steps, but they do make a big difference! Happy spring! Danielle Bullen
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Monday, March 5, 2007 Little Black Dress for Success Somewhere in heaven, Holly Golightly, or at least Audrey Hepburn, the actress who played her in the classic 1961 film “Breakfast at Tiffany’s,” must be smiling. Who doesn’t remember the scene in the opening of that film: Hepburn strolling down Fifth Avenue, wearing the little black dress that sparked a fashion craze, pausing briefly in front of Tiffany’s, looking like an unattainable gem herself as she admired the jewels in the window. Well, designer Hubert de Givenchy gave that little black dress to French author and philanthropist Dominique Lapierre, and Lapierre recently sold the dress at auction for $807,000. The proceeds will go to build 15 schools for underprivileged children in India. Hepburn, who was a dedicated Good Will Ambassador for UNICEF during her later years, working tirelessly to help underprivileged children around the world, would no doubt be pleased to learn that her little black dress will help children get the educations they need to put them “in the black,” economically speaking. She’d probably agree that giving is even more fashionable than wearing a little black dress. She might even suggest that we all get our little black dresses out of our closets and invite our friends over for a glam party to raise money for a favorite cause. To support UNICEF’s programs helping children around the world, visit www.unicef.org. Or CLICK HERE to learn about the Audrey Hepburn Children’s Fund, created after her death in 1992. And remember, with tax time approaching, charitable giving is one deduction anyone can take. It may be too late for this year, but it’s not too early to start thinking about next year. Prosper & enjoy, Gail Harlow
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Monday, February 26, 2007 The Bridal Industrial Complex There was a great piece in The New York Times yesterday, “The Wow Vows,” sticking it to the wedding industry. If you’ve noticed the number of bridal magazines—so many they seem to be propagating like rabbits on magazine racks these days—you know what I mean by “the bridal industrial complex,” and you’ll enjoy Holly Brubach’s review of Rebecca Mead’s forthcoming book “One Perfect Day: The Selling of the American Wedding” (Penguin Press, available in May), which she says does for the matrimony industry what Jessica Mitford did in “The American Way of Death” for the funeral business. Both the book and Brubach’s article deconstruct the mad extravagance that has become the wedding industry. I mean, really, doesn’t it seem as though it’s become a second cousin to the military industrial complex? Its very existence creates a need for its products. Reading Brubach’s article made me wonder whether seeing all those blushing young brides in tulle and lace wafting down aisles isn’t also driving divorce statistics. Maybe some of us are getting divorced just so we can have a bigger, better wedding the second (or third) time around. With the average wedding costing $27,000-plus (enough for a home down payment), maybe it’s time to redefine our notion of romance. Love means never having to say you can’t pay your bills. Prosper & enjoy, Gail Harlow
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Wednesday, December 27, 2006 *The Manolo Blahnik on the Other Foot: A Shoe Shopaholic’s New Year’s Resolution* The French feminist and poet Anais Nin once made this observation, “We don’t see things as they are; we see things as we are.” That statement seems to get at the heart of most differences in this world. If more of us made the effort to see through other people’s eyes, we might find the basis for understanding and compromise. So this year, shoe shopaholic that I am, my New Year’s Resolution is to try to spend some time every day walking in other people’s shoes, at least figuratively speaking. As for my financial New Year’s Resolutions, I made a list a few years ago, which we posted on this site, and I keep coming back to those resolutions every year with renewed determination to stick to them. MAKING BREAD’s Top 10 Failed Financial New Year’s Resolutions: Many Make Them; Few Keep Them. Will This Be the Year We All Learn to ‘Buck the Trend?” has proved to be quite a popular feature. Click on the title to see how you measure up. You’ll also find a link there to a printable, wallet-sized copy. Keep it with your credit cards, so you have to take a look at it every time the urge to splurge strikes. My mantra for the New Year: “The best gift you can give yourself is money in the bank.” Prosper & enjoy, Gail Harlow
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Thursday, December 21, 2006 *No-Muss, No-Fuss, Last-Minute Giving Options* *Calling all last-minute shoppers:* want to know where you can find instant gifts online that reflect the true spirit of the season? Try www.universalgiving.org. www.charitynavigator.org, www.unfoundation.org or www.millenniumpromise.org, all of which list charities that offer gift options. Here’s how it works: Donate an amount in a friend’s or relative’s name and the charity will send a customized holiday e-mail telling your recipient about your gift. As little as $10 buys a malaria net for an African family at www.nothingbutnets.org; Over at www.unicef.org $35 provides pencils and writing pads for needy students; $1,900 pays for a “School in a Box” kit with materials for up to 800 students. Jimmy and Rosalyn Carter’s charitable foundation, www.cartercenter.org, has many wonderful options, including a Peacekeepers Monthly Giving Program that keeps on giving year round, like those boxes of fruit that Aunt Minnie arranges to have delivered to your doorstep throughout the year. With all the need in the world, it’s not hard to find a charity to fit the interests and passions of any recipient on your list. Of course, a lot of the giving that happens this time of year is the spontaneous sort prompted by the tinkle of Salvation Army bell ringers. Below, former MAKING BREAD intern Danielle Bullen reports on some sightings of the true meaning of the season from behind the checkout counter of her local Borders, where she’s working to pick up some extra cash for her own shopping list. Prosper, give back, and enjoy, Gail Harlow *The Generous Season* This holiday season, among the crowds and the chaos, I've been caught off-guard by a pleasant surprise. Borders, the store where I work, has partnered with the nonprofit First Book (www.firstbook.org). First Book is a literacy organization that works with schools, libraries and community centers to distribute children's books to needy families. At the cash register, we ask each customer, “Would you like to give a dollar to First Book?” I've been amazed by how many people have said yes. After I explain the organization's purpose, they are more than willing to contribute a buck or two to this worthy cause. I think people think, Oh, what's another dollar?” Just think about how many little purchases we make in an average week. But all it takes is some pocket change, less than the cost of a cup of coffee, to make a difference. And isn't that what this time of year should be about? Too often, the giving side of the season is overshadowed by the glitz and glamour. First Book is not the only option out there. Salvation Army Santa’s ring their bells, waiting for your dollar. Boxes calling for canned goods and toys have appeared inside stores. I encourage you to pick up something extra during your shopping travels and drop it in one. We have the power to make someone's day just a little brighter, and that is something we all should aspire to. Happy Holidays, Danielle Bullen
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Monday, November 20, 2006 *The Gold Goes to . . .* Here’s a MAKING BREAD Toast to Daffy’s (www.daffys.com), the discount clothing retailer that promises “high fashion” at “low prices.” The company’s new online ad, featuring the tagline “Almost Prada for Next to Nada,” is fresh and clever. It made me smile and click to learn more. Having just barely survived the relentless onslaught of nasty campaign ads and now bracing for the holiday-commercial crush, it’s a relief to find an ad that appeals to my sense of humor as well as my pocketbook. Best Reason to Break Your Diet for a Day: Anyone in the New York area over the holiday season should pay a visit to the American Museum of Natural History’s “Gold” exhibit (it runs through next Aug. 19). This dazzling learning experience traces the geological, economic and social importance of the mineral we equate with ultimate value and ends with a scale upon which you can stand to find out what your weight is worth in gold. So eat hearty before you go—the more you weigh the more you’re worth! Curious about how much you’re worth but can’t make it to the exhibit? The museum has thoughtfully supplied an online calculator: CLICK HERE to find it. Trust me—you’ll feel better about those holiday lbs. The museum’s online store, by the way, is also a great place to find affordable—and unusual—holiday gifts. Prosper & enjoy, Gail Harlow
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Week of November 6, 2006
Tuesday November 7 *The Lady Said ‘Thanks, but No Thanks’* Below, former MAKING BREAD intern Danielle Bullen posts an update on her job search, sharing why she’s decided to hold out for a job she can love. Wise move: another MAKING BREAD writer, Julia Ann Lis, jumped at her first job offer and regretted it later. She shared her life lesson in “Virgin Job Hunters: Beware the Lure of the First Offer You Get! ‘A Paycheck Isn’t Everything’—and Other Important Lessons This Writer Learned on the Search for Her Dream Job.” *Looking for a Job I Can Love . . .* A few weeks ago, there was a new twist to my job search. I received a request for a second interview—first time that’s happened to me! And yet I didn’t go. “Why?” you must be wondering. Being called in for interview No. 2 is a good thing. It means you passed the first round of auditions. Most 9-to-5ers have to survive more than a one-shot interview process to land their jobs. The answer is simple: I turned down the offer, because my heart wasn’t in it. The company (whose representatives I had met at the career fair I wrote about on Oct. 17) focuses on marketing. Our initial encounter was too brief for me to truly understand what they were looking for. After the interview, it became clear. Marketing, as I have learned, can be broadly divided into two categories. There is communications-style marketing, involving promotion and design, and, most of all, writing—in other words, the kind of marketing job that would spark my interest. Then, there is sales-style marketing, involving cold calls and e-mails and research. You can guess which category this job fell under. I don't want to settle. Pragmatically, I realize the ideal permanent writing gig may not exist, so I've started to branch out in my job search and consider non-communications careers. But I've narrowed my focus to jobs that will leave me the time and energy to continue my freelance writing. At the aforementioned company, the corporation was King. Fifty-plus-hour workweeks were the norm, I was told. Factor in a considerable commute and when would I have time for my passion? Picking a career I will enjoy is of paramount importance to me. In the past, I've had non-writing jobs that held my interest. If the time comes when my frustration gets the better of me and I have to chose a job, any job, at the very least I want it to be something I will look forward to getting up to do every day. If I could tell from one interview that I would not look forward to working for that company, then it was not the place for me. Sure, I get annoyed waiting for my big break, but I know this is just a temporary blip in my life. In the meantime, I'm keeping busy with my part-time retail job (the one I had to take that personality test to get), which I find much more enjoyable than I expected. I just need to hold on a little longer. Onward, Danielle Bullen
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Week of October 16
Friday, October 20, 2006 *Do Your Kids Believe in the Money Tree?* Ever wonder where you got your spending and saving habits? (Hint: what kind of money personality did your parents have?) If you’re a parent, ever wonder what you’re teaching your kids about money? It’s never too early to start talking to them about financial matters, like saving up for things they want and need and the importance of making choices, because when you spend your money on one thing it won’t be there for something else that you might need later. Hard to believe I’m still learning that lesson! Sharon Sorokin James, a commercial real estate lawyer, children’s book author, and mother of two, shared a bedtime story with MAKING BREAD readers that she tells her kids. Called “On Planet Carefully, You Need a Green Thumb to Be Able to Pay Your Bills,” it’s about a place where money really does grow on trees. Download it by clicking on the title above and read it to your children. Use it as a way to begin a discussion about family finances, the importance of planning for what you want, and saving money for a rainy day. Prosper & enjoy, Gail Harlow
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Thursday, October 19, 2006 *‘Peek’ Earnings & Tweaked Savings* There’s a regular feature called “The Ethicist” in The New York Times’ Sunday Magazine, examining the straight and narrow line between right and wrong in daily life. Last Sunday, someone wrote in posing an interesting financial dilemma. It seems this person’s boss left a file containing the salaries of all the company’s employees on this person’s desk, posing a great, sweaty-palms temptation: to look or not to look. “Reading it would have harmed no one, and the information would have helped me negotiate a long overdue raise,” this person wrote. “But would it have been ethical?” Cohen comes down on the side of transparency. Not only would he have looked, he says he’d have circulated the file anonymously, putting everyone in the company in the know. One of the things that makes wage discrimination (news flash: yes, the wage gap between men and women still exists) so difficult to prove is the secrecy under which such information is held. So it’s hard not to applaud Cohen’s impulse. Still, I’m not sure what I would have done in the same situation. Would you have peeked? There are other ways to convince your boss to give you a raise. Career coach JoAnn Hines offers some smart suggestions in “How to Stand Out from the Crowd . . . When Work Is a Team Sport.” Click on the title link to download her column. Need some incentive to jump-start your savings? The online savings bank ING Direct is holding a $25,000 Giveaway between now and January 2007. Arrange to deposit at least $100 a month in an ING savings account through an automatic savings plan (the easiest way to save!), and every month you’ll be entered to win $1,000 or the grand prize, a $25,000, 24-month Orange CD, which current earns 5 percent. CLICK HERE for more information. Prosper & enjoy, Gail Harlow
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Wednesday, October 18, 1006 *Proving That a Little Goes a Long Way* Nobel Cause: Millions of women are better off, thanks to the micro-loan movement started by Muhammad Yunus and his Grameen Bank, which he founded in Bangladesh in 1976. The bank’s practice of extending micro-loans, typically no more than $150, to villagers struggling to create self-sustaining businesses has since spread to four continents and helped millions of entrepreneurs in Third World countries lift their families out of extreme poverty by their own hard work and initiative. In awarding the 2006 Nobel Peace Prize to Yunus and his Grameen Bank, the Nobel Prize committee salutes the power of one individual with a good idea to make a difference, as well as the notion that a little bit of money can go a long way towards changing many people’s lives in dramatic ways. Since commerce in Third World countries tends to be predominantly women’s work, women have benefited greatly from the micro-loan movement; 97 percent of Grameen Bank’s 6.1 million borrowers are women. According to the Grameen Foundation, “experience and studies have shown that women use the profits from their businesses to send their children to school, improve their families’ living conditions and nutrition, and expand their businesses. They also are more likely to fully repay their loans on time.” Visit www.grameenfoundation.org to learn more about this for-profit model of philanthropy and how you can get involved. Following in the footsteps of this entrepreneurial model, Macy’s is showcasing the incredible basket-weaving talents of Rwandan widows, having purchased 31,000 baskets to sell in its stores in New York, Atlanta, Chicago and online this fall. Check out the ”Rwandan Path to Peace” collection, priced from $24 to $100, by CLICKING HERE. “Focused on trade, not aid, the sale of these baskets puts real, sustainable income into the hands of the weavers, changing their lives in remarkable ways,” says Macy’s. These beautiful baskets make exquisite gifts, but even if you’re not going to buy one, it’s worth visiting the site to hear the lilting rhythms of the uplifting music streaming there and to read the story of these “master weavers.” (“Mistress weavers” might be more accurate; they are mistresses of their own fate, thanks to the money they earn.) Yesterday on this blog, Danielle Bullen wrote about her career-fair experiences. For those, like her, who are searching for that foot-in-the-door job, our former “Success Guide” columnist, career coach JoAnn Hines, offers a pep talk on what to do when you don’t get the job you want: “Don’t Get Dejected When You’re Rejected: How to Come Out a Winner When You Lose.” “Consider this before you get depressed about a string of rejections,” she writes: “It takes, on average, six months to get a new job. Add to that the rule of thumb that for every $10,000 of salary, you can add one month to the job search. So prepare to be turned down most of the time. Always remember, however, that rejection can open a door, too. Just because they say no now, doesn’t mean they mean no forever.” Make sure to follow up, and continue to keep in touch, she advises. Read more of her practical advice by clicking on the title link above. Prosper & enjoy, Gail Harlow
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Tuesday, October 17, 2006 *Fair Game* Below, MAKING BREAD's intrepid, job-seeking former intern, Danielle Bullen, reports in on her adventures at a career fair. - Ed. *Was I Up to ‘the Most Cutthroat Version of Job Hunting’?* Last week, I tried a different tactic in my job search—attending a career fair! Anyone who has ever been to one understands how daunting they can be. Career fairs are the most superficial and cutthroat version of job hunting. You have a few minutes, at most, to “sell” yourself to each representative—to state your name, education and experience, and explain why you really, really want to work for this company and what you have to offer it. The name of the game is “be memorable!” This one was held at my alma mater, St. Joseph’s University. The career center had kindly created a guide listing the names of the employers in attendance, including a brief synopsis of each company, as well as the open positions available. Like all good job seekers, I had done my research and knew ahead of time who I wanted to meet. But that didn't make navigating the minefield any easier. On any other day, the other people in this room—actually, the school gym—would be my former classmates and friends. But on that day, they were my competition. Each of us had the same goal: make a good impression. My resume was about to end up in a stack of dozens of other resumes. Back at the home office, when these hiring managers riffled through the pile and saw the name “Danielle Bullen,” what memories would it jog? Positive? Negative? Or—worst of all—indifferent? This was my third career-fair experience. I’d come away empty-handed from the previous two. When I was an undergrad, I’d criticized career fairs for their seeming bias towards business-school graduates. There always seemed to be plenty of finance, marketing and insurance companies present, but not many cultural, communications or social-services firms participating. Back then, I had the luxury of ignorance. Now, with loans breathing down my neck, I can’t afford to be so picky. I’ve realized that I need to expand my horizons. I tell myself that just because an organization's central mission is not writing-related that doesn’t mean it doesn’t have an internal communications department. Every employer needs workers who are strong communicators. This time I cast a wider net as I combed through the guide, looking for anyone who fit those characteristics. I passed my resume along to companies that I would never before have considered. The entire nerve-wracking experience only took an hour, but I felt like I was in that gym all day. The good news: one of the companies has already arranged a follow-up phone interview with me, so the time spent turned out to be beneficial. I just hope I find a job before I have to walk the gauntlet at another fair! Onward, Danielle Bullen
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Monday, October 16, 2006 *How Female-Friendly Is Your Employer?* One of the most relevant women’s magazines around today is Working Mother. In its current issue, this magazine continues a tradition started 21 years ago, rating the 100 most family-friendly companies—companies that have “innovative time-off and maternity leave policies, work/life flexibility and child-care programs”—companies like PricewaterhouseCoopers, where moms can take up to five years of leave; or S.C. Johnson & Son, whose employee moms can send their kids to the company's 146-acre park, complete with a swimming pool and tennis courts; or Eli Lilly, where moms can take off 16 months to bond with a new baby, with 10 weeks fully paid. The October issue of Working Mother marks the debut of a new editor, Suzanne Riss, at the magazine’s helm, and we wish her well in her coverage of the rich and challenging, hectic but satisfying life of working moms. Check out all that the magazine has to offer at www.workingmother.com. Those in the New York metro area who have the time might want to attend the WorkLife Conference, sponsored by the magazine, being held this week (Oct. 16 to 18) at the Sheraton New York Hotel. For more information, visit www.worklifecongress.com/conference.html . Maternity-leave policies may not be at the top of the list of concerns of young women just starting out in the workplace, like former MAKING BREAD intern Danielle Bullen, who has been taking readers along on her job search by posting on this blog. But other factors, such as promotion practices and the number of women in top management, are definitely worth looking into. Internationally recognized career coach JoAnn Hines, who wrote the “Success Guide” column in MAKING BREAD when we were still publishing, offers some practical ways to judge just how female-friendly a potential or current employer is—and what to do about it if your employer could be a bit friendlier. CLICK HERE to download that column, another classic from our archives. We’ll be presenting more classic columns from our archives throughout the week, so come on back tomorrow! Prosper & enjoy, Gail Harlow
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*If you like the blog, you’ll love the book.* For more savvy finance advice, buy “Making Bread: The Ultimate Financial Guide for Women Who Need Dough,” by Gail Harlow and Elizabeth Lewin, available on Amazon.com and at your local bookstore