CHICAGOCHEAPSITE.COM

Update on My Financial Info

2012-04-17T14:05:43Z

Two years ago, I read a post from a woman who was miffed that more financial blog authors don't share their financial information. I have no problem revealing this information, I just didn't think anyone was interested! But, for those of you who are curious, here it is:

Wages and Wage History

1999-2006 = $25,00-$30,000/yr
2007 = $47,000, started working for 3 bigger, more prestigious companies
2008 = $47,000
2009 = $51,000, gain resulted from promotion & raise from my primary client
2010 = $55,000, gain resulted from cost of living raises & additional weeks of work
2011 = $52,000, loss resulted from losing some weeks and taking a pay cut

These figures are pre-tax, and I've included the extra $1,600 annual fee (also pre-tax) I receive from my largest client in these figures.

Benefits
In 2009, I was employed 37 weeks. In 2010, 39 weeks. In 2011, 35 weeks.

Client #1, 28 weeks = 7% pension, health ins. year-round + 2 weeks paid vacation at Christmas
Client #2, 2 weeks = 7% into a health account ($200)
Client #3, 5 weeks = no benefits

My health insurance requires co-pays. The prescription discount program isn't much of a help, nor do I get vision or dental. I consider my health coverage pretty good, but I was still out-of-pocket $470 on medical expenses last year.

Assets
I have almost no physical assets; no real estate, collectibles, etc. Just the Prius, a little furniture, a flat-screen television and a Blu-ray player.... but, I carry renter's insurance nonetheless!

Liabilities
I have no debt. I do use credit cards (primarily my Chase Sapphire Preferred), paying them off every month. The rent on my 1-bedroom apartment is $1100/mo including heat. I'm married and our combined living expenses total $3,200/mo.

Investments and Net Worth
In 2006, I had $27,000 to my name. My parents gifted $50,000 to me, and I've been able to save and invest $63,000 total in the last three-and-a-half years. I count my pension toward my worth: $9,000. I've realized around $40,000 in investment growth and interest... most of that's been since April 2009 (crazy!). My net worth is $184,000 in investments and pension, down $6,000 from this time last year because of wedding/apartment expenses.

Did I miss anything? Please let me know if there are other areas I should discuss!

How to Move to Chicago

2012-04-15T17:57:13Z

I update and re-post this blog entry on how to move to Chicago monthly. It was inspired by a woman in LA, who gave advice about how to move to Los Angeles on 6/15/08. Apparently, a lot of people want to know how to make a go of it in LA. It reminded me of when I was trying to move to Chicago. Here's my advice:

A few facts...

According to Sperling's Best Places, these cities are more expensive than Chicago: San Fran, NYC, Boston, Los Angeles, Seattle, and DC.

Chicago has the highest sales tax in the United States, even with the recent .5% cut: 9.75% Illinois income tax has just been raised from 3% to 5%, and is now one of the highest in the country, too.

Average price of regular, unleaded gas: $4.28/gal (Apr. 2012).

The best way to find an apartment?

The Reader or Craigslist. You can also try the “free” apartment services. An agent will take you out in his/her car to look for a place. These companies will charge you a finder’s fee of $200-$300 if you take one of the apartments they show you.

Cheap rents and rental advice?

I checked the Reader, where I’ve always found the best deals. Live-able apartments in decent neighborhoods can be found at these rates, heat included:

Studio: $600-$700
1 BRM: $750
2 BRM: $1,200
3 BRM: $1,450-$1,500

It’s a renter’s market right now, so please negotiate! Many management companies are taking action, reducing $15-$20/mo from the advertised price to further entice a potential tenant. Management companies are also changing their policies regarding security deposits. Some ask for $250-$350 in non-refundable “move-in” fees, instead, which, as it turns out, are ALSO negotiable.

Cheapest safe neighborhoods?

Most common to entertainment industry folks just starting out are Andersonville and Wicker Park. Also try Lincoln Square, Wrigleyville, and Albany Park. Be near a grocery store: Jewel, Dominick’s, Aldi’s.

Transportation?

You’re a performer, student, etc.? Forget your car. We have plenty of trains and buses. Live off the Red or Blue lines and you’ll be fine. The Brown line is safe, but may be inconvenient if you frequently travel after Midnight.

How much money should I save before I move?

I recommend 4 months of your projected Chicago rent as your emergency fund. (Out of college, I sold my car to raise the funds.) But, more important is to have a skill and some related job experience: typing & computers, coffee slinging/waitressing, dog grooming, some time in a law office, personal trainer certification, etc. Whatever you do, don't come without a marketable skill and at least a little experience. It may be a renter's market, but the job market is very difficult.

What about jobs?

The unemployment rate in Chicago was 8.9% for February. No industry has been spared job losses. If you're an artist, try the temp agencies first, then the papers -- Tribune, Sun Times, Reader. I also suggest you walk around your neighborhood and look for businesses that are hiring.

If you're working under a temp agency, you can leave with very little notice should you land something better or more permanent, and that's the advantage. The Larko Group is often advertised in PerformInk. I was a Kelly girl myself for a number of years.

How do I break into the entertainment industry?

That's a post of a different color, but I can tell you that print ads, commercials, and television series are non-existent right now, and feature film shoots are sporadic, even though we renewed our tax incentive. Also, Oprah and Bonnie Hunt left, which means the Chicago job market is swimming in highly qualified television workers.

Other advice?

Get yourself the Not for Tourists Guide to Chicago. And read my other posts:

Should I Own A Car In Chicago?

Ride Chicago Transit for Next to Nothing!

Struggling with Frugality Fatigue

2012-03-03T21:12:16Z

I admit, I'm struggling with frugality fatigue. I spent the year before my wedding saving up for wedding/apartment expenditures, thinking that afterward I would be able to resume my normal habits. However, Hubs' business is not doing well, and I took a pay cut, so we're on severe austerity measures. It's been 18 months of deprivation, and I'm starting to get worn down.

Here's what I miss:

Giving to charity/non-profit/politics. I used to make monthly donations to The Actors Fund. I also annually supported one political candidate and one non-profit. Making these donations made me feel really good.
Eating organic. We tried every which way to do this, but it's just not economically feasible. Now, both of us are suffering from regular indigestion, but can't find the culprit.
Resveratrol. Yup. Used to take it.
Replacing items when they wear out. I can't get my shoes resoled, or buy new bras, or restore matching pajamas when the top gets discolored.
Haircuts. I used to go every 8 weeks. It's 16 weeks at the moment. I just put up with not looking good, and then fret terribly about the expense when I finally do get a cut.
Visiting with friends. I used to make regular trips to DC and NYC to see people. I'm hoping to use the Chase Sapphire benefits for this, but, in the past, I was just able to pay for it without stress.
Planning for the future. Travel to Europe, kids, retirement... these goals are on hold or actually getting further away, and it's a bitter pill to swallow.

Anyone else facing frugality fatigue? How do you deal with it (without going on a shopping spree)?

The Car Insurance Is Too Damn High

2012-01-19T16:52:23Z

-- by Hubs

When I saw Christine's post about our combined expenses, I had a lot to say about how much we were spending on car insurance: $158/mo! My jaw hit the floor. Thanks for nothing, Allstate.

The amount we were being charged was mystifying. I deduced that either Christine had accidentally typed "Lamborghini" into Allstate's online quote system, or I'd caused a terrible 31 car pile-up on Lake Shore Drive resulting in the closure of LSD, the destruction of North Ave. beach, the cancellation of public transportation throughout Chicago, and thousands of babies crying in the Gold Coast. Of course, trauma-induced amnesia had blocked my memory of this event. Christine assured me neither of these scenarios occurred, so I replied with a paraphrase of Jimmy McMillan: the car insurance is too damn high! [fist pound on table for emphasis]

In fact, I said it so much (over several days) that Christine suggested I write this post.

First, we looked at State Farm, who offered us comparable insurance for a decent, but not outstanding, $88/mo. In the end, it was Geico who really came through with the best offer: $48/mo. So much better!!! That saves us $1,296 per year over Allstate! Hey, Christine isn't the only super-saver in our household.

Till next time, I bid all of you penny pinchers, budget makers, and coupon clippers adieu!!

--Hubs

We're on FACEBOOK.

2012-01-19T00:35:55Z

Yes, Chicago: cheap! is now on Facebook. We're probably the last people in the universe to join. Go visit our page, and LIKE us to get updates via your Facebook feed.

My Sister Got Another Raise & an Award

2012-01-12T17:51:32Z

Congratulations are in order! You might remember, around a year-and-a-half ago, my sister received a raise at her company, and went from making $77,500 to $83,500. Since then she's gotten another raise, putting her annual salary at $95,500! She also won the Most Valuable Player award this year, and they gave her $1,000 to go with it.

Way to go!

Why Are Trips to Z Gallerie Such a PITA?

2012-01-11T16:40:47Z

Did you notice our new dining room curtains in the previous post? I hope you like 'em, because after all the rigmarole, they're staying!

The good news is we like them, too. They're Z Gallerie's Valentino curtains in "steel". I was browsing at the store when I found them. I asked to see the "oyster" and "steel", and it took the saleslady about three years to come back to tell me they were out of stock. I thought $100 was very reasonably priced for oddly long curtains, so I ordered them to consider inside the apartment... knowing I could return them if they didn't work.

Ordering in-store took about THREE YEARS. When they were finally ready to accept payment, I found out the curtains were $100. PER. PANEL. Who sells curtains by the panel??? I went through with it anyway.

Of course, when I got home, I found Z Gallerie was offering them at 10%-off curtains on their website with free shipping. Did they offer me the sales price at the store? Did they mention they were having a curtain sale on their website? NO. Did they make me pay for half the order up front? YES! Ugh.

Several weeks later I received a call that the order was ready. It took the saleslady ABOUT THREE YEARS to find them (I had a looooong conversation with another salesperson about her boyfriend, painting apartments vs. a home you own, personal decorating choices, etc.), and when the saleswoman returned, she only had the "oyster" panels. That's right, only half the order had arrived! Before I could leave with the "oyster" curtains, I had to pay for the ENTIRE order, even though I had paid half when I placed the order, and half was what I was getting.

We got home, took them to the window, and decided instantly that the "oyster" color looked terrible with our yellow kitchen.

Finally, the "steel" curtains arrived. By this point, Hubs was really tired to waiting, waiting, waiting for me to be done at Z Gallerie. So, I arrived the moment the store opened, and -- to my glee -- was the ONLY person in the store. (That's right: strategery.) It still took them OH, ABOUT THREE YEARS to find the dang curtains! The process of refunding me for the "oyster' curtains was insane -- at least 30 minutes -- because my credit card had expired, and I'd brought a different one with me. When I got home, I noticed the refund paperwork stated they would send me a refund check via mail(!?!?!), but, to spare you THAT story, the refund ended up posted to my credit card. Thanks for the unnecessary confusion, Z Gallerie.

In review, it was $219 for the curtains, plus lots of time and gas wasted, plus unnecessary confusion for a grand total of... a royal PITA. I still like the aesthetic of Z Gallerie, but, from now on, I will only buy what they have in stock. No ordering from them again. EVER.

P.S. What Hubs thought of this debacle is not fit to print.

Two Consoles for the Price of One Coffee Table

2012-01-10T15:54:22Z

We wanted a coffee table in the living room, but the one Hubs brought with him when we married was too wide. We needed something REALLY narrow to fit between our television and the sofa.

We looked around at the nearby places: Crate & Barrel, Pottery Barn, Target... Nothing fit the bill, and many of the options were way, way too expensive. I finally dragged Hubs back to IKEA, where we saw the Expedit bookcase laid on its side with added casters as a media console. It was perfect, and only $66 (with tax)!

They were actually out of stock that day, which gave us time to think and talk and measure. When we went back, we bought TWO Expedit bookcases, one in brown and one in white, three sets of casters ($16.50 ea. w/ tax), and two sets of 8" Capita legs ($15.40 ea. w/ tax).

The white one is in the living room looks like this most of the time...

But when we need more room, we push it under the window which looks like this...

The espresso Expedit with Capita legs is in the dining room under the window, storing food and displaying prettier dining items (and hiding water underneath).

Altogether, we spent $211.31, and could not be happier! They make the dining and living rooms seem finished. What do you think?

Christmas Breakdown 2011

2012-01-09T17:42:43Z

The holidays were pretty swell this year. My gifts went over very well, and here's what I got in return: new New Balance 993s, Tubo Tax (!), gift cards to Ann Taylor, a wallet, a bath sponge from Mom & Dad; an ornament from my aunt and uncle; a gift card for a massage at Thousand Waves Spa and toiletries from my sister; wine and office supplies from Hubs; and a robe from my MIL.

I hope your holidays were splendid, too. Feel free to share what you gave or received for Christmas.

Hello, Chase Sapphire Preferred!

2011-12-20T22:06:40Z

After the sadness of losing my Schwab Visa 2% cash back card, I was on the lookout for a new rewards credit card. Enter Chase Sapphire Preferred. The card offers a lot of benefits, but here's what I'm most interested in:

$50,000 bonus points if I spend $3,000 in the first 3 months, good for $500 cash or $625 in travel.
$95 annual fee WAIVED the first year.
No foreign transaction fee. (You never know when Hubs & I might have to quickly leave the country!)

I earned $500 last year on my Schwab card with all the crazy wedding/apartment spending. Assuming I only earn the bare minimum rewards points -- 1 for every $1 spent -- I should also end up with 10,000 points or $100 cash back by the end of the year. That, plus the bonus points, means the Chase Sapphire will bring in $600-$725 this year with just normal spending! Yay!

Also, the card is strange... heavy, inflexible. I whipped it out at a dinner with coworkers, and they were agog. Everyone wanted to know how I got it like it was an American Express Black or something! So, if you want something impressive, too, this is it.