Last updated : Friday, August 14, 2009

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The Economics of a Fabulous Social Life

These days it seems like more women are considering themselves recessionistas rather than fashionistas. Well we're here to tell you, YOU can be both frugal and fashionable! Here are our tips on living chic without wringing your wallet dry.

WINING & DINING MUST-DOS
Nina Willdorf, author of City Chic: An Urban Girl's Guide to Living Large on Less and editor-in-chief of Budget Travel and Girlfriend Getaways Magazine advises winers and diners to skim the blogs for prixe-fixe deals that run year round. (We love cititour.com seriouseats.com and jimboeats.com.) For example, here in NY, her advice led me to a blog post about Tre, an Italian restaurant on the Lower East Side. The hotspot offers unlimited spaghetti with lamb meatballs and an endless supply of sangria. Deals like this do not only save you money but give you an excuse to try new eateries. Another money-saver is BYOB restaurants, but the dine-out trend du jour is BYOS. In NYC's Cube 63 or Pazzaz in LA, sushi-loving patrons can bring their own sake with no corkage fee. Bringing your own alcohol gives whoever tallies up that mood-killing check a little less math to do.

NIGHTCLUBBING KNOW-HOWS
Painting the town red with your girlfriends can mean spending a lot of green. Paying cover fees to dance the night away at the hottest club, or paying for cocktails at the trendiest lounge may leave you with a financial hangover. How can party girls toast bubbly on a budget? Going earlier to these nightlife venues can eliminate the $25-30 cover charge. Also try cutting down your tab by pre-gaming at a cheaper pub nearby. "It's far more fun to explore under-the-radar neighborhood bars where you'll find real people and $5 drinks," says Willdorf. For avid clubbers, developing symbiotic connections with club promoters is vital. Your name is guaranteed on the list and you cut the line and pay nothing as you walk through the velvet rope with no worries.

SHOPPING: THE SACRIFICE FOR STYLE
Any woman who peruses fashion magazines has read the common budget-friendly fashion tips: sample sales, e-bay, end of season shopping and wardrobe updates with new accessories. But Jill Keto, author of Don't Get Caught with Your Skirt Down: A Girl's Guide to the Recession says being fabulous depends on taste, creativity and the time and energy you are willing to put into it. Right now you should be focusing on things that pay huge dividends in the style department but don't cost a lot, like exercise and a nutritious diet. After all, nothing is more beautiful than holistic health. She also suggests learning how to sew. This skill, sadly has been lost on an entire generation of women. But knowing how to sew expands your style options because you can alter some of your existing pieces. Painting, drawing, and embroidery are also skills that allows you to customize pieces for a high-end look. Sounds too old-fashioned? The House of Gucci doesn't think so; its Tattoo Heart collection replicates this look.

While these social spending tips can help women navigate the rough economy, it will not lead them to real, empowering financial independence. Want to buy a house one day? A new car? A secure retirement? The magic of compounding will do it every time!" says certified financial planner Deena Katz. She advises young women to max out their 401k, use checks and debit cards to track spending, set up an emergency account fund and write out financial goals.

Financial planning is also not enough protective armor for women who wish to maintain a fabulous lifestyle. According to Keto, following the business headlines and tracking the markets is vital. Keto says women from any profession should forecast what industries will do well in the immediate future just in case they must launch a job hunt. "This is particularly important for women who have chosen careers in the most vulnerable market segments," said. She will have already scoped out other income options for herself, rather than sitting on the sidelines hoping for a recovery."

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