Lynnette-Khalfani-Cox, The Money Coach

Clip corners, not personal comfort

By Nichole M. Palmer, My Salon Scoop editor

They call her The Money Coach.

After paying off almost $100,000 in credit card debt within three years, Lynnette Khalfani-Cox discovered several strategies to help her stay fiscally fit and become a good steward over her finances. This award-winning financial news journalist and former Wall Street Journal reporter for CNBC has shared her story and invaluable money management tips all over the country appearing on such TV programs like The Oprah Winfrey Show, Dr. Phil, The Tyra Banks Show and Good Morning America. She's also written a New York Times bestseller book, Zero Debt: The Ultimate Guide to Financial Freedom about her experiences.

However, the true secret about Khalfani-Cox's budgeting tips is that they are not just for humongous debt. She says they also are excellent when it comes to uncovering ways to trim the budget without skimping out on life's simple pleasures.

"I don't believe in depriving yourself," Khalfani-Cox says. "No going without (because it) can damage the psyche, diminish your confidence and feelings of self-worth" as well as negatively impact your job performance and relationships.

Instead, she recommends for all budget-conscious hair-nistas that when considering cost-cutting strategies think about your complete personal grooming budget and not just "the hair."

"I think that people should look realistically at their overall budget," she says, adding that we should ask ourselves, "What can I realistically spend on the hair?" But, she warned, when you budget you must look at where you spend money because "it's never just one item that kills us. It's this and this and that. We want to have the complete overall look."

Achieving that perfect look includes things like shampoo, conditioner, gel, hair moisturizers, hair spray, hair spritz, rollers, end papers, salon tips, and other hair accoutrements; eyebrow grooming and tipping; nail shaping and tipping; makeup; and clothes. You must know how much you spend on these items per month to know what you can and cannot live without.

Another area women should monitor is what they spend for total salon service, she says.

"I've seen some funky scenes up in the salon," Khalfani-Cox says. "Or (the customer) had no idea what the services would really cost. Then you start adding in the ‘extras.'" Your style can start at the base price of $50, but by the time you add a few treatments, a color, and even a special conditioner you can leave the chair spending $150 or more.

Often we need to modify how we pamper ourselves, Khalfani-Cox says.

Consider the following strategies:

Indulge yourself at home. "I know many women who only go to the salon when they need a professional service," she says. "If you're not comfortable doing a touch-up or a relaxer, go to the salon. If you're someone who is used to getting her hair done every week, see if the services are something you can do at home."

This also goes for other services like nails. If you like your nails business-length short and only get clear or even blush pink polish-do your nails yourself. Now, if you like a more elaborate look, by all means go to a professional.

Think simplicity. There was a season she rocked a weave all the time, she says. However when Khalfani-Cox scrutinized her spending habits, she realized she spent more than $300 for hair, service and tip every month. That was the day she let it all go. She cut her hair short and spent the extra money on travel. It was liberating.

Utilize style innovation. If going short is not an option, try low-cost solutions. Currently, she wears extensions. However, instead of a sew-in weave, she says she uses clip-ins. Khalfani-Cox says this still allows her go to the salon as well as enjoy the look of longer tresses.

Budget well as you plan your beauty regimen. (Photo credit: iStockphoto)

"Don't skimp on quality, but compare and get the most bang for your buck," she recommends adding that she's had some great service from neighborhood salons and was glad she kept an open mind.

Stretch out services. Instead of going every week, try every other week or every six weeks.

Watch your tipping. "Personally I tend to be a big tipper," Khalfani-Cox says. "My service would be $35. I would give the girl a $20 tip. A 20 percent tip is perfectly acceptable. Consider your tipping relative to how often you go to the salon. I believe in rewarding people for great service."

Talk to your stylist. Have a direct, frank conversation about your financial situation, she says. You may love your stylist, but can't keep up with maintenance schedule due to cost. Don't just leave. Talk to them and see if there is something they can suggest so everyone wins. Try speaking to them like this: "You know I love coming here, and I'm happy with the work you've done, but I'm looking at cutting back on some areas. I am asking if there is anything you can suggest that I can do to maintain my look?" Using this dialogue puts the ball back in your stylist's court allowing them to educate you, keep you as customer, and help your hair stay healthy.

For more great budgeting tips, or to ask Khalfani-Cox any personal finance question, visit her free advice blog at AskTheMoneyCoach.com.

Nichole M. Palmer is a writer, editor and president/artistic director of Our Voices, LLC—a writing and editing consulting firm/entertainment studio in Gary, Ind.

Copyright 2010 © My Salon Scoop, LLC

Comments (0)

Subscribe to this comment's feed

Name

Email

Website

Title

Comment

smaller | bigger

Subscribe via email (registered users only)

I have read and agree to the Terms of Usage.

Add Comment