Written by Stephanie Montes, Founder and CEO, Nue

When it comes to my finances, I've always been a perpetual saver. Since my first job (as a sales associate at the mall), I started putting money aside. I didn't have a specific goal in mind for my savings, but when it came time to start my brand, I knew just where to turn for funding.

I have this little trick I use to keep myself in line: I keep only what I need and am willing to spend in my checking account and squirrel away everything else in my savings. Of course, when emergencies arise, I transfer funds as needed, but for the most part, that savings account remains as untouched as possible. The illusion of a small dollar amount in my checking account makes me think twice about spending—it actually tricks me into thinking I have less money than I really do.

While I credit my growing savings to this tried-and-true method, I believe I ultimately owe my money-saving ways to my mom. She made a comfortable salary at a job she's held since before I was born but never lived beyond her means. While she and my dad put my two siblings and me through private school until senior year, we lived a fairly frugal lifestyle. We rarely ate out, especially if there was food to be made at home, and we never wore name-brand clothing.

I don't know if it's generally something all first- and second-generation immigrant families experience, but many of my Hispanic friends grew up the same way too. They ate dinners according to a schedule, usually repeat meals that could feed the entire family affordably. (And everyone knew you ate what mom made, whether you liked it or not.) They wore hand-me-downs from older siblings and cousins, none of which were expensive, and those were then passed down to younger relatives.

My mom even drove a beater car when I was in middle school and only upgraded when she absolutely had to—again, not because she couldn't afford it, but because she strongly believed her money was better in the bank. When I asked her why she chose to live so modestly, she told me she believes it came from her own upbringing. With nine siblings (the average size of Hispanic families from her generation) and a widowed mother, she and her brothers and sisters all began working young. At 16, she was finally able to buy her own school clothes and save her money to buy a car one day, but more importantly, she learned the value at an early age. It clearly stuck, not just with her, but with me too.

I'm a 30-year-old woman, and I still hear my mom's voice in the back of my mind asking, "do you really need that?" when considering a big purchase. And while sometimes I want to splurge on an expensive bag without feeling guilty, I'm glad I've inherited this desire to save.

When it came time to fund my brand Nue, I had a healthy amount sitting in my savings account. I wrote Nue Inc. a $10,000 check to get it off the ground debt-free and without outside investment to dilute my stock. The teller practically had to pry it out of my hands, because like with any investment, this was a major gamble, but I slept a lot better at night knowing that I wasn't up against interest rates or, worse, risking the hard-earned money of a friend or family member. When it was all said and done, though, it felt so damn good to say that I was able to do it on my own!

The money went quickly. I spent my initial investment on filings (like trademarks and corporation registrations), product, packaging, web design, graphic work, and Nue's first photoshoot. All along the way, I treated it with the same caution as I do in my personal accounts. I splurged where it was important and penny-pinched when necessary. For example, Nue's packaging is a bit more expensive because it boasts a soft texture on the outside that feels silky to the touch. This was important because it helps give the product a luxury feel, exactly the vibe I wanted to convey from the very beginning. On the other hand, I knew I couldn't afford to launch with additional shades and product offerings. Since manufacturers have such high minimum order requirements, I had no choice but to scale back my original plan to launch with five skin tones and settle for three instead. The truth is, this is the smarter route anyway. As the demand grows, so will the shade and product offerings.

“When it was all said and done though, it felt so damn good to say that I was able to do it on my own! ”

As Nue has gained traction in the last nine months, profits are again, cautiously reinvested into the company. While I initially couldn't afford PR, growing sales have provided a bit of a budget to hire the help of an agency in Q3. I've also made multiple reorders of products to keep our shelves stocked, all at the company's expense and not my own.

I've heard from fellow founders that product-based businesses are a money suck and constantly required further investment. So far, my philosophy of treating every dollar like it's your last is proving to be successful. Think twice about where you spend it, be frugal, know your budget, and don't live beyond your means.

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