The Chronicles of my Credit Card

The Method to the Madness

Money has always burnt a hole in my pocket, and with an ever-growing wish list, it’s hard not to – I've already lined up my next purchase before I've even been paid. But after reaching a point where my spending habits were no longer sustainable and I was paying the consequences for choosing new shoes over bills far too often, I had to change the way I shopped. Cold turkey was never an option, so I've now developed a method to the madness that is me with a not-yet maxxed-out credit card. When Sheila J asked me to write a post on how I save money shopping, I thought I’d share my top tips for spending wisely.

The Wardrobe Incorporation Rule

If you asked me, and I suppose you kind of are since you’re reading this post, I’d say this tip is the most important. A new purchase that doesn't go with anything you already own is either a trap for spending more money on new stuff, or a complete waste of money when you never wear it. I can’t count the number of times I've ending up spending more money on a top to go with the new skirt I bought, or a jacket to match the dress. Worse is when I realise I've got something still sitting in my wardrobe with the tags still on. Like last month when I moved house and found a leotard from ASOS that I’d bought 18 months ago with the tags still on. I don’t even wear leotards, and this one didn't go with anything in closet so it was a complete waste.

Now, before I leave the change room (or hit “checkout” on my laptop), I think of three complete outfits made up entirely of things I already own that the potential purchase will go with.

The Cost Per Wear Method

This is another important tip and while it isn't new – the term is often dropped in the pages of magazines – does anyone actually use it? And I mean actually calculate the cost per wear of a garment? Sure, I've used it to justify a purchase to my boyfriend “Can I borrow twenty bucks? I spent all my money on a new pair of shoes, but they've got a great cost per wear!” I’ll use anything to rationalise a purchase.

But now, I genuinely use this method to make sure I’m shopping smarter. I don’t whip out a calculator in the shopping center, but I do think ‘how expensive this item?’ and ‘how often will I wear it?’

I figure if I’m genuinely going to wear something a lot, I can afford to spend a bit more money on it. Which brings me to my next tip . . .

The Quality Analysis

Savvy shopping is more than just buying the cheapest option. You need to factor in the quality of a garment in relation to how often you’ll wear it. For something that’s only going to see the light of day a handful of times – go cheap! But for a staple, this is key.

I bought a pair of cheap ballet flats to wear on my commute to work. After a couple of weeks, they fell apart. I’d only spent twenty bucks on them, so I just bought another pair. But then the same thing happened again. I realised that replacing the cheap flats was actually more expensive than forking out $100 for a decent pair of shoes.

The Plan of Attack

This tip was the hardest to implement, as I found it required the most self control, but it made the biggest difference to my credit card.

Before heading out shopping, I always develop a plan. What do I want to buy? How much do I want to spend?

I thought about what I needed. This could be specific, such as a knee length black pencil skirt for work, or more vague like something light and bright for the summer whether it be a top, dress or play suit. I also set a budget, for example, I decide I’m only going to spend $100 on a dress for this wedding, or I've got $200 to buy clothes for the summer whether it’s made up of two dresses at $100 each or 5 tops at $20.

The hard part is sticking to it. At first, I had to write it down as a note on my phone and keep on looking to remind myself, but my self control has gotten better with practice – like a muscle being exercised.

The Sale Factor

This one is pretty simple – don’t buy it just because it’s on sale. Be sure to run through all of the other steps like you normally would for any purchase. A pair of shorts on sale for $5 might be a bargain, but if you never, or rarely, wear them, that’s still a waste.

Have you tried any of these tips before? What are your favourite money saving techniques?

Miranda is best described as a lover of shoes, chocolate, shopping sprees and warm weather. She is the author The Chronicles of my Credit Card, a blog that strives to prove style isn't dictated by budget. She lives in Sydney, Australia and works in digital marketing for a global book publishing company.

Post Sponsor Ad: