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.
