Adopt smarter ways of shopping for clothes and have a fashionable wardrobe as well without draining your wallet.
The average person spends over a thousand dollars on clothing each year. That number can quickly add up by having an expensive taste in fashion or buying cheap clothes that wear out quickly. This doesn't help at all when you need to have a budget and be more serious about your finances.
Besides, money saved is money earned and there are ways in which you can still enjoy a fashionable wardrobe and save money in the process. Here are 7 ways to save money on your clothing expenses -
1. Prepare a budget.
Create a budget and set aside a certain amount of money for your clothing expenses. Budgeting is an important step in gaining control over your finances and by knowing that you only have a certain amount to spend for clothing, you avoid overspending. Another rule with budgeting is that you don't have to necessarily spend the whole amount that you have set aside and instead use the balance remaining as your savings or as part of your budget for the next month.
Related - The 50/30/20 rule when it comes to Budgeting!
2. Prepare a list.
Note down all the things that you need to buy beforehand and stick to the list to avoid any impulse purchases. Without a list it is quite easy to wander around and be tempted by other sales and promotions happening for items that you don't really need. Know your needs and separate them from your wants by listing them.
3. Generic brands over luxury brands.
There are plenty of generic brands that are as good in terms of quality as the luxury brands except that they don't have the luxury brand tag and the excessive pricing that comes along with it. Opt for these generic brands and if you really need that luxury shirt or dress, treat it as a reward for yourself on certain occasions such as a birthday or a pay raise.
4. Sell your unused clothes or re-purpose them.
Go through your entire wardrobe and you may find clothes that you've never used or haven't used in a very long time. Sell them instead through some online websites or Facebook groups that allow you to sell second hand clothing. You can then use the money earned as part of your clothing budget. Besides that you can even re-purpose some of your old clothing like turning an old pair of jeans into shorts or a t-shirt into a sleeveless tank top.
5. Visit discount stores, don't fall for the generic "sales" tactic.
Discount stores often have good quality clothing at a cheaper price. They also have branded clothes that didn't make the cut to a branded store but are still of great quality. However, avoid the "sales" strategy very commonly used by stores where they have claims of 50%-90% off or so on their prices. They are very often sold at the original price more or less and is only a marketing gimmick.
6. Skip the factory outlets.
Factory outlets usually have items of the last season that didn't sell usually due to an unflattering colour, poor-fit, or a short-lived trend. It also has items that were made just for the outlet which means they are generally not of high quality and only have a high price for the label.
7. Use coupons, vouchers and loyalty cards.
Coupons and other gift vouchers are a bonus giving you discounts on your purchases and essentially more value for your money. Opt for stores where you can avail discounts or other offers such as buy one get one free. Besides that, many brands have their own loyalty cards where points earned from a few purchases can be redeemed for a gift voucher or a discount.
Bonus Tips - Try shopping out of season, shop for winter clothes in the summer and vice-versa. Clothes that are out of season are priced lower since there is no demand for it at that time.
You can also swap clothes with your friends or try renting something you need. However, avoid renting clothes that you would need to wear more than once.
Buy second hand clothes if you need to, there are plenty that are as good as new where the owner has never worn it and wishes to sell it off.
When choosing sizes, opt for a size that fits you and not a couple of sizes smaller hoping to give yourself a goal of fitting into it by losing a few pounds. Wash your clothing with cold water and with similar coloured clothing. Use the right amount of detergent, people often use way more than required.
The Ultimate Guide To Getting Your Finances Back On Track is a book that aims to help the user in being smarter about their finances. This guide contains seven sections - Financial Goals, Expenses, Savings, Income, Loans & Debts, Budgeting, and Investments. Each of these sections explains everything you need to know about Personal Finance in simple terms. By the end of this book, you will have learned the fundamental principles that will help you in maximizing your income, decreasing your expenses and increasing your savings that will overall kickstart your process of truly building wealth.
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