Fashion is to some people a serious money goal, and let’s face it most women enjoy a good retail splurge but how do you resist the temptation to impulse buy and overspend when you really don’t have the money to do it?
It’s starts with your current wardrobe. According to wealth guru Lisa Barber in her book A Woman’s Guide To Wealth pull everything out of your wardrobe and divide it into the following piles – neatly if you wish.
- Essentials – these are must have items.
- Requirements – these items are often worn and good to have, like that little black dress.
- Wanted – these items you paid too much for in the first place.
- Never worn – these items still have the tags on them.
- Rubbish – why did you buy these things?
Once this is done, it goes without saying that everything in the rubbish pile has to go. Consider selling it on Ebay, or giving it to charity.
Then if you’re really brave, write down how much you have spent on the never worn items… (I’m staring at $500).
And finally Lisa says develop a “Should I Buy This Test” which involves asking yourself the following questions:
1. Is this a planned purchase?
2. Can I afford it?
3. Do I need it?
4. Will I actually, really, ever, where this?
Of course, we all want to go out and enjoy a few hours of good guilt-free retail therapy, but before you do that, also consider how you can get the most out of those existing items in your wardrobe.
The best thing about a stocktake is that it can give more money in the bank towards your goal, as well as identifying the exact fashion items that you really truly will need to spend money on.
Better yet, with a little ingenuity, you can create your own Spring fashion edit.
Here’s my top five tips for making it happen.
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