Shopping 101

Being an individual that enjoys the feeling of a new purchase I found this info on the site DEJOUR very interesting. Basically this is a guide to spending your money right and still being able to update your closet.

Have you ever lied to your friends about how much an article of clothing cost?
Do you max out more than one credit card in a month?
Does your diet consist of value meals and ramen?
Do you have more in your paypal account than your bank account?

If you answered yes to any of these questions, then you could probably use a little help managing your money (and your wardrobe). I’m not claiming to be a financial whiz like Suzy Orman (I doubt she’s even heard of Lanvin), but through my shopping experiences over the years I’ve definitely learned some valuable lessons. Here are a few essential tips that may help keep your expensive tastes in check.

1) Find the holes in your wardrobe.
Look through magazines and lookbooks to find a style that you like. Compare what you currently own with what you’ll need to pull off the look you want. This will keep you focused on key pieces that you will actually wear, instead of frivolously spending on things you don’t need. If something seems out of your budget , consider how well it suits your style first. If you truly feel you’ll get a lot of use out of it, pull the trigger.

2) Avoid impulse purchases.
I find that my impulse buys tend to the ones I regret the most. Even cheap fast fashion stores like H&M and Uniqlo can be trouble as you may tend to buy more items due to the lower prices. Don’t forget that lower prices usually mean lower quality construction/materials/ and fit. Bottom line: don’t clutter up your wardrobe with items you wont look forward to wearing and don’t really suit your personal style.

3) Shop online
You can easily scour online stores and ebay for great deals on designer items. While you should always be wary of fakes, shopping online makes it so much easier to compare selection and prices. Add yourself to mailing lists of shops you like so you know when new product comes in or goes on sale.

Sidenote: In particular Canadian and European consumers should watch out for pesky customs and duties. The feds are out to tax.

4) Flip and re-up
If you’re really pressed for money (or closet space), sell your clothes. Throw a garage sale or put things up for sale online. If you’re not wearing it; it’s just taking up space. You might as well get some cash in hand for it.

5) Don’t abuse credit.
Self-explanatory, but many people fail to do this. If you’re gonna use credit make sure you got money in your bank account to pay off the FULL amount. If you can’t afford it this month, wait until you have the funds because interest will kill you over time. One of the hardest things to do is stay disciplined. Put away a certain amount of each paycheque into a high-interest savings account. This will keep you more honest.

6) Shop early and often.
Keep an eye out for items you like and make sure to snatch them up as soon as they go on sale. Designer clothes are usually steeply discounted at the end of each season; just make sure you scoop it up soon because sizes tend to go quick.

Courtesy of Dejour.