12 top tips to spend less and make a success of your greatest investment - you.
It’s official, Gordon Brown has finally used the ‘r’ word and all the news and media have picked up on it, scribbling out the words ‘credit crunch’ and replacing with ‘recession’. I don’t know about you but I was never very ‘stock market savvy’. Mainly because although I was aware of it fluctuating here and there, it hardly affected my everyday life. Then recent events had me glued to the set (even on holiday) watching graphs and arrows spiraling depressingly downwards...along with my PEP's and ISA's I have no doubt.
Has this been a huge wake up call for us all? Have we all been riding the crest of the 'spend now, think later' wave a little too long? Regardless, we are now in a time when we are all very spend conscious, checking our financial investments and ensuring that our hard earned money is secure for the future. But what about one key investment - you? What can you be doing to see you through the recession that saves you money, maximises your image impact and gives you a great return on investment?
First impressions don't go away in a recession, if anything, they are all the more important. With the threat of redundancies looming over many of us, businesses closing down and increased competition, how you come across can make all the difference when you need to differentiate yourself and really stand out from the crowd. Your wardrobe is one area you do have control over and having an awareness of what suits you, your personal, professional needs, style and budget will save you money in the long run as you no longer spend unnecessarily and you learn to shop effectively for it.
And there are other ways of saving money when it comes to your wardrobe which can be applied over time and with a common sense approach - here are my top suggestions:-
1. Do a wardrobe audit and ensure you have the basic, 'timeless' pieces. Before you even think about a shopping trip, whether you need one or not, you have to get to grips with what you have already. It is a good habit to get into to go out shopping with a mission. Regardless of what fashion dictates there are some items that are essential pieces and that will see you through all the seasons: a well fitted pair of jeans, a suit, shirts, T-shirts, good quality knit wear, black trousers, shoes, jackets and coats.
2. Invest in the colours that suit you. It can have a dramatic effect on how they feel and how people respond to them. You can slowly weed out the colours that do not look great and build a wardrobe full of the ‘right’ colours over time. It is essential to apply this knowledge for all future purchases and more importantly what not to buy – a great shopping conscience. Typically we shop by colour so you can easily scan the rails that way and if there is nothing that suits you out that day, then turn around and walk out.
Equally important is the knowledge of how to combine colours to their maximum effect – this will mean you get more wear out of clothing. A good test is to evaluate how much black you got in your wardrobe? How much of it looks the same, performs the same function?
3. Shop for your body shape and develop your own personal style. We’ve all done it at some point and this applies to the guys as well as the girls, tried something on that looked good on paper but just not right in the flesh. Understanding what suits your body shape and scale can save heaps of effort and wasted time in the changing room, not to mention money.
We all have our own personal style, our own attitude to clothing or a particular look we aspire to. Again, having an awareness of this will help you to interpret fashion trends: what to invest in for your wardrobe, if anything.
4. It’s not how many – it’s how good. You’ve heard it before, quality over quantity. Unfortunately it's true that for better quality you will need to pay higher prices which is why it's so important to understand what your wardrobe needs. It’s no point having 10 jumpers that will fall apart after the first few wears or washes, true false economy. Do the maths: a coat costing you £300 that you wear 100 times in the year versus a dress costing you £300 that you wear only 3 times. The cost per wear per year speaks for itself and while I appreciate it is not always that easy, it is worth bearing in mind when shopping.
5. Shop wisely in the sales and try it all on. Some people find the sales daunting and just hide from the high street until they are over but but if you know what you are looking for, they can be a good time to invest The biggest message I would like to get across is be prepared to walk away – just because the sales are on, it does not mean you have to buy something!
I am sure we all have more important things to do in life than waste it away in the returns queue so rather get it right first time and be 100% sure. Try clothes on and become organised with why you are shopping. Don't be afraid to take items you want to match with into the changing rooms, whether its the shoes, tops, trousers - aim to get it right and be happy with your purchases than having to return or stay needlessly in your wardrobe while you continue your hunt. A sure money-waster.
6. Say yes to second hand! Why not? A great opportunity to nab an amazing bargain in second hand stores and this may be just the way to get hold of something designer if you venture into one in the right area. I know someone who picked up a Mulberry bag! The trick is to always be aware of all those rules, colour, shape and what does my wardrobe need and of course, budget as you're not going to be sure of what you might find.
7. Learn the art of accessorising. I love this one as it can be one of the cheapest ways to update an outfit and maximise its use. Anything from jewellery, scarves and handbags to shoes, tights and hats and a great way of adopting a season’s highly fashionable look without going all out with a complete new outfit. And remember those clothes you already own, in colours that wash you out? A flatteringly coloured accessory worn with them is a great way to extend their life!
8. Do your research online. The Internet has revolutionised the way we shop. It gives us the whole High Street and some at our finger tips. If you know what you are looking for, why not research it? You never know what information is out there, either to guide you with what shops to go to, saving you time or opening up new avenues, like eBay.
9. Remember the 3 R’s of Resistance:
Resist the temptation for that feel good factor – This is close to my heart as I still have to fight this but it is important to not get your fix of feel good from purchases that you really don't need or can’t afford. Treat yourself to a good book or a coffee or phone a friend instead!
Resist the lure of cheap goods – While the many cheap high street stores can be great for the occasional bargain, it can be very tempting to buy items you don’t really need for precisely that reason - they're cheap. It’s amazing how the queues at Primark are always long. Great for the retailer but all those 'bargains’ do mount up in cost and when you add quality in to the mix, another false economy.
Resist the urge of the new seasons fashion items - I am a lover of fashion but it changes at such a fast pace that unless I had endless funds and a wardrobe resembling the Tardis, it is near on impossible for me to keep up with absolutely everything. You do not have to be fashionable to be stylish and so think carefully about your personal style and what elements of the trends best suit you. What the catwalks and magazines are saying are ‘must haves’ may not be appropriate for you and so really should be your ‘must not haves’.
10. Look after your wardrobe. No I don’t mean give it a clean, I mean take care of the clothes it contains. Nothing wastes money more than not paying attention with washing, hanging and storing your clothes – particularly those more expensive items – suits, jackets, shoes, boots. Sometimes washing instructions can be over strict in my opinion but it is something to bear in mind when buying clothes. You may want to think twice if you have to add on a regular dry-cleaning bill. Ensure items are well organised in your wardrobe and have room to breathe. Use wooden or plastic hangers and throw out any metal ones. Keep shoes and boots clean and think about investing in shoe boxes.
11. Revamp your clothes. Do you have items in your wardrobe which you once wore but don't anymore, either because it no longer fits, the style's a bit dated or it's too long, too short or you just don't like the sleeves? Imagine the many new outfits you could create if they could just be changed...revamped? I know there are a lot of us out there that wouldn't know what to do with a needle and thread, let alone a sewing machine, but there are places where you can learn. Failing that, seek out a good tailor and explain your creative revamp creations - it can be worth looking into as a cheaper option to a new outfit. The same applies to adapting new pieces of clothing, while many of us would not think of buying something brand new only to then take it apart but if done properly can be a cost-effective method of making an item look just the way you want and you look absolutely chic!
12. Have a Style Swap Party. Get a group of friends together where you all bring along your slightly used but still in great condition items: clothing, jewellery, bags, shoes; and swap them with each other. Not only do you have fun but get to go home with some new pieces for your wardrobe.
Did you know that typically we wear 20% of our wardrobe 80% of the time which means 80% of the value of your wardrobe is a waste of money. If you're like me, you will already be doing some of the above but also like me, it's work in progress as we continue to understand more about what we need and why. So be patient - it takes time. The clothes we wear play such an important part in how we want to be seen but it doesn't have to be a burden on the purse strings if you know what you are doing. This would be a good time to break this buying habit and get 100% value.
Any decent Financial Advisor will tell you that looking after your investments is something you should have been doing all along and in my profession. I would certainly advocate the same regarding one key investment, namely you. And in a time when there is so much economic uncertainty with little indication of when it will end - how can you afford not to invest in yourself?
So what does your wardrobe look like? Do you know what you need to make an impact? Do you have a plan and budget? Find out more about your personal style for men and women, how to detox your wardrobe and shop effectively to not only keep you a success through the recession but for life.