Have you ever purchased a stylish fashion piece, only to realize later that it may have been excessively hyped? Take, for instance, the Aritzia Superpuff jackets, which have gained substantial online attention in recent years and remain a significant presence in today's fashion scene. Will this trend persist, or will something else surpass it?
This uncertainty is the gamble you take when aligning your fashion choices with current trends. But being too attuned to trends can make you broke. For those of us seeking financial independence, the idea of spending on "fashion" seems antithetical - a want rather than a need.
On the flip side, though, are we doomed to basically wearing the food equivalent of "beans and rice" until we get out of debt? The sense of deprivation, particularly if aesthetics is personally valued, can be exhausting and dispiriting.
In this blog, we delve into the idea that we can still feel fashionable and stylish without unduly straining our wallets.
BE A BADDIE ON A BUDGET
There are multiple practical ways to stay “in trend” while keeping your bank nice and happy. Below are some ways in which you do so:
1. Budget by using the 5% rule.
First, we need a rule of thumb to set limits on what we spend on clothing, and then work from there. Numerous financial experts, including the acclaimed financial planner Pete Dunn, recommend allocating 5% of your monthly income to clothing expenses, offering a practical guideline for balancing style and financial responsibility. For instance, if your monthly income is $3,500, adhering to a reasonable clothing budget of $175 per month ensures that your wardrobe choices align with your overall financial well-being.
Importantly, there's no strict obligation to spend this allocated amount every month. Instead, this approach allows flexibility, enabling you to make clothing purchases when needed while staying within your established budget. By doing so, you can seamlessly integrate fashion updates into your wardrobe without causing financial strain, providing a sustainable and responsible way to keep up with the latest trends.
2. Invest in High Quality Wardrobe Basics
Expanding on the initial suggestion, if you find yourself inclined to make a noteworthy investment in a fashion piece, it is prudent to direct your resources towards wardrobe essentials or enduring luxury items. Take, for example, the timeless appeal of a classic black leather jacket. This versatile garment possesses the remarkable ability to elevate the aesthetic of a more budget-friendly ensemble, seamlessly transitioning from a daily staple to a sophisticated choice suitable for an upscale dinner.
3. Shop Vintage or Second-Hand Fashion.
If you're not particularly fond of current trends or lean towards vintage styles like the y2k aesthetic or the classic vintage streetwear, consider exploring options like purchasing vintage or second-hand items. Thrift stores such as Goodwill or dedicated vintage shops like the Black Market Vintage store on Queen Street West offer budget-friendly choices, allowing you to save money while trying out new clothing, especially if you prefer the in-person experience.
For those who prefer the convenience of online shopping or are not keen on navigating the streets for sales, platforms such as Poshmark, Depop, or even Facebook Marketplace provide a virtual marketplace to explore and purchase pre-loved fashion items. Embracing the concept that "one man’s trash is another man’s treasure," these online platforms offer a diverse range of fashion finds.
This approach not only aligns with budget-conscious shopping but also taps into the timeless adage that holds true in the fashion industry. If you aim to stay stylish with a vintage flair, shopping for vintage or second-hand pieces not only saves you money but also allows you to effortlessly achieve a unique and trendy look.
4. Find Promo Codes or Wait for Sales...but do so with a PLAN
If you're willing to exercise a bit of patience, exploring promo codes and anticipating upcoming sales events can be an effective strategy to save money while maintaining your fashionable flair. For instance, keeping an eye on major sales events like Black Friday and Boxing Day provides opportune moments to refresh your wardrobe or snag thoughtful gifts. Waiting for these sales not only allows you to secure items at discounted prices but also affords you time to reflect on whether the purchase aligns with your needs or is more of an impulsive fashion choice.
In situations where urgency is a factor, utilizing online coupon websites such as Honey or Slickdeals can be advantageous. These platforms often unearth unexpected deals on websites where you might not anticipate discounts, offering a practical solution to save money on your fashion purchases. By strategically incorporating these money-saving approaches into your shopping habits, you can strike a balance between staying stylish and being financially savvy.
However, don't let sales dictate your spending. Rather, have a plan in place first about what you want, and then look for sales. This way we can control our spending behaviour responsibly and actually benefit from the savings. This is akin to going into a grocery store with a list and a full stomach, vs. just going into the grocery store with no plan and hungry.
Conclusion.
In summary, it is possible to stay stylish and not break the bank. Achieving a harmonious balance between staying and fashion and budgetary prudence involves implementing practical measures, such as abiding by the 5% rule, choosing timeless wardrobe investments, exploring vintage alternatives, and tactically leveraging coupons or capitalizing on sales events with a plan in place. Embracing the concept of being a baddie on a budget transcends mere style; it signifies a savvy and sustainable approach to navigating the dynamic realm of fashion while conscientiously managing our financial resources.
