How much money did you spend on your wardrobe last year?
Below, I’ll share some practical tips I use to keep my wardrobe fresh and stylish year-round.
Even if you consider yourself a professional bargain finder, it’s still possible that you’re spending more money on clothes, shoes, and accessories than your budget can realistically sustain.
Being fashionable doesn’t have to break the bank, though. With the right shopping strategies, you can buy your favourite brands and styles for a fraction of the cost, and with the right care, your wardrobe can stand the test of time.
7 tips to stay fashionable on a budget
You may have heard of the term “shopaholic” before. While it’s often thrown around lightly, Compulsive buying disorder (CBD) is a real behavioural health condition. According to a study performed by California’s Stanford University, six per cent of women and 5.5 per cent of men are affected by it.
Every day, subtle and not-so-subtle marketing is being forced into our minds. From billboards on the roadside to verses in pop songs, movie scenes, or brand collaborations between our favourite athletes and celebrities, the fashion industry is constantly pushing us to consume.
While there’s nothing wrong with enjoying a bit of shopping, learning to shop smarter and how to better care for your wardrobe will help you stay fashionable while staying on track with your financial goals.
1. eBay is a goldmine for your favourite brands
Marketing gimmicks aside, designer clothes and big-name brands often are made to a higher degree of quality. This is one of the main reasons why some names have stood the test of time for decades.
Buying designer brand new is where you’ll hurt your finances the worst, though. One of my number one tips for staying fashionable on a budget is to purchase lightly-used designer clothes, shoes, and watches on eBay.
Often, people purchase brand-new items, wear them once (sometimes never at all), and forget or neglect to return them within the short return periods offered by most retailers. They’ll then turn around and sell them for half the cost on eBay to recoup some of their money.
The reason I recommend eBay over other online second-hand markets is that they have an ‘authenticity guarantee’ program so you know that you’re not getting tricked by counterfeit goods.
2. Going thrifting close to upscale neighbourhoods
Thrift shops can be very hit or miss and hobbyist thrifters will often spend an entire day going from one shop to another looking for that diamond in the rough.
Personally, I’ve never had that much patience. However, one trick I’ve picked up to give myself a better chance of finding something I like that’s in good condition is to visit thrift stores that are close to upscale neighbourhoods.
You’ll stand a higher chance of coming across high-quality, well-cared-for clothing that’s been minimally worn, thanks to the wealthy shopaholics who have the money to constantly upgrade their wardrobes and toss out what they no longer have space for.
3. Befriend a local tailor
One of the main challenges you’ll encounter while thrifting is finding items that fit you well. You may find an article of clothing that you like but that’s a bit too big for you or may have been stretched or torn.
Here, a great tailor can help you restore your $10 thrift find to its original glory and make adjustments so it fits you perfectly.
4. Wash and dry your clothes the right way
Finding deals on the styles you like is only half the battle. The other half lies in taking proper care of your wardrobe. Some simple tips are:
- Wash your colours and your whites separately to prevent fading/colour bleeding
- Avoid washing with hot water - use warm or cool instead
- Use a medium-speed spin cycle to keep garments from stretching in the washer
- Air dry your more delicate clothing items
- Avoid using the hottest dry setting on your dryer
- Avoid using harsh bleach and highly-concentrated detergents as these can break down the fibres in your clothes
5. Restore vintage boots at a cobbler
If you have a nice pair of leather boot shoes, don’t jump to throw them away when the sole wears down. Instead, consider taking them to a cobbler. The leather uppers on high-quality boots and shoes can last for years, while the outer sole on the bottom wears down a lot quicker.
For a small fee, cobblers can remove and replace the old soles. Typically, I wouldn’t do this for a cheaper pair of shoes. However, for a pair of shoes or boots that cost more than $300, the cost of using a cobbler is a lot cheaper than replacing them.
6. Shop during quarterly sales
Most major retailers run quarterly sales to help clear out old inventory and make way for the next season’s styles. The best time to stock up on winter gear is at the beginning of spring, and the best time to shop for summer styles is right before the beginning of fall.
7. Shop between Christmas Day and New Year’s Day
A couple of years ago, I went to an outlet shopping centre two days after Christmas and several of my favourite stores were offering 80 per cent off of the tag prices.
In my experience, the six days between Christmas Day and New Year’s Day are the best days to shop. Most stores will run deals and sales in the days leading up to Christmas to encourage customers to buy holiday gifts.
Once the holiday is over, though, clothing stores are left with extra stock. They also know that lots of people received gift cards and money that they’re eager to spend, and that most students are still on holiday vacation, giving them plenty of time to shop.
During this week, retail stores may slash their regular prices in half to help move their leftover product.
The number one rule to being stylish
Famous designer Yves Saint Laurent once proclaimed, “fashions fade, style is eternal.”
While this may seem like a bit of an oxymoron, the statement really hits at the core of what it means to have style.
New fashion trends emerge and fade with each passing year, only to re-emerge decades later. I’ve always believed that true style has less to do with the particular outfit or fashion you’re wearing, and more to do with how well you own it.
From an outside perspective, a person wearing a $100 outfit with absolute confidence will almost always outshine the person with a $1,000 outfit who isn’t fully confident in themselves.
Christopher Liew is a CFP®, CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial.
