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6 Realistic Life Hacks for Saving Money on Your Wardrobe

6 Realistic Life Hacks for Saving Money on Your Wardrobe

There are so many articles out there telling you how to save money and cut corners.

However, half the time the advice is so altruistic it would take you months, if not years, to completely change how you interact with the world. You know the advice I’m talking about – the “before you make a purchase take a minute and think if you’ll really be happy with the transaction later” tip.

Don’t get me wrong! It’s good advice, but it’s just unrealistic – especially for a lot of us who are living in a big city and need to pay for rent, internet, food, transportation, insurance, etc. where anything leftover goes to keeping our sanity for one more week.

The other half of the advice is such small changes that it would take an equally long amount of time to nickel and dime your way to making your rent payments. While storing the old change you found in your car and couch can amount to something, someday – it’s not going to help you in the short term.

Like instead of buying name brand coffee, buy generic coffee and save 12 cents on every purchase – YES, that does add up, but while you are piling up those miniscule savings, your bills are piling up.

So how do most of us handle this?

We do what we always have done and cut corners. Our car can go another month without an oil change. Our phone still works, you just can’t read anything in the top right corner or swipe your finger too fast. Our jeans aren’t ripped, they’re just fashionable.

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Well, I can’t help you with your car or phone, but I have found some pretty nice tricks to reducing the cost of your wardrobe, which I quickly discovered was eating up about as much of my monthly expenses as my car payments were.

1. Deals Are SO Easy To Find

The first thing to realize is that certain stores such as Macy’s and Kohl’s that have deals all throughout the year that should be taken advantage of. Both of those stores also have credit cards that offer additional savings to their subscribers. Additionally, small to medium sized stores run promotions throughout the entire year in order to compete with these huge clothing stores, so keep an eye out.

It seems a lot harder than it actually is, due to how much these stores need to promote, but social media is a great way to stay on top of it. You can start checking social media, as every store has a Facebook or Twitter page, but that can be tricky from the shopping perspective since you will be hardwired into looking up your favorite stores or the biggest brands and get caught back into the cycle.

Instead, look for Facebook deal pages or discount pages, as these places get approached by the smaller to mid sized retailers to promote their campaigns. Some companies run campaigns or contests throughout the year to promote their company and offer sweet deals (like free shoes for a year from KicksUSA or $2k from ModCloth) and others offer steep discounts on designer items! Definitely keep up with these pages. You never know when you’ll get lucky!!

2. Don’t Buy When You Can Rent

If you have a job where you have to dress professionally or are just someone that wants to mix up their wardrobe, it can get pricey. However, with sites like Rent the Runway, where you can rent clothing and accessories, or Bag Borrow or Steal, where you can rent handbags, there’s an opportunity to be fashionable and financially responsible all at once!

Additionally, there are sites like StitchFix, BirchBox, and Warby Parker that help you to save money by making sure you love what you want to purchase before you fully commit. How many times have you bought something online but it didn’t look like you thought it would when it actually arrived. There’s nothing quite like that disappointment.

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StitchFix has you fill out a survey and then a designer will personally pick out outfits for you. If you like what they sent, you can purchase the items. If not, you simply mail it back. BirchBox sends you beauty samples that you can try out before purchasing the larger versions. This can save a lot of money in the long run. Finally, Warby Parker allows you to select a number of glasses to try on before making the final purchase. These and other similar companies are a great way to try on our try out items without going to the store!

3. Take Advantage of Credit Card Deals

A lot of people don’t do enough research to take advantage of credit cards like they should. Not only are cashback bonuses, store cards and other deals a great way to save on clothes, but they can be very helpful in other areas too.

As mentioned above, many stores offer cards specifically for purchasing items from that store. Stores like Target offer 5% cashback just for using the card to make in-store or online purchases. Definitely worth signing up for cards that can save you a little (or a lot depending on how much you tend to splurge at Target).

If you’re someone who loves to travel, but don’t think you can afford it, check out some credit cards with no international transaction fees, no annual fee and sign up bonuses. This college student spent three weeks traveling in Europe by using credit card rewards and cashback bonuses, so it really works!

For example, by using the Discover Miles card you get 1.5x miles on every dollar you spend. Discover also offers a CashBack card that charges no international transaction fees and can help you with day-to-day purchases as well. Also, other travel cards offer bonus miles for just signing up (like the Chase Sapphire Preferred card). The Marriott Rewards card also can help you save on your hotels too!

Also, something to note about looking for a card for traveling abroad – make sure there are no international transaction fees. These fees can surprise you when you get your bill after your trip. Sometimes these fees can tack on an additional 2-3% so it’s important to find a card without those tricky fees.

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For more credit card tips, check out Nerd Wallet’s picks for best cards with sign up offers, cashback bonuses, and no foreign transaction fees!

4. Free Shipping Is Always Worth It

This one seems obvious, but still needs to be said. If a company is offering free shipping, take them up on their offer! It is only natural to want the new pair of shoes you just bought the next day since you want to wear them out this weekend, but it is not worth it.

Shipping a pair of jeans across a couple of state lines can cost you anywhere from an additional 12% and up, which immediately inflates the cost of any purchase you make. You click on an item thinking that you are buying a $70 pair of pants, which you think you might be able to afford, and then by the time you are finished with the checkout, you have spent closer to $80.

There are some ways to help with this too, of course. Amazon Prime is only $99 for the year and offers free one or two day shipping on so many items. Additionally, some stores like Forever 21, Charlotte Russe and Payless offer free shipping on orders over a certain amount. But what if you only want one $25 item? With shipping, you could be paying $30 in total. How do you avoid that?

Check to make sure they offer free returns first. Then, if they do, add some items to your cart to reach the limit that meets the requirement for free shipping.

Once you get the package, send back the items you don’t want and you’ve just saved money on shipping. While this is a bit more of a hassle, if you really want to save a few bucks, it’s a good way to do so. Or try finding stores that offer both free shipping and returns regardless of the price of your purchase, like Old Navy and GAP.

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5. Time Your Purchases

Are you a last minute shopper? Fight that urge! For Christmas, Birthdays, Anniversaries and other holidays, make sure you have your gift(s) at least one week beforehand. That means making your purchases at least two weeks before the specified date. If you wait too long, not only is there a chance you may not get the item in time, but you could have to pay astronomical fees in shipping in an effort to get it on time. Make sure you stick to sites ordering deadlines to get your items on time and for a lower price.

On the other hand, another natural urge is to buy something that we want to wear and then wear that item immediately. This is the toughest one to do because it goes against our nature. We want the immediate gratification of the purchase. However, the best deals on clothes occur at the end of a season. So instead of buying your bathing suit as soon as they are released in store, wait until August or Labor Day. Instead of buying a new winter coat or sweater in October, wait until late March or April to save.

However, if you can handle the disappointment of looking in your closet and seeing clothes that you love but can’t wear until next year, then you will be able to cut your spending by almost a third! There are even sites that tell you the best time to buy an article of clothing or a piece of jewelry.

6. Be Wary of Black Friday “Deals”

Everyone always makes a big deal about Christmas and Black Friday shopping, but don’t be fooled!

A lot of these deals sometimes turn out to be a total scam.

To make sure you don’t fall prey to these “deals,” go into the major department stores a few days before Black Friday to check normal prices. Then, when you go into the store on Black Friday you’ll sometimes notice that expensive items have been marked up so that they can put a 50% off sticker on the item. The item then turns out to be just as expensive, if not more so than before. Not all stores do this and it doesn’t happen to all items either. Just do your research to make sure you don’t get the wool pulled over your eyes.

Also, while the same scams can occur on smaller holidays, don’t discount them either. Sales on popular weekends like Memorial Day, President’s Day and Labor Day are usually swarming with sales to be had. A lot of these deals tend to be more legitimate because stores are trying to get rid of their current inventory to make room for the next season’s merchandise.

Therefore, get your calendar in check, and have an alert set for the week before every holiday, no matter how small, and just do a quick search to see what type of deals are out there. You will be astonished at home many things you couldn’t afford will be 40-50% off for a holiday like Flag Day.

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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