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25 Must-Know Ways To Save Money On Clothes

25 Must-Know Ways To Save Money On Clothes

Clothes are fun, expressive, and… expensive. If your closet is bursting at the seams but your wallet is feeling empty, here are 25 ways you can save money when you’re shopping for new clothes and make the most of what you already own.

1. Buy generic basics

If you’re buying layering pieces that you mostly wear under other things — like tank tops or plain tees — don’t bother shelling out for a brand name. No one’s going to see it, and it’s probably not going to last long — part of an undershirt’s job is keeping sweat off your nice button-down, right? Stick to stuff like Hanes and Fruit of the Loom, and save the labels for stuff you actually show off.

2. Shop out of season

We know, it’s exciting to buy things pre-season. When it’s icy outside, that lightweight sundress makes you feel like spring is right around the corner. But if you’re buying in anticipation of what’s next, you’re paying the maximum retail price. If you shop for what’s not happening, you’ll get a much better price. Sure, it might feel weird to buy a sweater when it’s nearly triple digits outside, but it’ll save you some cool cash.

3. Buy one really great swimsuit

When you’re gearing up for a vacation, it’s tempting to load up on fun, inexpensive swimwear. Here’s the thing though — all of that cheap stuff is going to wind up costing you more in the long run. Not only are you buying more of it to begin with, but it’s going to be sagging, stretching, or sheer before you know it. Instead, invest in one really great, well-made swimsuit, and make it last. After you wear it, rinse it out or soak it in cold tap water to remove lotion, sunscreen, and other oils, which can damage and fade the fabric. Then let it air dry. With good care — and a good suit — you can get three years of use out of it. Can’t think of a swimsuit you’d be willing to wear for three years? It’s hard to go wrong with a basic black bikini or maillot from a made-to-last name like Land’s End.

4. Skip the factory outlets

“But I can save 50% off retail price!” you say. Well, can you? Outlet stores are usually a mix of items from last season that didn’t sell (usually for a reason, like an unflattering color, poor fit, or a short-lived trend) and items that were made just for the outlet. With the latter, that price that’s 50% off the suggested retail price is pretty much made up — the outlet is the only place it’s ever been sold, and that “sale” price is the real price. Items made just for outlets are generally not as high quality, so all you’re really paying for is the label.

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5. Go easy on trends

Fashion trends all have their moments, whether it’s ikat-print everything or oxford-style lace-ups. Once that moment’s over though, it’s either sitting in your closet, headed for charity, or saying loudly to all around you, “Hey, I bought this in 2012!” Even though stores like H&M and Forever 21 try to get you to buy ultra-trendy items because they’re so cheap, think about it — if you’re constantly buying the latest trends and then not wearing them for long, are they really that cheap? Instead of falling for fast fashion, only buy trendy items that you genuinely like and that fit with your style. Who knows, other people’s fashion moment might become one of your wardrobe staples.

6. Expand your options with accessories

Make your basic wardrobe feel more exciting with inexpensive accessories — think necklaces, bracelets, belts, and scarves that you can mix with outfits you already own. Especially if your work wardrobe has to stay in the business casual doldrums, a little accessorizing can make your basics feel fun and special. This isn’t just for the ladies, either: Guys can switch it up with differently patterned or colorful socks and ties. Either way, you can get away with spending a lot less to make a new outfit.

7. Don’t be afraid of a little DIY

No, we’re not saying you have to make your own clothes — that’s harder than it sounds, and it already sounds really hard. Instead, just learn some sewing basics. Hand-sewing a button is actually super-easy, and you can replace a popped button instead of getting a new shirt. Bored of a cardigan? Give it some new life by replacing the buttons. If you own or have access to a sewing machine, learn to do a simple hem. You can save on hemming your own pants and jeans, and those perfectly tailored trousers you ruined when you walked through a puddle? You can hem ’em into a perfect pair of shorts.

8. Use coupon apps to score a better deal

There’s an app for everything, and unsurprisingly, there are tons of great coupon apps that can help you save money. Yowza is a free, location-based app for Android and iOS that lets you search for coupons at stores near you (both chains and local merchants). Coupon Sherpa is another great app, which lets you search for coupons for retailers, restaurants, and more. You can set it up to remember your favorite stores, letting you track when they have special offers.

9. Befriend a salesperson

Have one spot you always love shopping? It’s worthwhile to get to know one of the salespeople. Not only will you get better service (which never hurts), it’ll also give you an inside line on upcoming sales and deals. If there’s an item you love but the price is a little too steep, you can ask your in-store BFF to hold it a few days for you, then scoop it up on sale.

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10. Beware the dry-clean only tag

You know how car ads talk about the price to own a vehicle, not just what it costs to buy? The same goes for clothes. If you’re buying items that need to be dry-cleaned, you’re going to keep paying for them long after you get home from the store. Depending on how often they need cleaning, you could be tacking on an extra $10 to the cost of the item every few wears. It adds up fast. Instead of dry-clean only, try to find clothes that have a fancy look and feel, but can be tossed in your washer. Home dry-cleaning kits are another option. Have something that’s absolutely got to go to the cleaner? Extend the time between visits by spot cleaning as needed.

11. Only buy what you can actually pay for

If you can’t afford it, you’ve got to skip it. One way to put yourself on a major spending diet is to only buy clothes with cash; handing over actual dollars makes the money you’re spending feel much more real than throwing down the plastic, even if it’s the same amount of dough. If you’re using a card, make sure you can pay off the entire balance when it comes due. Paying interest on your clothes means you’re paying more for them.

12. Store your clothes with care

Extend the life of the clothes you do have by taking decent care of them. That means actually folding items like sweaters and tees, not overstuffing your drawers, and taking off those plastic dry-cleaning bags before you hang stuff up (oh yeah, you’ve got to hang stuff up, too!). For hanging items, invest in those fuzzy “huggable” hangers. It’s pricier than buying basic plastic hangers, but they won’t warp your tops’ shoulders.

13. Don’t do flash sales

Just don’t. Flash sales lead to crazy, adrenaline-fueled purchases – you’re not stopping to really think through whether you need those purple python stilettos, you’re just thinking that it’s a great deal and there are only a few of them and oh my gosh I only have a few more minutes to lock this in! The sites lure you in by telling you you’re getting deep discounts on designer goods — and yes, it’s a big price drop — but in the heat of a flash sale you’re not likely to make wise decisions. Plus, as with the designer stuff at outlets — there’s a reason this stuff wound up on a sale site.

14. Be willing to hunt

Stores tend to put the priciest items right in the middle of the sales floor, and especially at higher-end boutiques, they aren’t excited to showcase the clearance rack. Walk around the edges of the shop, and keep your eyes peeled for deals. Stores are carefully laid out to try to encourage you to spend money, so the most discounted items may be the hardest to find.

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15. Keep your zippers zipped
A weird tip, but it’s another way to keep your clothes lasting longer: Before you do your laundry, make sure anything that has a zipper (like pants and hoodies) is zipped up. That way, the zipper’s teeth aren’t getting tumbled around in your washer or dryer — and aren’t ripping or pulling the other garments you’ve got in there.

16. Swap for special occasions

“Just get a little black dress, you’ll wear it for everything.” Easier said than done, right? Especially when you’ve got a bunch of weddings to go to, and one’s in the daytime in a vineyard, and another involves a beach weekend. If you’ve got a special occasion coming up and a friend who’s a similar size, shop her closet for something new to wear. When she’s got an event coming up, you can return the favor — and you both get a better ROI on your formalwear.

17. Hit the thrift shops

If you’re determined to get a bargain, you can’t find clothing much less expensive than in a thrift shop — and if it’s one that supports a charity, you’re even doing good with your purchase. That said, thrifting isn’t always for the faint of heart: You’re going to do a lot of digging. Some major thrift retailers like Goodwill have actually started pulling out their designer and major-label pieces and putting them on special racks, making the search a little less daunting. If an item isn’t your size, you’re out of luck — but if it is, you’re not going to find a less expensive score.

18. Trawl eBay for investment pieces

If you’re a shopping pro, you can actually turn to eBay if there’s a certain designer piece you totally can’t live without — if it’s more than a year old, there’s a decent likelihood you’ll find it, and often at a reasonable price. Be extremely cautious though: You can’t see or try anything on before you buy it, and eBay is full of counterfeit and knockoff goods that are not worth your money (if it seems to good to be true, it definitely is — and remember, you usually can’t return items or get your money back on eBay). Don’t be afraid to ask sellers questions, check out the other items they’re selling (large numbers of the same item can be a red flag, while different items from the same designer can be a good sign), and be sure to read their reviews. Other eBayers will usually let you know if a seller is legit.

19. Remember that cheap isn’t free

Sometimes, you’re so excited to get a deal, you feel like you absolutely have to get this item. You’re such a smart shopper, and think of all the people you’ll tell about it! But do you actually need it? Take a moment to make sure you actually want the item — don’t be blinded by the price.

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20. Keep track of major sales

Big department stores (like Nordstrom and Bloomingdale’s) and some mall stores (notably Victoria’s Secret) have giant annual or semi-annual sales where they offer their best discounts of the year. These usually fall at lulls in the shopping calendar — neither before nor right after big holidays — so you have to keep an eye out for them. If you’re really committed to not missing one, sign up for that store’s emails; though if the emails are leading you to spend too much time browsing their sites, click unsubscribe.

21. Shop for the life you have now

If you start telling yourself a story when you pick up a piece of clothing — like how amazing it would be to wear if you were at your summer home in Tuscany — you should probably put it down (well, unless you own a summer house in Tuscany). Shopping for the life you want will get expensive fast, and isn’t likely to get you items that will work with your current routine. Same goes for other kinds of aspirational shopping, too — don’t tell yourself how great those jeans are going to look once you go on a diet. If you actually need jeans, buy a pair that fits you now. You can keep dreaming about tomorrow, just don’t spend your cash on it today.

22. Take their surveys

Most major retailers include a bunch of print at the bottom of their receipts, and in addition to the return policy and their web address and stuff like that, lots of them ask you to take a survey about your shopping experience. If it’s somewhere you shop often, do it! It’ll take you less than five minutes, and it turns your receipt into a little coupon (usually 5-10% off) for your next shopping trip.

23. Fix the clothes you own

Sure, it might feel easier to get rid of it or give it to charity and just buy new stuff. But if you really love an item, and you plunked down a decent amount of dough for it, make it last. That shirt that’s not fitting quite right? Take it to a tailor. The boots you’ve worn so much the heels are nearly gone? Bring them to a cobbler. The repairs won’t be free, but you’ll spend less than you would replacing the items – and when you get them back, they’ll feel fresh and new.

24. Count to three before you buy

If you’re thinking about buying something — a new purse, a new shirt, whatever — before you hand over your charge card, challenge yourself to make a quick list of three reasons to buy it. (It can’t be because I want it, I want it, and I want it.) Come up with at least three other items in your closet you can wear the new piece with, or think of three upcoming occasions when you can wear it. If you’re coming up short, you probably don’t need it.

25. Use the one in, one out rule

Really want to rein in your spending? Use this simple rule: For every new piece of clothing (or pair of shoes, or accessory) you buy, you have to give one to charity. Yep, to get anything new, you have to give something up. It’s intense, but it can be the difference between a perfectly adequate wardrobe and a healthy bank balance, and an overflowing closet and a maxed out . Which are you going to choose?

Featured photo credit: Ed Ivanushkin via flickr.com

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Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

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5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

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So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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Featured photo credit: rawpixel via unsplash.com

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