Update your wardrobe without breaking the bank

Published in Rescu, August 2012 by Janine Cox

Whilst I was out shopping on the weekend I found that some of the major retailers were clearing stock to make way for new season fashions that will be coming in soon, and this means bargain prices, so we can go to the races without it costing us an arm and a leg. 

Like me, you might be thinking that it’s a bit early to be shopping for an outfit for the spring races, however, the risk in leaving your decision close to the event is that you are likely to end up wearing something you’re not completely happy with, or you find you just don’t have the money to get what you really want. 

 Being in this situation can turn something fun into a lot of unnecessary stress. 

Here are three ideas to help you look like a million dollars on the day without having to break the budget. 

1. Save your credit card points 

Save the points you obtained from your regular spending and use them to pay for an outfit for your special event 

One quick way to build up your points is to consolidate all spending onto one card, the one that earns the most points, so you can watch the points build up sooner. 

But remember not to fall into the trap of spending more just to get more points as this just doesn’t make good financial sense. 

To take advantage of the points system I sometimes pay my father’s bills on my card and he pays cash into my account, after all he doesn’t need the shoes I do. 

2. Create your very own invest/reward system

How would you like to build your long term wealth while at the same time receive great benefits along the way for your efforts? 

This is a good way to get yourself a few new outfits each year. Simply allocate a percentage of your wage into building a share portfolio. 

An investment like this is easy to get started and will pay you regular dividends. 

Imagine a nice bonus of a few hundred or even a few thousand, appearing in your bank account each year and what you could do with it. 

By the way, my research tells me that we are heading into the best time to invest in 40 years, but more about that in my next article. 

3. Give up something small to save big 

This last one is probably the easiest one to do, however, old habits die hard and so for some of us it may be a challenge. 

This one is about forgoing something that you don’t need to be able to use the money for something better. 

One simple idea is to make your lunch each day instead of buying it, or to give up that cup of coffee each day. 

Now, you might be shocked when you see what you are spending each year. I’ve done a quick calculation for you. 

Say you buy a cup every day, five days a week for only 49 weeks of the year. 

Over the next 30 years you will have spent a grand total of $25,710, and that’s only for a cuppa, what about all of the other things we buy! 

You just wouldn’t do it if you had to pay that in advance. 

Like the old saying, I believe that ‘where there is the will there is a way’ and as I have shown you it is simply a matter of choice. Hope to see you at the races!

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