Do you ever find yourself contemplating about what it means to you to be wealthy? Maybe you’ve been dreaming about sunset holidays in Thailand or that designer purse you saw on Instagram. So how will you achieve those dreams – how will you save up for those things you want?
1. Stop buying cheap clothes, they are costing you more money
It’s easy to overlook how our spending habits affect our future bank balance. Buying cheap may actually end up costing you more over time but having a well-thought-out wardrobe with pieces that are timeless and that are crafted to last will make sure that you are not indefinitely spending money on pieces you already own but can’t maintain due to their poor construction.
For example, buying a winter coat that is cheaply made for, let’s say, £60-150 may last a year, maybe two at best before the wear & tear starts to show. So essentially, if you buy one coat each year, maybe thinking that you’re building up your collection, in five years time you would have spent up to £750 on items that may not be value for money.
Yet, buying a well-constructed coat does not necessarily mean buying an expensive designer piece. It’s finding a brand that practices reasonable manufacture, trade and labour standards and uses materials sustainably sourced materials.
2. Invest in quality
Great coats start at about £300 and are made from natural materials: wool, cotton, cashmere etc. Quality pieces that are made from natural materials will help you avoid polluting oceans with microfiber plastic. Brands that invest in craftsmanship and have a positive ethos are your best bets for quality finds.
I recommend Boden. The pieces are not cheap but excellent value for their attitude to producing fun yet classic styles and using great materials.
3. Build your own style & don’t follow fashion trends
In the age of Instagram, we are so easily influenced by social media to buy pieces we don’t need. If you are buying clothes and accessories because you are following trends, chances are that in a year’s time, maybe even month’s, trends would have moved on and you’ll be stuck with something you will no longer wear. Think about your personal image. decide what you like and build your wardrobe from there. Think investment pieces – not fashion pieces and always in style.
4. Only buy when you need – not when you want
This is how I saved £6000 in less than 1.5 years time and paid off my master’s degree studies up front. I adapted a simple, but not easy method. I made a list of items I desperately needed: winter boots, gloves etc. and only shopped around for those things and nothing else.
5. Be savvy – outlets are your friends
A savvy shopper knows that buying a classic Burberry trench coat at an outlet will save them 30-50% vs RRP but the style will never go out of fashion. I have found some wonderful Ralph Lauren pieces at TK Maxx.
These are my favourite outlets: