Financial Advice for the Terminal Shopaholic

If you consider yourself a true lover of all things fashionable, then you may well be in need of financial advice to cover some of your wilder extravagances.  Whilst owning the newest and hottest clothes can be exciting and can give you the feeling of living on the A-list, it can also have a major impact on your budget.  Unless you genuinely do have a great deal of money and fame, trying to ‘live the dream’ will eventually catch up with you and you may find your life turning into a financial nightmare.  Today, we will offer a few much-needed pieces of financial advice for those who live to shop.

One thing that you should know is that regardless of how out-of-date you feel your wardrobe may be getting, one third of your total income should always be going into savings.  If you can save more and still pay rent, you should.  This doesn’t mean that you can’t buy the latest fashion clothing, but it does mean that you should be smart about it.  Knowing when to buy and when to save is essential financial advice.  If you find yourself splurging every weekend, try planning your weekends so you’ll be in places that are not near your favorite stores.  If you don’t go into your stores, you won’t be able to spend any money.  It’s as simple as that.

Another important piece of financial advice for fashion addicts is to consider consignment or used items.  It may not seem chic, but it can be a great way to save money while still getting the latest fashions.  Many people put their items up for consignment after wearing them only once, and learning to look for and buy these items is great financial advice. If you’re really into fashion and know your stuff, you can make a comfortable amount of side-income by combing your local thrift shop for un-noticed designer items, washing them, then putting them up for grabs at their true price on eBay.  You could even start your own store or market stall if you get good enough at it!

The last piece of essential financial advice is to sell any items which you have not worn in a year.  Just because a dress is “so last season” doesn’t mean that someone out there won’t pay great money for it.  Consider starting an eBay account or working with a consignment shop to sell your own gently used fashion items.  This can be a great way to recoup expenses or to get discounts on the new items on your wish list.