When that new season blouse beckons, a budget doesn’t register too highly in the brain. If you need it, you must have it, right? But what if you are trying to save a few dollars along the way? Here are the best tips on how to save (and still shop!) from Simone Milasas, business expert and founder of Joy Of Business.
“Start a 10% account,” Simone suggests. “A 10% account is where you take 10% of every dollar that comes in and never spend it – ever,” she says. By setting aside 10%, you are gifting yourself in the long run, she explains. “It’s about you being grateful for yourself. And it’s a way of saying to the universe, ‘I am willing to have money.’ When you are willing to have money, more can show up.”
“You don’t need to buy an investment property, you can create more income by spending a few hours a day driving someone with Uber,” she suggests. “Get creative and committed to generating more income than you’re spending.”
At the beginning of each season, write a list of the key pieces you must have. In winter, this may be a coat and in summer, some sandals. Invest in that one piece you know you can wear for the next three months and work your wardrobe around this cornerstone purchase to extend its versatility.
Simone urges smart savers to look beyond trend-based purchases and invest in liquid items. “Liquid’ refers to items sellable for cash in your life that will maintain or increase their value over time,” she explains. These include gold, silver, platinum, antiques and rare items. “Consider purchasing liquid assets that also have an aesthetic beauty that adds to your life, which will contribute to creating a sense of wealth and luxury in your life as well as having monetary value.” Detour from the department store and head for that antique garage sale this Saturday perhaps?
Millennials have more choice as a being with not being categorised as a man or woman, Simone points out. “There are lots of millennials who have relationships where the woman earns more money than the man or the man is the one staying at home,” she says. “There’s lots of different places that you can create money, from anywhere in the world now so it’s not like you have to go to an office and work 9 to 5, Monday to Friday. You can create different jobs and revenue streams from all over the world,” she says.
“Getting on top of your finances comes down to self-awareness, not budgets,” Simone points out. “A big part of self-awareness is about living, rather than swearing off everything fun and living life according to spreadsheets.” So, look at where you are spending your money and write it down. The purchases that are costing the most, but offering limited life-span (furry mules anyone?) shouldn’t be a priority.
It’s sale time on swimwear so snap some up for next summer! Think ahead about your purchases and pack them away immediately. That way, next summer you can unwrap them as a new purchase and have saved a stash of cash!
How do you save money and still shop your fashion wish list? We’d love to hear your tips!