Wednesday, November 10, 2010

How not to spend it

Every week, the Financial Times publishes a lifestyle magazine called How to Spend It that is delivered to my apartment on Saturdays. Hubby and I always joke, because of my love for shopping, that my How to Spend It has arrived. As if I wait with bated breath for its arrival. Or as if I need the editors at HTSI to help me spend! Ha!

I find the magazine pretentious, yet somewhat informative. Apart from being a collection of advertisements of luxury goods, it also includes articles on travel and the arts. Both things that I am passionate about.

Inspired by the how to spend it magazine, I've decided to dedicate this post on how not to spend it. So here it goes, my first list on cost cutting.

How NOT to Spend It - Part 1 - Wardrobe:

1. Go to the tailor. Before going shopping for a new wardrobe, scan your closet for items that could use some love, repair, or an overall change. Be daring with your tailoring, don't be afraid to shorten, lengthen, dye, chop, make into a skirt, make into two pieces, etc.  A good tailor can work magic on your wardrobe.

2. If the mood strikes you, spend it! Like food and books, I find that if I resist all together I will binge and overindulge.

3. Belt it. Tie it. Turn it inside out. Layer it. Try something new with what you already have. You'd be surprised by the options readily available to you. Take a look at this headband I wore in Guatemala - like it? It is actually a necklace! I attached a rubber band to the clasps - and voila - a new accessory.

4. Spare yourself the torture. Don't browse flash sales on websites like Gilt Groupe, HauteLook, and Rue La La. Browsing a flash sale is like visiting temptation island - you might go overboard.

5. Practice walletless shopping and leave your credit card at home! When I first moved to New York City not spending was easy because I didn't have any money. Was it torture? Yes! Did I dream of shopping sprees at Bergdorfs? Yes! But I didn't spend, which is what counts here.

6. Don't buy this full price, ever. Stinks, I know!  I love it too.

7. Remember that you don't need a six pairs of nude Louboutins. One pair will suffice.

8. Save for a big ticket item. Do you still want it? Was twelve months of skimping worth it for the new item? Perhaps your stashed cash is better spent on a trip to Paris?

9. Shop consignment and don't be afraid to negotitate.

10. Practice the two week rule. Step away from a purchase for two weeks. After two weeks are you still interested?

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