By Holly Reisem Hanna Do you have a flair for fashion, an eye for design, or simply a love for accessories? Are you looking for a home-based business opportunity that doesn’t involve setting up complicated e-commerce websites or doing a lot of extra legwork? If so, you’re a perfect fit to sell purses and handbags […]
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Every year, we hear about people going nuts on Black Friday: fighting over toys, shoving each other in line and just being plain rude. We’d like to think most people don’t intend to lose control — the excitement, speed and stress of the holiday gets the best of them.
To help you stay calm this Black Friday (even if others can’t), we got some expert advice. We asked physicians, therapists, social workers and more for their best stress-relief tips.
Here are nine ways to not go crazy during Black Friday:
Much of Black Friday stress stems from getting (or not getting) the best deals. To help cope, stress therapist Cheri Augustine Flake suggests you physically practice letting go before you hit the stores.
“A week or so before Black Friday, go shopping,” she says. “Grab a cart and begin filling it up. Get what you really, really want. Not what you need for your household or life to function well, but what you really, really want.”
Completed your tour of the store? Put it all back.
“Walk away and feel what it’s like to not have it all,” she explains. “Feel the attachment (or lack thereof) and allow this discomfort to teach you that you are just fine without every single thing. That no matter what you get or don’t get, you are still you.”
One of your first priorities is to create a Black Friday budget and shopping list. Not only will it help with your finances and gifting, it will also limit stress.
“Keep clear priorities,” advises John Vespasian, a writer who specializes in rational living. “Do not waste time with offers for products you don’t need, or that you did not plan to buy. Make an electronic shopping list, and your stress will be (cut) in half. ”
Finished your budget and list? You’re not done yet.
It’s time to look through the Black Friday ads and form a plan of attack. Which stores have the best deals on the items you want and when?
Making a schedule means not running around like a turkey with your head cut off.
“Taking these steps will help you be intentional about which store(s) to visit on Black Friday,” explains licensed clinical psychologist Erika Martinez.
She also suggests “assigning different stores to family members, reducing the sense of urgency to go to all of them.”
The key to a stress-free Black Friday? Remembering what it really is: A shopping day with better prices.
If you miss a deal, it’s not the end of the world.
“Make it a game — become a hunter/gatherer,” says Dr. John Mayer, an author and clinical psychologist. “If you adopt this mindset, then losing an item or bargain is just part of the hunt. Similarly, dealing with all the shoppers and their anti-social behavior becomes ‘being in the jungle’ — fun times!”
“Maintain the mindset this is a fun activity, not life or death,” adds Donna Corbett, a psychotherapist and licensed clinical social worker.
“Any bargains you get are extra, as most people will shop for the holidays whether or not they get a good deal. Maintaining this point of view will help you take a step back and observe the fray, rather that getting involved in it.”
When you prepare for Black Friday, pack a water bottle.
Even better, stir in a tablespoon (or two) of magnesium citrate powder.
“Magnesium is known as the anti-stress, anti-anxiety mineral,” explains Dr. Carolyn Dean, a physician and stress-management expert.
“Serotonin, the feel good brain chemical that is boosted artificially by some medications, depends on magnesium for its production and function… Over 75% of Americans do not get their recommended daily allowance of it.”
Acknowledge the reality of mob mentality and make a conscious decision to avoid it.
“Studies show that people make different choices in large groups than they would make in other situations,” explains social worker and family therapist Carl Grody.
“They become more aggressive and less empathetic, and when someone needs help, people are less likely to offer assistance,” he says.
“If you feel yourself being swept up in the group mentality, stop and ground yourself so you can make choices you’re happy with later.”
Turns out mom was onto something when she insisted you count to three before getting mad at your sibling for stealing your toy.
If you find yourself getting overwhelmed on Black Friday, follow that same rule.
“When tension mounts, rather than putting your focus and attention on the event, take three long deep breaths in through your nose and out through your mouth,” says health coach Tammi Hoerner. “This tells your brain this is not a life-threatening emergency and allows you to physically stay calm.”
Want to stay low-stress — but high-tech?
Download Serenita, an app that promises to reduce stress levels in just five minutes.
It uses your phone’s camera to extract specific biomedical markers, then guides you through a personalized breathing exercise to help calm you down.
“You can use Serenita anytime, anywhere,” explains founder and stress expert Dr. Oren Fuerst.
“For example, while waiting in a long line with other Black Friday shoppers, you can simply place your finger on the phone’s camera lens,” he says. “The app will assess your stress level and give you a breathing exercise designed to reduce stress within a few minutes — before you even get into the store or to the cashier.”
If all else fails, remember what you already have: Literacy to read this post, loved ones to buy presents for — and money to go Black Friday shopping.
“Gratitude helps us to take stock of what we have — often, we are so caught up with what we don’t have,” explains Dr. Perpetua Neo, a psychotherapist and coach.
“We trick ourselves into inventing reasons for things we don’t need based on an imagined lack. Practicing gratitude is a way of being kind to ourselves. When we do that, we slow down our stress hormones (adrenaline and cortisol), and instead learn to soothe ourselves.”
Listen to the experts to keep your cool on Black Friday — while scoring all of the hottest deals.
Your Turn: How will you stay calm and collected on Black Friday?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post Keep Calm & Shop On: 9 Expert Tips for Keeping Your Sanity on Black Friday appeared first on The Penny Hoarder.
Holiday shopping season is almost here!
Before figuring out what you should spend your money on, it’s essential to figure out how much money you can spend.
The time to do so is now — before the holiday madness takes over.
We promise: If you set aside an hour to review your numbers, you’ll emerge in the new year feeling much better.
To make it a little easier (and a lot more fun), we’ve created something special just for our Penny Hoarders: A free holiday budgeting worksheet.
Before filling it out, get in the swing of things with these eight tips…
It may not be pleasant, but it’s necessary: Before you do anything else, take a good look at your debt — specifically, your credit card debt.
If you have more on your credit cards than you can pay off this month, we urge you to reconsider participating in the holiday shopping frenzy. A much better use of your hard-earned money would be to pay down your credit card balance.
Skipping the expensive gifts doesn’t mean you can’t shower your friends and family with love. You can make gifts by hand (here are some Pinterest-inspired crafts), or you can give them service coupons for favors — like cleaning their house or making them dinner.
After all, a gift from the heart often means more than something that will be out of style next year.
Credit cards in the clear? Time to estimate the total amount you’re going to earn over the holiday season (between November and January).
If you get the same paycheck every two weeks, this will be easy; just multiply your monthly income by three.
If your pay is irregular, it’ll take a little more effort. One option is to look at your paystubs or bank accounts from this time last year.
Or, if your job has changed since then, you can average the amount you earned over the last three months. (If you have a particularly high month, throw it out; it’s better to err on the lower side.) Then multiply this average by three.
Once you know how much you’ll earn during the holiday season, it’s time to calculate your expenses.
Before determining how much you can spend on holiday extras, you need to create a basic budget for essentials like rent, groceries, car insurance and other expenses. (If you don’t already have a monthly budget, stop what you’re doing and make one here.)
Multiply your monthly budget by three, and you’ve accounted for your basic expenses. But you’re not done yet — we still have to add the fun stuff.
So, you’ve figured out your projected income and basic budget for the holiday season — but what about the extras? How much can you spend on gifts and parties?
To find that magic number, subtract your basic budget from your projected income. Voila! You now know how much you can comfortably spend on fun stuff over the next few months.
If you want to know how much you can spend on gifts alone, simply subtract again: The amount of money you plan to spend on things like flights, special foods, party outfits, etc.
Alright, Santa, who’s on your list?
Record your friends and family members in our handy holiday budgeting worksheet and assign a gift budget to each.
The amounts should add up automatically — if the total is less than or equal to your official total budget, then you’re good to go. If not, tweak the numbers until they work. (Remember: A little extra wiggle room never hurts!)
Next, brainstorm gifts for each person that are at or below each price point. If one of your gift ideas is a bit more expensive than what you’ve budgeted, see the following step…
You really want to buy your sister a new makeup brush set for Hanukkah, and you’ve budgeted $20 for her on your master list. But when you check the price online, you see it costs $39.
Before getting discouraged, remember Black Friday and Cyber Monday are fantastic opportunities to purchase gifts at lower prices.
Check Black Friday websites to see predictions about what items will be going on sale, and at what price.
If you’re vigilant, there’s a good chance you could get your gifts at lower prices than currently advertised.
One of the keys to smart holiday shopping is patience. Well, patience and research.
Before making any purchases, check prices at multiple stores. Price-tracking and -comparison tools abound, which makes the process nearly effortless.
BuyHatke is a useful browser extension that compares and tracks prices. When shopping on Amazon, it also displays price history graphs, so you can see if the current price is really a bargain.
If you’re on the go, scan an item’s barcode with Purchx to read reviews and compare prices. Or try the SlickDeals app, which alerts you when prices drop in certain categories or at your favorite stores.
This step may be last, but it’s one of the most important (and is definitely the hardest to follow).
Sticking to your budget is the only way you won’t end up with a holiday hangover — at least financially.
To help, create a “holiday” expense category with an all-in-one tool like Mint or an app like Santa’s Bag, which will help you manage both your gift list and holiday budget from one platform.
If you prefer something more tactile, withdraw your holiday shopping budget in cash and keep it in a jar.
If you buy anything online or with a credit card, take that amount out of the jar and put it into a separate envelope, which you can later redeposit in your checking account. Once that jar’s empty, so is your holiday budget.
One bonus of carefully tracking your holiday spending? If you find great deals, you may have a little extra cash for yourself at the end.
Avoid going into the red this holiday season by having a plan — and sticking to it. Here’s that link to our holiday budget template again.
You might curse us when you can’t buy every single thing your heart desires, but you’ll thank us when the new year arrives!
Your Turn: Have you made your holiday budget yet? How do you plan to stick to it?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post The One Thing You Need to Do Before Going Holiday Shopping appeared first on The Penny Hoarder.
I’m a huge proponent of frugality and green living. So why do I think Black Friday is one of the best days of the entire year?
Simple: I get to save a lot of money on products that are usually out of my price range — products that are environmentally friendly and can help me save money in the long run.
Here’s how I turn Black Friday green, using its deals to support my frugal and eco-friendly lifestyle.
Black Friday offers the opportunity to purchase appliances at low prices, so I take advantage of the chance to upgrade some of my appliances to newer, more energy-friendly versions.
Switching to an Energy Star appliance can help you save anywhere from $25 to $110 a year, according to DealNews, depending on the age of your current appliances and how many of them you plan to replace.
Plus, if you add the Black Friday savings and the fact that you’re much less likely to need repairs for newer housewares, you can save even more in the long run.
Just because I live frugally, it doesn’t mean I don’t like to look good.
On the contrary, actually. I am quite fashion savvy and I love creating fun and polished outfits.
I love quality clothes and I don’t like buying cheap items that won’t last for long, won’t look as good and have serious environmental and other impacts.
The good news is many clothing stores have great sales for Black Friday and Cyber Monday, and it’s worth taking a look whether that item you’ve been lusting after is marked down, so you can get a quality product and stick to your budget.
One of my favorite eco-friendly investments is high-quality faux fur and faux-leather products. These clothes look just as great as natural fur or leather ones, but they are much friendlier to our fauna — and on Black Friday, I’m much more likely to find a price I like.
Plan on shopping for things you’ll carry away with you? Don’t leave home without your own shopping bags.
It may feel a bit odd to bring a bunch of them with you, but it can help make a huge difference. Every year, we throw away enough plastic to circle the planet four times, according to some sources.
Instead of contributing to plastic debris in the oceans and toxic emissions generated when manufacturing plastics, bring and reuse your own bags.
Why drain energy resources when you don’t need to?
Walking or biking to the stores you plan on visiting for Black Friday is a great way to see how cheap, healthy and environmentally friendly leaving the car at home can be. As long as I don’t have to carry large objects, I will be more than comfortable — and you will be, too.
If you don’t have a bicycle, why not look for a Black Friday deal on a new one? A fairly good bike doesn’t cost a lot of money, but it can help you save a lot, both in terms of finances and environmental impacts. Here’s a cool calculator for the financial part.
Many green technologies and products cost a lot upfront, even though they can help you save money in the long run.
On Black Friday, however, you can often find these products on sale, so I usually keep an eye on them.
For example, I have always wanted to buy a solar battery recharger and I’m hoping this Black Friday might be my chance!
The best way to save money on Black Friday, and to be green, is to avoid buying absolutely everything you see on sale.
As tempting as it seems, you probably don’t actually need all those items, and you might wind up tossing them out before their expected lifetimes are actually up.
This would be a waste of both environmental and financial resources — so take a moment to consider whether you really need that item or if you’re just excited about the deal.
Your Turn: How do you stay green on Black Friday? Share your tips in the comments!
Savanna Oconner is a frugal-living computer systems analyst from Memphis. She enjoys hiking or any kind of outdoor physical activity. In her spare time, she loves to write and cook.
The post Keep It Green: 6 Ways to Make Black Friday Environmentally Friendly appeared first on The Penny Hoarder.
Who’s stoked to head out for Black Friday shopping this year?
Great deals, family fun and holiday hullabaloo make Black Friday a full-fledged event.
Although I love online shopping, there’s just something extra about walking down aisles or digging through racks in brick-and-mortar stores.
But if you’re planning on heading into the fray this year, packing properly can help you get the most out of your time and effort.
If you want to save the most money, spend your time as efficiently as possible and make Black Friday an all-around win, don’t leave home without these 14 items!
Not only will Black Friday be more fun when you share laughs with your loved ones, traveling in a group lets you shop more efficiently. For instance, one or two people can hold a spot in one line while another goes off and scouts a separate store.
That leads us to our second Black Friday must-bring…
Carpooling is an obvious time and money saver.
But even if you’re going it alone, consider public transit or rideshare companies to save you time — and potentially gas money spent driving around for an hour looking for parking or sitting in an hour-long traffic queue.
Check out our post on saving money on Black Friday transportation — many public transportation agencies are offering extended hours or even free fare for Black Friday shoppers.
Two words: Yoga pants.
Seriously. Ditch the fancy Thanksgiving dinner wear — sweats are a decent option for warmth and comfort (and are fairly easy to take on and off if trying on clothes is part of your Black Friday plan).
Make sure to dress in layers — you’re likely to be cold standing outside in line, but warm rushing around inside the store.
You’ll also want to make sure you’re wearing comfy shoes!
The lines are long, and rushing around several stores in a row can be thirsty work. You may be out shopping for hours on end; it’s important to stay hydrated!
You might want to consider Gatorade or some other electrolyte-laced sports drink if your shopping plans are truly epic.
Five hours is a long time to be on your feet, especially if you’re shopping somewhere like Florida where November doesn’t necessarily mean the weather’s cooled off.
OK, maybe you feel like you’ll never eat again after your Thanksgiving feast.
But if you’re going to be out all night, your blood sugar is bound to fluctuate. Keep your energy up with healthy, portable snacks, like nuts or a protein bar.
Coordinating with friends, using your GPS to get around, setting up transportation with Uber, Instagramming all your new buys — it’s gonna be a busy night for your phone!
Make sure you keep your tech alive by bringing along a handheld charger.
In all the Black Friday confusion, it’s imperative to keep organized.
You’ve gotta know what you’re buying, where you’re going to get it and how much you’re planning to spend.
Don’t forget your list! You can download our handy holiday shopping template here.
If you’re hitting multiple stores, it’s helpful to know which doors open at 5 p.m. on Thursday and which won’t be open until 4 o’clock Friday morning.
Plan your evening ahead of time and bring your itinerary so you stick to it as much as possible — but make sure to give yourself some wiggle room for crowds and traffic.
Keep those mailouts with you so you remember which store has the $50 TV and which has the $300 laptop. Plus, some vendors will price match on Black Friday so you can get the best deals even if you can’t get to every store.
In case carrying around a file folder of advertisements doesn’t sound like fun to you, check online — most companies list their best deals their sites and other Black-Friday-themed blogs.
A true Penny Hoarder always has their coupons with them! Keep your clippings separated with a convenient, categorized organizer.
You may need them for price matching if you find a better deal later, or you may discover that hard-to-buy-for person on your list already has the gift you so thoughtfully acquired on Black Friday.
Plus, sometimes, you get lot of coupons! (See above.)
In addition, some cash-back companies that require receipt images — like Ibotta — have done Black Friday-specific deals in the past. Stay organized with a receipt holder, so you can categorize your receipts — gift vs. personal, by store, etc.
You should always have these items on you, especially at a time like this!
Don’t go out and blow $100 on a pair if you don’t have ‘em already.
But if you bought walkie talkies back when they were all the rage, they might come in handy when all the cell phone bandwidth is eaten up at Walmart.
If you’re going hard and don’t mind carrying some stuff around, foldable chairs or beach blankets might be creature comforts you’ll be glad for when everyone else in line is forced to stand for several hours.
So there you have it: 14 things to ensure a perfect Black Friday shopping experience that includes plenty of awesome deals.
Don’t go empty-handed this Black Friday — on the way out or on the way back home!
Your Turn: What will you bring with you on your Black Friday venture?
Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!
Jamie Cattanach is a staff writer at The Penny Hoarder. Her writing has also been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.
The post 14 Essentials That Will Make Black Friday Shopping a Lot Less Miserable appeared first on The Penny Hoarder.
Black Friday may be one of the biggest shopping days of the year, but not everyone wants to hit the mall or big-box stores. No matter how good the deals are.
If you’re not interested in doorbusters or long lines, but still want to get some shopping done during the holiday weekend, Small Business Saturday might be for you.
American Express launched the first Small Business Saturday in 2010 to highlight locally-owned brick and mortar businesses in between the Black Friday and Cyber Monday shopping frenzy.
Local businesses have trouble competing with big box stores and online retailers in price-cuts, but they benefit their communities by keeping money local, providing jobs and more.
The idea behind SBS and the Shop Small movement that stemmed from it is simple — support independent businesses.
Each year, American Express helps participating businesses with free marketing materials and online promotion.
To officially participate in SBS and get the American Express perks, businesses must first accept the credit card for purchases — which excludes a lot of small businesses.
Find participating businesses near you through the American Express Shop Small map.
Small businesses country-wide benefit from the campaign. The SBS buzz reminds shoppers of the benefits of local shops — and, in some cases, reminds them they exist.
Want to know whether your favorite local business will be celebrating this year, even if it’s not participating in the American Express campaign? Ask someone at the store. A nice benefit of a small business is the small staff usually knows what’s going on!
In addition, look for events in your community.
Your local Chamber of Commerce may have information about what’s happening in neighborhoods around your city. Some stores or restaurants host special events — many have sales in the spirit of Black Friday weekend.
“Larimer Square is Denver’s most popular and treasured block,” explains a representative from AILLEA, a beauty retailer on the block. “[It’s] home to a collection of independent retailers, small businesses and chef-driven restaurants.”
In 2015, AILLEA partnered with local groups for a “Shop for A Cause” event to offer residents a way to give back to the community while they shop.
What’s happening near you? Check out your local businesses, Chamber of Commerce and the AmEx Shop Small Map for events and sales in your area.
If nothing’s happening in your community, here are a couple more ways to save when you shop local businesses this holiday season.
In addition to SBS, many small businesses also are offering in-store and online deals for Black Friday and Cyber Monday.
Fitlosophy, an Orange County, California–based lifestyle company focused on health and business, launches new products to kick off the holiday season.
“For Black Friday, Fitlosophy launches new black products every year in celebration of the sales — such as the Fitbook black, black protein shaker, etc. in years past,” a Fitlosophy representative told TPH. “Finally, Cyber Monday is celebrated with free shipping promotional codes.”
You might not see products at the doorbuster prices big box retailers are offering, but you’ll likely find better quality and more unique items at local stores.
Black Friday and Cyber Monday deals could push these items into your price range and give you the chance to support local business.
Lisa Chu of online children’s formalwear company Black N Bianco says, “The key to a successful holiday sale like Black Friday is to stay organized because it’s guaranteed things will get a little hectic …Competition is fierce and in order to stand out from the crowd, I always educate our customers on what items will go up for sale.”
Follow your local businesses online, on social media and in person to get early tips about sales. Use this info to plan your holiday shopping and prepare your budget for Black Friday.
Increase any savings you find — make purchases with your cash-back rewards credit card.
Because SBS is sponsored by American Express, official participating businesses will accept their cards.
If your favorite local business doesn’t take Amex use the card that will give you the best rewards. If you’re smart about your increased spending to prepare for the holidays, you can stack up a lot of rewards.
Choose your payment methods wisely, and make sure you can pay your bill in full by the end of the month to avoid interest!
Though they’re often forgotten in the shuffle, your local businesses can offer some great deals for holiday shopping. They also tend to have much more intimate events, a perfect way to connect with your community and get in the holiday spirit!
Your Turn: Do you shop local for the holidays? Will Small Business Saturday events and deals make you more likely to look for local businesses this year?
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur, Writer’s Digest and more. She’ll probably spend Black Friday working on an elusive essay and eating ALL the leftover green bean casserole.
The post How You Can Participate in Small Business Saturday Without Breaking the Bank appeared first on The Penny Hoarder.
You’ve survived the cold wait in line, where you’ve hopefully been brave enough to bond with a new friend over your shared dedication to Black Friday deals.
You literally bust your way through the door in pursuit of said savings — immediately leaving your unsuspecting new friend behind in the dust, because… deals.
In front of you lies a cornucopia of things, the happiness of your children and approval of your coworkers displayed in pristine boxes on rows upon rows of metal shelves.
Dangling above each piece of holiday shopping splendor is the siren call of American retail: the SALE sign.
You have to have it, right? What a deal!
You couldn’t possibly find prices like this again. And you spent all that time chatting up what’s-her-face outside in the cold — you deserve a treat.
Before you do something you know you’ll regret, take a moment to really consider it.
Breathe deeply, double-check your list — and get out of the aisle before what’s-her-face clips you with her shopping cart in her sprint to Housewares.
Now ask yourself these questions.
Congratulations, Black Friday Warrior. You’ve survived the test of will. Go forth, and find more great deals.
Rejoice when you return home with your spoils — and with the newfound strength to survive the remaining challenges you’re sure to encounter this holiday season.
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur, Writer’s Digest and more. She’ll probably spend Black Friday working on an elusive essay and eating ALL the leftover green bean casserole.
The post This Chart Makes Black Friday Buying Decisions Easy… and Fun appeared first on The Penny Hoarder.
The Chancellor did not announce any plans to review tax relief on pension contributions in Wednesday’s Autumn Statement. However, details of the consultation on other pension changes suggest reform of pensions tax relief very much remains on the cards.
“31 Days to Financial Independence” is an ongoing series that appears every Thursday on The Simple Dollar. You might want to start this series from the beginning!
Last time, we continued looking at the average American family budget, going through each category and examining how one could trim the cost of typical expenses in that category. Here’s the “average American family budget” that we’re looking at, along with links back to the earlier entries on those specific areas:
Housing – $10,080
Transportation – $9,004
Taxes – $7,432
Utilities – $7,068
Food – $6,602
Insurance (including things like pensions) – $5,528
Debt Payments – $5,252
Healthcare – $3,631
Entertainment – $2,564
Cash Contributions – $1,834
Apparel and Services – $1,604
Education – $1,138
Vices – $775
Miscellaneous – $664
Personal Care – $608
TOTAL – $63,784
Today, we’re going to skip over cash contributions (a really vaguely defined category without a lot of room for straightforward cost cutting) and take a look at apparel and services. As you can see from the budget above, the average American family spends $1,604 per year on apparel and services, which averages out to about $140 a month. Remember, however, that this “average American family” includes single adults, married couples without children, and families with children, too. In other words, a single person is probably coming in below that, whereas a large family (like ours) is probably coming in above that.
So, what constitutes “apparel and services”? Obviously, clothing falls into this category, but so do things like dry cleaning, shoe repair, and tailoring.
The rest of this article consists of a long list of specific tactics that you can use to trim your apparel costs. As with the other savings articles in this series, it’s important to remember that everyone lives a somewhat different life and thus some of these tactics are going to seem useful and sensible to you, while others will seem like a stretch to you, and still others won’t apply at all. That’s okay. Ignore the ones that don’t apply. Make an effort to adopt the most sensible ones. Then, give the others a trial run and see if it’s something that can work for you. Commit to some of the challenging ones for thirty days and see if they work, or apply them during the relatively rare situations when those costs come up.
Remember, your overall goal is to cut back hard on the areas of life that are less important to you – the shallows – so that you can afford the “deep” areas of your life both today and tomorrow. Keep that in mind as you read each tip. Is this tip cutting back on something that’s really important to me, that amounts to a core life value? If not, why not cut it so that I can afford those things that really matter?
Let’s dig in.
Never go clothes shopping without a plan. This is true for any shopping excursion, of course: you should never go shopping unless you have a very strong grasp on exactly what you plan on buying. That way, you have a “mission” to undertake when you enter the store. You’re looking solely for the items that match what you’re looking for.
Doing this cuts down drastically on wandering and browsing, and stores of all kinds are designed to get people to buy more things when they wander and browse, particularly things that they don’t need and barely want. That’s the purpose of almost every feature of a modern store, from the layout to the ambient music to the location of particular items to the displays. It’s all about converting a “wanderer”/”browser” into a buyer, regardless of their desires.
You can short-circuit that by having a plan. Make up your mind as precisely as possible before you enter the store in terms of exactly what you need to buy and focus entirely on executing that purchase as efficiently as possible. That way, you have far less focus left over for unplanned purchases, which are often money dropped straight down the drain.
Switch to a “flexible” professional wardrobe. This is a strategy I used quite successfully during my last few years of professional work. In short, I essentially had a handful of “mix and match” elements that all went together pretty well to create the impression that I had a lot more clothes than I did.
For example, I had a few pairs of very basic dress pants, several fairly basic dress shirts, and a number of ties that didn’t clash with the shirts. By mixing and matching these, it gave the impression that I had more clothes than I did. This would have been even easier if I were in an environment to wear a jacket to work, as mixing and maxing shirts, ties, and jackets that don’t clash with each other makes your wardrobe look huge when it’s not really all that big.
Try to choose clothes that go reasonably well with lots of other things and you simply don’t need as many clothes because everything goes together. It’s easy to just throw together an outfit if everything matches.
Buy well-made and long lasting items if you’re buying new items. Some of the strategies on this list are for buying used items. Used items come with the implicit understanding that they’re not going to last forever and that’s okay – that’s part of the deal when spending a fraction of the cost.
When you’re buying new, however, look for brands that have a reputation for being very long lasting and sturdy and spend a little more for them. A shirt that will last ten years is worth paying 50% more for compared to a shirt that will last two or three years.
Spend some time researching brands that have a reputation for long-lasting apparel and make those brands your focus. At the same time, know how to identify well-made clothes. Learn to inspect seams and cloth to make sure that the items are going to last.
If you’re less fashion-conscious (like me), buy a repetitive wardrobe of stuff that just fits and works. My wife says I dress like Mark Zuckerberg. I take that as a compliment. For those unfamiliar, Mark Zuckerberg is the founder of Facebook, a billionaire many times over, and a person who essentially wears the same thing every single day. His closet is mostly just full of duplicates of the same items.
If you have a particular outfit that looks reasonably good on you and fits you well, just buy several copies of the same outfit whenever you find it on sale and wear them until the items wear out, then repeat. Since I work from home, I wear a plain t-shirt and jeans every single day, so I just buy well-made jeans and t-shirts when they’re on sale and wear them forever. It works really well for me and keeps the cost low.
When clothes become worn out, save them for “around the house” use. When a shirt becomes worn out, don’t throw them out. Save them instead for days when you’re going to be at home taking care of household tasks or just relaxing. Wear that old t-shirt or even that old dress shirt on those days. There’s nothing wrong with wearing a beat-up dress shirt to weed the garden or to walk the dog or to wash the windows or to do laundry. There’s nothing wrong with wearing an old t-shirt when you’re cleaning out your car or doing the dishes or helping your child with a school project.
As long as the clothes cover your body and are comfortable to wear, they’re perfectly fine to wear around the house.
When they’re too worn even for that, make a “rag bag.” Eventually, clothes become just too worn to even wear around the house. T-shirts and socks and other items eventually get holes in them or tear along their seams and they’re just not wearable any more.
In that event, convert them into rags. You can just toss them into a bin in the garage to soak up messes or cover the ground if you have to lay down. You can cut up t-shirts and hem the edges to use as cleanup rags and dish rags around the house. This saves on buying rags or paper towels and gets even more value out of your most used clothes.
When you shop for clothes, start at the secondhand store (particularly ones near or in upscale neighborhoods). Here’s a secret about secondhand stores and thrift stores: you don’t go shopping for the junky stuff. You ignore all of that. Instead, you browse through the shelves and hangers for the items that are stuck in there inexplicably, the items that are in great shape and on sale for a buck or two. There are always items like that in thrift stores and secondhand shops. You just have to look.
The ratio of junk items to quality items is much better at thrift stores and secondhand stores that are near upscale neighborhoods because people from those neighborhoods go to the nearest secondhand shops to offload their stuff, so you can go in there and often pick up things that are essentially new.
Sell off the nicer clothing you don’t regularly wear. Most people eventually build up items in the back of their closet that they don’t wear. Perhaps it’s uncomfortable. Perhaps it just doesn’t fit well. Perhaps it’s just not as well “liked” as other items in your closet.
Whatever the reason, if you’re not wearing it, you should sell it and get some value out of it. If it’s a nice article of clothing, take it to a consignment store. If it’s more worn, donate it. Even if you aren’t directly compensated, you’re still freeing up room in your closet.
Buy clothes for future seasons at the end of the current season. Quite often, as stores transition from stocking clothes for one season into stocking clothes for another season, they’ll have big sales on the clothes for the previous season to avoid having to send them back to the manufacturer. It’s almost always better for the store to actually sell the item at a discount than return it.
Take advantage of this. If your winter wardrobe needs a refresh, wait until the later winter months to buy clothes to refresh it. If your summer clothes need a refresh, wait until the later summer months to refresh it. You’ll find that retailers of all stripes have the clothes you need on sale right when you’re ready to buy.
Take advantage of tax-free holidays. In my state, the first weekend of August is a tax-free holiday on apparel, meaning you pay no sales tax on apparel items bought during that three day period. Stores take advantage of this and compete with clothing sales to maximize the number of customers that come in the door.
Because of that, it’s a perfect time to buy school clothes and do a bit of a wardrobe refresh. We often start by going to thrift shops the weekend before and buying clothes there, then fill in the holes in the wardrobes by hitting the clothes sales during the tax free weekend. We can often refresh our entire wardrobes for a fraction of the price of shopping for clothes on normal weekends.
Don’t assume “everything’s on sale” if you’re at an outlet mall. Outlet malls have a reputation of being places to find nice bargains, but the truth is that many outlet malls are just retail stores for their specific brands. While you might find some discounts, you’re making a big mistake if you treat everything there as being on discount.
If you’re going shopping at an outlet mall, keep your price guard up and make sure that things are actually at “outlet prices” before you buy. If you’re not saving much by shopping there, don’t buy there; you can often find better bargains by simply using the other strategies in this article.
Avoid clothes that require extra care as much as possible. One of the biggest money sinks of a professional wardrobe is upkeep. It can cost a lot to keep your clothes dry cleaned or to take on special cleaning practices yourself for specific garments. Even if there is no additional cost, there’s often additional time involved.
The best strategy here is to make sure that the garments you buy don’t require any additional care, particularly if that additional care requires you to pay for special services like dry cleaning. Just avoid such garments entirely and find other solutions for your wardrobe. Buying and wearing such clothes just turns into a time and money sink which you really can’t – and shouldn’t – afford.
Don’t buy expensive workout clothes. While it can be tempting to buy special clothes for working out, don’t do so unless there’s actually a need for it. A t-shirt and a pair of shorts or sweatpants is all you need for almost any workout activity.
Yes, there may be special cases where particular articles of clothing are useful or necessary for specific people or for specific workouts, but if that need isn’t there, don’t invest the money. Just wear a t-shirt and shorts. It’s pretty standard gym apparel and it won’t cost you an arm and a leg.
Swap services with a friend that can sew. If you need to adjust or hem an article of clothing, that might mean a trip to a tailor if you don’t know how to sew yourself (or don’t have the materials for it). That can be very expensive indeed.
A much better strategy is to become friends with an amateur who sews for a hobby and swap services with that friend. Offer to watch their children for an evening in exchange for a simple garment adjustment. Offer to fix their computer and clean off their viruses and popups in exchange for the labor portion of a major garment adjustment. You get the idea.
Swap clothes with similarly-sized friends. Many people buy clothes simply because they want to change their look a little. They want to experiment with new colors or patterns or designs.
One way to do that is to find friends that are very similar to yourself in size and do a closet swap. Simply exchange a bunch of items from your closet for similar items from your closet. Suddenly, you have a bunch of new clothes to wear and it didn’t cost you a dime!
Make simple repairs yourself. If a button falls off of a shirt, it’s not time to call a tailor nor is it time to throw away that garment. It’s time to get out a needle and thread and spend fifteen minutes fixing the problem.
Simple issues like a loose hem or a button that’s fallen off are issues that almost anyone can resolve themselves with a needle and a bit of thread. It’s not difficult to sew on a button or fix a loose edge somewhere – the ability to stick a needle through cloth several times and tie a small knot is pretty much all you need. If you need more help, look online.
Be proactive with simple repairs. Rather than fixing an article of clothing with minimal effort, be a little proactive. Sew that button on securely rather than just using minimal thread. Better yet, secure all of the buttons on that shirt with an extra bit of thread, because if one came loose, it’s likely that others will come loose as well.
Dry your clothes slowly. Instead of loading up your dryer and turning it on high to blast-dry your clothes, consider a slower approach. Hang them up on a line in your basement or use a drying rack or, at least, use a lower heat setting in the dryer.
While this might seem like an energy-saving tip, it’s also a clothes-saving tip. Think of the lint in your lint trap in your dryer. Do you know why it becomes so full? It becomes so full because the action of the dryer is literally beating fibers out of your clothes, causing them to wear out far faster. You don’t get “lint” when you line-dry or rack-dry your clothes and you get a lot less lint at a less intense dryer setting.
Come back next time when we cover all of the remaining categories at once – education, vices, and miscellaneous expenses!
The post 31 Days to Financial Independence (Day 15): Trimming Your Spending – Apparel and Services appeared first on The Simple Dollar.
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