Sunday, October 12, 2008

Looking Chic in a Slow Economy

I don't know if you've been watching the news, but as my job is slightly related to banking, I have been all tuned in over the last few weeks. Seeing the markets taking a turn for the worse is a scary thing...especially when it gets you thinking about the security of your own job. I don't know if we're in a recession or not (different people will say different things), but I do know that the economy is slowing down and money is tightening up. I'm working harder than ever to pay off my credit card, and I'm taking serious cuts in my spending habits. I highly encourage you guys to do the same. Pay off your debts and start saving. There may be hard times ahead! It's better to be safe than sorry. I'm no financial planner or anything, but I've been thinking a lot about my spending habits and my lack of savings, and I just don't want you guys making the same mistakes (i.e. spending all your money on clothes) that I have. :)

Looking Chic in a Slow Economy
To work with my even tighter budget, I've decided to pick a couple items a season to make my "it" items. Instead of buying gobs and gobs of clothes, I'm going to try my best to buy one or two "it" items a season and use my existing clothes to finish out the look. Now, "What exactly is an "it" item?" you may ask. I think an "it" item is a different type of thing to every person. "It" is something you really want right now, something that is trendy right now, something that you've been wanting for a long time. To me, an "it" item is something kinda trendy or "of the moment" that will compliment my wardrobe or replace something that needs to be replaced. "It" is something that I intend to wear quite often for a given season (or longer) that will enhance my wardrobe but fit well with what I already have. I don't want to get an "it" item that will require new shoes or a new top b/c that will kinda null the point of trying to only get a couple items to begin with.

I recently purchased such an "it" item:

J Crew - Distressed vintage slim jean in worn indigo wash - $135

I got these jeans almost two weeks ago, with my October budget money, and I've already been able to wear them several times. I've been super-pleased with my purchase. They are very versatile, comfortable, and chic. :)

But, back to the money-talk...my dear fellow shopaholic-friends, please do think about your finances. I obviously don't know your financial situation, but if you're a shopaholic like me, it will be hard to slow down your spending habits. To me, slowing down on shopping can be like going on a new diet. Whenever I've tried to stop eating bad food cold-turkey, it's never worked. Whenever I've tried to stop shopping cold-turkey, it's never worked. I've been weaning myself down from shopping over the last few months and I think I've been doing pretty good! I've been returning to my old habits of shopping the sale racks and looking for good deals, and I've found some great steals! I paid off one credit card and now have one more, plus the iMac to go. The only other thing I'd like to do now is set aside some money for a rainy day. :)

Take care of yourselves. Happy shopping, happy saving!

18 comments:

WendyB said...

Nice jeans. I hope not everyone stops shopping entirely because then the economy really will shut down and we'll all be out of work.

Shopaholic D said...

Thanks Wendy! Yes, let's shop smart :) I don't think I could go a month w/o buying anything. I was just spending too much money on clothes before.

:) D

Amethyst said...

Glad to see you've returned! I missed reading your postings on your blogs. I too am trying to pay off an enormous debt and only buying absolute necessities. Its really hard to resist the shopping temptation but my husband is all too willing to remind me as much as possible!!

Kate said...

I was just composing a similar post. Great tips about the "it" items

Shopaholic D said...

Thanks Amethyst! I've been missing blogging, but duty calls (housework, biz work, real work, etc...lol). Good luck w/ your debt - I'm sure you'll get it soon enough. Fabulously Broke in the City has some good money tips. I love to check out her tips. :)

I'll have to look for it when you're done. Thanks, Kate!

:) D

kokostiletto said...

Hi!! Yes the entire situation is very hard right now - you are so smart to think about these things and take such measures! I too have just implemented a budget for myself :) No more impulse buying!!

nooraza said...

Economy downs means you need to be smarter when shopping. Find something suitable for all trends, occasion and fashion season

Shopaholic D said...

Yay! Go Koko!!

yup, shop smart, Nooraza!

:) D

Brentwood Kitchen Shopper said...

My company just recently closed down my entire department due to tightening their belt. And shopping has been the hardest thing to watch! I'm definitely looking for more deals now. I'm sure the economy will be out of this situation by next summer.

FashionForLove said...

"It" to me is really asking myself "How often will I be wearing this item?" If I'll wear it alot, like jeans, a coat, a bag, the money is worth it. A $45 tank top though? Thats crazyness to me...great jeans by the way!

MichelleB said...

I love those jeans! I stay looking chic in slow economy too! I just bought my self a really pretty necklace from www.idonowidont.com for my night out at the opera with my hubby. Ladies, trust me you need some hot jewelry to go with chic outfits. Now I want shirt too!

Shopaholic D said...

Brentwood - oh no! I'm so sorry! Let's def hope things are better next year. In the meantime, good luck w/ everything!

Hey FashionForLove - I totally agree. I am planning to get lots of mileage out of my clothes! lol

Thanks Michelle!

:) D

Miss A said...

God for you, and thanks for the article- great advice. Love the jeans too...

budget chic said...

This is excellent advice! I'm glad to see that you are trying to think ahead of the game. None of us knows when we will lose our jobs because of a layoff or downsize or have our hours reduced. So saving now in case of a shortfall is very practical.

Wanderlusting said...

Great idea - and love your blog btw.

I just got a new job and went a little crazy with a new wardrobe...VERY crazy. It's tough because I go through these phases where I am very uncontrollable with my spending. And it's not that I can even afford it when I have MASSIVE credit card debt to pay off. It makes me feel a bit sick actually.

So I've banned myself until Dec which is fine because I do have enough clothes, more than enough, I just have to get creative!

I am also selling A LOT of stuff on Ebay. I normally sell stuff like designer shoes that don't fit (oh me and shoes are like oil and water) but this time I am really saying goodbye to things I don;t want to. All proceeds will go to my debt!

So stop by my blog cuz I'll have a link up to my Ebay soon.

I'll be back here of course cuz blogs like this one brighten my day and give me hope that we can still be stylish on a budget. We just need to mix it up!!!

Luv
Lusty

www.ontheblogbandwagon.blogspot.com

Shopaholic D said...

Miss A - You're very welcome! Glad you like it!

Exactly, Budget Chic! Better to be prepared...then, once you've got some money saved, you can spend more again. :) As long as you don't dip into those hard-earned savings, that is!

Wanderlusting - sounds like you deserved a nice shopping spree! Congrats on your new job!!

:) D

-h of candid cool said...

i used to buy things every week! and its crazy because when i think back on it, i cant remember what the heck i was spending my money on. now i only buy 1-2 new things a month, and they really have to be like an "it" item, plus be practical for my lifestyle.

this thread on tfs you may find helpful. i refer back to it a lot.

but i agree with wendy too. we'll all be out jobs if everyone stopped shopping.

also those jeans look really great. :)

MikeC said...

I read your blog, I thought I would give another idea though. Has anyone ever shopped on Gilt Groupe? I frequently buy my clothes there and I get up to 70% off.

If anyone is interested, here is some information about Gilt Groupe. http://www.forbes.com/forbes/2008/0225/070.html

if you want to join, here is my personal invitation link http://www.gilt.com/invite/michaeljcanine