Thursday, 11 April 2013

Impulse or Overload Buying

Avoid the Fashion Financial Hangover

I think I'm slightly impulsive, sometimes organized and always in search of a bargain!
- Lisa Snowdon

On the topic of buying, online or otherwise, a friend in Manitoba who volunteers for the Church of Christ clothing depot, tells me that many items come with price tags attached and appear never to have been worn. At least they are now donated and given to those who need them . . . for free - and that is a redeeming quality, at least for the receiver.

NO THANKS . . . to impulse buying or at the very least impulse buying without the cash to cover the total. With the world at our fingertips and easy credit, it is easier than ever to buy. To buy responsibly is a virtue. To have the cash to buy something is important so put it on your credit card for the points, but put the cash for it into your credit card account immediately or at the very least, make sure you can pay it off before your payment date so that you do not accrue any interest. Consumer debt because of impulse buying is the worst.

Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. 
- Will Smith

NICE: Consider cost per wear. If you buy an inexpensive item but it sits in the closet or it loses its shape after the first wash, you have wasted your money, irrespective of how much it was. Spend more and buy quality especially on the closet basics. If you can't afford to buy designer at retail; consider consignment, particularly if you live in large cities. There, a greater percentage of the "well-to-do" population is buying designer and because of their positions in "city society" tend to send their two or three times worn items to a consignment store. If the clothes are older they may end up in the "donation" stores or charity bins but if they are close to "new", even the rich want to get a few dollars back on what they have worn. Or they might be the "not so rich" who buy designer and can't afford it so they have to get something back on it. Or they just are not wasteful, no matter how much money they have. 

NOTE-WORTHY: Some of the most trendy shops with good prices and discount online vendors are the worse for impulse buying. When the clothing is cheap enough so that you can rationalize the purchase or it looks good on the size 0 model on the screen, it's easy to buy. If you check how the item is made, very often the quality is not there or the way it sits on a rounder body may be disappointing.

Two American Presidents have been recorded as saying it, many others have as well, but still "we" do not listen to their advice. So with more profound words than I can muster at the moment and for your own sanity: 

Never spend your money before you have earned it. 
- Thomas Jefferson

If you know how to spend less than you get, you have the philosopher's stone.
Benjamin Franklin

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