How To Become Broke In Less Than A Year | Fashion Edition
The Prelude
Have your finances been depleting quickly? Do you barely have any money left at the end of the month? If your answer to one or both of these questions is yes, then it may be time to review your daily habits. In this article we’ll take a look at a few fashion habits that can contribute to becoming broke in less than a year's time. My hope is that after you review these habits you can correct them and change the trajectory of your finances. Let’s get started!
How To Become Broke In Less Than A Year | Fashion Edition
Focusing on Quantity Instead of Quality. When it comes to building our wardrobe, we take on the philosophy that more clothing equals a better wardrobe (when in fact it’s quite the opposite!). What leads to a more successful wardrobe and positive cash flow is quality. This is because when we choose quality items they typically last longer (giving us the maximum cost per wear) and they’re intentional choices (meaning that we will wear them more often and work them into our outfit rotation regularly). On the other hand, when we choose quantity it’s either coming from a place of wanting to spend less (and save more in the present) or it’s influenced by trends (either influencer related or fashion trend related).
Purchasing Fast Fashion. Fast fashion is produced quickly and as you can imagine that means it’s made with very little care and cheap materials. Because of this, your clothing won’t hold up for very long (causing you to spend more money within a year’s time frame). Plus, since the clothing is made from cheap material (and it’s not sustainable) it will most likely cause health problems leading to more doctors visits, medical bills, and perhaps a new medical condition that may need to be treated regularly.
Purchasing Designer Clothing. Whether you are able to afford designer clothing or it’s way beyond your price range, it’s no secret that these high ticket items can drain your bank account pretty quickly. As a personal brand stylist that works closely with entrepreneurs and career professionals, I do recommend making this type of investment if there’s strategy behind it and it aligns with your industry. However, if there is no strategy involved other than trying to live a fabricated lifestyle or keep up with celebrities, then this could put your bank account in the negative faster than you can say Louis Vuitton.
Buying What You Want Instead of What You Need. How many times have you known that you need to spend money on work clothing but you saw an ad and bought yourself some shoes instead? Treating yourself to something that you want every now and then is not an issue. It becomes an issue when buying what you want starts to exceed buying what you need. Remember, needs are necessities (an example would be work clothes. Investing in good work clothes help you land a job, get promoted, attract more clients, and close more deals which ultimately leads to more money. See my article “How Dressing Well Makes You More Money” for more details on this). Wants on the other hand, are related to a desire for something (a great example would be a trendy pair of shades that you saw your favorite celebrity wearing. The shades may make you feel good for a short period of time, but ultimately it will serve as a liability that will most likely end up in donation bin or need to be sold to pay a bill).
Are you exhibiting any of these habits?
Congratulations for making it to the end of this article and I hope that you found the information in it helpful. If you’re exhibiting any of the habits above, I want you to know that you can turn your situation around. The very first step is awareness (which you’ve already done by acknowledging that you exhibit one or more of these habits) and the next step will be putting together a plan so that you can take control of your finances again. If you shop often or find yourself needing retail therapy regularly, then I encourage you to read my article “How To Healthily Indulge In a Retail Therapy Session According To A Fashion Expert” for tips on how to spend your money in a meaningful way while still having fun. Other than that, I wish you the best on your financial journey and feel free to reach out to me in the comment section or privately through email or DM with your progress.