Mindful spending when it comes to retail shopping (Part 2)! Wendy is back and we chat about ways to save money while still enjoying the shopping experience, alternatives to retail therapy, thrifting, how to find your personal style, capsule wardrobes, reselling your clothes on different platforms, and more.

Key Takeaways

  • Finding your personal style is all about understanding your lifestyle – what your day-to-day life is, where you spend the majority of your time, and what foundational pieces you need to build your wardrobe. High-quality basics could make you happier when you wear them.  
  • Thrifting is a good way to shop sustainably. The Market is a store in Toronto you can buy clothes “by the pound”. Plato’s Closet is also a great option for a more curated thrift store experience.
  • You can also buy and sell used clothing on websites like Poshmark, Kijiji, Depop. Be patient with selling your clothes, if it’s a classic piece that will come back season after season, don’t rush the process.
  • If you have a formal event like a wedding to attend, borrow something from a friend!
  • Track your mood and look at the days you are happiest. They probably won’t be correlated with the days you spend the most money. Consumption of goods isn’t necessarily a source of happiness.
  • Cleanse your Instagram and emails to unsubscribe from retailers emails

Listen Now!

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Mindful spending when it comes to retail shopping! My friend Wendy and I chat about ways to save money while still enjoying the shopping experience – she shares tips and tricks like making a list to determine if it’s really something you want vs. an impulse buy, and not to add on to your shopping cart just for the sake of free shipping. Wendy says it’s possible to be less materialistic without learning to unlove material goods.

Key Takeaways

  • Marketing is all around us and it’s unavoidable. The ads are becoming more targeted towards you as a consumer. Unfollow retail companies on social media because you’re essentially subscribing to their advertisements.
  • Use a wishlist – keep it on your phone or write it down – what it is and how much it costs, and go back to it, compare and contrast the items on the list, and cross off things you might now want as much
  • Buy now pay later allows people to use installment payments for retail purchases. They’re interest-free until you are late on a payment. You could potentially end up paying more for it.
  • Take good care of your clothes so they last longer and you value the money you put into it
  • Spend within your means

Listen Now!

Links

CNBC – Do Point of Sale Loans Cause Overspending?

MoneySense – Buy Now Pay Later

Sign up and get $10 to trade on Wealthsimple Trade

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

EQ Bank – all accounts get 1.5% interest, TFSAs get 2.3% interest!

Thanks so much for tuning in!