How to save money, the fashion way: 18 genius tips from experts and style savants (2024)

With tax season in full swing, it seems all things are coming up green (and by that we mean nausea). Accounting for a year’s worth of income tends to induce panic: “Where did all my money go?” “Am I poor?” And since some fashion gals might have a harder time holding onto cash (you think $300 shoes are a steal, right?), we put together the ultimate money managing tip sheet guaranteed to save you some dough. These tips have been sourced from experts like Toronto-based financial advisor Shannon Lee Simmons (I can personally attest to her skills) and money managing unicorns like photographer Jenna Marie Wakani, who still budgets a way to shop designer clothes while juggling mortgage payments.

1. Make a budget

The most important thing in the entire world is making a budget. However, figuring out what’s important to you and spending that budget properly is actually what can make that budget sustainable. So if you like to shop, then it just means you have to give up something to make room for that shopping, right?

Think about your life and spending money on clothes on a per-season basis, rather that by week or month. Double the amount and then divide by 12 to get your average monthly spend. Then, open a separate shopping account at the bank, and transfer an amount from your paycheck directly there.

—Shannon Lee Simmons, financial advisor

2. Sleep on it

If you are trying to reduce the amount you spend on clothes, try the good old “sleep on it” method. If you aren’t sure about a purchase in store, put it on hold and go home. If you still want it the next morning, buy it if your budget allows.

Bonus Tip: If you window-shop on your lunch break, don’t bring your bank or credit card with you. You can shop and try things on, knowing that you’re going to sleep on it.

—SLS

3. Be wary of online shopping

Online shopping is a Catch-22. I love it because you can get great deals by using coupon codes, but it’s easy to buy into extra promotions that only lead you to overspend. For example, spending a bit more to get free delivery. And with such a simplified check out, there’s often no time to be aware that you’re about to spend money.

Bonus Tip: Never store your credit card information on your favourite shopping sites. If you have to reach for it, it may give you time to second-guess your purchase.

—SLS

4. Research before buying anything

You can compare rates on everything from designer coats to kitchen appliances online. Don’t buy until you are sure you’ve found the best price, and make sure to factor in shipping/duty too.

—Jenna Marie Wakani, photographer

5. Befriend sales people

If you’re charming and lovely with the sales people, they’ll tell you when things are going on sale, hold things for you, and invite you to the friends and family nights.Allies are crucial in retail reconnaissance.

—David Campbell Lester, author, From Middle Class to Millionaire

6. Ride your bike (or walk!) while shopping

Make getting to and from the mall a bit of a challenge. That way, you’ll never buy more than you can physically carry.

—SLS

7. Keep the change

“My boyfriend and I keep a bowl that we throw loose change into. It’s a really easy, almost mindless, way to accumulate some cash. We finally rolled it last month and counted $901!”

—Natasa Kajganic, founder, Toronto Flower Market

8. Watch the liquor bill

As you may have realized, wine and liquor are the main contributors to a pricey dinner bill. Having one less glass of wine or swapping a bottle for a half-litre will keep costs down.

Bonus Tip: Swap a nice reserve out for the house wine and specialty co*cktails for basic mixes like vodka and soda.

9. Get rid of your transportation apps

Delete apps like Uber from your phone. It’s way too easy to rack up bills with a simple tap, especially since it takes the pain out of worrying about having cash, the card machine etc. I’m not saying don’t take a cab, I’m saying take a cab when you really need one.

—SLS

10. Keep track of those Groupons

Groupons and other time-limited coupons are great, as long as you make sure to use them. As soon as you buy one, make sure to mark its expiry date into your calendar, with a reminder to use it before that date. Better yet, mark down suggested dates for use (i.e. a bikini wax before your next vacation).

—JMW

11. If you live alone, grocery shop in small doses

This might sound like the opposite of what everyone else says, but if you don’t cook that often and you don’t know how many meals you’ll actually be home for, it might be better to do a shop like once every two to three days on your way home from work. Then you don’t have to tell yourself, “I’m going to cook every night this week” on a Sunday only to have all of your food go to waste when your plans change.”

Tip: If you have time, buy your non-perishable staples at lower-priced stores and your meat and produce at quality places that make you feel good about grocery shopping.

12. Contribute to your Registered Retirement Savings Account or RRSP

There are government tax incentives for investing in these and at the end of the year you should get a tax credit back based on your tax rate and deductions you have. You can then spend that money on anything you want (we suggest savings).

—DCL

13. Avoid getting overcharged on your phone bill

Install data tracking apps like Onavo Count and My Data Manager that alert you to your daily limits. To help cut down on usage, turn cell data off permanently for huge apps like Facebook and Instagram, which can easily eat away at your limits. Instead, wait until you are in Wifi to use them.

—JMW

14. Recycle your clothes

Supplement your shopping sprees with a seasonal clothing swap. In addition to being an excuse for hanging with friends, they are surprisingly effective (one woman’s trash is truly another’s treasure).

—DCL

15. Stock up on non-perishables

“I’m a fan of stocking up on bulk food items like nuts and dried fruits and creating a my own trail mix. I pretty much always have a bag of it on me, which helps when a craving kicks in. It saves me from buying a treat at whatever coffee shop is nearby.”

—NK

16. Live like you are in university for as long as you can stand it

If you have an apartment in a major city that is rent-controlled for over five years, stay put until you are losing your mind or can afford a down payment, whichever comes first.

—JMW

16. Use point cards
Even obscure ones can often be converted into useful benefits like air miles on sites like points.com.

—JMW

17. Buy gifts in advance
Keep an eye out all year for sales and keep a running list of what you have for whom. No one spends money faster than people on their way to a birthday party empty handed.