Step 1: Write a list of everything in your wardrobe. EVERYTHING. This might sound like a huge task but you need to get a clear picture of what you have so you can start taking control of your spending. The purpose of this is to identify what you already own and don’t need to ever buy again, and for you to understand the things you should never have bought in the first place.
Step 2: Put everything into one of the following categories:
- Essentials: can’t get by without it.
- Requirements: worn often; not used all the time but good to have.
- Wanted: paid too much but worth every penny.
- Never worn: still has the tags on – seemed like a good idea at the time.
- Rubbish: you don’t know why you bought it in the first place.
Step 3: Everything in your rubbish list has to go – don’t even think about it. Give it away or donate it to a charity.
Step 4: Write down just how much you have spent on the ‘never worn’ items. Have a think about why you bought them in the first place and write that down, too. Did you buy it simply because it was a bargain? Did you even try it on before purchasing? This list is important because it will give you valuable insight into why you overspend.
Step 5: Claw back some of your hard-earned money by selling your ‘never worn’ items. There are plenty of online sites where you can resell unwanted goods. Your trash is always someone else’s treasure. I often sell clothes online and make it a policy never to sell anything that I wouldn’t want to buy – so make sure they’re in good condition.
Step 6: Develop a ‘should I buy this?’ test. When you find yourself at a half-yearly sale with a pair of half-price Jimmy Choos in your hand, ask yourself:
- Is this a planned purchase?
- Do I have enough money ‘below the line’ to afford it?
- Do I need it?
- Will I actually ever wear this?
Make your own test to address all the areas where you sabotage yourself and fall victim to the things you identified above. Another good test is to sleep on it. If you still really want it the next day, apply the ‘should I buy this?’ test again.
