Women have an average of $1,000 to $2,500 of clothing sitting in their wardrobe, according to Creditdonkey. Even though this seems high, 9% of women have more than $10,000 sitting in their closet, ranging from high-end designer pieces to staple wardrobe essentials. From active wear to essential power pieces, the key to designing your style is in being strategic about what you’re buying and how much you’re buying it for. Here are a few finance and banking rules to follow when designing a fashionable New York wardrobe on a budget.
Pay Attention to Quality
If clothes look cheap, don’t invest in them. While purchasing high-quality clothes might seem like a larger investment up front, but it can pay off in the long-term. No genius banker would ever tell you to go for a low-quality rental investment simply because it’s cheaper. They would tell you to go for the higher-quality investment that will pay off in reliability and long-term service to your needs. The same goes for the clothing you buy. Instead of wasting money on low-quality clothing items that wear within weeks or months, invest in clothing that features great fabric and has the potential for long-term wear.
Invest in Key Pieces
Don’t waste time or money on outliers, even in your wardrobe. Investing in key pieces that can be utilized for various different occasions allows you to be able to diversify your wardrobe while also ensuring you’ve got yourself covered for any type of location, style or event. Pick out a few reliable, trendy pairs of pants, shirts, sweaters, jackets and shoes that can be mixed and matched with other pieces and you’ll find yourself with an expanded wardrobe without having to invest a lot of money or take out a loan. Speaking of investing, however, it can be a good financial idea to take out a personal loan in order to finance a wardrobe. As it’s important to go for the higher-quality investment and ensure you’re purchasing quality pieces for long-term use. A personal loan can be a great way to fund those purchases upfront and pay it back with the savings you’ll reap after.
When You Find Something You Like, Buy a Lot of It
In today’s market, it can be hard to find clothing that fits your body style and composition exactly the way you want it to. Just as in finance, your portfolio speaks volumes about you as an individual, and when you find pieces of clothing that speak to your specific style, be sure to stock up on those items. Keeping in line with the point above, it’s best to make sure they’re staple items that can be incorporated and used in various different settings and styles, so it’s a good idea not to buy five of those crazy patterned jackets you thought you looked good in three years ago.
Keep Yourself in Mind
As with any type of fashion advice, it doesn’t really mean much unless you like it and it makes you feel great in your own skin. Keep your personal style, body type and budget in mind when thinking like a Wall Street banker to revamp and enhance your closet portfolio and you’ll find yourself feeling more confident and trendy than ever.