Finance Friday: Fasting & Binging

And no I don’t mean on food!

Fashion bloggers across the webishphere are embarking on personal challenges to control their spending and overflowing closets with the realization that the more pieces they accumulate the deeper they went into financial debt.

There are bloggers who only wear high end pieces and I wonder how they could afford such a wardrobe and others that acknowledge they currently cannot afford luxury designers but are fashionable nonetheless. Generally speaking, we all subscribe to a mixture of both. One for inspiration and the other for practical application. The question isn’t only “Where’d You Get That?” but “How’d You Pay For THAT?”, something that often is left unsaid.

These days not only are we envious of the Joneses but we invite them into our homes. The Joneses  are online and have created a host of websites showcasing their latest finds. They tell us exactly what they are wearing, how much it cost and where to buy one just like it. Sometimes they direct us to the lower priced option. Nonetheless we feel pressured to be just like them.

I too suffered from closet envy which led me to charge up my credit card (at one point I was free of the C3’s). I’ve since recovered and no longer feel such pressure but I relapse from time to time. I hadn’t been shopping in a while. With my new job, my pay schedule changed and I wanted to get use to it – making sure all my bills are paid on time – before I started spending. Well… it all started with these babies:

Alloy - Sayla Oxford

…and then went down hill from there with these (this is the short list):

French Connection - Fast Dandy Voile Dress

Laudme - Josephine Baker Elephant Tank

ASOS Striped Midi

Vince Camuto Mista Platform Stiletto Pumps

It’s like Christmas to me — but the feeling doesn’t last long. I tear open the boxes and included packaging and proceed with an impromptu fashion show. In the past as soon as the show ended, I started to feel regret for the debt I just incurred and for purchasing  three dresses of the same style in different colors (pick one!). I felt B.R.O.K.E (Buyers Remorse Over K-rappy Expenses)!

My shopping binge lasted only three days and was done completely online. I did NOT use any of my credit cards. I paid for it all using money I had saved just for this purpose (more next week).

I believe these diets, challenges and fasts would not work for me. In the past, they have not worked for me.  Some people have children, hobbies and other things to focus their energy on (?), I have style. Not just fashion, but “style”  – encompassing all things personally attractive to me. I get just as much pleasure out of shopping for clothing and accessories as I do perusing the aisles of Lowes and Ikea.

Maybe you need to purge and fast first. I commend each blogger for (1) acknowledging they have a problem, (2) acknowledging they have bigger goals then being trendy at the moment, (3) for doing something about it, and (4) for going public with it.

"Finance & the Fashion Blogger: Ignore-ance" by Miss Ashe Mischief

Here at MNM, we believe that a woman can have it all! Manolos & Mutual Funds! And with some understanding of your financial style and a few easily coordinated steps you can. Some things to remember are there is no one size fits all financial tip. Your money is not that of your favorite fashion blogger. We shall not judge.

Read more about each of these challenges here:

Please feel free to list any other challenges out there!

Good luck Missy!

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One Response

  1. I so totally agree. Fashion is my hobby — when I see a new trend, I feel almost obligated to wear that sort of item, so everyone knows that I am aware of the trend.

    I’m attempting a shopping ban-ish (only thrift or sale clothes for the year) but even within that framework, I had a slight shopping binge over the last few weeks. And *just* like you, I had fun buying the items and modelling them, and then was wracked by guilt.

    I just have to remember that guilty feeling the next time I’m tempted to buy something without thinking it through first…

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