Spring has sprung, and summer isn’t far behind. For most, this time of year means the end of subzero temperatures and snow finally melting, but for the shopping community, these seasons mean something totally different.
It’s time to hit the stores and restock our wardrobe.
That way of thinking permeates through a nice portion of shoppers, the ones who wait patiently while the in store display shifts from winter boots and outwear to bathing suits, tank tops and skirts. Along with the latest looks of the season comes something that most of the population isn’t quite prepared to handle: the price tags.
Many of those who struggle with debt also have trouble saying “no” when it comes to buying clothes the moment the hit the rack. This dilemma is even more troublesome when you consider that most of this shopping spree finds its way onto your credit card, and if it is one that is offered by a department store, you’ll probably end up spending three times the sticker price when the bill is finally paid in full.
That’s because your favorite store is secretly charging you 30% interest on that new spring or summer ensemble, and you’ll most likely look the other way while you’re trying on that outfit until the bill is about due.
The smart money is making sure whatever you spend gets paid in full within 30 days to avoid that pesky and unwanted finance charges, but that typically isn’t the norm when it comes to debt as it relates to clothing.
Just because you love to shop until you drop doesn’t mean you can’t stop spending well over your clothing allowance or can’t just modify how you’re going about the art of buying. If nothing else, you can at least limit the damage by buying in the off seasons (i.e. stock up for summer just before winter), and simply resign yourself to wearing last year’s model so to speak. You may warm up to the idea more so when you realize you’ll save between 50-70% off the total bill.
If you’re more interested in saving money by completely curbing your shopping list completely and living happily with what you already have, you can employ any number of tricks. You might want to hit the malls without your credit card, and be less apt to spend frivolously with your debit card, since it links to your checking and there’s only so much of your money to go around.
And speaking of your credit cards, you’ve heard the old wives tale about freezing your credit cards in blocks of ice to refrain from using them. While that may seem a bit primitive and archaic, the premise still resonates. Shopping online has created both convenience and a glaring downside when it comes to your debt and how it relates to buying clothes. It’s so easy to punch in those 16 digits on the front of that card and simply forget exactly how much you’re spending or that your card never needs swiped and subsequently viewed.
Out of sight, out of mind, right?
That sentiment might sound superb at the time, until you feast your eyes on that credit card bill. The smile you once wore on your face when you were buying those new clothes will disappear in an instant.