By Kolonji Murray
We all love to look great. But we also want to use our money wisely both now and in the future. So how do you balance the two? The key to blending it together successfully is balancing tough choices and having some creative styling fun.
Ralph Lauren makes some great sunglasses that retail for $500. Instead of just buying those sunglasses one month and a $700 Coach bag the next, try this on. Fashion out $200 (or more if you can) of your monthly budget and set up a savings account with a bank. And to stay fashion forward, buy the $300 Chanel sunglasses or the $500 Coach Bag. You’ll look amazing and you’re on your way to being financially fierce.
What Fashion Savings Can Buy
Now with the old way of doing things that same $200 could easily have gone to a splurge at Sephora. With the new way of doing things, it could buy a healthy, non smoking, 40-year-old, New York female around $200,000 of whole life insurance.
Important because if God forbid you pass away with children, what are they going to do with that mascara or eyeliner you bought at Sephora? $200,000 in life insurance can put them through college. You can get around $1 million of life insurance if you buy a 30 year term policy. Again, mascara and eyeliner never paid off college and a house for the kids. You can even do this with the expectation of having children in the future.
As a “Financial Stylist” I picked up insight through my professional training, and also from my mother. Always the fashionista, she was also able to get two master’s degrees, three kids through college, savings built up in retirement accounts, and money set aside outside retirement accounts.
On the one hand, she always buys high quality items on sale that will last. She makes sure that she gets quality fabrics and classic pieces with great cuts. Working in the fashion industry in NYC in the late 60s and early 70s taught her that. She’ll go to top retailers and other stores for sales, and not impulse buy. She’ll patiently wait for the right time.
Along with being prudently stylish, she automatically saves with every paycheck. She does it through a combination of doing it on her own and through her job. Again, all done in quality 2-inch heels.
Ideas on Balancing Fashion and Finance
To help readers balance fashion and finance here are a few more ideas.
Learn and do something new financially with every fashion season. The idea is that there is always something to learn about your finances. Doing it during a new fashion season makes it fun when you look to weave the two into your life.
Another idea is to take whatever you saved in a purchase and send it off to a savings, retirement or investment account. That way you know you’re fashion and financially forward. You can also put that in a different financial style by saving before or after going shopping using online banking.
You simply log on to your online banking account and set up your savings, retirement, and investment account as a bill that you would pay like any other bill (cell, power, etc.). Then when you realize how much you save in buying that new Hermes skirt, send the difference off to your account of choice and don’t touch it unless you need and not want it. You know the difference. Again, you’re doing this to pair being fashionably and financially fierce.
Balancing fashion and finance can be done. It involves compromise in many cases but if done right your future fashion and finance self will thank your current self.
About the Author:
Its Founder, Kolonji Murray, has worked as a banker, accountant and financial advisor for a number of leading firms. He holds a degree in Accounting from Hampton University and is active in a number of civic and industry organizations. Along with being an Accountant Mr. Murray is Series 7 and 66 licensed in NY. He is also life, accident and health, variable life/variable annuities insurance licensed.