It Pays to Reverse Tradition

This past fall (Oct 2012) while checking out the new fall fashions, I saw this very chic suede jacket at Stein Mart.  The MSRP was $420, and Stein Mart’s “Everyday Discount Price” was $249.99.  I don’t know about you, but $200 is my shopping budget for the entire fall season!

Anyway, I took a picture of the suede jacket and put it on my fashion board.  According to my color ring, I already have several items this jacket would compliment very well. But based on the price, I’ll just have to wait for my savvy shopping months (Jan, Feb, and Mar).

I must warn you, waiting several months before swiping your closet account card to buy an item takes a lot of patience and discipline-- two traits a lot of women don’t have when it comes to buying clothes, shoes, purses, jewelry, etc.   Plus, there is so much pressure from the fashion pundits to buy NOW.   They will give you several reasons why you should shop in season, and most times we don’t need any convincing.  We talk ourselves into buying now because: 

v  I have to buy it now before they sell out.

v  I’ll be the first to have it.

v  It’s one of Oprah’s favorites.

v  It’s the last one in my size.

v  It’s On Sale.

v  It’s Hot!  Seen it in every magazine.

v  It’s something that I really really need.

 

When practicing reverse tradition, the risks are great, but the rewards are even greater.  But I am a confirmed believer that waiting does pays. Here’s my story:

 

It’s January—a good time to buy fall fashions and the jacket is still there and marked down to $166.94.  Nope, not A Savvy Buyer’s price, I’ll check back next month.  It’s February—a great time to buy fall fashions and the jacket is still there marked at $124.95.  Nope, I’ll wait another month.  Now it’s March, the best time to buy fall fashions, but I’m not willing to pay $61.95, and again I leave without the jacket.

It’s April and I have my extra 25% off “All Red Dot Clearance” coupon so I visit Stein Mart and quickly browse the racks for fall items, purposely ignoring all of the fresh new spring fashions.  And what do you know, there is one suede jacket on the rack and it’s marked down to $14.95.  With my coupon, I paid a whopping $11.21 for a $420 suede jacket.

Remember, Fashion Buyers place orders several months in advance.  While I can’t wear the jacket for several months, the price keeps me content until the weather cools.

Reverse Tradition

In the fashion world, designers-brands (or their agents) typically present a collection of samples to Fashion Buyers in accordance with the prêt-`a-porter calendar; or in plain English:  January-February for fall-winter collection and July-September for a spring-summer collection.  And now with the popularity of pre-collections, samples are also presented to Fashion Buyers in May for intermediate collections between winter and spring, and December for collections that bridge summer and fall.

I explained the above for those analytical readers who like technical logistics.  For those who prefer visuals, below is a simple chart to show when collections are typically delivered to retailers—which is what consumers care about.  This calendar is important because it helps A Savvy Buyer determine when to shop for the best deals.    This calendar is in red because if you do the majority of your fashion buying when items first hit the stores, it could put your fashion your budget in the red.  This is not the time to buy, despite what the fashion pundits sell tell you. 

The shopping calendar is in green because A Savvy Buyer will find his/her most savvy buys during these months.  Despite what others say, this is the time to buy.

To be continued…

Be sure to check out next week’s post.  I’ll show you examples and proof that reversing your buying traditions will make you A Savvy Buyer.

Occupy MSRP

When I shop, I ALWAYS look at the manufacturer's suggested retail price (MSRP).  MSRP is a specific amount the manufacturer recommends a retailer charge for a product.  Some of the variables they consider are the design, fabric, and in some cases size.

MSRP is suppose to create standard prices, keeping manufacturers and retailers for different stores competitive and equal while keeping prices reasonable for consumers.  Have you ever seen a reasonable MSRP?

Despite the MSRP, retailers still have a choice as to what price they will set to make a profit while remaining competitive.  As A Savvy Buyer, despite the price retailers set, I still have a choice as to what price I’m willing pay to maximize MY return on investment… and I can tell you, it’s NEVER the SUGGESTED price.

A Savvy Buyer should occupy MSRP.  What I’m suggesting is, regardless of what percent you represent (1% or 99%), boycott MSRP.  When it comes to car sales, it’s a given that you never pay “sticker price.”  Have you ever been to a car dealership that was completely sold out of inventory?  Not a car on the lot?

It’s also a given that fashion buyers negotiate prices and wouldn’t think about paying MSRP.  So despite the obsessive trend to rush out and buy the latest purse, shoes, jeans… that the “celebrities” have is not wise.  And don’t worry, I doubt that ANY retailer would ever sell out their entire inventory of clothes and accessories.  So whatever it is you can’t live without, wait for the price to come down to a price worthy of your hard earned money-- even if you can afford it.

Too Old To Hold

How long should you keep clothes?  Do you have a criteria for disposing, recycling, or donating old clothes and accessories?  Should you?  How do you define “old” clothes? I know that’s hard these days because some 360⁰ fashions could help you make a case for holding on to your clothes… forever!  Or at least until you finally gain or lose those extra pounds.

So again I ask, when is an item too old to hold on to? I probably purge more than the average person because I shop often and don’t like a closet in disarray…  It reminds me of a time when my sister talked me into shopping at a ‘fire sale” in Poplarville, Mississippi.  Three words to describe the scene:  A HOT MESS!

I use a 3D approach for purging my closet:
 

Dispose - items that have been in the “repair” bin for more than a year or are un-repairable.  Before you toss it, take off the buttons and put them in your button organizer.

Donate - items you’ve stopped wearing or have never worn (for whatever reason) in the last 12-18 months.

Do-over – items that are dated, but in very good condition and can be restyled or tailored for a new and updated look.  For instance, shorten a long skirt.  Shorten and cuff a pair of pants or jeans.  Add a jeweled necklace to a top.

While the picture above is from the 70’s, there are actually items that can be worn today. The pants may go in the donate pile, but the flower???  Flowers are back and they’re everywhere-- purses, shoes, jewelry, prints, belts, hats…  I took my mom to Sam Moon today because she wanted to buy some MORE flower accessories for her hair.

When you’re trying to determine if an item is too old to hold simply ask yourself, is this something I should Dispose? Donate? or Do-over?

Got Patience?

Fashion Buyers who work for retailers have a major advantage. When they place orders, not only do they expect to negotiate prices but also terms and delivery (i.e., net 30 days). As consumers we don’t have options-- retailers expect full payment before you leave the store.   One service that’s slowly making a comeback is the Layaway option.  I recently explained the concept to my (teen) niece who just couldn’t understand why someone would buy clothes and wait 30 - 90 days to get them.

Most stores discontinued this service many many years ago, but it appears to be making a slow comeback. Of course, restrictions may apply (no markdowns, no sale items, certain items excluded, etc.). Some retailers offer the service in certain cities, or online, or for in-store purchases only.

 

When I was in high school and even after I landed my first paid job, layaway was my primary method for buying clothes (unless my mother and grandmother made them). For me, the layaway concept forced me to be patient, and that’s why it’s easy for me to shop at the end of the seasons and wait several months before I can wear an item.

Layaway was in essence an interest free credit card-- great for consumers and bad for retailers. Over time that service was eliminated and helped to escalate the “gotta have it now” and credit card movements.  My kids are tweens and I’ve been brainwashing educating them on the perils of credit card and debt, especially when it comes to fashion.

Have patience?  It is a necessary trait for A Savvy Buyer if you want to land those Savvy Buys!

Sign Me Up Scotty

A key strategy to becoming A Savvy Buyer is to not only buy low, but to buy the best selections at the lowest price possible.  Getting an additional percent off can help tremendously.  An easy way to achieve that goal is to sign up for your favorite store’s mailing/email list and become a preferred member.

You want to join the lists so you’ll know about upcoming sales and be privy to pre-sale days, discounts, specials, etc.  A key advantage is to be able to shop for sales before the general public.  Your only other obstacles are the eBay{ers}. 

A 10% off coupon doesn’t motivate me to buy.  It has to be at least 20% or more.  Oh, and just to be sure we’re on the same page, the additional percent off should be for markdowns and sale items.  A percent off for “regular price” items is not a "buy me" incentive either.

But even if I don’t get an announcement regarding sales or discounts, before I go shopping I always go online to the store’s website {those so called coupon sites are starting to irritate me}, and check for coupons.   If you have the time and patience, you can check the coupon websites to see what they have that is still valid.

To be A Savvy Buyer you should use every advantage to get the best fashions at the lowest possible price, even if it means signing up and getting those endless emails from your favorite stores.   Check out some of my Savvy Buys, compliments of discounts, markdowns, and coupons.

What are some of your most Savvy Buys?

Buttons Up

What have you done with your collection of {extra} buttons?  Wouldn't it be nice if all of the designers/brands sewed the extra button inside the clothing?  But, some do and most don't. 

Have you organized your button collection? If you conveniently drop them in a box or dresser drawer that's a quick and easy system and works well.  Until you eventually have to dig through them all to find a single button.  And, if you left them in the cute little envelopes, you now have to painstakingly open each one until you find the one you're looking for.

Old Button System:  Drop and Go

I had the "Drop and Go" system for several years until I realized I was spending way too much time searching for a replacement button-- right before it was time to leave for work.  I usually ended up having to change clothes.  That was also before I came up with my "Repair Bin," so I wouldn't select and put on an item that required mending.



New Button System:  Organized by Color

So I invested in a $3.99 (half price sale) plastic organizer and hired my daughter {with the promise of a Dairy Queen Blizzard} to organize all of our extra buttons, hooks, sequences, and thread.  As you can see, she's also into stickers, so she labeled it as well.  Now, I conveniently store my Button Bin on a closet shelf.  It's handy, neat, and a real time saving joy to search for a replacement button.

So what's up with your extra buttons?

  

High Price Tags

Have you ever paid more than $,1000 for a single item?  In all of my years on God’s earth, I can answer that question with two letters words HECK no.   In all of my years of shopping, I have never paid $1,500,  $1,000,  $500  for an item.  Heck, I’ve never paid $300 for a single item.  I did come close.  Back in the 80’s when I landed my first job, I wanted a “real” fur coat.  So, I selected one for $249.99 and put it on layaway for three months.  Nowadays the only thing a real fur coat will get you is a splash of paint.

So when is it okay to spend money on clothes and accessories with high price tags?   It depends.  On things like your:

1.  Definition of a high price – mine is $50.  It used to be a bit higher before the country's financial meltdown.

2.  Disposable income – can be adjusted up or down based on your monthly income versus monthly expenses.

3.  Criteria for using credit – if you have to pay with a credit card, the price is too high.

4.  Ability to make money on the item – if you intend to sell the item at a sizable profit.

5.  Intention and overall objective –  if you buy the item to impress others, catch a wo/man, or land a job, can you afford to keep up the charade?

What is your criteria or rationale for buying high price tag items?

Fashion Kit

Shopping and finding great fashion buys is fun.  Selecting pieces and putting together a great outfit is fun{er}.  Performing maintenance on your clothes is fun{est} a chore that should not be ignored if you want to keep them looking good.    Putting together a Fashion Kit will help you keep all your tools handy and eliminate excuses for wearing that "cat hair" sweater to work.  Here are some items I keep together in a recycled travel bag:  

Stain Remover. A pack of wipes or pen because stuff happens.

Lint Brush or Mitt. No excuses for the yellow cat hair on your black sweater. Enough said.

Fuzz Buster. One of the best investments you can buy. Don’t get the little cute one, get a decent size one that can easily de-fuzz an entire garment.

Jewelry Wipes.  A quick shine for your gold and silver jewelry. If you use this and the gold or silver tone earrings are still a charcoal color, it may be time to retire them.

Magic Shine.  Put a shine back in your step.  Also works good on your leather and vinyl purses, briefcases, totes, etc.

Button Pins.   In case you haven't gotten around to sewing that button back on, a button pin is a quick and easy temporary fix.  If you wear that blouse a couple of more times with the button pin, you get a violation from the Fashion Cop.

Eyeglass Kit.  Keep those chic glasses intact.

Eyeglass Cloth.  Keep those chic glasses clean.

This is a good list of items to start with... and you can find most of them at the Dollar Tree for $1 (duh).

Did I miss a useful item?  Please share it!

Can I Afford It?

Can you really afford it?   Maybe. Have you read the definition of A Savvy Buyer? I want to reiterate an important aspect of the job… A Savvy Buyer has great communication skills and is not easily embarrassed to seek and ask for opportunities to buy an item for less. In other words SPEAK UP and don’t be shy to:

·   Tell the Store Associate to double check the sales price even if the line is to the back of the store—that’s not your issue. Your goal is how to make sure you’re paying the lowest possible price. Technically speaking, a Fashion Buyers can negotiate a price. A Savvy Buyer can probe and question a price. Same goal!

·   Tell the Store Associate to put the item(s) onhold for you. Ask for an additional day or two if you are shopping on a Saturday, it’s the last day to use the extra 30% coupon, your Closet Account balance is $0.00, and you get paid on Monday.

·   Tell the Store Associate to put the items in Layaway. I have my best shopping memories buying on layaway.

·   Tell your BFF, “I’m not buying that right now.”You can choose to give a reason or not. Isn’t it amazing how other people can spend your money on you faster than you can?

·   Tell yourself, “I can’t afford to buy this right now.” (unless of course, it’s a $4.99 sweater and $5.99 skirt and you skip the fancy coffee and/or meal deal you were planning to buy later. You’re Welcome! I just save you 1,500+ calories!!

·   Tell the Store Associate “no thanks” to a credit card offer for an additional (measly 10% off) savings, which you will easily repay with the interest payments. Refer back to Closet Account for tips on managing your money to buy clothes and accessories.

When it comes to fashion and clothes, we tend to focus more on what others think and impressing them. Paying $450 for a blouse by a designer whose name I can’t pronounce doesn’t make me look or feel any different or better, and as A Savvy Buyer, it’s not something I would brag about. As Suze Orman would so eloquently say, "Can I Afford It?" Not sure, ask Suze yourself!