Keeping Up With The Bulls

A personal finance blog focused on making more money, saving money and smart spending.

Why You Should Buy Clothes Now – Even Though You Have Nowhere To Go

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Why buy clothes when you have nowhere to go? We’re all living in the same few outfits at home, do you really need new clothes? Probably not today, but one day you will. With no one buying clothes the best clothing deals are now, and eventually you will need new clothes. Don’t say you don’t need something now and skip the deal only to need a new pair of snow boots a year from now and spend $50 more. The Census Bureau released consumer spending for March which showed a staggering 50.5% drop for clothing and accessory brands. With this unexpected drop in demand, there is a ton of inventory and a ton of deals!!

With Black Friday right around the corner, you’re likely to find a lot of great deals as retailers try to get rid of their excess inventory. You’re also likely to find great deals on second hand sites as people clear out their closets and resell final sale items that didn’t end up fitting.

Their Loss is Your Gain – Take Advantage of People Emptying Out Their Closets

With most people spending more time at home than usual many have taken the opportunity to organize their closets. They’re donating clothes and also selling them. This has led to a lot of great finds at thrift stores, Poshmark, The RealReal and local consignment stores already.

Now, 6-8 months later did you miss these deals? Definitely not! There was still a lot of uncertainty back in March. Now it’s clear the normal we return to may look very different. Some people may continue to work from home full time or even relocate. Not everyone is the same size they were back in March. Many are still clearing out their closets or still have stuff listed for sale from earlier, take advantage!! And, don’t forget to negotiate if you’re buying on sites like Poshmark for an even better deal.

Retailers Are Still Trying to Get Rid of Excess Inventory

While consumer spending has rebounded since March, demand in 2020 is still lower than brand expected. This has led to excess inventory. To get rid of this inventory and get much needed cash flow retailers have increased discounts on clothes and accessories.

Why is it likely we’ll see excess inventory continue in 2020? There are significant lead times in apparel, so most of 2020 was planned for back in 2019 when no one expected a global pandemic. Supply Chain Dive took a further look at a McKinsey and Company survey and notes that hybrid sellers on average have a 44 week lead time. This compares to vertically integrated companies which have an average lead time of 28 weeks.

While retailers typically have end of the season sales, the selection on sale is much better than usual. For example, Lululemon always has a “We Made Too Much” section on their website. Usually this includes merchandise that didn’t do well, or popular styles in not popular colors. But now? Browse the selection and you’ll see popular styles in popular colors. I got a black Swiftly Racerback for $39! The first Swiftly Racerbacks I bought back in 2014 and are still in great condition even though I’ve probably worn them at least 500 times by now. Seriously.

Lilly Pulitzer has two After Party Sales a year with insane discounts and added another sale this summer. The next APS likely in January will likely have a great selection.

The good deals at stores like Lululemon and Lilly Pulitzer are final sale. So, you’ll also find many new with tags deals on sites like Poshmark from people reselling these items because they didn’t fit.

What Clothes Should You Buy?

Getting a good deal on clothing isn’t a good deal if it sits in your closet and you never wear it. You may be able to resell it for the same or more later because the discounts are that steep right now but you shouldn’t plan on that. So, what clothing should you buy when you don’t know when you’ll be able to wear what you buy?

Buy Clothes and Shoes For Your Capsule Wardrobe

A capsule wardrobe is a mini wardrobe made up of versatile pieces you love to wear. Plan your capsule wardrobe based on your style. You can look for inspiration on Pinterest. WhoWhatWear shares how to get to a 37 piece capsule wardrobe.

Next, take inventory of your own closet and see what you’re missing. Keep a list of the items you’re missing and then look for sales and good deals on the items on secondhand sites. When you buy a piece, cross it off your list.

Buy Timeless Pieces

Clothes go in and out of style. If you see a piece of clothing that you like now but know you may not like later don’t buy it. If you don’t have anywhere to wear it while you like it, it may sit in your closet never worn. Instead, focus on the timeless pieces. This doesn’t mean just expensive pieces. It can mean something as simple as a basic tee or a pair of jeans.

Buy Shoes

If you’re not sure what clothing you’ll need in the future, but want to take advantage of the deals now look for deals on shoes. If you work out a lot, you know you’ll need new sneakers at some point. Whether you’ll be back in the office or not, you always need a good pair of black heels, nude heels and black flats. If you live in warm weather you’ll always need a basic pair of sandals and if you live in an area it snows you’ll always need a pair of snow boots. Why not get a good deal on them now?

Buy Work From Home Clothes

Working from home isn’t going to go away anytime soon. Even when things get back to “normal” many people may continue to work from home full time or a few days a week. You might as well be comfortable, especially now that you’re spending less on dry cleaning and commuting.

Buy Workout Clothes

Quality workout clothes make all the difference. They last longer (I still have Lululemon from 5 years ago that are a little faded but otherwise great condition)! I’ve also found that quality workout clothes have also motivated me to work out more and better. When I was wearing free t-shirts I would congratulate myself for just making it to the gym. After I invested in quality workout clothes I made myself take working out much more seriously to justify the purchase.

Where To Find the Best Clothing Deals

There are still a ton of deals out there now on clothing. On basic items, Target, Walmart and Amazon have Black Friday specials on everything including clothes. For luxury items even Saks and Nordstrom still have incredible deals to get their inventory sold and generate cash. It’s hard to find a retailer that isn’t advertising great deals right now.

The best deals you’ll usually find are for second hand items. Poshmark and TheRealReal are really easy to shop from home. You can search NWT (New with Tags) items on Poshmark to get all of the non returnable new gear people bought and it didn’t fit from sales at places like Lululemon and Lilly Pulitzer earlier this summer. While you can’t return items on Poshmark, you can return items on TheRealReal as long as they aren’t final sale. And, if you enjoy the thrill of finding a good deal stores like TJ Maxx are likely to have a better selection than normal as well as thrift stores!

What deals have you found on clothing this year?

How to Save Money on Thanksgiving Decorations

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Thanksgiving may look different this year but that doesn’t mean you can’t get in the holiday spirit at home. This Thanksgiving, make your home look festive without spending a ton of money. The good news is decorating for Thanksgiving doesn’t have to be expensive. And, with likely less people at your Thanksgiving this year, you can put the money you would have spent on food towards reusable Thanksgiving decorations. There are likely great deals on retail in general due to lower demand which makes 2020 a great time to buy Thanksgiving decorations. Here are 8 tips to save money decorating your home for Thanksgiving.

Buy Quality Cheap Thanksgiving Decorations That Can Be Reused

To spend the least amount of money in the long term on Thanksgiving decorations, buy reusable Thanksgiving decorations. Quality cheap Thanksgiving decorations can be found with discounts and after Thanksgiving sales. Some autumn themed decorations may even go on sale after Halloween like pumpkins. While these decorations may be more expensive at first, you won’t have to continue buying decorations year after year, ultimately saving money. This includes Thanksgiving tableware, [fake] candles, wood centerpieces, and more.

The best way to score deals on quality cheap Thanksgiving decorations is to find what you want to buy first. You can look at sites like Pottery Barn that have a page dedicated to Thanksgiving decorations. Then create a list and watch for the items you picked to go on sale. Some retailers like Nordstrom even send you emails when you put items in your wish list and they go on sale.

Make Your Own Thanksgiving Decorations

Are you crafty? The best way to buy cheap Thanksgiving decor is to DIY Thanksgiving decorations! You can make your own Thanksgiving indoor decorations and Thanksgiving outdoor decorations. There is some decor you can find for free like pinecones and pine branches outside. You can also spend a little money on craft materials from a local craft store. Look out for coupons at local craft stores to buy your supplies and save even more.

Look for inspiration for DIY Thanksgiving decorations on Pinterest such as this DIY wood centerpiece that can be refilled, and ideas for cheap Thanksgiving decor by searching cheap Thanksgiving table settings.

Pumpkins and gourds will cost a few dollars each. If you prefer the real thing to fake ones, grow your own to save money. Then, save the seeds so you can plant them again next year. You can also save money on candles by buying theme candle holders so that the replacement white candles are cheaper.

Borrow Thanksgiving Decorations

Usually, people decorate for Thanksgiving when they are hosting Thanksgiving. If you’re hosting, ask your friends that aren’t hosting if you can borrow decorations or needed kitchen items.

Accept Thanksgiving Decorations and Household Items from Family Members and Friends

Understandably not everyone has the option to get used items from family. But, over time things tend to accumulate especially if you have family that has lived in the same place for decades. Help them declutter by taking Thanksgiving decorations and kitchen items off of their hands. Perhaps they have held onto items that are sentimental but they don’t use. They’d prefer to keep something in the family instead of donating it.

Are any of your friends moving? Or, are you living with roommates now and is there anything your roommates are trying to get rid of? Any time someone moves there are always items – big or small – that they won’t want in their new place. It works out for both of you if you can take something off your friends hands they don’t want anymore.

Ask for Thanksgiving Decorations on Your Wedding Registry

Today, 66% of married couples have lived together before they walked down the aisle according to the NCBI. If you already have the basic items, ask for Thanksgiving decorations and kitchen items needed to host Thanksgiving. There are so many items you need when you host Thanksgiving, and it adds up quickly.

Not sure what kitchen items you need to host Thanksgiving? Here is a starter list:

  • Turkey Roaster
  • Kitchen aid
  • Fall themed plates and bowls
  • Extra table settings
  • Pie tins
  • Extra serving bowls
  • Extra utensils
  • Table linens
  • Potato masher
  • Baster set
  • Cooking thermometer
  • Turkey lifters
  • Chopper
  • Zester
  • Apple peeler
  • Drying mat
  • Measuring cups
  • Mixing bowl
  • Flavor injector
  • Cooking twine
  • Gravy strainer
  • Gravy boat

Buy Thanksgiving Decorations and Kitchen Items at Estate Sales

Estate sales are great for finding great deals on holiday decorations including kitchen items and cheap Thanksgiving decorations. An estate sale usually happens when there is a death and the family is trying to sell almost everything in the house before putting the house on the market. Estate sales are a great place to find complete sets of Thanksgiving table decorations since the family is trying to clear out the entire house. Considering most Thanksgiving decorations are decorating the dining room table, you’ll likely find many of these items at an estate sale. It’s also a great opportunity to find high end household items like Waterford crystal.

To find local estate sales, enter the town + estate sale into Google. If you live in a city, you may have more success looking at close suburbs. This is also a great time to buy furniture or other household items you still need for your home.

Use Coupons When You Buy Thanksgiving Decorations

When you do want to purchase new items prior to the Thanksgiving look for coupons and deals. The deals won’t be as good as after the holidays but you can still find 10% or 20% off the store coupons that you can apply to Thanksgiving decorations and kitchen items. Bed, Bath and Beyond always has 20% off coupons. For higher end decorations Bloomingdales Home has Friend & Family sales (it’s free to become a loyalist).

2020 is the perfect year to take advantage of these coupons and sales. With Amazon delaying their annual Prime day sales until Oct, retailers like Target and Walmart followed with great deals. While these days have since passed, retailers appear to continue the specials they normally don’t offer until Black Friday in an effort to easy crowding during normal busy shopping periods. Also, with fewer people at your Thanksgiving dinner, you won’t need as many items until next year when you can have a full Thanksgiving dinner. Pottery Barn and Crate and Barrel already seem to be starting their autumn decoration sales early this year, even though the holidays haven’t yet happened.

Buy Thanksgiving Decorations After Thanksgiving Has Passed

If you want new decorations or a particular decoration buy it after Thanksgiving. Stores want to clear their inventory quickly to make more room for Christmas. And, there are a ton of deals on Black Friday, especially on kitchen items. While the selection may dwindle quickly as the sales get better it’s an excellent way to save money. Pottery Barn, Crate and Barrel and Macy’s are a few stores where you’ll find Thanksgiving decorations on clearance after the holiday.

Budget Your Money Wisely

It’s very easy to get caught up in the excitement of the holidays and spend way more money than you had planned. This is only the start of the season too, so you definitely don’t want to start out on the wrong foot! Create a budget for how much you want to spend and stick to it. Personally, I created a household items and repairs budget and included any holiday decorations and cookware that was required in that part of that budget line.

Saving money on Thanksgiving decorations is only one way to save money during the holiday season. Here are ways to save money hosting Thanksgiving.


A Reminder That It’s OK To Spend Money

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Spending more than you earn is a problem. And, it’s easy to look at debt amounts and realize when something needs to change. On the opposite end there are super savers, saving more than 20% of their income. There are a lot of benefits to building financial independence; however, saving too much money may be a problem as well. Do you fear spending money? Do you avoid spending money at the expense of your health or happiness? This year especially has taught us that we won’t always have the opportunity to go on that dream trip, see a Broadway show or see a sports game. We’ve seen firsthand how many people and businesses are struggling and that we’re in a position to help. Here are 7 reasons why it’s OK to spend money.

Your Favorite Small Businesses May Not Be Around In A Year

This year has been incredibly difficult on small businesses. Many of them had to close for months and are struggling to barely get by, if they’re even still open now. According to a small business survey by PNAS the median firm with over $10,000 expenses a month only had enough cash to last roughly 2 weeks. Small Business for America’s Future polled 1,500 people and 34% said they can’t make it to the end of the year without some help from the government.

That restaurant or bakery you only go to for special occasions or a rare treat? They may not be open when that special occasion comes around. Now more than ever small businesses need our help to stay in business. With the high unemployment numbers many people can’t afford to support local businesses right now. If you’re employed and have some spare cash any business you can give to local businesses will help them avoid closure.

Your Health Is Priceless… And, Being Proactive About Your Health Will Always Be Cheaper

It is always ok to spend money on your health. A healthier diet cost $1.50 a day more than an unhealthy diet on average. This ends up being $550 a year. An unhealthy diet is one of the leading causes of poor health and accounts for up to 45% of cardiometabolic diseases. Now, more than ever it’s important to be in your best shape. Obesity and diabetes are two of the highest risk factors for disease severity and mortality rates now.

There are also plenty of benefits attributed to regularly working out. Gym memberships may even be partially covered by your health insurance driving the cost down.

Don’t feel guilty about the money you spend on your health and staying healthy. It may seem like an area to cut costs but don’t lose sight of the long term high costs of being unhealthy. Your life literally could depend on it.

Your Charitable Contribution May Change A Life

In 2018 an estimated 1 in 9 Americans were food insecure which amounts to over 37 million Americans including 11 million children. If these 11 million children weren’t going hungry, what would they be able to accomplish at school? Unemployment is high right now, and there are countless stories of how long food bank lines are now. Helping these families during these incredibly difficult times makes a huge difference. And, you can possibly quadruple the impact of your charity donation with these simple steps.

Charity Choices shares some statistics on charitable giving in the United States. For example, they share the average adult gave $1,050 and the average household gave $2,030 in 2014. They also found that on average Americans give 2.1% of their disposable income to charity. Now, think about your own charitable giving and consider the amount of money you spend on yourself and your savings rate. Can you afford to give a little more?

You Can Always Make More Money But You Can’t Make More Time

The F.I.R.E. movement (financial independence retire early) talks about making sacrifices now so you can become financially independent and retire early. You either work a ton to make more money early or become frugal so that you can retire on less (or perhaps both!). Sacrifices you make in your 20s do pay off in your 20s and beyond. But, you’ll never get that time back. What are you giving up so that you save money?

Everyone gets 168 hours a week. If you get the recommended 8 hours / night of sleep you’re down to 112 hours. If you work and commute a total of 50 hours / week you’re now down to 62 hours a week. In that 62 hours you have to shower, eat meals, run errands, workout, take care of kids / dog (if you have them). The more responsibilities you have the faster that “free time” dwindles.

Map out your week. How many hours each week you truly have as free time when you’re not working, sleeping, eating, showering, taking care of kids, etc. Now, how much is each of those hours worth for you?

Now, this doesn’t mean to “YOLO” and rack up a ton of debt outsourcing things you don’t enjoy like cleaning and traveling the world. But, you shouldn’t act like money is finite and time isn’t. Just like you create financial goals and plans create plans to manage your time. It’s much easier to make more money than it is to buy more time.

Opportunities Don’t Last So Take Advantage While You Can

You shouldn’t act like every single opportunity will only come by one time. If you can’t go to a dream destination next year you can likely save up for a few years and go at that time. There are certain situations though that will only last for so long, or will only happen once and you should think harder if it’s worth skipping these moments because you want to FIRE.

It’s a lot cheaper to go on vacation with a bunch of friends in your 20s- rent a house, carpool because you all live close together. People grow up, they move away, they have kids. You may be in a financially better situation in your 30s but the opportunity to travel with a huge group of friends cheaply may not be there anymore. This doesn’t mean spend like YOLO, but you shouldn’t say no to a once in a lifetime trip to save $500. Especially if spending that money won’t put you in debt and there are plenty of ways to travel for less.

If you absolutely love a band or love a sports team go to their concert or go to a game. You don’t have to buy the most expensive ticket to get the experience. It’s just as exciting being in the cheapest seat in the house as it is being up front and center. You still saw the concert or sports team live.

If Pictures Are Worth 1,000 Words What Are Experiences Worth?

11% of Americans have never traveled outside their home state. 40% of those questioned have never left the country according to Forbes. International travel helps broaden your creativity, become aware of other cultural values and helps you develop a broader view.

There are plenty of free attractions, including these free attractions across America. Even if the cost of the experience itself is free, often you need to spend money to get there. It’s ok to spend money on experiences that will enrich your life.

Items That Bring You Joy

For years I wanted a quilted Burberry jacket. I convinced myself I couldn’t afford it (I could have) and I needed to invest that money. When I finally bought it (on sale!) I loved it and frequently wear it every spring and summer. I’ve now had it for almost 4 years and it’s still in near perfect condition. I’m sure I’ll have it for at least a decade, if not longer. Looking back, what was the point of delaying this purchase? I still needed a jacket so I bought a jacket I didn’t love instead of this. I ended up spending more money than if I had just bought the jacket I really wanted in the first place! Sometimes by delaying a purchase you end up saving money- for example not having a car for a few years- but in this case I just delayed joy.

Obviously there is a limit to this. If the purchase will put you in debt you should go with something that brings you less joy and is much cheaper or wait to buy. Feeling guilty after buying something expensive is completely normal. Remind yourself that you shouldn’t feel guilty on buying expensive things you can afford that bring you joy.

A Reminder That It’s OK To Spend Money Summary

When you’re a super saver, you may have a fear of spending money. Remember, tomorrow is never guaranteed. So, make sure to enjoy the moments you live today. Set goals for how much you want to save, how much debt you want to tackle this year, how much you want to invest. Automate your savings directly from your paycheck into your savings account so any money in your checking account you’re free to spend. Once you’ve hit those goals, don’t feel guilty about spending money.