Altering your capsule to fit your saving dreams.
Whether you are paying off debt or saving up for a big purchase like a house or a car or even a big event like a wedding or having a baby, saving or just spending less and saving more can be incredibly difficult.
When I was younger I vividly remember watching Alvin Hall’s “Your money or your life” and I remember being transfixed as he showed all types of people from different walks of life as to how if they continue the way they are that this could potentially ruin their lives. He was clearly a subscriber to tough love and shock tactics but that coupled with my parents strong beliefs on avoiding debt and I have always been a little bit petrified of over spending. That’s not to say I don’t have debt like most I have student loans but the moment I left university and got a job I paid off my overdraft and I don’t have any credit cards and that makes me the happiest.
So why discuss money and capsules? Well here’s the thing, when you make a capsule you are spending within our means because you are setting yourself a budget and then you are walking away giving yourself several months free of clothing purchases. That can potentially save you money.
When we decided to save for a house and a wedding I found managing my money difficult. I never ran over my means but I never really saved anything either. Of course in order to save you have to stop spending and I am writing this to tell you that a capsule can help you with that.
Divide and conquer
To divide and conquer the great saving issue I like to split my money up almost like naughty children. Money comes in and then before you can spend it (this is key) organise for your money to go into different untouchable accounts (I love a great ISA as some’s interest rates can be effected by dropping in and out of it which is always a great deterrent) and this same mentality also applies for my capsule wardrobe.
Break it down
So here’s how to save your capsule money in easy to manage chunks;
How much do you need to save?
Biggie number one how much do you want to spend? I say start here but if you are unrealistic when you get further down you might find that how much you want to spend is not how much you could spend! For example if I budgeted that I wanted to spend £500 on Autumn (which let’s be honest wouldn’t be hard!) this is how it could look;
Months to save it in: 6
500 / 6 = £83 per month.
Which yes ok now I look at it really isn’t so bad over six months but most of you would only be saving for three months which is, £166 per month now for me that is unrealistic and in fact over six months it would still make a major alteration in our quality of life so then it’s one of two cases, drop it down until your happy or work on how much you could happily put away a month.
Now personally for autumn 2015 because I think I will need another coat since my last is so bobbled the ideal would be £250 the downside? We are saving ultra-hard for our wedding right now so the likely hood of saving it is small coupled with the fact I wasn’t so on it from the beginning of the summer capsule! So counting from this month to a mid-October capsule shop (3.5 Months) would mean I would need to put away £71 a month. This again is not going to happen so instead I have to approach my capsule separately. This is where it got interesting to me since last time this approach worked great for me however this time I have had to readjust my viewpoint and with it readjust my capsule.
5 Piece capsules
As was the prior plan I had seriously considered dropping the capsule in favour of the 5 piece wardrobe and I have to be honest it’s looking more and more likely. If I were to save like last time I would more reasonably only want to save £40 a month (this is because of everything else I’m saving for) this would come in at £140 and although that amount worked great for SS15 buying a coat would pretty much wipe this out. Instead I think I will be switching up the capsule to the 5 piece wardrobe rule which is as follows;
- Refers to Statement pieces between September/October 2015 and December 2015
- Basics, Accessories and shoes don’t count below £50
Therealjlow small print for this is as follows;
- Maintain your capsule wardrobe by splitting up your full wardrobe and living in season appropriate items up to 60 pieces (incl. shoes/coats etc) for every 3 months.
- Basics don’t count but only update items no doubling up, you don’t need that second pair of black jeans put them back.
- A basic no longer counts as a basic once it goes over £50 so those shoes I love from Clarks which cost, £60 count as a 5 piece item.
I think this will be an incredible opportunity to see how a different shopping approach alters the way I view my closet. The Capsule Wardrobe is an incredible start. It allows you a good amount of movement and time to realise, holy shocks, I spent so much last year and didn’t feel any better for it or why do I have no space for anything? Why can’t I afford dinner? Its a real eye opener but I think if you stuck to it the challenge would be lost and would you really continue to develop your personal style?
So these are my current thoughts for everything clothes-wise, what would you guys do? Do you think mixing in the five piece challenge will alter my style? Do you think its sensible? doable drop me an message or email I’d love to hear your thoughts!