With the end of financial year looming, it’s often a great time to invest in fashion pieces that may be on sale. But I wanted to share some fashion must do’s before the end of financial year which have helped me save money or make it. While the title can be a bit misleading – you don’t have to do anything – these tips are things I do or have done in the past.
1. Declutter and sort out your wardrobe.
This tip should be done every season. Be ruthless with your culling. If you don’t wear it because it’s too tight, stained or doesn’t fit right, it’s time to get rid of it. Keep a pile of clothes for donations and keep the designer pieces to sell online.
2. Buy a 10 pack of 500gm Australia Post satchels
Generally, Australia Post will announce when they increase their prices, but before June 30, I buy a 10 pack of 500gm Australia Post Satchels. Buying them in a pack of 10 means you get one satchel half price and I get them before Aus Post decides to increase the postage prices. The reason I have satchels on hand is for when I need to return online sales that haven’t fit me or suited my shape. I have peace of mind knowing I’m sending a trackable parcel back, even if I’ve lost $9 in postage. It doesn’t happen often as most times I’m pretty good at picking the right sizes, but there are the odd occasions when return postage may be at my cost and I want to send it the most affordable way I can, with tracking.
The other reason for the bulk buy of satchels is to use them when I sell pieces online.
3. Sell designer pieces you no longer wear
I usually sell designer pieces I no longer wear online on Ebay. But Andrea from Sublime Finds shared how she made $1500 by selling her pieces via buy sell swap groups on Facebook. I haven’t done this, but this is a great way for fans of the label to purchase your pieces. It may sound unusual to sell your designer pieces in June, but many people will wait until June to purchase that piece they couldn’t afford at full price.
If it is on sale, it may be best to hold onto it. But if it’s sold out, you may get more for your designer piece. I once sold red, sparkly Peter Alexander slippers for over $100 because they had sold out Australia wide. Even though they were worn, I had a bidding war on the slippers and they ended up selling more than the retail price. A big win for me.
4. Sell winter clothes now.
Sell your pre-loved clothes in the season you’re experiencing. So winter clothes in winter (now for Australia) and summer clothes for summer. When it comes to selling your clothes, sell brands by themselves like Witchery, Review, Sass & Bide, Country Road and etc.
If you have pieces from retail stores like Sussan, Katies, Rockmans, Target and etc, try and group pieces together and sell as a bulk lot.
5. Make all eBay listings to end on a Sunday afternoon or night.
This is peak time for the website and you will most likely sell everything and get the highest dollar for your wares.
6. Really consider if it’s worth your time selling your pieces.
Consider having a clothes swap or donating to causes like Dressed for Success or initiatives that help clothe those in need for winter. Sometimes the time it takes to do the photos and write the listings may not amount to much money.
7. Invest in pieces that will fill a hole in your wardrobe.
If you need a new jacket or some basics, now is the time to purchase them while the sales are on.
8. Buy replacement uniforms.
If you work in a job where you have to wear a uniform, buy replacement uniforms before June 30 so you can claim them on tax. When it comes to corporate clothing, the logo of the business must be on the clothing before it can be claimed on tax. Check with your accountant on what can and can’t be claimed. They will tell you how to purchase so you can get the benefit.
9. Start an End of Financial Year slush fund.
Open an online savings account and get a small amount deposited automatically into the fund so you can use the money to buy your fashion pieces next EOFY. Five dollars per week will accumulate to $260 (plus interest) and $10 per week can accumulate to $520.
10. Check your local op shop for designer finds.
If people are decluttering their wardrobes for winter and donating, now is the perfect time to grab a bargain at your op shop. Some op shops in high end areas can have amazing designer pieces for a small price.
Not all the tips will relate to your situation, and some may be considered common knowledge.
The end of financial year is only two weeks away. Plenty of time to declutter, shop and buy some satchels.