Can buying secondhand clothes get you that house deposit?, All things property, under OneRoof

Living a cheaper life is how you afford the bigger ticket items you want.

A house deposit. A trip overseas. Becoming an investor.

So I’m always searching for ways to indulge what I enjoy, while being smarter about what it costs me. You can have anything you want, but not everything at once.

- Scroll down to the end of this article to listen to Frances Cook's Cooking the Books podcast series

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So I’ve set myself a challenge this year. I’m not buying any new clothes, for the entirety of 2020.

Work clothes, party frocks, shoes, gym clothes; anything I need will be found at secondhand shops. The only exception is underwear, because come on, but that’s still only allowed if I’m replacing a pair that needs throwing out.

There are two reasons why I’m doing this. The first, of course, is budgeting.

The best way to budget is always to first tackle your big expenses. Housing, transport, and food; what can you do to reduce those big bills, then never think about them again?

But after that, it’s time to face your biggest weaknesses.

Life is for living, so you don’t want to give up the things that bring you joy. But can you be smarter in how you buy them?

None of us have unlimited money. By sticking to secondhand, I get to indulge my vanity for a fraction of the original price.

I’m still making savings, putting money aside for investments, and making extra payments on my mortgage. I get to enjoy the now, without giving up my future.

The second reason is just as important, and that’s looking after the planet we’re on.

Fashion is the world’s second biggest polluter after oil. Fast fashion is the worst of the lot.

In fact, if you get on a plane the clothes in your suitcase are likely worse for the planet than your part of the plane ride.

So I’m in. I’m only buying secondhand for all of 2020.

To make sure I stuck to it, I decided to risk public embarrassment and posted about my challenge on Facebook and Instagram. Nothing like potential public embarrassment to hold yourself accountable.

To my surprise, it struck a chord. Plenty of people got on board, saying clothes were their weakness too and they wanted to give the challenge a crack.

Of course, it’s the online world, so I’ve also had feedback from people who aren’t keen on this idea.

Some say that secondhand shops are for low income people, and other people shopping there drives up prices.

This is a common myth, but it’s not true. Only one in five clothes that are donated are resold. The rest hangs around, then goes to landfill. There’s a positive wealth of secondhand clothes going begging.

Then there are the people that say they can find something for just $5 more, at somewhere like the Warehouse or Kmart.

I’m sure you can, but you’ll be paying $5 more for a lower quality piece of clothing, that will fall apart faster.

Buying it new but cheap is paying more to get less, and that’s not how I like to budget.

A secondhand challenge won’t be for everyone, as it does require a little more time to look around.

But considering that impulse spending is the biggest problem for many people. A slower, more thoughtful pace is probably just as helpful as the lower price tag.

So come on. Let’s give #CookingTheLooks2020 a crack.

- Frances Cook is the host of the personal finance podcast Cooking the Books. She is not a financial adviser, and all information is general in nature. For individual advice, see a financial adviser.

Listen to Cooking the Books podcasts below:

How to watch your pennies in 2020

How money can be used to abuse

Housing is now a different game from the beginning of 2019

Should you buy a house with your friends?

How to make more money by being lazy

After an investment property? Time to think commercial

How to budget for a house deposit without depriving yourself

How first-home buyers can build their own unique solution

Could the rule of 100 turn around your fortunes?

Is NZ ready for first-home buyer landlords?

The tough talk you need to have when saving for a house