According to the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions, Malaysians have started to cut down on telephone expenses as a means to manage their budget. At the same time, consumers are switching to cheaper grocery brands. It is because of their concern over the economy, job security and increasing food prices. Spending less on new clothes and out-of-home entertainment remained the top two strategies to manage discretionary spending.
This is how I control effectively my spending on new clothes and accessories:
1. Shop less: I shop only once a year. It is done before Chinese New Year. As Chinese believe that you have to start New Year with everything new. So, it is auspicious to get brand new clothes and shoes to usher the New Year.
2. Do it during Sales: Just one or two months before Chinese New Year shopping outlets are promoting their goods aggressively. It is the best time to shop for your new wardrobe at rock-bottom prices.
3. Look for durability and comfort: Do not just look for brands. Durability and comfort is the primary consideration for new clothing. In this way you pay less for items with similar quality.
4. Be a member of the outlet: Take advantage of outlets with loyalty program. Be a member so that you can reduce your clothing bill further. I am a member of Padina; it gives a rebate of 5% on all your purchases. As an example, when you spend RM500/= you are given a voucher of RM25.00. You can reduce your next purchase by the same amount. You are also given a 30%- discount card on your birthday.
5. Pay with your cash-back credit card: I settle all purchases with my CIMB MasterCard. I get cash rebates on all my purchases, so I reduce further my clothing expenses and other items charged to my card as well.
How do you cut your clothing expenses?
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