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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