Finance For The Fashion Conscious

I last wrote an article about “financing your frocks” back in October 2022 and Sarah at Artichoke has asked me to write another article about my role as a financial adviser and how being in charge of, and planning your finances, is important for us fashionistas who enjoy enhancing and adding to our wardrobes on a (very) regular basis.

I have worked in financial services now for over 30 years now and, although the world may seem to be a crazy place right now, one thing that has remained constant is the need to plan and budget.

Budgeting helps us to have a clear plan in place and the confidence to allocate our income and savings appropriately, from the mundane of paying bills and other regular commitments, to the luxuries in life such as holidays and that all important Artichoke shop!

I think of financial planning as having 3 main pillars and I will use some fashion analogies here to demonstrate what I mean.

1. Accessible funds in cash savings – think of your knicker draw and that pair of jeans and a sweatshirt that you will use on daily basis.
2. Medium term money – Generally around 5 – 7 years and money that will work a bit harder for you and produce better returns. Like this to the classics in your wardrobe. That favourite dress that is timeless and will come out year after year. The tailored trousers that go with everything. Or a crisp white shirt that is timeless.
3. Longer term money – Usually 10 years plus and designed to generate significant returns and a more secure future. This could be your investment wardrobe piece such as a statement jacket that you feel SO good in and will last a lifetime.

Of course, all financial planning is individual and should be dealt with as such – as is our sense of style. What works for one person may not necessarily work for another.

We often hear Sarah and her team talk about investment pieces and wardrobe staples as well as items that can move through the seasons. Creating what is often referred to as a “capsule wardrobe” and purchasing items that will work across more than one season and that can be mixed and matched with several other items, mean that significantly higher value and cost per wear can be achieved. Afterall, we are probably familiar with the saying “buy it cheap, buy it twice”, so it may be better to save up and buy that investment piece that you know will work within several outfits and will last the test of time.

A simple rule of thumb for managing your money is as follows: –

50% of your after-tax income on necessities including bills and pension contributions.

At least 20% on debt repayment and savings.

And finally, no more than 30% on wants, including socialising, holidays, and your wardrobe

To quote Carrie Bradshaw :

“I like my money right where I can see it ………hanging in my closet”.

 After more than 30 years in the financial services industry I need to start thinking about what my life might look like when I hang up my calculator.

I will always have an interest in my wardrobe and, according to my husband at least, I have an unhealthy obsession with clothes, shoes and handbags, and so there will always be a need to keep up with my finances so that I can keep up with my style.

I would also like to do a bit of volunteering for a local charity and a job at Artichoke would be just perfect – although Sarah would need to open a Kent branch to make that happen!! I would also like to do something creative, perhaps writing or interior styling but not sure anyone would pay me to do that.

Contact Details

Email – Alison.wright@sjpp.co.uk

Telephone – 01474 573820/07885 418139

Website – www.alisonwright.co.uk

LinkedIn.com/in/alison-wright-1705881

https://www.facebook.com/Alison-Wright-Business-Page-102570018201654 

Instagram – alison_wright_sjpp

Vouched For– https://www.vouchedfor.co.uk/financial-advisor-ifa/longfield/063686-alison-wright