Financial Tech Tips for Fashionistas
The leaves are changing, the mornings are a little chillier, and you’ve switched from your iced latte to a hot latte. Boot season is officially upon us. You’re in Nordstrom Rack. You find a fantastic pair of last season’s Frye western ankle boot that retailed for $270 now on sale for $130. The self talk starts… “Wow- look at that. I am saving $140 by buying these boots!” “Well, if I use my Nordstrom card, I’ll get the points and will help me save even more money…” “I am basically losing money if I don’t buy these now…”
We’ve all had that inner monologue. What can start as innocent justification can quickly turn into thousands of dollars in credit card debt, a lowered credit score, and years of being forced to make decisions around helping pay off your credit card debt. Have you ever had to take a shitty job because it’s the better financial decision? Ever wanted to progress in your career by going to grad school but can’t afford it because of your debt? Yea, that would really suck.
Thankfully, there are a number of ways where you can still look cute AF while being financially saavy, because it is 2–0–1–8 and you can have it all! Thankfully, technology is on our side here. Here are some technology driven fashionista faves!
One of the biggest ways you can cut down on your fashion spending is to ensure you’re buying high quality pieces that fit well. If you can afford it, a good pair of quality jeans can be in the range of $40–200, but will last for years. If this describes something you can get down with, look no further than Redenim. They use machine learning to create your perfect “JEANome” (I’ve always gotten a kick out of the name!). They start by learning your fit and preferred styles to pick the right jeans for you. They have created an algorithm that finds the perfect fits and styles for you based on your measurements, which is pretty cool if you ask us. Then, they send you three jeans in a Restyle Box to try on in your own home for 7 days. Then, you pay only for the jeans you keep, send the rest back for free. Even better, they provide sizes from 00–20, short, regular, tall, and a number of price ranges ($45–200). Size AND price diversity? They’re a company who’s doing fashion right.
2. ThredUP
If you’ve had a habit of buying too many clothes and find your closet is busting at the seams, or you just need to clear out last year’s styles to make way (both physically and financially) for this season’s finds, ThredUP is an amazing route. They are now the largest online consignment store, and allow you to sell your high quality pieces — so clothing, handbags, shoes, fashion jewelry (no gems), and accessories. They will send you a bag, where you can load up all the items you’re getting rid of. Next, they’ll sort through the pieces to ensure they are high quality (another reason to buy high quality — it’s easier to resell!), and select to sell. Head to their website to see a full list of things they look for. Whatever they don’t sell is either donated to charity or recycled, and they even have an option for you to donate the proceeds of your sold clothing to a charity. Even better, you can also buy consignment clothes from the site, meaning you can get high quality designer pieces for a fraction of the cost. ThredUP is doing fashion tech right, helping you be smarter (and more charitable) with your fashion.
3. Pei
Using retail credit cards is dangerous. They are definitely enticing when you’re checking out and the cashier let’s you know you can get 20% off your current purchase and 5% off all future purchases, but don’t let that fool you. They tend to have the highest interest rates, and accept just about anyone — meaning, if you already have mountains of debt and a bad credit score, chances are you’re a great candidate for them. They are also the easiest to forget to pay, because it’s not one of your main cards. But fear not — that’s why there’s Pei. Pei will get you those rewards and loyalty programs without the crippling debt and knock to your credit score. In fact, quite the opposite! Pei will get you up to 20% cashback at partnered retail locations, and we have quite a few that will support your need for this season’s boots. All you have to do is link your cards, and we automatically get you cashback. Looking to have a little savings account to fuel your fashion addiction? Keep your Pei points accumulating in your account and cashout when you’re ready to do this season’s shopping. Here is a shopping guide on how to get the most out of your Pei rewards!
Nordstrom- 1% Cashback
Nordstrom Rack- 1% Cashback
Urban Outfitters- 1% Cashback
Express- 1% Cashback
Old Navy- 1% Cashback
Forever 21- 1% Cashback
H&M- 1.2% Cashback
Uniqlo- 1% Cashback
Gap- 1% Cashback
Banana Republic- 1% Cashback
American Eagle- 1% Cashback
Foot Locker- 1% Cashback
Target- 1% Cashback
Sephora- 1% Cashback
Victoria’s Secret- 1% Cashback
Shoe Carnival- 1% Cashback
Some closing budget fashion tips: pay a little more upfront for the pieces that you’ll wear often- jeans, boots, sneakers, etc., because if they last longer you’ll end up paying less in the long run. Then, get your trendy items that go out of style quickly, t-shirts, work out clothes, etc. at the Targets, Forever21s, and H&Ms of the world. If you have a hard time paying a lot upfront but fit is important, check out your local thrift store and get jeans, dresses, shirts, etc. that are good quality for just a couple dollars, and then take them to a tailor to get fitted to your body. Lastly, when you start having that internal monologue, make sure the voice talking back to you is educated. Are you using the tools available to you to find the best deal possible? Is there a more affordable way to get the wool coat you’ve been eyeing for winter?
If you want to check out how technology and Pei can help you with your other financial goals, check out our posts on saving for your family, and if you’re a starving student! Until then, we’ll see you on the cashout page!
