do this: save 10%

I think you should save money and not spend it all on fashion. Is that controversial? Save 10% of what you earn. Always. Pretend you never earned it. Because one day you’re going to want to buy a house to live in, and you can’t do that if you’ve spunked it all on not-so-cheap threads. I love that phrase ‘spunked it all’.

Save some money, because you work hard, and at the end of each year, you can look at that bank deposit and say “that’s what I have to show for it.” Fetishise over the balance as much as you do a new pair of Miu Mius. You deserve more than a pile of potential op-shop donations for your hard work.

Don’t be fooled into thinking you need to buy clothes all the time. You don’t. People like me who talk about clothes all day do it for a job. Other people talk about bin collecting all day, or hedge funds, and you don’t fiendishly slave over what they’re saying. Maybe you do, let’s talk. You’re funny.

Buy once and buy well. Love clothes and enjoy them, but choose pieces that work for your body, you’ll go back to them year on year. Update with seasonal purchases here and there. Don’t panic buy and treat sales like brain surgery. Be precise, make only considered incisions into your wallet.

Save money, buy a flat, but don’t worry about when it happens. Whenever you manage to land your own home, it will eventually make you money. And at that point, you can spend the extra on clothes. source

I’ve never been a good saver, unless I have a very precise goal that I want very badly. Like travel. When I was 16 there was a school trip to Europe I really wanted to go, and my grandmother who I lived with said she would help with some of the cost, but I had to get a job. Four days later I was training to be a checkout gal at my local supermarket and working after school and weekends in order to save the $$$ needed. Yeah, I was a determined so and so. It was great, because I could spend the money on anything I wanted whilst I was away. I paid for most of the trip.

I’m kind of doing the same things now, saving for Japan and Canada, and I have a large list of travel dreams for the next two years or so. But I also want to start saving to buy an abode, somewhere, in the future, and I do not want to be crippled by a mortgage thank you very much, so I want a good chunky deposit, and then there is my superannuation! This turning 30 business is bringing up a lot of issues.

The 10% is a start, and I intend to sort some more plans out once I’m in Toronto with a job and steady income and I have been doing plenty of thinking about my finances both now and in the future.

Do you save? Have you always saved? What works for you?

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