Spend vs. save in fall fashion

When it comes to staying up to date with the latest trends in fashion, technology and home décor, we all find ourselves wondering how we’ll ever be able to keep up financially. With trends changing every day, it’s virtually impossible to know what’s “in” at any given moment. Making smart purchasing decisions, however, never goes out of style and it is worth the effort to decide what will fit our budget and figure out when to spend, versus when to save. Deidre Davis, chief marketing officer at Michigan State University Federal Credit Union, offers her advice.

Fashion:

• When to spend
  • High-quality staple pieces: things that you will wear quite often and can reuse for different events
    • Suits, cardigans, shoes
  • Traditional pieces: Cuts and patterns that will not go out of style as quickly
• When to save
  • Fashionable, new items: Trendy items are often only in style for one season
    • Purchasing these items at outlets, online or at discount retailers, however, can save you money while allowing you to stay in line with the latest trends
  • Children’s clothing
    • Hand-me-downs and less expensive items are a good idea for kids who will outgrow them in a matter of months

Technology:

• When to spend
  • Older models: Often have the same features as new devices and can offer better prices and discounts for the same device
    • Make sure the device is compatible with your other technological devices as older models don’t always work with newer devices
  • Fits budget: You can afford the costs of the new items and aren’t just looking for the newest gadget
• When to save
  • Multiple devices: Multiple people in your household need a device
    • Hand-me-down phones and tablets can be good for kids when it comes time for you to upgrade your device. That way, you’re not buying several new items at once

Home: 

• When to spend
  • Necessities: Items that will need to last and save you money in the long-run
    • Mattresses, water heaters, large appliances
    • Preventative maintenance and repairs
• When to save
  • Décor: Paint schemes, curtains, decorative elements, etc.
    • DIY is a good way to create a welcoming home, and many projects can be done as a family
  • Children’s furniture
    • Buying used cribs/beds can be a good idea since kids will grow out of them
      • You can also recycle/upcycle these items, making them unique to your home and baby