|| Garage Sale Trail - Money Matters: How To Avoid An Overspend Hangover ||
We all know that garage sales are an excellent way to find items on your wish list for your home & wardrobe on a budget, but we rarely talk about how easily it can spiral out of our financial control if you get swept up in buying bargains...
You feel the overwhelming excitement over finding so many beautiful things at low low prices, and the next thing you know you’ve inadvertently spent beyond your means and are left with an overspend hangover. The thrill you had has slipped away, and you’re left feeling regret for the beautiful things you've bough instead of elation.
So how can we avoid this? With a bit of planning, a basic budget, and a real vision of not only what it is you’re looking for this weekend, but how much you’re willing to spend. And who better to get advice on money matters from than Emma, the genius behind The Broke Generation and owner of preloved clothing shop Midsize Thrift. She’s been generous enough to share her knowledge on how to keep the joy in finding treasures along the trail by purchasing mindfully and taking control of your cash.
What are your top tips to create a thoughtful budget/spend limit for the weekend/shopping at garage sales?
Emma: The good thing about Garage Sales is they'll probably be cash only, which is suuuuuuper helpful for budgets because you'll only have a finite amount. With an event like Garage Sale Trail, you also have the benefit of knowing the dates well in advance, so you can begin stashing a little extra cash towards your purchases. Think about how much you'd like to spend in advance, and then have a 'buffer budget' for if you see something special. You might like to have a few things in mind that would qualify as 'buffer worthy', too.
Do you recommend only buying items from your wish list/staple pieces?
Emma: I do and I don't. In an ideal world, yes, but the beauty of buying second hand is that so often the prices are so much cheaper than buying new, so an impulse purchase doesn't necessarily mean blowing your budget. It definitely helps to have a wishlist, but if you find something unique, try to think ahead a few weeks and think whether you'd really regret not getting it. it also helps to think about how easily you think you could sell it on/give it away if you did decide you'd made a mistake and didn't really need it.
Can we use the fact that we’ll be relying on cash for purchases at garage sales to our advantage?
Emma: Totally, cash is great for budgeting at cash-only events. If you really want something, you might be able to ask the host to hold it for you, or accept a bank transfer. But just having that barrier helps you evaluate how much you really want/need it. Remember at Garage sales, people tend to want to get rid of stuff, so don't be afraid to offer a lower price. I'm personally terrible at this, but I'm getting better. I think it's really important to be respectful, and not be silly with the prices you're offering. I wouldn't recommend going more than 25% lower than what they've marked, but that's just my personal opinion.
When it comes to buying investment pieces, is it worthwhile putting money into quality pieces of furniture or good quality clothing that will last you for years, even decades, to come, even if it means spending extra cash?
Emma: Strongly recommend doing this. When it comes to furniture and homewares, think about where you'll live in the next few years. It could be the best quality couch in the world, but if it's too niche in design or size, it won't go the distance in terms of your next few years of housing. Thinking ahead can also help you make sense of bigger purchases. I recently wanted a full length mirror, and decided to get the better one for $80 instead of the basic one for $40, because I knew the bigger one would be much more of a keeper than the ugly smaller one. I could see the more expensive one in more of my future homes, but not the cheaper one. It made much more sense to get the bigger one!
By thinking ahead, sorting out money matters now, and shopping mindfully with purpose, your future self will thank you for setting realistic spending goals for your Garage Sale Trail purchases, allowing you to enjoy the weekend without the regret of spending beyond your means!
Thanks so much to Emma for sharing her sage wisdom and insight, you can follow her here and check out her website for other amazing financial tips to help you live a life you can enjoy.
See you all on the Garage Sale Trail this weekend (Oct 19 & 20)