Slasher George has done his worse with threats of more to come. In the UK we have a baton down our style selections emergency to keep the wolves from the door situation going on. Regardless of our personal fortune there is an overriding need to start building a contingency fund in case of hard times.
What does this mean? Well in the MDS household the Chanel 2.55 savings fund is being moved to the 'don't panic Mr Mannering' fund. I'll be the first to admit being of the magpie tendency that I always need a spending strategy. I am actually quite a big fan of the piggy bank approach! With interest rates so low there is no much joy for savers. You are realistically better off paying back any debt.
I don't want to put a dampener on the joy of new clothes and undermine the fashion industry but your priorities should be a healthy bank balance and then your contingency fund to cushion you from any shocks - be it the 20% VAT in the new year or the potential increase in unemployment.
None of this is nice, pretty or sparkly. It is a shame that the bankers broke our economy and got the government to bail them out. It was a necessary evil for which we are having to pay for. Hence my rant about greed on Friday. I've been on a make do and mend push since 2007 and have just started to break even, so I feel slightly bitter at being stuffed not by my own personal stupidity or greed.
What I've learnt since writing on this subject over the years is we tend to peak and trough on financial restraint and living within our means. Until now it seemed okay to occasionally have a blow out at not much cost to our bank balances. However, given the coalition are hell bent on culling fun and frolics to reduce national debt I'm afraid the hard times edition has set in.
Think of it logically style isn't just about the clothes on your back, it is your poise, your inner peace of mind. What can you do to work your wardrobe harder? What do you think is a top tip when it comes to thrift, savings and debt reduction? What plans do you have for the coming year? How far are you prepared to go? Share all here to help motivate us (in the UK!).