Looking Professional on a Budget

By Jennifer and Andrea Kirby,
Kirby Financial Group  http://www.kirbyfinancialgroup.com/

Staying apace with fashion trends and living up to workplace fashion expectations can put a strain on any working woman’s budget.

We asked four Canadian women how they dress for success and their strategies for making their fashion dollars work for them.

Sandy Haney, Vancouver BC
Sandy Haney, communications manager at PrioNet Canada

doesn’t specify a clothing allowance, but estimates that she

spends $1200 - $1500 per year on clothing and shoes. Sandy

invests in nice fabrics and styles that don’t look dated. She buys

clothing that she can mix and match with different items in her

wardrobe.

Although dry cleaning can be expensive, Sandy opts for dress

slacks or pant suits or slacks with “jacket style” additions. Jackets

and pants can look professional at a fraction of the cost of a suit.

Pants also mean less money spent on nylons.

Sandy’s must-haves include comfortable but cute heels that work

with jeans or skirts, a cozy black sweater, and jewelry that can

embellish a simple top to make it work worthy or weekend friendly.

Barb Rallison, Calgary AB
For Barb Rallison, co-author of Slice (http://www.sliceofhealth.com/)

and owner of Vitamins First (http://www.vitaminsfirst.ca/), her

“business, very casual” clothing style at the store or at book

signings can still be a challenge. Barb limits her clothing shopping

to twice annual sprees or out of town shopping trips where she

might spend $1000 - $2000 at a shot.

Barb is conscious of buying durable items and quality fabrics

that will last for a long time, and typically turns to designer

names to find quality clothes. Although these designer items

cost more, Barb finds that she ends up buying fewer clothes

and they last longer. This fall, Barb is investing in stylish

wool-mix dress pants.

Although Barb doesn’t typically shop at consignment stores,

one local owner literally picks items with Barb in mind.

Otherwise, Barb finds it too time consuming to sift through the racks.

Tara Wickwire, Toronto ON

Tara Wickwire, who works in Public Relations for

Gap Inc. (http://www.gap.com/), stresses that her career in

retail lends itself to ongoing wardrobe updates from Gap,

Banana Republic and Old Navy’s latest collections. Tara spends

about $3000-$4000 annually including shoes and bags.

Although Gap’s dress code is casual, Tara’s interaction

with the media means that she is expected to adhere

to the latest trends. Tara says that most people are too

broad in building a work wardrobe. Instead, she suggests

starting with the absolute basics and injecting accessories

and colour for each season.

The trends for fall are indicating a season of classics.

A straight or slim cut suit with matching jacket and pencil

skirt, mixed with some bright, fine-knit cashmere sweaters

(cardigan, turtleneck, or v-neck), a crisp white shirt with

french cuffs, and a few silk novelty tops can be all you

need to look great at the office. Some of the other

fall wardrobe essentials include a great structured bag,

a pair of wide leg black pants, and a simple black pump.

Add some chunky jewelry, a silk scarf, a python or patent

belt and a pashmina, and you will suddenly find yourself

up-to-date!

Financing Fashion

Store credit cards can be tempting to use, but they

can also carry hefty interest charges, upwards of 28%!

None of the professional gals we interviewed used this

kind of plastic unless it offered an additional discount at

the store, and they insist on paying the balance immediately.

Lay-away plans seem to have lost favor for many Canadian

women, but this pay-before you bring it home system makes

a lot of sense for big-ticket items and can help avoid financing

charges if you don’t have the cash on hand.

If you find yourself bogged down by high-interest
store credit card debt, try Power Pay (https://powerpay.org/),

a website that helps people eliminate debt by paying it down

faster. The site also has great resources for household budgeting.

Tell us how you look fashionable on a budget!

Email Jennifer@kirbyfinancialgroup.com  or

Andrea@kirbyfinancialgroup.com

Jennifer Kirby is a Certified Financial Planner,

Chartered Life Underwriter and Registered Health

Underwriter with a passion for making sense out

of complex financial products. Jennifer has been

working in the financial planning industry since 1995

and has a proven track record for helping clients

clarify their personal and financial objectives.

Andrea Kirby has and MBA from Simon Fraser University

and joined Kirby Financial Group in 2007. Andrea is

dedicated to providing clients with candid, up-front

advice and excellent customer service.

Please contact us anytime if we can help you with your

financial planning.