This blog post isn’t going to be like the other saving money blog posts you’ve found today. We’re taking a different approach; we’re going to show you how you can save money and continue shopping for your favourite clothing and homeware brands and styles without any need for lifestyle sacrifices.
We’re going to prove to you, with real life examples taken from July 2024, how you can save money by buying your clothes and homeware second hand so you can continue to enjoy shopping for your wardrobe and home without having to make sacrifices. Because, let’s face it, when you are forced to make lifestyle sacrifices as a result of factors outside of your control it can be pretty demotivating and just as much disheartening.
Saving money without making sacrifices
Finding ways to thrift and save money is a way of life and a skill that a small minority of people have mastered. But it wasn’t until COVID-19, followed by a cost of living crisis that many others were forced to quickly learn and adapt to new shopping habits. To do this, sacrifices had to be made, in 2022, almost a third (31%) were cutting back on their social commitments and 2 in 5 (40%) are cutting back on their outgoings.
We guarantee that making a change in your shopping habits and shopping second hand not only saves you money on clothes and homeware, but it also generates more disposable income for you to spend more on the people you love, the places you love and the things you love to do.
The importance of finding new ways to save money
The cost of living crisis is here for the a bad time and a long time
By now, it is same to assume that everyone has either heard of or been affected by the cost of living crisis and if you haven’t then we can only assume you’re in the top 1% and this blog post isn’t for you.
We’re no financial experts, nor do we purport to be, but we know enough to comment on how difficult it has been managing personal finances basically since COVID-19. It has been a rollercoaster!
Despite the rollercoaster ride, those who are experts in their field when it comes to inflation and the cost of living remain wary on providing any sort of end date for this crisis. We're frequently reminded that although inflation has dropped significantly since its highest point in October 2023, this doesn’t mean prices of goods and services will also drop so drastically, instead they will simply rise at a slower rate. This is why it’s more important than ever to find long term solutions to saving money that will allow you to maintain your current lifestyle.
Saving money as a way to relieve stress
We all need a little less stress in our lives and there is one type of stress which trumps all others: financial stress.
We see second hand shopping as a tool to mitigate stress in two ways:
Firstly, doing the things you enjoy is proven to mitigate chronic stress so if you’re like us and you find enjoyment in shopping for your wardrobe or your home then it is important that you continue you to do this.
Secondly, as you will see when we dive into the numbers later in the blog, second hand clothing and homeware will save you money. This money can be spent on doing more of the things you love, or it can be used to pay for the essentials such as bills, petrol and food. By simply having more disposable income, your financial stress is eased.
You may not have considered second hand shopping as a money saving tool until now
You may be asking yourself, ‘why haven’t I thought of shopping second hand as a tool to save money up to now?’ Well, there are a few reasons this may be. But as we always say, it is better late than never to start shopping second hand!
You didn’t realise how much you could save: From experience, we know that it isn’t until you become exposed to the world of second hand clothing and homeware that you realise the size of the savings on offer.
It feels intimidating to you: Many people see second hand as a battleground of online marketplaces such as Vinted, eBay and Facebook Marketplace as well as charity shops and car boot sales. Now, if you’re an online shopping veteran or the high street is your second home then transforming your shopping habits to accommodate shopping second hand can be intimidating. It’s a completely different way of shopping, let’s face it! Take a read of our 5 do’s and don’ts for shopping second hand if you’d like our expert opinion on how to make second hand shopping work for you.
It’s not publicised as a way of saving money: If you put into Google ‘ways to save money’ you will be hard pressed to find an article which references second shopping as a proven method of saving money. Of course, we’re bias, but we think the big banks and saving money experts are missing a trick. Second hand shopping is no longer a trend or a personality type, it is a new approach to shopping and saving money and it is here to stay.
How much do we actually spend on clothing and homeware?
Let’s dive into the numbers. Using data from the Office for National Statistics family spending report in 2022, we calculated that the average household currently spends £1007 a year on clothing and footwear, which equates to about £19 per week.
Total household spend on homeware and furniture isn’t too different, with an average UK household spending £1019, with £400 of that just on home décor such as soft textiles and decorative items like vases and glassware. This works out at £19.38 per week being spent on furniture and homeware.
An average UK household has an annual disposable income of £34,200 meaning 3% of this is being spent on clothing alone and a further 3% on homeware and furniture.
So, how much money can we save by shopping second hand clothing and homeware instead of brand new
We’ve broken it down into two categories: second hand women’s clothing and second hand home décor and furniture. For each category, we have found three examples from a second hand shopping channel; one from Sunshine Thrift, one from an online marketplace and one from a charity shop and compared the second hand price with the RRP you would pay if you bought the item brand new.
Second hand women’s clothing: How much can you save compared to RRP
We chose three clothing items from three different second hand shopping channels and compared the second hand price to the RRP. By buying these three items second hand instead of brand new we would make a saving of £148.52.
Take a moment to think about what you would do with £148 if you were handed it tomorrow. Would you put it towards a holiday or maybe it could contribute to your bills which have increased over the past couple of years?
Second hand homeware and furniture: How much can you saved compared to RRP
Now let’s do the same for second hand homeware and furniture.
We chose three different second hand homeware pieces; a candle, a rug and a toy box and compared the second hand price with the RRP. By purchasing these items second hand we would have saved a total of £148.01, compared to if we had bought them brand new at the RRP.
Again, take some time to reflect on how you could spend the money you have saved. We’re going to do the same.
Below we have turned the money saved by shopping second hand into real life spends so you can see the true value of shopping second hand.
Starting with second hand women's clothing.
And now let's see how we can spend our second hand homeware savings.
By choosing second hand clothing and homeware, instead of brand new, for 6 items from in demand brands we have saved a total of £296.53
Using the data from the Office for National Statistics, choosing second hand for just 6 items would save 15% off the annual average household spend on clothing and homeware.
We can’t speak to other people’s finances, nor would we ever, but for many people to make such a saving all the while enjoying shopping the brands and items they enjoy, the benefits are unquantifiable.
Alternative methods to save money
Before we sign off on this blog, we want to share with you some alternative handy tips on how to save money on your clothing and homeware that when paired with shopping second hand could save you even more money. You will soon be sitting on a gold mine!
Cashback
Cashback websites such as Top Cashback and Quidco are a great way to save money on essential and non-essential purchases. We recommend that you download the Top Cashback Chrome extension. When you go onto a website you will get a pop up alert telling you how much cashback you can get on that website.
Upcycling
Have you ever considered upcycling an old piece of furniture or even a piece of clothing? Maybe you have old cushion covers and throws which you could convert into a quilt or perhaps a set of drawers which would be transformed with a lick of paint.
When searching for second hand furniture, we would always recommend you consider upcycling as another option so if you do find an item you love at a great price but it needs some work you don’t become deterred. Find a low cost or even free furniture item that you can paint or clean-up to save even more money. Plus, upcycling can be very fun too! But it does require patience.
And it’s not just furniture you can do this with, have you ever thought about upcycling your clothes? The best part is you no longer need to have any sewing skills for this, companies such as Loom will take your old clothing and transform them into something new! All you have to do is decide on the item you want to be upcycled and they will help you design the upcycled piece.
Selling your unwanted clothes and homeware
Selling your old clothing and homeware on online marketplaces or with a consignment service is a great way to clear out old clutter and make way for new items you will wear and use. Of course, it is also a popular choice for making some extra cash. Read our blog on how to get rid of your old clothes in 2024 where we breakdown five ways for you to responsibly get rid of your unwanted clothes.
Final thoughts: Saving money, without making lifestyle sacrifices, thanks to second hand clothes and homeware
Shopping second-hand clothing and homeware is no longer just a trend; it's a smart financial decision that can lead to substantial savings. By choosing second hand items, you can reduce your expenses significantly while still enjoying high-quality, stylish, and unique products.
Our findings are just a drop in the water, the world of second hand shopping offers a wealth of financial savings that will allow you to continue living your current lifestyle whilst saving money.
But the real money question is: What will you do with the money you have saved by shopping second hand?
