Whether it’s clothes, shoes, handbags, jewellery or watches, I get it. I love them too and am guilty of having the most amazing handbag and watch collection in my early 20s.

But investing in your wardrobe is not the right thing to invest in if you want to get ahead financially.

There will always be a reason to lash on out something to make us feel good or to mark an event or celebration, and I encourage it whole heartedly… if… it’s part of your spending plan.

Just because you’re saving for a house/holiday/car/investment property/(insert whatever you’re saving for), doesn’t mean that you have to cut back on all of life’s little luxuries. Just plan for them and spend mindfully rather than mindlessly. It will make a huge difference to the success of your savings and the achievement of your goal!

When working with clients to help them take control of their finances I encourage them to put aside some “play money” to spend on whatever they want without the need for justification. If you feel like you’re depriving yourself of the good things, your spending plan won’t be sustainable. It’s kind of like dieting. Deprivation for too long often equals nachos/Macca’s/beer and cocktails/(insert your food/drink weakness here). The result is often not pretty and often puts you back a few steps than you need to be.

My advice… don’t deprive yourself. Just add some play money into your spending plan. You’ll thank yourself for it and you’ll have a much easier time staying on track and achieving your goal.