Pattie Lovett-Reid: Saving money never goes out of style

Four in 10 Canadians not confident they can cover expenses without adding debt: Poll 43 per cent of Canadians say they're not confident they can cover living expenses this year without going into further debt. That's according to the latest MNP Consumer Debt Index released Monday. CTV’s Chief Financial Commentator Pattie Lovett-Reid has the details.

HUNTSVILLE, Ont. — Cheap and cheerful can go a long way.

This is so much more then simply saving money, though it will save you money. It is about feeling good and looking good, all in an effort to boost your spirits.

On Instagram I put out the challenge to change it up and not wear something for the next week that you have worn within the last two weeks or more. It could be a piece of jewelry, a scarf, a top, or even a new lipstick that you have been waiting to try out.

Don't wait. Try living for today.

I'm not suggesting we should save until it hurts. Nor do I think we should spend as if there is no tomorrow. However, COVID-19 has taught us to expect the unexpected. ​

My challenge to you is to explore what you already have and use what you already have.

Numerous studies have found that most of us wear 20 to 30 per cent of our wardrobe, and I've seen statistics as high as 50 per cent. The point is that we have a lot of inventory sitting in our homes that we aren't using. Inventory that goes beyond our clothes -- for example, explore what has been lying idle in the kitchen, that once-must-have gadget tucked away never to be seen or even used.

We have collected a lot of stuff that we can now use to our advantage. Haul it out and use it. Or consider losing it and selling it.

The fact is, Canadians are sitting on billions of dollars in savings. Economists will tell you there is pent-up demand, we are itching to spend -- and there is truth in that. However, when the economy opens back up, I wonder if we will in fact shop until we drop. Maybe.

Instead, I would like to think we have missed experiences more than accumulating more stuff. Yes the economy needs us to spend, but I've come to realize I don't have to single-handedly prop up the economy, nor do you.

So I'm not saying don't spend. I'm suggesting we spend strategically. And you can only do that if you have thoroughly taken stock of your current inventory. In other words, take a business approach to your personal life, strip out the emotional and deal with just the facts.

The facts are very telling.

Martha Gillespie, who took me up on this challenge, told me after decluttering over the holidays that she found it amazing how much she buys that is the same. I feel like sometimes I shop on autopilot, just to purchase something without really needing it. This pandemic is a pause for me from buying unnecessary purchases and wearing what I have.

I reached out to fashion expert and blogger Erica Wark for a few tips. Here's what she said:

By the way, if you try to wear something from the past and are still not into it, donate it.

Saving money never goes out of style, and is always in vogue.