Harnessing Financial Benefits through New Year Resolutions in 2024
As you embark on the new year with intentions, consider aligning your goals with financial gains. Our guide provides insights into money-saving New Year resolutions, offering cost comparisons to showcase potential savings associated with popular resolutions.
One impactful resolution revolves around making sustainable choices in your fashion habits, breaking free from the fast fashion cycle of wearing items once and constantly acquiring new outfits. Beyond its environmental implications, this approach proves to be financially burdensome. A resolution to adopt a more sustainable fashion approach can yield both economic and ecological benefits, with a particular focus on mending clothes.
How many people save money: According to Wallis & Partners’ report from last year, sales of repair products saw a remarkable 61% increase, including items like repair tape and patches, while sales of darning wool doubled year-on-year, even leading to shortages of darning needles. This surge indicates a growing trend of individuals embracing a “make do and mend” mindset to repair, patch, and darn their clothing.
The popularity of shows like The Great British Sewing Bee has contributed to the rise in interest in this area. Patrick Grant, the show’s judge, attributes the surge to the dual motivation of reducing consumption for environmental reasons and addressing financial challenges amid a cost-of-living crisis.
How to save money: Embarking on a money-saving journey requires minimal tools – a needle and thread, complemented by free online tutorials. By learning simple mending techniques, you can salvage your favorite clothing items, eliminating the need for replacements. Haberdashery departments at stores like John Lewis & Partners or Hobbycraft offer essential supplies.
Social media platforms, with influencers like Lily Fulop, Marlen Meiners, and Katrina Rodabaugh, serve as valuable sources of instruction and inspiration. These influencers showcase the beauty of “visible mending” as a unique way to upcycle clothing, extending its lifespan.
For those less inclined to acquire mending skills, several fashion retailers, including H&M and Zara, now offer repair services.
How much you could save: Statista reports that the average weekly household expenditure on clothing in the UK was £14.40, amounting to just under £750 annually. By avoiding new fashion purchases and instead focusing on mending or customizing existing items, you can potentially save hundreds. Additionally, this conscious choice contributes to environmental preservation, as wearing a garment for an additional nine months can lead to a significant 20-30% reduction in its carbon, waste, and water footprints, according to waste charity Wrap.