19 fashion industry people share how much money is in their savings

“In this industry where more is more, it feels like I’m forever spending to keep up.”

Is it a generalisation to say people in the fashion industry are usually sub-par savers? Absolutely. But from first-hand experience, there’s a little bit of truth there. It’s simple – creative industry salaries aren’t always flash, and temptations are all around.

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There’s also a certain expectation to keep a finger on the cultural pulse, which (depending on the context) can mean feeling a need to buy into a new brand or product. This could also be entirely incorrect and solely a reflection of my bank account. To test my theory, I asked anonymous Fashion Journal readers working in the fashion industry to share how much money is in their savings.

Shanti*, she/her, 24

Current savings account balance: $5,000

I think yes [I’m a good saver] in that I’m conscious of saving and don’t transfer money out. I don’t consistently have much income to spare for savings, however.

Charlotte*, she/her, 30

Current savings account balance: $23,000

I stacked the deposit for my house, now I’m in the process of rebuilding my savings. It’s difficult due to always looking for the next best thing (in fashion brands, etc) [and] the pay level is generally lower than in other industries.

Yael*, she/her, 33

Current savings account balance: $400

I regularly take out money to pay for mortgages and credit cards and to invest. I also took out money to pay for a Bali trip. I have an Up Bank saver account with like $800 that I can’t take out until next year. So yeah, I save, but then something pops up and it has to come out for whatever reason. My partner is also on a good wage and I’m on a lower wage.

I would be a good saver if we didn’t have so many mortgages! I saved quite a bit during the lockdowns. But then we bought my mother a house, so that trickled into there. I usually save for an item of clothing that I want and then use that money to buy it. I don’t save for big things and we have enough income to buy them. But I do like to have money sitting in a high-interest account for a rainy day. If we didn’t have the extra mortgage and renovations on the house, I would have a lot more.

Sofia*, she/her, 26

Current savings account balance: $1,000

No, I wouldn’t consider myself a good saver due to the fact that I feel the need to keep up with fashion trends. I feel the need to constantly have whatever we’re putting out and to keep up. Especially in a customer-facing fashion role.

Elena*, she/her, 27

Current savings account balance: $4,200

I’m absolutely not a ‘good’ saver. I’ve never had a great relationship with money, and in this industry where more is more, it feels like I’m forever spending to keep up (I work at a luxury fashion and lifestyle magazine). I’m forever grateful for the PR send-outs, but they don’t pay the bills! Also, writers should be paid more!

Maria*, she/her, 23

Current savings account balance: $16,000

I think I’m a good saver, considering how little I earn! What I can save in comparison to others is probably not much, but I manage to save over 50 per cent of my weekly income currently.

Harper*, 21, she/they

Current savings account balance: $41,000

On my NAB app, I set a savings goal for the year which keeps me in check and makes it easier to track my savings. I try to pay for everything on my credit card, which means I can always see how much I’ve spent for the month. I’ve come to know what my average monthly spending and can recognise when it’s been a big spending month.

I work in the sustainable/slow side of fashion so the more I learn, the more I actually feel inclined to buy less. If I do want to buy something, I usually sit on it for a few weeks before making a final decision. I’d say I spend most of my money on food. Going out to eat is such a social thing and I also feel quite tempted to buy myself a little treat when I’m out and about.

Troye*, 23, he/him

Current savings account balance: $1,000

I wouldn’t consider myself a good saver. The fashion industry is up and down when it comes to work – when it rains, it pours. Also, I hate to say I have expensive taste, but sadly it’s true. The champagne life on a beer budget is how I roll.

Wei*, 23, she/her

Current savings account balance: $38,000

I’m good for my wage, but I use the idea of ‘investment pieces’ to splurge on wardrobe additions perhaps a little too frequently. I don’t overtly budget, but I am conscious of choosing cheaper brands and eating in where I can.

Lauren*, 32, she/her

Current savings account balance: $62,349

I think I’m a good saver, I use lots of tricks to passively save – like automatically splitting my pay into savings/rent/spending (thank you Up Bank) and sleeping on a purchasing decision for at least a night. There’s a lot of temptation and pressure to keep current with clothes and accessories, but working in the industry you get an understanding of just how quickly trends can change and how much having a unique style can be a positive.

Fatima*, 30, she/her

Current savings account balance: $180,000 plus super

It’s a habit and I want a safety net. I’ve been able to take time off for a career reset because of my savings.

Sierra*, 25, she/her

Current savings account balance: $2,000

I have an account that I can’t touch unless Dad approves the transaction from his end. But I only buy secondhand so I save money that way. I would have more money, but I went to the USA recently so I chewed through my savings. Invest girlies – listen to the Girls That Invest podcast, or any other finance podcast and get started. You only lose money once you sell so even if your money goes down, just leave it. The market always comes back up.

Julia*, 28, she/her

Current savings account balance: $27,000

I budget my expenses and savings. It’s hard to avoid temptation- I find that I will go through periods of splurging hard & then not buying anything at all!

Mina*, 33, she/her

Current savings account balance: $4,000

I’m an ok saver. I have a good budget set but sometimes get a little off track with buying something new or wanting to have an experience such as a long weekend stay. I don’t punish myself too much for going off track now and then… I’d rather save a little less but have enjoyed my year rather than be miserable, bored and restricted but have a lot of savings.

Angelique*, 23, she/her

Current savings account balance: $25,000

I think I’m a good saver, but perhaps to my detriment. I bought my first house at 21 (with a mortgage of course). Now I have a daughter who came sooner than we planned and while I am so glad to own a home, I realise that I sacrificed a lot of life experiences by saving the money that I did. For example, if I ever went out for coffee I would buy a $2 espresso shot and tip it over a glass of free ice water rather than paying $5 for an iced long black. It probably made me look stingy.

Sani*, 26, she/her

Current savings account balance: $8,000

I’d consider myself an okay saver, especially considering my very mediocre salary. I’ve set up automatic transfers for bills and rent (really my only two expenses at the moment), so that money comes out as soon as my pay hits my bank account. It’s almost an out-of-sight, out-of-mind situation – if I don’t have to physically transfer the money over, I’m less tempted to spend it.

My biggest weakness is easily online shopping. I love the ritual of it, sitting with a cup of tea and a podcast playing while scrolling. To help curb the habit (or at least save a little while I’m doing it), I’ve downloaded Checkmate, which is a browser extension that collects relevant discount codes while you’re shopping. It’s definitely helped.

Brooke*, 24, she/her

Current savings account balance: $3,900

I’m pretty bad with money. The only time I’m a good saver is in lockdowns, where I didn’t need any clothes or makeup. I spend all my money on vintage clothing, I’m simply obsessed.

Rahma*, 28, she/her

Current savings account balance: $430

I’m not a good saver. I’m trying to have a work-life balance with quick fixes of retail therapy. I work periods of 14-hour days, seven days a week. I work as a designer but in luxury fashion, so some days it feels like a rat race with the latest Chloé bags in the office or Gucci slides. I spend a lot of money on other luxury brands, mainly overseas.

Other big spends go on Uber Eats dinner, breakfast and lunch bought daily when I’m working ridiculous hours. Then when I’m not, I’ll spend money on flights, massages, self-care or big nights out to feel like I have some kind of social life or control over my work-life balance – none of which is affordable. I’m on an ok salary, but I go from paycheck to paycheck.

Zach*, 22, he/they

Current savings account balance: $400

I’m a good saver in the sense that I put away a set amount every pay. I’m not in the sense that I don’t currently earn enough to get through a pay cycle in this economy.

For more on saving, head here.