Finance and Fall Fashion Interview with Gillian Giorgio

Hello! Today, I want to introduce you to my financially savvy friend Gillian Giorgio.  We attended an event a while back and instantly connected.  She’s the woman I go to when I want to get an opinion on some of my future purchases like handsome handbags, wonderful winter coats, and beautiful boots.  This is why becoming financially literate is so important.  When purchasing these types of items for fall, I prefer to look at things from an investment approach. 

Hi Gillian! Thank you for being a guest on the blog today to speak with me about finance and fashion.

It’s a pleasure to be here with you Joanna! I am grateful to be able to share some time with your fashion forward and loyal readers.

Why is financial literacy an important topic in regards to making purchases?

It is important to make purchases in a smart way with a long-term view of how you will be able to utilize these items now and in the future.  Therefore, thinking about how to wisely use your money will make a difference for you.  You may even find that some vintage or classic pieces could gain value if you take care of them well.  As you exchange your money for pieces that you want to make a statement, the choices you make can affect your financial bottom line now as well as later. 

Photo By: Franz Swantko

How can your understanding of financial literacy affect your future?

That’s a great question!  When you are more financially literate, you understand the principles of saving and how debt is so expensive.  It’s better to save up for what you really want, instead of charging on your credit cards and dealing with lots of interest.  Also, when saving money, you want to look at the interest you are earning, so you can grow more money.  I always joke about how I want to have as many ‘piles’ (of money) as possible in different places.  Financial literacy helps you know where the best places are for you.

Photo By: Franz Swantko

If I wanted to invest in a pricey item for fall, what would you suggest I look for when making a purchase like this?

The items you choose will always be a personal decision, but I can give you some idea of a strategy.  There are certain things each person will want to spend more on and some they are willing to take a less expensive alternative.  It’s important for you to decide which pieces you want high quality and which you can do without; therefore, you can put your money to work for you a little better in line with your fashion philosophy. 

Photo By: Joanna Joy

How would you suggest I budget and prepare for an investment purchase?

Of course, each person’s budget will be different and it’s tough to give an answer appropriate for everyone.  Start by taking an objective look at what you make, what you have saved and the pieces that are absolute ‘must haves.’  Review them and ask yourself, ‘will this purchase I make now make a difference for me in 6 months to 1 year?’ or ‘Is this an item I must have immediately, or can it wait?’ Occasionally, you may find a something that may never come again; those are times when you have to weigh out the pros and cons.

Photo By: Franz Swantko

When you teach your daughters about financial literacy in relation to making purchases, what advice are you going to give them?

My daughters are two of the most amazing little girls who make me so grateful and remind me to have fun in life.  My mindset about money will shape the way they look at it, so I make it a point to discuss basic ideas openly with them (even though they are 3 and 6 years old!).  A good rule of thumb that I use when I’m speaking to older kids and some adults is to separate your income into 5 different buckets: Give (charity/tithing), Wealth (long-term saving for the future), Education (something for learning), Want (fashion items, games, toys), and FUN (Blow it on Whatever You Want!).  These sound like simple ideas, but when we utilize these ideas and an emergency comes up (which they always do), and we must wipe out all our savings, at least we know how to start again. 

Thank You Gillian!  This was such a helpful and informative post.  Thank you for sharing this with me and my readers. 

Please feel free to follow Gillian Giorgio’s show GGInspire on:

Facebook: Gillian Giorgio

Instagram: gginspire
LinkedIn: Gillian Giorgio