Rent Designer Clothes & Bags, Plus Other Easy Ways To Save & Earn More Money Amidst Rising Costs Of Living

With rising inflation rates and higher costs of living, it’s only natural that we’re all tightening our purse strings these days. The good news is, there are ways to go about doing it without compromising too much on your current lifestyle, especially when there are services like Style Theory available.

For those who aren’t in the know, Style Theory is a circular fashion platform that offers clothing, dress, and bag rentals. Subscription starts from $79/month for clothes rental and $129/month for bag rental, and with designer brands such as Chanel, Dior, Gucci, and Prada available for rent, we daresay you’d definitely be getting your money’s worth!  

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Use the promo code STXGS to redeem your 1-month FREE trial membership to Style Theory’s apparel Essentials plan. Valid for Singapore only and limited to 100 redemptions. Offer expires on 31 Dec 2022. Subscribe here!

#1 Try renting your clothes and bags, instead of buying

Photo from Style Theory

Fashion trends come and go, so it’s actually quite wasteful to buy a trendy piece of clothing only to wear it for one season before relegating it to the back of your wardrobe. To make the most out of your hard-earned money, why not rent from Style Theory instead? 

Here’s how it works: the subscription plans for clothes are priced at $79 (2 boxes), $119 (3 boxes), and $159 (4 boxes) per month. Each box entitles you to select 3 pieces of clothing from the website - just input your order and wait for the box to arrive at your doorstep with Style Theory’s free express delivery! And don’t worry, all the items are dry-cleaned between rentals at no extra cost to you. The caveat here is that you’re only allowed to rent one box at a time, but that isn’t a big issue with instant swap, where you can return and receive your next box at the same time. 

According to data from Style Theory, their subscribers wear close to $900 worth of designer clothes in 3 months. Assuming that the average user subscribes to 3 boxes a month, that effectively works out to more than $500 in savings every quarter!

The same goes for Style Theory’s bag rental service. Subscription plans are priced at $129 (1 bag) and $149 (2 bags) per month, which gets you access to over 1,600+ designer bags with complimentary repair coverage. You’d get to tote the latest It bags every month without breaking the bank! In fact, according to Style Theory’s figures, bag renters carry around close to $30,000 worth of designer bags in 3 months. By renting instead of buying, you’re potentially saving over $29,500 every quarter. Yeap, just let that sink in. 

#2 Buy pre-loved instead of brand new

Photo from Style Theory

One way to make smarter shopping decisions is to calculate the cost-per-wear, so by all means, buy an item if you’re planning to wear it regularly. Some items - such as a sturdy work bag or a timeless little black dress - are definitely worth the investment. 

That said, a savvy shopper would look at buying pre-loved items instead of brand new, especially if you’re looking for designer items on a budget. To that end, Style Theory also has a marketplace that sells pre-loved luxury items with authenticity guaranteed and flexible payment plans. The item’s condition is also detailed in the description very clearly (i.e. oxidisation on hardware, stains, scratches), so you won’t get a nasty surprise upon receiving your purchase. 

And to give you an example of the kind of savings to expect, we spotted a mini Lady Dior bag in pink selling for $2,570 - which saves you a whopping 51% off the estimated retail price of $6,720.

#3 Look for ways to earn passive income

Photo from Style Theory

A key thing that the FIRE (Financial Independence, Retire Early) movement taught us is that it’s super important to increase your earning power by diversifying your sources of income and making your money work harder for you. 

One way to do so is to invest, so you get dividends and interest paid out to you. And if you own a few luxury bags, you can rent them out via Style Theory to earn a payout every month! Who knew your shopping habit would pay off like this? 

And don’t worry, your precious bags are in good hands. Once collected, they’ll go through an inspection, valuation, and authentication process before being stored in a secured facility. What’s more, each bag is tagged with an RFID to make sure that the correct bag is returned to you. 

So how much can you earn from this? The estimated monthly payout is around $70-$80 for a Balenciaga Hourglass Small Top Handle, $120-$130 for a Chanel Quilted Caviar Medium Classic Flap Bag, and $70-$80 for a Gucci Horsebit 1955 Shoulder Bag. And these are just very conservative estimates - according to consigners with Style Theory, it is very possible for some bags to earn up to 2.5 times their original value over the course of 3 years. A major perk is, of course, that they still got to keep the bag after they’re done leasing it out! 

And here’s an added bonus - Style Theory has an annual Purchase-for-Consignment sale, where you get to snag brand-new in-season bags at a discount. All you have to do is consign the bag for a short 3 months.

#4 Restore old or spoiled items instead of trashing them

Photo from Style Theory

No matter how well you treat your items, there will always be wear and tear over time. While it can seem easier to just chuck the item and replace it with a new one, it’s worth checking if the item can be repaired first - especially if it’s something expensive, like a designer bag.

Style Theory provides a suite of restoration services for bags, including cleaning (from $99), colour refresh (from $169), surface restoration (from $169), and complete restoration (from $249). From a financial standpoint, it’s more prudent to spend a few hundred dollars to restore your bag than dropping a few thousand dollars on a brand-new designer bag. And you can rest assured that with Style Theory’s expert care, your bag will be as good as new after they’re done! 

This post is brought to you by Style Theory.