Liv and Mon - Co-Owners of Recycle Boutique
Money management might be a man’s world. Gender stereotypes may inform ideas that men are good at managing their money, while women are frivolous ‘shopoholics’, with credit card debts fuelled by shoes & cosmos.
To question this tired stereotype and celebrate International Women’s Day, we’re sharing the economic journeys and lessons learnt from five inspiring women.
Today we spoke with Liv and Mon of Recycle Boutique - check out their amazing journey and tips below.
Tell us a bit about yourself!
Liv: I have a clothing resale business called Recycle Boutique, which pretty much takes up all my time at the moment, but it’s growth and the people I work with make it a very rewarding job.
Mon: I live in Melbourne with my partner, her son and our two dogs. I work with my good friend and business partner Liv on our business Recycle Boutique. We currently have two stores in Melbourne and are looking to open in Hobart this year!
Our stores offer a quality clothing consignment service focusing on extending garment life cycles.
How did you get to where you are now, and did you face any challenges on this journey?
Liv: In all my past jobs, big or small, I gained insight into the running of a business. I was interested in learning things beyond my role and creating opportunities for myself. Some of the most valuable lessons have come from what not to do.
There are always challenges. Especially in the beginning when we were doing everything for the first time. We just had to pretend we knew what we were doing and try to level with the professionals like the builders and property agents.
Mon: The last years of college were a challenge for me. I didn’t get much out of following a structured curriculum. I made a decision to focus on what I enjoyed learning rather than what was required.
That decision shaped the way I think today. At the time it resulted in failing year 12, but it really motivated me to self-educate and create my own opportunities.
I recognized early on that I wanted to run my own business, so I focused on learning what I could and put foundations in place to support my goal.
Where did you learn what you know about finance and managing money? Are there resources you use for support?
Liv: We use Google for everything. Most of the answers are on the internet. We use Xero for bookkeeping, which is great and very intuitive.
We also make a point of understanding every aspect of our business finance and doing everything ourselves before speaking to professional accountants.
Mon: I’ve never been very good at saving but when I started getting serious about planning for the business it was a priority.
I moved back home, got a full time retail job and saved everything I could. It probably ended taking around a year and half to save enough for the first store. Using this time to learn was crucial too.
I also Google everything!
If you could give your younger self some financial advice, what would be your top 3 tips?
Liv: Always think long term. Saving money is more rewarding than spending it.
I think I was better with my personal finances when I was younger. Now, however, I’m focusing on the growth of my business instead of growing my personal savings. A hot tip for my younger self might be if purchasing clothing; spend money on investment pieces, which you can resell if you need to.
-Think about what you’re saving for.
-Learn how to cook.
Love the sound of recycled fashion? Check out Recycle Boutique at their locations in Brunswick and Collingwood! You can find out more info on their Instagram or website
This series does not provide personal financial product advice. The advice present in these articles has been prepared without taking into account your personal objectives, financial situations or needs.
Before acting on any of these recommendations, you should consider their appropriateness to your specific investment objectives, financial situation and needs. If you are uncertain as to what your objectives and needs are, you should contact a financial adviser who is licensed to provide you with personal financial product advice.