Clothing is not optional, but spending a lot of money on it is, says author Gregory Karp in his book, Living Rich by Spending Smart: How to Get More of What You Really Want.
So, just off the top of your head, how much would you say that your family spends on clothing in a year? According to the U.S. Consumer Expenditure Survey, a family of four spends on average $2,850 a year on apparel and services like dry cleaning, to keep that apparel looking good. Wow. That’s $240 a month—a major expense in any family’s budget.
Karp offers seven easy ways to cut that expense without having to take fashion risks for yourself or sending the kids off to school looking odd and frumpy.
1. Do nothing. Of course this is my favorite of the seven tips. Maybe that’s because I’m naturally lazy or, like many, have enough clothes to get by for months. Do with what you have by recognizing the difference between needs and wants.
2. Buy used. Vintage, consignment and thrifts stores are growing by leaps and bounds, offering name-brand used clothes. If you’re creeped out at the thought of buying secondhand, take a tour of a few stores. They’re not usually the dark, smelly, chaotic places you remember as a kid. Most these days are as lovely as regular retail stores. And if you’re really uncomfortable buying used clothing, here’s a tip from Karp: Take baby steps by buying one time, maybe something inexpensive at a high-end consignment store.
3. Use garage sales wisely. Garage sales can be a great source for clothes for kids and babies, but probably not so much for adults for the simple reason that you won’t find enough inventory to offer a good selection of sizes, styles and colors.
4. Strategize. Most of us have wardrobes jammed haphazardly with so many clothes, it’s nearly impossible to know what we have. So we just keep buying more. Instead organize your closet and take inventory of what you have. And, says Karp, buy for the size you are now, not the size you someday hope to be.
5. Simplify. Buy classic styles that will look good for years. Assemble a base of neutral colors—blacks, khaki and navy—that can mix and match to create a number of outfits. Ditto for shoes.
6. Save on retail. If you won’t buy secondhand, says, Karp, go to your favorite store’s website site to check its sales every week. Signup for that store’s email newsletters to receive coupons and notice of coming sales.
7. Maintenance. Read the tags before you buy. If a garment must be dry-cleaned, that is going to add to its cost tremendously over its useful life. Also, steer clear of fabrics that tend to pill or wear too fast. Make sure you use the proper temperatures for washing and drying your clothes. A great tip: Put your clothes in the dryer for just a few minutes, then hang them to dry. You’ll save on energy costs and extend to the life of your clothes as well.
Question: What is your clothes shopping style? A set budget and a plan or something more spontaneous?