Clothing Budget · Real Men Real Style Community

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Clothing Budget

I’m curious how others plan their clothing expenditure. Is it an annual percentage of your house hold income? A monthly amount? A seasonal amount? A spur of the moment thing (when I see what I like- I just buy it)? A wad of cash to the thrift store or mall (when it’s gone I’m done buying)? What’s your approach?

I would like to tell you that as a financial advisor I have a well documented system but that simply isn’t true. Fortunately I worked in quality mens stores when I was 15-24 so I developed a sense of buying long lasting quality both in style and material yet my method is less systematic. Since joining this community I have attacked the economics of my wardrobe and thought I might share my journey to trigger discussions about your own:

A year ago I went through my closet with a pen and pad and estimated that if I replaced everything of mine in there at today’s prices it would cost $40k. Some items are 30 yrs old. I even have a few 40 yr old items. So if I were to average 40k by say 25 years average life of each garment, thats $1600 per year or $133 per month. Full disclosure, I didn’t spend that much. I look for sales, some are gifts, and for the really old items I got the store discount. Furthermore all these numbers are extrapolated up to today’s price for example the shoes I wore yesterday are over 42 yrs old- today they would cost $850. They were $200 in the early 80s when I got a 40% discount so about $140: still a lot of money for a poor college student but clearly I’ve gotten my money’s worth.

Also my career over 40 plus years has had big swings in income. It has been a long road of big feast followed by shallow famine. So I buy when I’m flush. Lastly I like to travel and buying things on trips helps me remember the trip every time I wear them. Recently I’ve been “blessing others” with poor fitting items. The most expensive clothes are those I won’t wear.

So thats my journey. Basically when spending -what to me are bigger amounts (custom suits, quality shoes) I try to be ruthlessly timeless to exacerbate their value. My goal is to keep my outfit below a $6.00 per day average wearing costs by buying quality timeless style. The pics are the 1982 shoes and 1982 green tie I wore yesterday and the silver tie I wore in my wedding in 1985 that has been in one of my OOTDs

How about you? How do you go about your clothing purchases. The average family in the US it is suggested by many of my fellow financial planners for that to be 5% annual income for the whole family but naturally that number will have lots of leeway.

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