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EVERYDAY CHEAPSKATE

by on April 07, 2014 10:49 AM

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 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 such as 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.

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.

BUY USED: Vintage, consignment and thrift 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 item, maybe something inexpensive at a high-end consignment store.

GARAGE SALES: 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.

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.

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.

SAVE ON RETAIL: If you won’t buy secondhand, says Karp, go to your favorite store’s website to check its sales every week. Sign up for that store’s email newsletters to receive coupons and notice of coming sales.

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, and then hang them to dry. You’ll save on energy costs and extend the life of your clothes as well.



Mary invites questions at mary@everydaycheapskate.com, or c/o Everyday Cheapskate, P.O. Box 2099, Cypress, CA 90630. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of “The Smart Woman’s Guide to Planning for Retirement,” released in 2013. To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
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