I’d like to make “Lessons in Chic-onomics” a regular feature on Fiscally Chic. In it, we’ll examine why we spend money and our priorities instead of “do this” and “don’t do that.” How you spend your hard-earned money is definitely a personal decision, so this is just an avenue for helping you think about your spending habits. And these aren’t black and white issues. But maybe I can help you save a little money in the process.
OK, so our first lesson in chic-onomics covers clothes! Fall clothing lines are in full-swing and the weather is getting a little cooler in Chicago. So obviously there’s the temptation to go out and buy all new sweaters, boots, scarves, and coats. But before I go crazy and overhaul my wardrobe, I like to think about the following items:
- Why am I buying this? Is this a need or a want?
- When I moved to Chicago, I obviously needed a new winter jacket since the weather is much colder than St. Louis. On the flip side, I have more scarves than I can shake a stick at. Probably don’t need a new one.
- Do I already have something similar in my closet? While out shopping, I find myself drawn to items I already own. This might be great since things will match (see #3 below), but do I really need that many button-down shirts, cardigans, and pencil skirts? Unless I get rid of one, probably not.
- Take inventory of what you already have and make a list of items that you need to fill out or update your wardrobe.
- What will I wear it with? If I can’t think of three separate outfits, it might not be right for me.
- Do I love it? Not just like it, but really love it and want to wear it every day?
- Recently I needed a new pair of casual shoes. The overly friendly saleman talked me into buying a pair of shoes that cost double of what I wanted to spend and they didn’t exactly fit my needs. They were cute, but I didn’t looove them. So I returned them. I continued my search and found exactly what I wanted at Gilt and they were under my budget! Score! Actually, they were out of stock, so I did additional searching online and found them for even less ($39!) at endless.com (plus free shipping and no tax!). Even better!
6. Are there hidden costs in maintaining my purchase? Like spending money on dry cleaning?
7. How often will I wear it? What is the cost per use?
- I will happily spend $100+ on a pair of running shoes because I know I’ll use them almost daily. For instance, I ran approximately 375 miles in my last pair of shoes which is $0.31 per mile. The silver shoes I recently purchased for a wedding: $30. I’ve only worn them once, so we’re looking at $30 per use. Ouch in comparison to the running shoes
- Does it go with more than three things you own? YES (+5); NO (-10)
- How many seasons can you wear it in? ONE (-5); TWO (+0); THREE (+5); ALL FOUR (+10)
- Would your boyfriend, boss and glammiest girlfriend all approve? YES (+5); NO (-5)
- How often will you wear it? OFTEN (+10); SOMETIMES (-10); ONCE (-15)
- If it’s a clothing item, does it need dry cleaning? YES (-5); NO (+5)
- Will it transition from day to night? YES (+5); NO (-5)
- When was it last in style? WHEN WASN’T IT (+10); FALL 1991 (-10)
- Do you need to lose weight for it to fit? YES (-50); NO (+5)