Whether you’re a fashion maven or all about the basics, buying clothes shouldn’t be a budget buster.
Erin Lowry, author of “Broke Millennial,” said, “If you love clothing and prioritize it in your budget and minimize spending in other areas to funnel money to the thing you care about, that is okay. It’s about making it balanced with other elements to have a well-rounded financial life…but you shouldn’t be going into credit card debt for clothing.”
To help decide how much to spend on an article of clothing, assess the cost of wear, recommended a consumer savings expert.
Spending more money on quality pieces you can wear often and will last a few years can make more financial sense than buying cheaply-made items.
For instance, spending 5,000 pesos on a well-made blazer you can wear often for many years makes more sense than having to replace a 2,000-peso one of lesser quality every time it fades, stretches out or starts to fray.