I have great clothes and money has everything and nothing to do with it. That’s because my wardrobe is a combination of:
• Hand-offs from wealthy friends
• Great sales
• Presents from my dear Mom and Dad.
• Yard sales and estate sales
• Hand-me downs from teenagers.
On a regular basis, people comment on the quality of my clothes, especially the high-end (triple-digit) skirts. And I feel compelled to ‘fess up: I rarely pay retail. Consider my favorite jacket from Ann Taylor Loft. The original price: $99 reduced to $39.99 then reduced to $29.99.
I finally purchased the jacket at the 50 percent off clearance sale. My final price: $15 and I’m still saving the price tag as a reminder: Wait for the best price or do with out.
Sometimes I rave about my great finds and gifts because I want to make a point and dispute any notion that I spend my entire paycheck on clothes. Meanwhile, some anti-frugal shoppers equate thrift with deprivation. But no! I’m living the good life. I just pay less and save more.
By the way...if I save $1040 a year on clothes...slightly less than $80 a month.
I'll earn $13,081 after 10 years, assuming a 5 percent investment yield.
Calculations are from Hugh Chou's calculators.