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what percentage of your income goes to clothes? - Page 2

post #16 of 93
When I was younger it was probably 20%, but as my wardrobe has grown, I've needed to buy less and less. It's now less than 5%, but everything is relative because now that I have more income, clothes cost more now.
post #17 of 93
I don't have any scientific evidence but I know my ww Chan suits last longer then OTR. I travel a lot so I get fabrics designed to hold up. Before Chan I had a couple of Oxxford suits that were beautiful but the fabric was delicate and didn't do well on the road. I trashed those in a few months. Also my Vass shoes - same story - a pair of Vass Budapest are built like tanks. I wore Allen Edmonds and Hickey Freeman when I started out but the Vass and Chan outperform and wear them. So perhaps the custom route is cheaper per wear?

My spending has actually gone down by using Chan. When I was buying off the rack I was always trying to find the right suit. I'd buy another because the last one wasn't right. Now I just order from Chan what I want. That keeps me out of stores where I would buy something that I didn't need/want but I bought it anyway. Too many "Gee it is on sale, I'll wear it sometime purchases."

My spending on clothes is level now. I buy x suits a year, x Vass shoes... Before it was all over the board.

My biggest cost in shopping is the time factor. A couple hour trip to the mall can easily cost me the price of the suit. That is now. The trade offs life offers - I have the income today but not the time before I had the time but not the $.

If I was just starting out today with the knowledge I have about Chan I would probably go with custom. Only purchase really good items that would be basics for years. I bought too many trendy items that were out of fashion quickly and impractical. I bought the basics too but I bought cheap basics. I would have been better off paying twice what I paid for my workhorse navy suit and it would have lasted 4x as long... However this route won't work if you are young and your body changes. I was a bean pole - I added some weight through workout and expense account dinners.
post #18 of 93
Thread Starter 
cool - merci!!
post #19 of 93
I spend far too high a percentage of my income on clothing. My philosophy has changed over the years -- I was previously more of an impulse buyer, and went for quantity over quality. Now, it's the opposite. I can't give you a specific percentage.

Really, I wish I could be more disciplined about it, but I really enjoy dressing well. Mind you, I don't have an addiction; my happiness is not based on shopping. It's simply a hobby.
post #20 of 93
I live alone in a 1BR apt (waiting for the bubble to burst) and drive a Jetta diesel. Savings is my largest budget catagory after taxes - I would say that I save roughly 70% of my after tax income. The key is making a budget and sticking to it. That said - clothing is the one vice I allow myself to spend a somewhat unreasonable amount of money on. As others on this forum, I rationalize it away as being a hobby. With this in mind, I have budgeted 5% of my after tax income this year for clothes. The nice thing is that because I delayed consumption early on, the earnings from that decision allow me to spend that much more now. I kind of look at it as instead of having a 10-yr old Armani right now, I now can instead get a nice new bespoke.
post #21 of 93
Quote:
Originally Posted by NewYorkBuck
I would say that I save roughly 70% of my after tax income.

That is quite amazing. You can't possibly live in NYC, can you? At least not in a place that has a roof. Granted I have a mortgage and a kid but saving 70% with rent, a car, and a need to eat !!!!!!!!! You are either very disciplined or really, really, really like boxed macaroni and cheese.
post #22 of 93
While I contribute in full to all those 401(K), IRA and other annoying claptrap and save on top of that, clothing soaks up so much of my income it is depressing to think about as a percentage. I suppose that I "saved" something like 50% of my after-tax income last year, if I count all of the retirement contributions above as well, maybe a little more. However, having just ordered a suit from Henry Poole at a fitting for another garment today I feel profligate. Or is it prodigal?
post #23 of 93
I used to be an impulse buyer as well but now I can see into the future of what I won't be wearing more than 1-2x and have cut down on the quantity of purchases and just go for quality.

But after a quick calculation of what I've purchased in 2006, I'm already hovering near $3000 all stuff on sale that "I couldnt pass up", but don't have a single regret on any of it. When it comes to clothes I try to pay using cash/debit, except at Neimans who don't take Visa debit. The Paul Smith store in LA is my wallet's biggest enemy.

Scary because the year isnt half over so i'm definitely going on a clothes buying hiatus.
post #24 of 93
Quote:
That is quite amazing. You can't possibly live in NYC, can you? At least not in a place that has a roof. Granted I have a mortgage and a kid but saving 70% with rent, a car, and a need to eat !!!!!!!!! You are either very disciplined or really, really, really like boxed macaroni and cheese.

No - I live right over the river in NJ now, primarily because of tax reasons. Before that, I lived in a rent stabilized apt (about 1000/mo - 650 sq ft) for six years. That took me through business school, through associate, and to VP. Since I graduated business school, I have saved from 50%-70% of my take home per year. Yes, I work in a highly compensated profession, but its not all that hard if you have some discipline. For example, while many of my coworkers were moving to swankier places, I was staying in my rent controlled closet. When many were flying first class to Bora Bora, I was golfing in North Carolina. When many were eating out at $200 a night, I was making my own stir fry. It adds up fast. Then, before you know it, you have a nice chunk of money that is only adding to your income even more.

When making discretionary purchases, I usually employ the "24 hour rule". That means if I still want it in 24 hours, it will probably be a worth while buy. While Im doing that, I always think about all of the things that I have purchased that I now wish I could have the money back on. (If you think about it - there are a lot of them!). Well, since I didnt buy it, I can have the money back right now - if you get my drift. This strategy usually prevents most dumb purchases.
post #25 of 93
I make so little, partly because of my profession, and partly because of a voluntary change to a better job with a lower salary (yes, you read that right), that I prefer not to think about it as a percentage. Too scary. That said, I try to keep to the basics, rarely spend a large amount, and I try to only buy on steep discount or bargain MTM, like Jantzen.

I also supplement my clothing budget by selling things on here and on eBay at a small markup, of which 100% goes back into clothes. If I make $45 selling a jacket, that's one free custom shirt, or the three pairs of trousers I bought at Daffy's this weekend, or...

I do see it as a hobby, so I have no problem spending more time on it than I do, say, grocery shopping.
post #26 of 93
Quote:
Originally Posted by NewYorkBuck
I usually employ the "24 hour rule".


yep, mine is the one week rule since I probably won't have time to go back to the store til the following weekend. has saved me lots of $ on unwanted impulse.
post #27 of 93
Quote:
Originally Posted by Get Smart
When it comes to clothes I try to pay using cash/debit, except at Neimans who don't take Visa debit.
Rich people only pay in cash. Discuss.
post #28 of 93
Quote:
Originally Posted by tiger02
Rich people only pay in cash.


haha I'm the exception to that rule. I do a lot of side/freelance work and I'd say that almost all of that goes into gear, whereas my 9-5 goes into paying for life. I don't have kids and my gf and I don't want kids so we can afford to be a bit more spendy than someone with a family.
post #29 of 93
Jason: http://styleforum.net/showthread.php?t=3525

This was hot while I was still a lurker. Good for knowledge of forum history. Looking back on it, why am I not surprised that Jon (imageWIS) was in the middle of it?
post #30 of 93
ahh i remember that thread. interesting to re-read it. especially for Kalra's posts.
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