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Do you have an annual budget on clothing spending? - Page 2

post #16 of 32
Come on fellas.  We here are all somewhat unbalanced...at least when it comes to clothes.  I will say, notwithstanding the abuse that is guaranteed, that I've not spent less than 15K per year on clothes for...well, more years than I can remember.  It's not how much you spend, but how much of your disposable income you spend.  If you have a modest salary of say $50K, have two children, and have to foot the bill for their educations then, 15K per annum is not only foolish, it's criminal; however, if your disposable income is considerable then, 15K for clothing is nothing.  It's all about perspective. Long ago I converted the basement of a house that I inherited from my grandmother into a large walk-in closet.  Regrettably, much of what is now there was purchased prior to my sartorial enlightenment.  Ernest, some time ago, gave me a hard time over my claim that I bought upward of 50 shirts per year.  Hell, at an average cost of $150 per shirt, $7500 per year is nothing.  Last year I backed off from buying most things...thought that I had reached saturation...but still spent $5000 on shoes.   Please don't take the dollar signs as a vulgar attempt to impress.  It's not about money, as such....far more important, it's how you spend the dollars that you have to spend. Gentlemen, it's all relative.
post #17 of 32
Quote:
I bought upward of 50 shirts per year.
Even if you wore one everyday, you would wear each no more than seven times per year. I have difficulty in envisioning 50 shirts that are varied enough to warrant me purchasing each of them in one year. The way I see it, that $7,500 will be worth over $71,000 to me the day I retire (in 2005 dollars). So for me, the question is do I buy 50 shirts this year, all of which that I couldnt possibly use, or do I put one of my grandchildren through college in thirty some-odd years? Tough choice..... Do that every year until I retire, and the number is almost $900,000. So do I buy 50 expensive shirts a year, or do I put a hefty down payment on that beach house when I retire? Another toughie.... I agree with the poster who said spending is relative, but when you are purchasing an almost instantaneous 100% depreciating asset like clothes, you must look at the opportunity costs involved. Look gents, I love clothes as much as anyone else here, and I believe everyone is welcome to spend their money anyway they see fit (as long as they dont expect someone else to support them later), but to me, something like this just aint worth it. Eventhough I have the means to purchase 50 shirts a year, Id just assume budget for say 15 shirts in a year, and save the rest. But thats just me. To each his own.
post #18 of 32
it's more than my mortgage
post #19 of 32
No. As many others here, I save a considerable amount of money each month (by automatic transfer on blocked accounts), and the rest is just rent, taxes, wine and clothes in that order of importance. Last year, I spent €10k in wines & clothes though, which was too much. Luc
post #20 of 32
No set budget, but it comes out to around $4k/annum; which is still too much given my lack of income.
post #21 of 32
Quote:
 Ernest, some time ago, gave me a hard time over my claim that I bought upward of 50 shirts per year.  Hell, at an average cost of $150 per shirt, $7500 per year is nothing.  
I really don't see the need to buy 50 shirts per year regardless of income level.  Assume you wear shirt 5 times a week 50 weeks a year, that means you wear each shirt only 5 times or $30/wear.
post #22 of 32
In Ray's defense, he didn't say that he bought 50 shirts EVERY year.  And he will likely wear them for more than just one year.  Plus, they may not all be dress shirts.  As such, it's highly possible that he wears MORE than one per day.  I know many days I'll wear one outfit to work, change when I get home, then put on something else to go out on the town.  Granted, I'm a chick, but I think that's another reasonable explanation. So while that is a lot of shirts, that math is a little extreme.  If RayK wears shirts everyday (including weekends.. Most people do), and changes shirts only once per day, then he would be wearing over 700 shirts/yr.  That's over 14 wearings/shirt. Finally, maybe he a) doesn't have grandchildren or b) already has their financial futures secured. As for me, I don't have a clothing budget, but I don't have any budget left for clothing anyway after Chuck spends it all on his.
post #23 of 32
My main rule is that I spend on clothes only when (1) I objectively need an item of clothing, or (2) when I come into "found" money such as Ebay profits, birthday gifts, or bonuses at work. I opted to basically rebuild my entire wardrobe after I graduated from school (for a combination of reasons: appreciating and understanding quality more than I previously had; because of my new job; and because I had essentially not purchased any clothes during school and so had a closet full of really old, casual clothes). This cost some money up front, of course. At this point, my purchases have become pretty few and far between, and all at very bargain basement prices (for example, I picked up a Golden Fleece suit for $375 two weeks ago -- seemed like an eminently reasonable purchase considering it needs very little tailoring). I foresee myself buying 2 suits, 10 dress shirts, 5 ties, and 1 -2 pairs of dress shoes for each succeeding 5 years. I'll probably buy 2 - 3 sweaters, and 3 casual shirts, and 2 - 3 odd pants a year. Given that I buy at extreme discounts only, I can't see these purchases costing any more than $4K a year. I consider that pretty reasonable. I just don't see the need to purchase any more than that. Once you have a 10 - 12 suit rotation that mixes in year-round and seasonal suits, and maybe 15 dress shirts or so, any further purchases are pure gravy. I'm so easy on my clothes that I rarely wear things out quickly.
post #24 of 32
Spend till I have no more, but, not into debt....simple, I never spend for I have no money.
post #25 of 32
Quote:
Where gordgekko and I agree.
I knew it would happen sooner or later
post #26 of 32
I have no set budget or guidelines, as I find clothes shopping to involve emotion more than reason, want more than need.  Clothes and dining out are my two largest discretionary expenditures per month, so when I increase one, I decrease the other.  Or that's how it's supposed to work in theory.  
post #27 of 32
Quote:
Clothes and dining out are my two largest discretionary expenditures per mont.
Ditto, although they are insignificant compared to my rent. My last purchase is a pair of Salvatore Ferragamo loafers. Probably not worth the asking price, but at least I wear it every other weekday. http://ferragamo.neimanmarcus.com/store....&cmCat= My other business shoe looks remarkably similar to this Tramezza model; in fact, I think my shoe looks better..... http://ferragamo.neimanmarcus.com/store....&cmCat= The Ferragamo store had a brown version (hand burnished) which was a thing of indescribable beauty.
post #28 of 32
No budget yet, but need one because of my somewhat limited income. Right now, I'm spending my bonus, mainly on shoes. newyorker, I fell in love with a brown Tramezza model very close to that medallion captoe you show and bought both a bal and a monkstrap, at the Ferragamo outlet in Cabazon (both available on ebay for essentially the same price I paid, but I got to try on). The monkstrap is the most comfortable shoe I've ever owned (and the first monkstrap I've ever worn) so I'm looking for more. Now, how long will that bonus check last?
post #29 of 32
Quote:
newyorker, I fell in love with a brown Tramezza model very close to that medallion captoe you show and bought both a bal and a monkstrap, at the Ferragamo outlet in Cabazon (both available on ebay for essentially the same price I paid, but I got to try on).  
A pity the Tramezza was not sold in the outlet. The loafer I bought was over $400 after taxes, so in hindsight, I should have paid the $600+ for the Tramezza ... but on the other hand I already had a black one that looked very similar (and arguably better) than the Ferragamo one. The quality probably isn't as good, but the shoe is very well finished ... a bit of a mystery since it was a no-name shoe "Andre Valentino". I picked up the shoe purely by visual inspection and paid $40 for it.
post #30 of 32
Quote:
A pity the Tramezza was not sold in the outlet. The loafer I bought was over $400 after taxes, so in hindsight, I should have paid the $600+ for the Tramezza ... but on the other hand I already had a black one that looked very similar (and arguably better) than the Ferragamo one. The quality probably isn't as good, but the shoe is very well finished ... a bit of a mystery since it was a no-name shoe "Andre Valentino". I picked up the shoe purely by visual inspection and paid $40 for it.
newyorker, I think you made a wise choice. Now you have some diversity in your shoe wardrobe (And if you decide you want medallion captoe Tramezzas after all, search ebay for "tramezza" right now (bals, not bluchers)). I'm now considering Alden's shell cordovan monkstrap, but hesitate because I also need other styles...wingtips, replacement bluchers, etc. On the other hand, I've decided to buy more monkstraps instead of loafers because the monkstraps don't slip at the heel when I walk. They're great. To stay on thread...I'm budgeting out loud.
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