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what percentage of your income goes to clothes?

Discussion in 'Classic Menswear' started by pgoat, Apr 5, 2006.

  1. edmorel

    edmorel Senior member Dubiously Honored

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    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 [​IMG]!!!!!!!!! You are either very disciplined or really, really, really like boxed macaroni and cheese.
     
  2. RJman

    RJman Senior member Dubiously Honored

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    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?
     
  3. Get Smart

    Get Smart Senior member

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    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 [​IMG] 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.
     
  4. NewYorkBuck

    NewYorkBuck Senior member

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    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.
     
  5. chorse123

    chorse123 Senior member

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    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... [​IMG]

    I do see it as a hobby, so I have no problem spending more time on it than I do, say, grocery shopping.
     
  6. Get Smart

    Get Smart Senior member

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    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.
     
  7. tiger02

    tiger02 Senior member

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    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. [​IMG]
     
  8. Get Smart

    Get Smart Senior member

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    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.
     
  9. tiger02

    tiger02 Senior member

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    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?
     
  10. Get Smart

    Get Smart Senior member

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    ahh i remember that thread. interesting to re-read it. especially for Kalra's posts.
     
  11. tiger02

    tiger02 Senior member

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    And especially now that there are advocates to bring him back [​IMG]
     
  12. thinman

    thinman Senior member

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    My wardrobe was dismal, so I probably spent 15% of my after-tax income on clothing last year. Two navy suits (one MTM Oxxford and one Chan), one odd jacket (MTM Samuelsohn) and shoes accounted for the bulk of my spending. This year, the focus will be odd jackets and shirts. I can find OTR trousers and shoes that fit, so I buy them (and ties) on sale, ebay, or at outlet stores. Unfortunately, my chest-to-arm length ratio means that suits, odd jackets, and shirts need to be MTM in order to fit, so they get expensive.

    To finance my "hobby", I've stopped eating out, my vacations are tied to professional conferences, and I've begun flipping a few items on ebay. I never carry credit card debt, so I don't have interest payments. I'm focused on buying classics right now, so my next purchases will be a navy blazer, a charcoal suit, another odd jacket, and lots of shirts. My only regrets are a sale suit I picked up this year that doesn't fit quite right (trousers are really too short, with a minimal cuff). My weakness (addiction?) is ties. I rarely wear ties, but when I see one that I like it's either a classic that everyone should own or I tell myself it's unique and I need to own it.[​IMG] How's that for rationalizing? I find that the smaller purchases really add up after a while, so I need to apply my "one-week rule" more rigorously.
     
  13. NewYorkBuck

    NewYorkBuck Senior member

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    How do you mean "cash"? If you mean w a credit card used like its supposed to - a free 20 day loan w cash back, then sure. If you mean cash as in greenbacks, Id say no.
     
  14. Luc-Emmanuel

    Luc-Emmanuel Senior member

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    Not that much. Much less than in wines, taxes or rent.

    !luc
     
  15. aportnoy

    aportnoy Senior member Dubiously Honored

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    I really don't have much left to spend after I pay for my crystal meth and hookers.
     
  16. RJman

    RJman Senior member Dubiously Honored

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    The RJ cat's food is very expensive in Paris. Science Diet, not Fauchon.
     
  17. billiebob

    billiebob Senior member

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    I spent 46% of my pretax income over the last 12 months on clothes. This was the result of the following convergences:

    1. I had spent maybe $500 on clothes in the last 10 years (20-30 years of age), so I had nothing at all to start with.

    2. My appearance suddenly matters more, as I'm switching from an academic research job to finance. Granted, in the 10 or so interviews I've had, my Ed Greens don't get a second look, but it matters to me.

    3. Really fantastic deals appeared, which may not occur again soon, such as the Asprey sale in which I picked up 4 pairs of EGs and a pair of Lattanzis for Asprey for an average price of 320 each.

    If the last couple of months are any indication, I won't be spending more than 5% this year, unless of course Asprey goes to 90% off again, in which case I'll drop thousands.
     
  18. billiebob

    billiebob Senior member

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    God have mercy on the hooker who winds up with a crank fiend.
     
  19. Beckwith

    Beckwith Senior member

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    Aportnoy-
    Are those your code words for JL and EG's?
     
  20. aportnoy

    aportnoy Senior member Dubiously Honored

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    Aportnoy-
    Are those your code words for JL and EG's?


    [​IMG]
     

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