3 Clothing Traps That Drain Your Wallet — and How To Escape Them
Yes, you want to look good, but clothing is one of the sneakiest budget killers out there. Impulse buys, disposable fashion pieces you wear once, dry-clean-only items and "retail therapy" can quickly drive your credit card bill to crazy amounts.
According to Statista and the Bureau of Labor Statistics, the average U.S. consumer spends about $1,434 to $1,607 on clothing and apparel a year. If you break that down by age group, younger people tend to shop more hastily, which is evident by Gen Z spending slightly more, averaging $1,700 per year.
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That’s even harder to hear when you realize that most of it is avoidable. Here are the three biggest money wasters in your wardrobe, plus what to do instead.
Buying Fast Fashion That Falls Apart
There is thrifty and then there is cheap, and the term "fast fashion" is usually the dividing line. Simply put, fast fashion is when retailers produce runway trends with poor-quality materials and sell them at low prices.
"Shoppers must balance price and quality to ensure they get the best bang for the buck," said Marty Bauer, an e-commerce expert at Omnisend. "Sometimes spending a few extra dollars now can save many more down the road."
Amra Beganovich, founder of Colorful Socks, agreed, saying it's best to avoid fast-fashion brands no matter how cheap the clothes are. "It is better to invest in a piece that is of quality and will last than have to throw away poorly constructed items and replace them every couple of months."
Instead, put your money to working the runway and invest in quality, versatile basics. Thrift stores, Poshmark and ThredUp are goldmines for quality pieces at fast fashion prices.
Impulse Buying From Social Media
Adding things to a cart while mindlessly perusing social media is a different type of doom scrolling. Influencers on Instagram or TikTok flaunt what they are sporting to convince you to make an impulse purchase. However, the products they're selling might not always be high quality or fit you the way they fit them. They may even be imported from unreliable or downright fraudulent third parties.
Before buying anything trend-driven, ask yourself if you'd still wear it in two years. If not, skip it or find it secondhand. Melissa Cid, consumer savings expert at MySavings.com, said the best thing you can do for yourself is give the potential purchases some time to marinate.
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"It's so easy to swipe up and buy when you're tired and scrolling at night," Cid said. "Instead, add items to a wish list and walk away. Giving yourself time helps you avoid buyer's remorse, compare prices and even track down a better deal with promo codes."
Shopping for Specific Occasions
Whoever came up with the concept that you can’t wear the same outfit twice is definitely on the board of some major designers, and possibly a goblin that is trying to steal your gold. Bauer warned that buying clothes for special occasions often means accruing an expensive pile of items that have been worn only once.
"For example, shoppers purchasing a new dress for a company party or girls' night out might spend a bit more to 'look the best they can' but will seldom wear the outfit again. This is a waste of money," Bauer explained.
Bauer said the smarter thing to do is buy clothes that fit your budget. "Look for similar but lower-priced items that may not have the detail but will give the same look for one day," he said.
Also, these specialty pieces usually can’t be run through your standard washer or dryer. Dry cleaning is one of those costs that sneaks up on you with prices that range from $5 for a dress shirt to $300 or more for a wedding gown. In fact, regular dry cleaning of a full professional wardrobe can easily run you between $50 and $100 a month without you even noticing.
Brooke Barley contributed to the reporting for this article.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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