Financial Tips

How to Save Money : Don't Pay Top Dollar for Clothes

Most people have experienced the frustration of buying a new blouse or business suit at full price, only to see it marked down 50 percent a month later. If you fall into that category, you'll be glad to know that there are ways to significantly reduce your clothing expenses, without wearing rags.

You can start by taking better care of the clothes you already own. Many people think nothing of spending $60 on a shirt or blouse, and then tossing it in the washer with the rest of their clothes. If you follow the care instructions on the garment by dry cleaning, washing in cold water or at least separating like colors, you can keep it looking new for a long time.

Another way people shorten the life of their clothing is by storing them improperly. Take a look at your closet. If you see several dozen shirts, pants and jackets crammed together on wire hangers, you are literally throwing money away.

Jackets should be hung on wooden or plastic hangers that are curved like the back of your shoulders. Trousers last longer when they are hung by a clip that holds them by the cuff. And remove any belts or items from pockets before hanging to lessen the weight on the garment. Also, leave some space between each item to keep them from wrinkling and to preserve the finish. You'll probably be able to free up some room by donating to charity everything you haven't worn in the last year.

Taking care of your clothes is a great way to keep your wardrobe looking sharp as long as possible. To really save a lot of money, though, you also need to spend less on clothes in the first place.

For those of you who are "clothes hounds," this may be difficult, but you have to be less impulsive when you buy. Typically, when a shop receives a shipment of a new item, they mark it up to full price, merchandise it very aggressively, and place it on a rack near the front of the store. After a few weeks, once sales of the item start to drop off, they mark it down and replace it with the next new item. Within a month or two, the item is marked down by 50 percent or more and moved to the very back racks.

So the best way to beat the system is to start shopping at the sales racks. Remember that the item you're shopping for was introduced only a few weeks earlier, so it's hardly out of style. And even if you had bought it at full price, you'd certainly still be wearing it by the time its price had dropped. Even if you see a blouse or jacket you really like on the full price rack, check back in a few weeks. Chances are it will be a lot less expensive.

Another way to save money on clothes - and will you ever save a lot - is to shop at second-hand stores, consignment shops and garage sales. This usually works best for women's clothing, primarily because women are a lot more likely to get rid of something while it's still in wearable condition. Also, you may have to work a little harder to find something that's in good shape and in a size that fits you. However, it's not uncommon to find a $100 outfit in perfect condition for less than $15. So in the long run, the reward is certainly worth the effort.