Have you seen that State Farm commercial where the two women go shopping and one of them wants to splurge on a new purse? She calls her State Farm agent to find out that she’s saved enough on her insurance to pay for the new item. Pretty handy huh?
Unfortunately, it’s not always that easy to know when it’s okay to spend a little more on an item. We often hear that there are pieces we should spend more on (commonly called your wardrobe staples) but how do we know when it’s right to spend more on a particular item for our closet? Here are a few tips on figuring out if this is a good item to splurge on:
How useful is this piece? Before you spend more on an item than you usually would, ask yourself how it fits into your wardrobe. Can you make 3-5 outfits using the item with what’s currently in your wardrobe? If an item is going to require new additions (shoes, a sweater, etc) then the cost will be higher than what you see on the price tag. A splurge piece should have a great deal of use in your current wardrobe without requiring the purchase of more new items.
What is the cost per wear? One way to determine the true value of a new piece, is to calculate the cost per wear. Will this new item be one that is in regular rotation? If you can see yourself wearing it at least once a month for the next year, divide the price by 12 and calculate the cost per wear. If that number seems like a reasonable amount,then it is a good buy!
Can I extend the life of this piece? Eventually, all items start showing some wear and tear. Can you “refresh” the item in question? Shoes can be re-soled, buttons can be replaced, and small holes can be mended. If the item is made of a fabric that cannot easily be mended or tailored, that will shorten it’s life and might make it a less splurge-worthy piece.
Does this fit in my budget? Impulse buying expensive pieces is a great way to have buyer’s remorse the next day, or when you get your credit card statement. Your shopping budget should be a set amount that you use for items you want and need. Buy pieces that fit in your budget, even if it means saving for a couple of months for something that you really want. No item, no matter how lovely, is worth going into debt or busting your budget.
Do I really LOVE it? You’ve seen that it fits in your budget, you’ll get a ton of use out of it, and it works with many other pieces in your wardrobe. The last and most important question is, do you like what it says about you? Our style speaks about who we are before we even open our mouths. Does this piece fit your style and who you are?