Question: What’s a better buy?
Or this pair of Nine West heels I got on clearance for $21?
Many will say the shoes for many reasons: lower price point, not full retail price, great find or other reasons. I evaluate my purchases on a philosophy introduced to me by my sister-in-law: COST PER WEAR. Simply put, COST PER WEAR = purchase price/# of days worn. The idea is that the more that you wear something, the more value you are getting out of it.
Some of my quick rules of thumb:
- It’s OK to spend a little more on quality daily use items. I like to pay a little more for higher quality on things like handbags, outerwear and jewelry because I tend to wear them more often and therefore, have a lower cost per wear!
- Decide on a goal cost per wear ratio for you and stick to it! For me that ideal ratio is $1 for most things. That means if I buy a $300 pair of shoes, I better be wearing them at least 300 times! Puts things into perspective, doesn’t it?
- A bargain isn’t a bargain unless you actually use that item! Don’t buy things just because they seem like a great savings. You’re not saving money if you’re spending money! This has helped me curb my impulse buying to almost never.
In this case, I own both these items. The LV bag is my daily use bag and I have worn it pretty much every other day in the past two years. This means that my cost per wear has so far been about $2.82, or the price of a small coffee every day. I plan to wear it until I can no longer wear it, which hopefully will be never because it’s classic and will never go out of style. My cost of wear will eventually get down to my $1 goal!
On the other hand, the peep toe shoes has been worn a grand total of ONE time, making the cost per wear what I paid for them: $21! On top of that, being the specific color and style it is, I don’t know if I’ll always love them. Using my handy dandy Cost Per Wear philosophy, it turns out my LV bag is a better value than the shoes!
What are some of your fashion philosophies?