The Impact of Fashion Spending on Your Income: Insights from Personal Experience
How much of your income do you spend on clothes? For many, fashion spending can be a significant portion of one's budget. This article delves into the dynamics of fashion spending through the lens of personal experiences, with insights on how habits and market trends impact financial decisions.
Opting for Simplicity: A Steve Jobs Style of Fashion
Ancient wisdom doesn't always make modern sense, but sometimes it does. For instance, looking at the Steve Jobs way, I opted to print 40 black shirts with the graphic of the Golang Gopher like a character from the old Hong Kong comic Lao Fu Tze—the main character who wore the same clothes every day. This approach both saved my decision-making time and aligned with every poet's love for the color black, as it symbolizes indifference and timelessness.
Total cost: 20 MYR per shirt * 40 shirts 800 MYR or about 230 USD. This outfit cycled for 5 years, with an investment of only 3 pairs of jeans at 80 MYR per pair, totaling approximately 55 USD. Considering this over 5 years, the average annual cost was nearly 300 USD. It's a simple yet effective way to manage expenses, especially during festive seasons when wardrobe changes are not necessary.
Investing in Exclusivity
Clothes are my biggest investment. While I don't save money on clothes, the appreciation for exclusivity often translates to higher costs. My experience in the fashion industry has provided me with some benefits, but at core, I indulge in top-notch garments. High-end items, like suits and coats, can be a considerable annual expenditure, but it's a significant change for the better. Previously, my shoe budget accounted for nearly 500 USD a year, easily justifying the expenditure on more essential clothing items.
Transitioning to Simplicity in Middle Age
Now that middle age has set in, I've become more discerning and wiser. The days of buying new clothes for the sake of it are behind me. Instead, I focus on maintaining and upgrading what I already own. For instance, in the last year, I only purchased two pairs of black trousers, 40 pairs of underpants (due to the extreme weather), three shirts, and two pairs of gloves.
One major investment I made in the last ten years was updating my wardrobe. Despite a net worth of 200k at age 28, my income has been largely directed towards fashion. After a decade of wearing the same clothes, I finally spent 350 USD to refresh my wardrobe. This indicates a strategic shift towards more thoughtful spending, with the primary aim of fitting into what I already own and spending time working out to stay in shape.
Key Insights
Planned Obsolescence and the Fashion Industry: The fashion industry thrives on planned obsolescence, encouraging consumers to replace their clothes frequently. This means that my decision to print 40 black shirts for five years is becoming increasingly rare. Based on such trends, another 40 shirts will need to be printed to sustain the same look over the next five years.
Wise Spending and Personal Growth: As I've matured, so have my financial habits. While young, I might have spent excessively on shoes, but now I prioritize exclusivity in garments like suits and coats. This shift reflects better spending habits and a more measured approach to fashion.
Conclusion: Whether opting for a minimalist wardrobe or investing in exclusive pieces, fashion spending significantly impacts one's income. It's essential to recognize the underlying trends and make informed decisions that align with personal values and financial goals.