When it comes to clothing, shoes, and accessory purchases, I'm a firm believer in cost per wear, which I also refer to as "getting my money's worth."
It doesn't matter if it's a cheap or expensive purchase. Money spent is still money spent, and I want to be sure that it's worth it.
That wasn't always the case for me though.
I used to be the girl who bought what she liked if she liked it. I rarely ever factored in if or when I would ever wear it or if it would fit my lifestyle. However, after taking a thorough assessment of my closet as I approached minimalist fashion, understanding cost per wear became a game-changer for me.
So let's talk about what it is and why it can save you tons of money!
What is cost per wear?
Cost per wear is equal to the cost of the item divided by the number of times you wear it. Doing this calculation helps me take inventory of my closet in terms of what was a smart purchase and what wasn't. As a result, it helps me make better purchases and avoid overspending.
How do you calculate cost per wear?
When it comes to calculating cost per wear, it's pretty simple and straightforward.
Let say you want to purchase a pair of shoes that cost $100. You take that cost and divide it by the number of times you think you'll wear it. They could be workout sneakers that you see yourself wearing at least twice a week.
That's twice a week times 52 weeks in a year; you estimating 104 wears over the next 12 months.
$100(cost of shoes) divided by $104 (number of wears) will give you a cost per wear of $0.96 per wear if you still to your plan!
To further illustrate, let's say you own another pair of shoes that cost you $150. You also own a designer handbag that cost you $1,000. At first glance, it seems like the shoes are the cheaper buy.
However, if you've only worn the shoes twice your cost per wear is $75. If you wear your handbag every day for a month, your cost per wear is ~$33. So in reality, your handbag purchase is actually the cheaper and more sensible purchase!
Does this mean I'm stuck wearing the same things all the time?
Feeling a little self-conscious about wearing the same thing repeatedly? The great thing about fashion is that things can be worn in so many ways.
You obviously don't want to wear the same outfit to work every day or to back-to-back events. That being said, there are several ways you can still repeat your items by remixing your clothes. Having a capsule wardrobe is a great way to do this.
Remixing allows you to utilize your existing wardrobe to create a variety of different outfits and looks. You’ll be surprised how many different looks you can whip up if you spend some time each week doing some outfit planning. Make it a fun project by creating a Pinterest account where you create outfit inspirations based on similar things in your own closet.
After spending your hard-earned money on your purchases, you should most definitely make good use of them! Plus, you'll be happy to know that truly wealthy people purchase quality items and wear them well.
The Millionaire Next Door is an amazing book to learn more about the truly wealthy.
Understanding cost per wear can be an eye-opener
Just like everyone else, I've been guilty of owning things I haven't worn yet or don't wear often enough. However, over the last few years, I'm definitely more aware of how I spend my money by using the cost per wear formula.
Before I make a purchase, I assess my existing wardrobe and determine how well my potential new purchase will fit it. I also factor in whether I'll get enough use out of my item to make it worth the cost of purchase.
It's made all the difference with shopping for news items to add to my closet. I highly recommend trying this cost per wear approach yourself!