Lifestyle

Cost Per Wear: Is It Worth the Investment?

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Raise your hand if you’re guilty of purchasing items that you haven’t worn yet.  (Virtually raises hand – Don’t judge me).  What were your intentions when you purchased those items?  Are you still waiting to find the right shoes or accessories to make the outfit pop?  Do you consider the cost per wear when you make wardrobe purchases?

You’re probably thinking “What is cost per wear, and why does it matter to me?”  Cost per wear refers to the value derived from the investment in a wardrobe piece.  You have been eyeing a pair of jeans at your favorite boutique.  They go on sale for the fabulous price of $225.00.  How can you turn that price down?  Before you pull out that card to make the purchase consider this.  Are they jeans that you will wear on a consistent basis?  Or are they memorable enough that you can only wear them sporadically?  For the sake of argument, let’s say that you will wear the jeans 12 times in the next year. That makes your cost per wear $18.75.   Now let’s say that instead of buying jeans you purchase a purse for $225.00.  However, you only carry it four times within the year.  Your cost per wear has now increased to $56.25.

There are probably some of you thinking “There is no way I am spending $225.00 on one wardrobe item!” Let’s change the scenario.  You’re going to the event of the year and you have to SLAY!  You find the perfect outfit for under $200.00.  What are the chances that you will wear the outfit again? Unless you plan on going to another event where no one from the previous event was present, you can’t get away with wearing the exact same outfit.  Is the cost per wear worth it if the outfit is only worn once? For most of us the answer is a resounding YES!  However, you can wear the same pieces without wearing the same outfit.  You can always revamp those pieces to create a new outfit.

Cost per wear allows you to consider the longevity of your wardrobe purchases.  In the accounting world, we tend to look at the return on investment (ROI) to determine the benefit of an investment.  Cost per wear is a similar concept. So why not curate your closet according to the cost per wear formula?

Warren Buffet once stated that "Accounting is the language of business." This statement is so true because no matter what business you're involved in - both personal and professional, you will be exposed to accounting. Accounting provides the foundation to any business venture and this is why I chose accounting as a career to get into. I have lived in Texas for over 10 years. In my spare time I enjoy dabbling in crafts and reading.

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