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 an 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 rarely ever factored in if or when I would ever wear my purchase or if it would fit my lifestyle. However, after taking a thorough assessment of my finances and my closet I discovered the cost per wear method which 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 takes inventory of closet items in terms of what is a smart purchase and what isn’t or wasn’t. As a result, it helps 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 R100. 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.
R100(cost of shoes) divided by 104 (number of wears) will give you a cost per wear of R0.96 per wear if you stick to your plan!
You also own a designer handbag that cost you R1,000. At first glance, it seems like the shoes are the cheaper buy.
However,If you wear your handbag six days every month for the year, your cost per wear is R3.21. So in reality, your handbag purchase is actually the cheaper and more sensible purchase!
Feeling a little self-conscious about wearing the same thing repeatedly? 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.
After spending your hard-earned money on your purchases, you should most definitely make good use of them!
Have you used the cost per wear method when shopping? Are there any methods of budget shopping effectively that work for you? Drop me a comment!