False Economy
A false economy (a philosophical corollary to Cost Per Wear) is when you think you’re saving money or snagged a deal, but it ends up costing you more. There are three main ways I see this happening with clothes.
You buy something just because it’s on sale which makes it a great deal… but then never wear it.
You buy something because it’s cheap so why not… but it doesn’t fit well, doesn’t wash well, and ends up barely worn.
You buy something because you should (because it’s on trend or it’s an essential or someone else likes it)… but you don’t know how to wear it, so you don’t.
Even if you saved on the sticker price or should/do love it, if the cost per wear is high, it wasn’t worth it.
What often follows is holding onto the pieces in question, even though you don’t, won’t or can’t wear them, because if you get rid of them, you’re admitting that the purchase was a mistake and you wasted the money. This is “sunk cost” thinking: if I’ve already spent money on it, I should spend more time/space/money on it so I didn’t waste the initial money.
It is okay to make shopping mistakes! We all do, myself included. What matters is trying to learn from those mistakes. Here are my top tips:
Know yourself and your closet
Think about cost per wear while shopping
Avoid impulse purchases
Return items that don’t work for you
For more on this subject, an assessment of your shopping habits, and personalized guides for shopping (and more), make a wardrobe therapy appointment!