Compare Listings

Too many Clothes, No Down Payment

Too many Clothes, No Down Payment

Crazy fashion trends do more than strain closet space. They can sometimes send the message that trendiness is more important than building wealth. Here’s to save the money you spend on new clothes for something more rewarding – a down payment on your own home.

Reduce your wardrobe.

Consign, donate or give away clothes you haven’t worn in a year or two. Keep anything that goes with at least three other items, like a jacket that works with a dress, skirt and blouse, or jeans. 

Take better care.

Fast fashion doesn’t last, so when you wash clothes, turn pants, skirts and blouses inside out first. Don’t use wire hangers. Fold knits instead of hanging them. Your clothes will look better and last longer.

Buy less.

If you buy something for $100, look at how long the season is to wear it (four months) and how many times you’ll actually wear it (17). Take the cost ($100) and divide by the number of wearings. That’s a tax of $5.88 every time you wear it.

Bank the money.

If you spend $200 a month on clothes, try a year without buying anything new and let that $200 multiply in a savings account, 401K, or CD. That’s $2,400 that could grow with compound interest and investment growth. In three years, you could have over $10,000 or more and that’s a good start toward owning a home.

Related posts

Fall in Love with the Right Home

You’re ready to fall in love with your first home. You want more living space, a place to do your...

Continue reading

Mortgage Loan for the Military

If you’re active or discharged military who’s ready to buy a home, a Veterans Benefits...

Continue reading

Top Four Home Design Trends for 2019

An important benefit of homeownership is that you can design and decorate the property to your...

Continue reading