Clothes – what are you paying?
By Robert Stevenson
Clothes – what are you paying? How much should we be paying?
The U.S. apparel industry today is a $12 billion business and the average American family spends $1,700 on clothes annually, according to the Bureau of Labor Statistics.
According to award-winning financial planner, Pete Dunn, you should spend 5% of your monthly budget on clothing. To find the exact dollar amount you should be spending per month, multiply your take-home pay by .05. See More
Sneakers: $495
Shirt: $370
Shorts: $780
Why do we spend so much on clothes when,
. . .On average each American throws away roughly 70 pounds of clothing and other textiles per year, equivalent in weight to more than 200 men’s T-shirts. See More
What’s your opinion on spending $$$ for clothes?
