7 Tips to Recession-Proof Your Wardrobe

In light of the recent DOW Jones plunge of 10,000 points, it is our responsibility to hunker down and evaluate how we can rebuild our savings and retirement plans. Clearly we need to prioritize our spending allocations to ensure we can stretch the dollar even further.

While statistics vary depending on the source, on average Americans spend at least 1/3 of their disposable income on their wardrobes. So it's not a surprise that during this economic downturn, many people will look to cut spending in this area. This does not equate to looking less polished than before, it just means you need to be smarter and more creative about your wardrobe choices.

Here are a few tips that will keep you looking polished and professional without sacrificing your savings account.

1. 20% of the clothes in your wardrobe are worn 80% of the time, so switch this statistic and start wearing the other 80% that has been lying dormant in your closet. It will not only preserve your favorite pieces that you've been wearing repeatedly but also give you new options to wear.

2. Streamline your wardrobe and donate those articles of clothing you know you will never wear again. This will help you see more clearly those items you forgot you had because you couldn't see everything.

3. Mix up your suits and use each piece as a separate ensemble. Many people view a suit as a single clothing option. I always have my clients separate the suit and hang each piece individually. For men, pair your suit jacket with jeans for a more casual weekend look. For women, pair your suit bottom with a sweater and a different textured type of jacket (i.e., leather or corduroy blazer).

4. Borrow or swap clothing and accessories with family or friends. This helps to "inject" new pieces into your wardrobe without spending any money.

5. Take footwear to get polished and if necessary resoled. It is less expensive to get your shoes/boots fixed up than to go out and buy a new pair.

6. Invest in new accessories (scarves, ties, handbags, etc.) in the newest trends or colors to help keep you current and modern looking. Purchasing a few new accessories is less expensive than investing in a whole new outfit.

7. Care for your fabrics so that you can get the most use out of them. Don't feel the need to take everything to the dry cleaners all the time. Many of the dry cleaning solutions break down the fabrics quickly. Instead, opt for hand washing using eco friendly soaps.

Remember, it is essential to present your best self in all life's endeavors so even though we are facing challenging times, don't feel you need to neglect your best self :)