According to Alan Greenspan, this is of the first types of spending that consumers give up when a recession is felt personally. When men come to the point at which they need to save more money than usual and decide to cut bank their spending, underwear is at the top of the list of possible reductions. Because underwear is invisible to the public, man apparently have no shame in letting the fabric deteriorate more than they would when a flush bank account would allow them to replace tattered undergarments when necessary.
Furthermore, an increase in underwear purchases could signal the beginning of a recovery. If this is true, it’s bad news for the economy in the next few years. Underwear industry experts are predicting no growth in sales until 2013.
I have not noticed any decline in my own undergarment purchases. My overall spending on clothing has remained strong as I have been replacing some of the clothing I’ve owned for ten years or more, some of which no longer fits anyway. My underwear doesn’t necessarily last as long before I replace the old clothing with something new.
Purchases of women’s underwear does not correlate to the recession. Any time is a good time for buying lingerie.
Have you reduced your clothing purchases, particularly underwear, to save money this past year?
If you can’t answer this question because you don’t know how much you spend on clothing, consider tracking your expenses for a period of time. You might find you have some opportunities to save money across your entire budget.
How your undies track the recession, Michael Brush, MSN Money, May 27, 2009
Photo credit: williamnyk
Happy New Year? Not For Some. At the beginning of 2009, employees who take part in a 403(b) plan, which is like a 401(k) plan for non-profit organizations, will have fewer investment options. This change will bring 403(b) plans in line with the expectations for 401(k) plans. The change will probably mean higher expenses and more paperwork for everyone involved: employers, employees, and plan managers.
Dow 8,000: The Psychology of Round Numbers. This is a short article that doesn’t get deep into the topic. It is interesting how psychology is attached to round numbers, whether it’s 14,000, 10,000 or 8,000 for the Dow Jones Industrial Average. These numbers are seen as triggers.
100 Money Saving Tips for the Holiday Gifting Bonanza. Do not shop for gifts this year without memorizing Jim’s list of 100 tips. If not, at least skim through. There are bound to be several dozen that could guide you this year with the economy in a mess.
Save Time and Effort With a Personal Shopper. This is often a free service clothing stores offer, and they may not even advertise it. Carson Kressley’s fee is too high, and apparently, it’s easy to get the same service. All you have to do is prepare a list of what you need, bring your measurements or have yourself measured in the store, and answer some of the personal shopper’s questions about your lifestyle and preferences, and he or she will bring you items to try on with no obligation.
For the “News and Blogs” features, which I plan to run almost daily as long as I have additional articles to share, I select some of the most interesting posts from my RSS reader and from pfblogs.org. If you don’t believe you blog is included on my RSS reader, please let me know to so I can add it. Thanks!
It’s been a long time since I’ve gone through my clothing and eliminated items which are no longer appropriate for wear. For most of my life so far, my habit of keeping clothes for a long time — until recently, I still had a few items left from high school (1994) — was out of necessity. I just didn’t have the money to replace clothing often. I decided, thanks to some encouraging from my girlfriend, that it was time to get rid of clothing I no longer wear either because I just don’t like them or because they no longer fit. Fortunately, my income supports the decision.
I was able to fill five bags full of clothing with mostly shirts that are now too tight or hopelessly out of style.
Rather than throw my unwanted garbs in the garbage, although lexically logical, I’d rather pass them along to someone or some organization that can make use of them or of the income that could be gained in exchange. I’ve seen bins by gas stations and malls labeled for unwanted clothing, but I am skeptical of these receptacles. To whom do you donate your used clothing? I’m willing to entertain any suggestions. I’m not trying to earn any money in exchange for my items, I just want them to eventually arrive in the hands of people who might need them.
While I ponder this and your suggestions, here are some personal finance articles you may enjoy. [click to continue…]
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