5 smart money lessons from reality TV
'What Not to Wear': Invest in quality
TLC style gurus Stacy London and Clinton Kelly say the people they make over on their TV show concentrate on finding a few high-quality clothing staples and building their wardrobe around those basic pieces.
"Often people shop with the belief that if an item is on sale, they should buy it," says Kathleen Burns Kingsbury, author of "Creating Wealth From The Inside Out Workbook." "Many of these bargain hunters wind up with a closet full of clothes they never wear or have only worn once."
Buying a piece of clothing just because it has been marked down won't save you money if you don't need it and end up shoving it to the back of your closet. When something is on sale, it's on sale for a reason and you truly do get what you pay for, Kingsbury says.
Each time you make a purchase, think about the price relative to how long the item will last and make a decision based on your long-term goals. You can buy a used car for under $5,000, but that car might require numerous repairs and towing expenses. Why not invest in a car that will last and be reliable?