Author Topic: Why I Rent Everything  (Read 7232 times)

goose318

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Why I Rent Everything
« on: May 13, 2015, 06:53:20 AM »
I don't usually post, but this article just astounded me. Apparently $54 a month on clothes and $11.50 a meal is a good deal.

http://money.cnn.com/2015/05/13/pf/millennial-rent-economy-clothes-jewelry/index.html?iid=HP_River
 
The worst part is that it is on a financial website.

Zinsch

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Re: Why I Rent Everything
« Reply #1 on: May 13, 2015, 07:19:14 AM »
Well, she said she only buys the meal every once in a while (and gets more than one meal out of it).
And if you want lots of different clothes to wear, then $648 a year is also not that bad. There are tons of people out there, who spend ridiculous amounts on clothes each year, buying them. Of course, not wanting lots of different clothes is cheaper.

zephyr911

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Re: Why I Rent Everything
« Reply #2 on: May 13, 2015, 07:21:28 AM »
I don't usually post, but this article just astounded me. Apparently $54 a month on clothes and $11.50 a meal is a good deal.

http://money.cnn.com/2015/05/13/pf/millennial-rent-economy-clothes-jewelry/index.html?iid=HP_River
 
The worst part is that it is on a financial website.
SHeeeeeyit.

What do people here typically spend on clothing? I consider myself horrendously wasteful at about 1/3 that much (and I get to keep mine).

vivophoenix

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Re: Why I Rent Everything
« Reply #3 on: May 13, 2015, 07:21:39 AM »
it sounds like it helps her actually cook instead of eating out. and stop buying clothing as often. so for her she is saving money. she never claims to be a great personal finance person. but it can be a less costly option for someone who eats out often or is a clothing horse.

slugline

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Re: Why I Rent Everything
« Reply #4 on: May 13, 2015, 07:49:21 AM »
Not for me, but if you've made the decision that "staying fresh" is really that important then it doesn't sound like the worst way to do it. Financially, the best move would be to tune out fashion-related media (unless it's actually job-related) so you won't even feel that itch anymore.

Hunny156

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Re: Why I Rent Everything
« Reply #5 on: May 13, 2015, 09:20:38 AM »
I don't usually post, but this article just astounded me. Apparently $54 a month on clothes and $11.50 a meal is a good deal.

http://money.cnn.com/2015/05/13/pf/millennial-rent-economy-clothes-jewelry/index.html?iid=HP_River
 
The worst part is that it is on a financial website.
SHeeeeeyit.

What do people here typically spend on clothing? I consider myself horrendously wasteful at about 1/3 that much (and I get to keep mine).

Pre-MMM, scoring an outfit for under $100 was a steal!  These days, I still buy quality pieces, but I leverage the power of the internet to get them for far less.

I live in the South, so dresses & sandals are my wardrobe staple.  I know what style of dress works best for me, and I stick to it.  I have some classic pieces that are 15 years old now and still look like new, so that allows me to go several years without shopping for dresses.  Sandal heels wear out quickly, and it's often cheaper to buy a replacement than to replace the taps.

Some of my dresses were starting to fall apart, so I scored a handful of new dresses, most new w/tags, for $11 each!  Sandals run $15 or so, and I will need two pairs to get through the summer.  My handbag budget is $30 or less, and I can get a year or so out of a good quality one.

I would guesstimate spending $180/year on shoes/clothing/handbags.  One of the dresses I purchased still had the tags on it, and it retailed for $149.  Sucks for the person who paid anywhere near that amount!

Oh, and buying online isn't perfect, so you do come across an item that won't fit every now and again.  The awkward fitting stuff goes to Goodwill, and the too-large stuff, I do my own alterations and make it work.

Jack

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Re: Why I Rent Everything
« Reply #6 on: May 13, 2015, 09:56:04 AM »
Well, she said she only buys the meal every once in a while (and gets more than one meal out of it).
And if you want lots of different clothes to wear, then $648 a year is also not that bad. There are tons of people out there, who spend ridiculous amounts on clothes each year, buying them. Of course, not wanting lots of different clothes is cheaper.

No. I don't care how much of a "fashionista" you are, that's still absurd. My wife wears new (to her) stuff all the time, and often gets complimented on her outfit, but almost certainly hasn't spent more than $648 so far this decade!

Merrie

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Re: Why I Rent Everything
« Reply #7 on: May 14, 2015, 04:35:20 AM »
Also consider how young this person is. If she is still trying to build a professional wardrobe, $648 a year isn't a lot for that. Yeah, you can often get good stuff at second-hand stores, but not reliably so, and it does generally require more time than shopping new.

Over time, though, as she builds up a professional wardrobe, I would imagine she could get to the point where she no longer has need of this service.

I'm a red panda

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Re: Why I Rent Everything
« Reply #8 on: May 14, 2015, 07:04:08 AM »
Also consider how young this person is. If she is still trying to build a professional wardrobe, $648 a year isn't a lot for that. Yeah, you can often get good stuff at second-hand stores, but not reliably so, and it does generally require more time than shopping new.

Over time, though, as she builds up a professional wardrobe, I would imagine she could get to the point where she no longer has need of this service.

How can she build up a professional wardrobe if she doesn't keep the clothes?

Merrie

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Re: Why I Rent Everything
« Reply #9 on: May 14, 2015, 04:59:44 PM »


How can she build up a professional wardrobe if she doesn't keep the clothes?

I was comparing the cost of this to the cost of shopping through the year, but you're right. It was early when I wrote my comment.

zephyr911

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Re: Why I Rent Everything
« Reply #10 on: May 15, 2015, 10:01:59 AM »
Also consider how young this person is. If she is still trying to build a professional wardrobe, $648 a year isn't a lot for that. Yeah, you can often get good stuff at second-hand stores, but not reliably so, and it does generally require more time than shopping new.

Over time, though, as she builds up a professional wardrobe, I would imagine she could get to the point where she no longer has need of this service.
It's a lot for stuff you don't get to keep, and any expenses to actually build up a wardrobe would be in addition to the $648 she's giving away.
I wear full business attire, get almost everything secondhand and probably average $20/mo. I do most of a year's shopping in a few Saturdays where we hit several stores, and occasional random stops at the one nearby - if my 15- or 20-hour annual shopping time is twice hers, I'm saving $408/yr for a better outcome (I keep my purchases) in under 10 hours. Backing up to a pretax wage, it's easily $60-75/hr - almost twice what I make at work, doing something I actually enjoy more, in a low-stress environment.
YMMV, obviously.
:)

Mesmoiselle

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Re: Why I Rent Everything
« Reply #11 on: May 20, 2015, 08:43:35 AM »
"If my life is for rent
and I don't learn to buy
Then I deserve nothing more than I get
Because nothing I have is truly mine."
~Dido

Dicey

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Re: Why I Rent Everything
« Reply #12 on: May 20, 2015, 11:32:43 PM »
Meh, she lives in NYC and she's a young professional. I don't think she's particularly out of line, assuming she's not drowning in CC or SL debt.

aristotle

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Re: Why I Rent Everything
« Reply #13 on: May 22, 2015, 07:44:47 AM »
I find the fashionistas to be hilarious, the ones who spend a fortune for a closet full of outfits and for top notch brands.

Being fashionable is not difficult at all and it can be very cheap. Maybe it's a bit different for me since I've worked in a clothing retail store before so I understand styles and all but looking good/fashionable is more about how the clothes fit and the contrast to the shirt to the pants/shorts. My suggestion would even be looking at Pinterest and imitate those guys while shoping at cheap stores like Old Navy where you can get a similar outfit for like $15-20(shirt + shorts)

But nah, spend $80 on some stupid shirts with holes in it lol

La Bibliotecaria Feroz

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Re: Why I Rent Everything
« Reply #14 on: May 22, 2015, 03:33:36 PM »
The $54 a month is for only three items of clothing at a time! She would still need to own most of her wardrobe.