Categories: Personal Finance

8 times when it’s smart to be a cheapskate

4. Formal wear

There are times when it’s important to look your best, even though few of us need formal wear on a regular basis. If your company is hosting an event or your teen is planning for prom, showing up in the right outfit will matter.

But don’t head immediately for the mall. If the formal wear will be used just once, you stand to save a lot by shopping secondhand. Try thrift shops or consignment stores specializing in gently worn items with few signs of wear. Even if you have to pay for alterations, you’re likely to save compared with department store prices. Still another cost-saving option is to find a store that rents out formal wear. You may be able to borrow a tuxedo or a gown that looks new for far less than the retail price.

And these are not the only ways to save on formal wear. You’ll find more ingenious approaches in “23 Top Tips for Radical Savings on Clothing.”

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