Clothing is not optional, but spending a lot of money on it is, author Gregory Karp contends in his book “Living Rich by Spending Smart.”
Off the top of your head, how much would you say your family spends on clothing in a year? According to the U.S. Consumer Expenditure Surveys, a family of four spends an average of $1,434 a year on apparel and services, such dry cleaning, to keep that apparel looking good. Wow. That’s $120 a month—a major expense in any family’s budget.
