This is a time-tested strategy of building a wardrobe cost-effectively. Cost Per Wear (CPW) is a simple formula. Take the cost of the item and divide it by how many times you expect to wear (or have worn) it. That is your CPW.

Amy Dacyczyn, author of The Tightwad Gazette, defines CPW somewhat differently, but it is also applicable to our clothing choices. Amy calls this Cost Per Wow.

What this means is that if you can purchase two different pairs of earrings, one for $20 and one for $100, the pair for $100 should give you five times as much pleasure and wear to be truly valuable.