Morning Mix


Save hundreds buying gently-used formal clothes

Posted at 11:39 AM, Jan 27, 2017
and last updated 2017-01-27 11:40:07-05

The season of school dances like winter formals and proms are slowly approaching, but buying brand new formal dresses and tuxedos are expensive.

Michael Markey, the co-founder and owner of Legacy Financial Network, shares a few quick tips on how to Fireproof Your Finances when it comes to clothes.

Parents know the pain of buying a nice outfit for their kids, only for them to wear it once. Markey says the best say to find nice clothes without breaking the bank is to buy clothes gently used through a thrift store or online.

For example, the tux that Markey is wearing in this segment is an Armani tuxedo valued at about $3,500, but he didn't pay that much for it. He actually bought it on eBay for about $200.

Markey says that very few people need to wear a brand new suit or dress on a daily basis, so why waist your money? Even if the suit is too big, getting it fitted at a tailor is still going to be cheaper than buying one brand new.

If you would like to more information on how you can fireproof your finances, visit www.legacyfinancialnetwork.comor call 1-855-LFNETWORK.