Setting Up a Suit Fund

So you have a 401k, a personal savings account, and some investments that are a bit moody but still looking good. Now is also a good time to set up a “suit” fund.

If you get paid bi-weekly (as I do) open up an ING account and set up an automated deduction from your checking account to your ING for $50-$200 (budget permitting) per paycheck and pretend as if it does not exist. After about three months of saving, you should have enough to buy and tailor a few suits or, if you are patient enough, keep it going and invest in a really nice Made To Measure one.

A great suit in your wardrobe is just as essential as a savings account or a 401k because if you suddenly find yourself in a reception area with resume in hand, you are going to want to be taken as seriously as your credentials read.

Photo Courtesy ETRO