Personal-finance and fashion blogs may not seem like they would have much in common — except as far as credit-card bills go — but GetRichSlowly.com has an awesome post this week that takes “waste not, want not” into consideration in your closet.

The article, titled “How to Stop Buying Clothes You Never Wear,” features lots of useful advice from style guru Michael Kors and his designer’s eye on cleaning out your closet. We loved this quote of his:

“70 percent of the clothes you own should be meat and potatoes. 30 percent should be icing and fluff — that’s colour, pattern, shine, accessories. Too many women get the proportions the other way round, then can’t figure out why they can’t get dressed.”

He suggests emptying your closet and making four piles: “throw out, give away, repair, and soul-stirring.” Purge the first two, take the third to a tailor, and hang the remaining pile back up in any organization strategy that makes intuitive sense to you.

For more great tips from other style setters, read the whole thing.