This is great advice. True fashion is (virtually) timeless, especially for men. Button-down shirts and khaki or denim pants that fit well and are made well will both look good for a long time and last a long time. Also, if that suit hanging up in your closet is too big in the stomach after you've lost weight, go get it tailored, don't waste money on a brand-new suit. That suit, after properly taken in, will look great.
I second this I watch my co-workers blow an hour or two's wages on eating out at lunch every day