I really think it depends on the individual person. I won't ever be the kind of person to spend that kind of money on clothes or material things. I don't have the $ to spend on that right now, but I think even if I did, I would always find more important stuff to spend it on.
I would rather put extra money in a college fund for my kids. Why rely on a loan when you can save up and pay for it? I'm also an animal lover, so I'd spend my exta money on a piece of land so I can have the space I want to be able to raise livestock or own horses. I think spending money on things that make you money (like your house, property, investments, etc) is a way better idea than spending money on things like clothes which are just going to go out of style anyways.
:shrug: But, that's just me.