While Arianna Huffington may be worth millions, she has a frugal habit that helps her save time and ensures she doesn't spend hours sifting through her closet each morning.
"I'm a big believer in repeats," she tells CNBC Make It. "I love finding outfits I like and repeating them again and again and again."
This is a habit that Huffington, the founder and CEO of Thrive Global, believes women need to form because it saves both money and time that could be spent on other tasks. "Women waste so much money and so much attention, and stress out so much believing they have to always wear a new outfit for every occasion," she says.
In fact, women own more clothing items now than they did in previous years. According to Forbes, the average woman owned nine outfits in 1930. That number has now jumped to 30.
Shopping for clothes also takes time. A survey poll of 2,000 women by the market research firm OnePoll.com found that the average woman spends 399 hours and 46 minutes shopping.
Broken down even further, the firm found that each year women spend more than 100 hours on 30 trips to shop for clothes, 40 hours shopping for shoes and 50 hours window shopping.
Repeating the clothes you already own also saves you time that would be wasted on planning what to wear in the morning and this is where men have an edge, Huffington tells a panel at the Fortune Most Powerful Women Summit. She should know.