Here's the one clothing item that men should splurge on, according to Tim Gunn

While there are some items you can cut costs on, others are worth the money.

In a recent interview with Business Insider, fashion guru Tim Gunn shared the one item that he thinks men should splurge on.

"An overcoat, because it's not a trendy item that will go out of style, but one that you can wear for at least 10 years or more," Gunn told us.

This especially rings true for those who happen to live in colder climates, since an overcoat can quickly become an everyday item when the winter hits.

Whether you opt for a tailored topcoat or the looser overcoats that have come into style over the years, just make sure that the shoulder and sleeves remain snug to perfect the fit.

If you're having trouble deciding what type of coat to go for, try a classic black wool and cashmere blend for a piece that will match with almost anything in your closet and keep you snug throughout the cold.

The price for overcoats can range widely. At Hugo Boss, for example, overcoats are currently on sale for between $297 and $1,646.