One of my friends always helps me justify purchases by estimating said item’s CPW (Cost Per Wear) ratio, which is found by taking the total cost of the item and dividing it by the estimated number of days you’ll wear it. I never actually do the math, but I frequently use the idea to convince myself that jeans are actually quite inexpensive. The same holds true for this ultrasoft, wool/cashmere beauty I spied at Penelope’s in Wicker Park. Ninety-eight bucks is well-spent when it goes toward a piece versatile enough to add color to the oh-so-blah black parka, look luxe with a button-down at the office, and morph into a cozy blanket while curling up with a mug of hot cocoa. So, as far as I’m concerned, this baby is basically free.

$98 at Penelope’s, 1913 W. Division St., 773.395.2351; or shoppenelopes.com