Guidance from The Prophet (saws)
Hadrat Muadh bin Anas (r.a.) reported: ‘The Messenger of Allah (saws) said, "Whoever gives up wearing elegant and expensive garments out of humbleness, when he can do so, Allah will call him on the Day of Resurrection and before all the creations, He will give him the choice to wear whichever garment of ‘Iman’ he would like to wear.''
Related by At-Tirmidhi.
The cloak of a true believer who sincerely fears Allah and the Last Day should be modesty and humility. If one gives up the wearing of elegant or expensive clothes (or indulging in extravagance and luxury) when one has the ability to do so, Allah Subhanah will bestow honor on such a believer in front of all creation on the Day of Resurrection.