All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
First of all, you should know that extravagancy differs from one person to another depending on whether one is rich or poor; what can be considered as extravagancy for one person may not be so for another person. Therefore, if you are able to buy these clothes, then you are not extravagant especially that you mentioned that you are in need to divide it in two parts. However, if you know that there is someone who is more in need to give him these clothes, then it is better to give some of it to charity in a way that you are not harmed.
Imaam Muslim reported in the “Chapter: It is meritorious to spend the surplus wealth (for one’s brother)” that Abu Sa’eed Al-Khudhri narrated that the Prophet said: “Whoever has an extra mount (means of transport), he should give that to one who has no mount for him, and whoever has surplus of provisions, he should give it to him who has no provisions.”, he said that he mentioned many kinds of wealth until we thought that no one amongst us has any right over the surplus.”
Moreover, being moderate and economical in one’s way of living and not living in comfort and luxury is something urged in Islam. The Prophet, sallallaahu ‘alayhi wa sallam, said: “Simplicity (in life) is part of Faith.” [Abu Daawood] Simplicity in life means not to lead a luxury life and to avoid wearing extraordinary dress, etc.
Moreover, the Prophet said: “Whoever refrains from wearing good clothes while he is able to afford it as a way of being humble to Allaah, Allaah will call him before all creation [on the Day of Judgment]so that He would make him choose from the garments of faith whichever he wishes.” [Ahmad]
Allaah Knows best.