I've really had to buy new clothes because my old shirts are not decent on me anymore!
DH, though, can comfortably go around in way too big clothes for him for awhile. It absolutely makes me itchy. Right now my smallest blue jeans are a size too big and it drives me nuts. I'm trying to ignore it because I really don't need to be spending $$ on new jeans but ARG!!! I hate baggy-butt syndrome!
I still have a lot of my old clothes, though. Some I plan on getting altered down to my size once I hit about 165lbs. Otherwise I want to sell or donate but I haven't gotten around to it yet. I have them in a separate part of the closet that I never see so it really doesn't contribute to my motivation one way or another.
I do suggest checking out sales/ebay/thrift stores, I've gotten some great deals! Recently, I bought a lot of used pants in size 4/6 that will help get me through some months. I can wear the 6's now but the 4's are too small so it's nice also to have something to try on to look forward to wearing (the the price was absolutely amazing!!! I spent just over $30 or something like 5-6 pairs of pants!

).