You seem to suggest to perform sub-optimal actions to put to use an item just because you happen to own it and to have spent a significant amount of money to acquire it: I'm assuming that if bought your cloak for the same price of a typical sweater, you would preferably use sweaters rather than the cloak. If this assumption is correct, then you are committing the sunken cost fallacy.

Planning ahead of time to perform sub-optimal actions would seem to require a different label to "Sunk Cost Fallacy", assuming said actions would, in fact, be sub-optimal.