We are a bit cut-off happy in this house and once something doesn't work, we just cut it off! Cut off the sleeves, cut off the legs and make them into shorts... whatever! It works for just about everything and usually gives you at the very least an extra few months of a favorite item of clothing and at the most... an extra year! Our kids have think it's cool to wear the cut-offs (as you can see above, 'arm warmers').
This works best for long sleeve winter shirts! Your kids can even help you.. do you want a tank top? or a t-shirt? do you want to roll up your shorts or do you want short shorts? It's as easy as that... I wouldn't even write this but I don't see the cut-off look around that much and I just feel you all needed an extra reminder. And if you feel REALLY groovy-like you can even embroider your childs name on the shorts! or maybe just an initial on the pocket? There are lots of online sources for embroideries or you can just wing-it!
Have fun and just cut it off!
It can work for your things too you know!?