Some people are chocolate addicts, while others can’t stop smoking. But one of the most expensive vices to curb is being a shopaholic!
Setting and sticking to a clothing budget might be one of the most difficult tasks of your adult life. But how much should your clothing budget actually be?
Read on to find out the math that will solve your clothing conundrum!
Clothing Budget Calculator
Most financial advisors recommend using only 5% of your monthly budget for clothing. To find the exact number, multiply your monthly net income by 0.05.
For example, if you earned $3000 per month, your annual and monthly clothing budget would be:
- Monthly Clothing Budget: $150
- Annual Clothing Budget: $1800
If you decided to do your shopping bi-annually, you would get $900 for a 6 months shopping budget. This is a great plan if you don’t mind having two huge shopping sprees per year (winter collection and summer styles).
Only you know which option will work for you. But the key is to stick closely to your annual clothing budget while resisting those shopaholic urges.
Flexible Clothing Budget
Of course, 5% is only a guide. Your own personal circumstances may be different. But having a ballpark number will help you not to overspend.
If there are times you need to spend more, or you can spend less then be flexible. If you found something more expensive than your budget, subtract that amount from next months budget. Or if you can’t find anything you like one month, save the money for next month or for upcoming sales.
Being flexible will allow you to splurge once in a while. For instance, if you’re addicted to collecting old school tees or can’t stop buying shoes!
Plan Your Expenses
Self-assessment is vital when sticking to your budget for clothing.
When deciding whether to buy that extra pair of shoes or not, take other financial obligations into consideration. For example, any credit card debts, home repairs or your dream vacay. You might need to lower your clothes budget to pay for these pressing needs.
The best way to keep track of your expenses is to write it down! Of course, you can opt for a digital version too. But the point is, writing out your budget can help you to see the bigger picture and make wise decisions.
There are also loads of mobile apps which can help too. Some even connect to your bank account and alert you when you’re reaching or exceeding your budget.
Keep Track of Your Clothes
Just like keeping track of your expenses, you should also keep track of what clothes you actually have. This means you need to get organized!
Clear out your closet and take an inventory of the clothing you own. Then create a list of what you need. Check out which staple pieces of clothing you’re missing and take note.
After you’re fully aware of what you have, you can plan your shopping trip. You may have a long list of things to buy, but remember to stick to your monthly clothing budget. You can always buy some more essentials next month.
Curbing Your Shopping Addiction
Yes, the only way you will stick to your clothing budget is if you get organized. One of the best ways to keep to your clothes budget is to hit the sales and use coupons.
Check out this article to find out 5 Tips on how to coupon like a pro!