How Much Should You Be Spending On Your Wardrobe?
The Best Way To Budget Your Fashion Spending
OK, when it comes to your closet we know that it’s hard not to have crazy spending moments here and there. We often splurge accidentally, and it’s always a great feeling, but being smart and responsible is key. If your wardrobe is important to you, then it’s OK to create a monthly budget for it. This is the best way to keep your style up while also keeping money in your pocket. Through some research we’ve found out how much you should be spending on your wardrobe.
The first thing you have to do is sit down and really take into account where you are financially. Ask yourself if you can even afford a fashion budget. Hold off on the question for now, because you don’t know just yet. The next step is to take what your monthly income is into account. How much are you earning each month? Once you’ve figured that out we’ve discovered the best thing to do is to take away 5% from that number. This is called the 5% rule and your monthly shopping budget should be 5% of whatever you are making each month.
Here’s a great example of how this works. If you’re making $3,000 a month then your monthly shopping budget is $150. This means that you shouldn’t be spending more than $150 a month on your wardrobe. Take a moment to calculate what your monthly income has been consistently and minus 5% from that number. Voila! That’s your monthly spending budget for your wardrobe. We think this is a brilliant way to budget your spending, because building the perfect wardrobe takes time and thought. Let’s say your budget is $150, you can add a lot of value to your wardrobe with that amount.
The fun part is that you don’t have to shop from month to month. If you wanted to splurge you can save up for a few months, and then allow yourself to go on a fabulous shopping spree. It’s all affordable, because you budgeted perfectly for the occasion and you still have your money! A smart tip is to shop seasonally and save your money. You can have a shopping trip at the beginning of each season and save throughout until the beginning of the next one. This is also a great way to stay on trend as well.
Fall is around the corner, but it’s not too late to get started now if this sounds like a good idea. If you start now in a month it’ll still be early fall, which is perfect. You’ll be able to take some time to see what’s hot this fall before you add to your wardrobe. Afterwards you can start saving for your winter fashion.
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Featured Photo Credit: Already Pretty