Shopping Smart in 2015: A Clothing Budget

Source: www.pascheusa.com

        Happy Monday Fashion Friends!  Today is the first Monday of 2015, so I'm sure that many people are highly focused on their New Year's Resolutions, Goals, and the like.  So, today is Part I of the series Shopping Smart in 2015.  One of my goals for 2015 is to create and stay within a clothing budget.  I rarely, if ever pay full price for any clothing item, which means I am a sucker for a sale and, oftentimes, fall a victim to buying something because it's a great deal.  As I decluttered and purged my closet at the end of last year, I realized that I really do need to shop less and more intentionally.  I believe that creating a budget and sticking to it each month, will certainly help me to be more fiscally responsible. 



Source: WhoWhatWear.com

     Why do I need a budget and how do I create a clothing budget?  I believe that it is important to have a clothing budget as it will likely help to curb most of the thoughtless shopping and hold your accountable for your spending on clothes.  Clothing is a necessity and many women shop often anyway, so a budget will help you to streamline your shopping.  Your budget will vary depending on your income, financial goals, your line of work, family situation, and the presence of any extenuating circumstances i.e. job loss, recent purchase of a home, car, or the like, and/or a pregnancy or recent delivery.  Most financial experts suggest setting your budget between 2%-6% of your net (take home) monthly income.  The most popular amount was 5%.  To figure out exactly how much that is for you, multiply your take-home pay (for the month) by .05, and there you have your monthly clothing budget.  You may want to reduce that amount if you are focusing on reducing debt, saving for a vacation, currently losing weight, or you or your spouse/significant other recently experienced a job loss and if you are required to wear a uniform to work. 


Source: kevinelworthlive.com

                                                   

          How do I stick to my budget?  Now that you know how much you are allotted to spend each month, you have to stick to it.  One key step to sticking to your budget is to record your purchases in a spending log. Go out and buy (from the Dollar Tree) or look around your house for a notebook that you can dedicate to recording your purchases.  It'll be impossible to keep up with your spending without writing it down in one place; also hold on to all receipts just in case you need to return something. 
      It is okay to save your budget and do a couple big shopping trips at different points throughout the year or if you don't spend all in one month, add it on to the next month's budget and NEVER feel like you have to spend all of your monthly budget.  Try your absolute best NOT to exceed your budget, but if you do, deduct it from the following month's budget or return an item or two to take you below your budget.  You may miss the mark here or there, but the longer you do it, the better you get at it.  At the end of each month, review your spending log and what items you bought and monitor and adjust accordingly the following month.  Who's in with me?!?  I'll post my spending for the month at the end of the month. 

Have a great Monday and shop responsibly!