https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments Style Advice for Fashion Lovers en-US Wed, 22 Apr 2026 12:09:48 +0000 http://bbpress.org/?v=1.0.2 q https://youlookfab.com/welookfab/search.php https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-624247 Sun, 20 May 2012 04:28:53 +0000 bj1111 624247@https://youlookfab.com/welookfab/ <p>to add to your reading list...your money or your life.</p> <p>also check out the bogleheads.org. great place to learn about financial stuff when you are starting out. great set of wikis.</p> <p>i wouldn't think of clothing as an investment esp as i sense you like the excitement of the new. i would spend more on shoes (and bags, if that's how you want to roll). everything else, why change your habits just because you make more? live like you do today with a modest increase inyour budget. bank the rest. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-624239 Sun, 20 May 2012 04:06:10 +0000 lyn* 624239@https://youlookfab.com/welookfab/ <p>Thank you all very much! I have the Millionare Next Door on my reading list!</p> <p>RE: Doctors having nice things - I agree; there is a lot of pressure to get the nicest and brightest new things; but I'm pretty indie anyway, so most people don't expect me to have a super spendy new bag or a fancy car - I ride my bike or prefer to take public transit, anyway. Phew!</p> <p>RE: Expenditures - I think that my biggest expenditures currently is rent; although I don't want to rent all my life, I think it would be more responsible of me to get a short mortage when I am an attending (fully physician) when I would be earning a full wage and I would have a hospital I could attach to. I am slightly worried I won't be able to stay on where I train (as I would like a faculty position). I am also planning for retirement, and saving money away in case my parents require care more than I can provide/government can pay for in the future (ie: if they require assisted living). *fingers crossed* I can't have kids, so that's sort of a savings there </p> <p>Thanks for all your thoughtful advice and sharing your own stories, it's very motivating to see that budgets work in real life - where you can be fashionable and not in debt! </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623909 Sat, 19 May 2012 15:51:08 +0000 Amy 623909@https://youlookfab.com/welookfab/ <p>I don't know about all of those percentages. Here's a program that worked for me and my husband</p> <p><a href="http://www.nbc.com/saturday-night-live/video/dont-buy-stuff/27169" rel="nofollow">http://www.nbc.com/saturday-ni.....tuff/27169</a></p> <p>(a little levity for a serious subject) </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623897 Sat, 19 May 2012 15:27:03 +0000 rosee 623897@https://youlookfab.com/welookfab/ <p>Great advice above. Save what you can, considering that your new work life will require an expenditure of money for a while.<br /> I agree with the 80/20 advice for investments and classics v. trendy pieces.<br /> Having worked jobs where I was on my feet for over 8 hours, I have this to say. Invest in a few more pairs of comfy shoes for work and bring 2 to work with you on a given day. After about 4 hours in 1 pair, change shoes for another 4 hours or so and then back again 4 hours later if needed. Your feet (and legs) will appreciate the break and will feel much less tired than standing in 1 pair of shoes all day. Get them as dressy -- but comfy -- as you need them. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623823 Sat, 19 May 2012 13:33:09 +0000 cheryl 623823@https://youlookfab.com/welookfab/ <p>You have received alot of good advice here. I just want to say I agree with goldenpig, I would split your clothing allowance, half towards the trendy, now clothing and half towards workhorse clothing. That should give you a nice balance. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623747 Sat, 19 May 2012 07:04:06 +0000 Lyn D. 623747@https://youlookfab.com/welookfab/ <p>Can't speak about investing etc. but for clothes I aim for an 80/20 split between stuff I will keep till worn out and inexpensive/trend pieces. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623738 Sat, 19 May 2012 06:01:09 +0000 christieanne 623738@https://youlookfab.com/welookfab/ <p>Regarding the Millionaire Next Door - good example of helpful book. My DH read it and it pretty much confirmed his philosophy. We don't use credit cards at all that we can't pay off within that billing cycle so basically it is cash or nothing.<br /> Are you going to want to buy a place to live or continue renting? That is the biggest expense here in California but something to look into as far as savings goals. Owning is not as important to some people and that is ok! </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623724 Sat, 19 May 2012 05:26:20 +0000 goldenpig 623724@https://youlookfab.com/welookfab/ <p>Lyn, great job for thinking about budget and savings right from the start! Try to put away as much as possible toward retirement while you're young and kid free because those little ones are cute but expensive! I think the general recommendation for goals is 3-6 months of living expenses in a liquid emergency fund, and 10-20% of your income towards retirement.</p> <p>As for fast fashion vs. investment, have you identified holes where you need "investment" type pieces--coat, boots, etc? Maybe you can budget half of your clothing budget toward saving up for bigger purchases and half for trendier items? Agree with Christianne that fashion is always changing--I have to remember that myself! Hopefully my wardrobe won't get outdated all at once (like my pre-YLF wardrobe).</p> <p>Finally, here's a book that you might find interesting:<br /> The Millionaire Next Door<br /> <a href="http://en.wikipedia.org/wiki/The_Millionaire_Next_Door" rel="nofollow">http://en.wikipedia.org/wiki/T....._Next_Door</a><br /> I checked it out from the library. For parts of the book it talks about how doctors are often underaccumulators of wealth. We work hard and have long training periods with delayed gratification--low salaries as residents/fellows etc. So when we finally start earning higher salaries, it's easy to go crazy spending esp. when everybody else expects doctors to be rich and have nice cars and other things, and we ourselves can feel entitled to splurge. And that millionaires are often everyday people who scrimp and save a lot and drive beater cars, rather than people who earn high salaries, but spend a lot too. Definitely thought-provoking book.</p> <p>Not that I should be giving financial advice (says me who lives in an extremely high cost of living area with a mortgage and two kids and a closet full of nice clothes)... </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623674 Sat, 19 May 2012 04:30:37 +0000 lyn* 623674@https://youlookfab.com/welookfab/ <p>Thanks for that interesting read, Freckles - I think I have a very different billing structure as a psychiatrist, and hopefully will be isolated from a lot of the weird ways that a lot of my colleagues bill for (ie: tray fees).</p> <p>I will budget for health insurance and disability... although I think psychiatrists tend to practice longer than other doctors, I will not be getting any form of pension (scary!) - I may go to half time if I have children (haha; scary!!!!!) We'll see! </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623401 Fri, 18 May 2012 22:43:29 +0000 Freckles 623401@https://youlookfab.com/welookfab/ <p>Lyn you’ve been given a lot of great advice and I’m sure you will get lots more.<br /> I just want to have you take a good look at Canada’s healthcare system and how it will affect you.</p> <p>I am not a doctor so have no real experience on that end but over the years quite a few of my doctors have retired in one way or another at about fifty. A couple of them have died (top of their field, not enough doctors, no time to even sleep), one has had to sell his practice and uproot his family to move back to Australia due to ailing parents, a couple have gotten too sick to practice anymore and not been able to sell their practice, etc. A few of the women have also decided to work only a few days a week after starting their family.</p> <p>The health care system varies from province to province but in mine now it doesn’t work for either the doctors or the patients very well all because some head honcho in some office decided to run things differently.</p> <p>The fees doctors are able to charge for certain procedures are ridiculously low. As a patient things are much more expensive too. If seeing a doctor, ,getting a cat scan or other test in a hospital the wait times are pathetic for the most part thus upping the horrendous parking fees. If tests/imaging are done outside the hospital the locations now have horrid parking fees and it is not unusual to have to pay for supplies that are used in the test that are not covered by your supplemental insurance. Out of pocket medical devices are very expensive, justly so, but the warrantee for the device and the years you have to wait to buy a new device by your supplemental insurance plan are off by two years, the warrantee being the one that ends earlier. Shelling out many thousands of dollars every five years increases your cost of living substantially over the years. Never mind the cost of all the things you need to use this device which are not covered by insurance.</p> <p>This sounds very negative but in reality it is not. I adore my docs and we are very lucky to have such a vast array of physicians with such tremendous knowledge and astounding ways technology is able to save lives. The little blips in the system are probably why we lose so many doctors and the wait times are increasing for all health care needs.</p> <p>So in conclusion, kudos to you for formulating a great plan but plan perhaps with an earlier retirement cut off date in mind and a more expensive monthly outlay than you planned for. You will be effected by this both ways, in your salary and as a patient. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623321 Fri, 18 May 2012 20:45:35 +0000 rae 623321@https://youlookfab.com/welookfab/ <p>Oof, yeah taxes hurt any way you slice it. Starting out slower and working toward the goal is definitely less painful than the way I went about it - when you get those raises, you have to kind of forget about lifestyle increase and focus on savings increase for a while. </p> <p>I hope Claire chimes in, too, she and her DH are debt free and know a lot about saving. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623317 Fri, 18 May 2012 20:30:12 +0000 lyn* 623317@https://youlookfab.com/welookfab/ <p>Hmm; i think my ultimate goal would to be able to save 50% of what I make; but if I calculate personal income tax I'm expected to pay (approx 34%) - my rent makes up about 40% of what is left. I guess I could save 50%; but then I would have only 10% left over for things like feeding myself :P</p> <p>Maybe "ultimate goal" is not reasonable for me fresh out of the gate and I have to wait a few years (when I will have a working wage; not a trainee income) :)</p> <p>Thanks Meredith for the book - my mom got me a copy :p </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623293 Fri, 18 May 2012 19:44:38 +0000 Meredith1953 623293@https://youlookfab.com/welookfab/ <p>Hi Lyn*<br /> I can't give much advice on the clothing but if you are looking for a book that seems to have a balanced reasonable approach to budgeting, I would recommend this book. It should be in your public library also.</p> <p><a href="http://www.amazon.com/All-Your-Worth-Ultimate-Lifetime/dp/074326987X" rel="nofollow">http://www.amazon.com/All-Your.....074326987X</a> </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623284 Fri, 18 May 2012 19:36:00 +0000 rae 623284@https://youlookfab.com/welookfab/ <p>In terms of total assets, I have about 50% invested, 40% saved, 10% for spending through the year. This does not include my Ebay slush fund or gifts, which is basically a wash because I spend what I make. Vacations are rare and so come from the "savings" portion. </p> <p>In terms of income... I don't really keep track of it that way (I'm pretty "bottom line" in my approach and think in total cost rather than monthly payments and such). I scraped and hoarded $$ for about 6 years - save up a few grand, dump into investments, repeat - and only started with a larger spending budget recently. Hubs and I try to really spend far below our means because we don't trust anyone to come through re: retirement except ourselves. Running the numbers right now, looks like I typically spend about 17% of my monthly pay on clothes, gas, food, rent. </p> <p>In terms of investment pieces of clothing... I guess you don't know until you really start working. I invest more in things I love and can be worn often... doesn't really matter what the piece is to me, and I think it probably varies from person to person. </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623245 Fri, 18 May 2012 19:03:18 +0000 Lisa 623245@https://youlookfab.com/welookfab/ <p>I believe the rule is 20% of gross salary (sometimes called pay yourself first philosophy) to retire early, and 15% if you want to retire non-early. Savings only work if you are first debt free and second, have a 6 month emergency fund (often defined as 6 months of living expenses in an easy to access account). Then I would divide up among other goals based on how fast you want to achieve them.</p> <p>For clothes, for myself, I spend the most on items that are my wardrobe workhorses (jeans are a daily staple for me and shoes must be comfy after having foot surgery last year). I say pick one or two of your staples and spend on those, then alternate with months where you stock up on what I call the disposable items (for me that's tops, especially in the summer when they are worn and washed quite often, usually after every wear). I try to pick durable brands that are wallet friendly for my heavy wash and wear items. I use accessories (blazers and scarves) to dress up my basics (solid top and blue jeans). </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623229 Fri, 18 May 2012 18:53:36 +0000 lyn* 623229@https://youlookfab.com/welookfab/ <p>@Christieanne; Thanks! Right now, I'm planning on 30% for savings, but I might have to hold off on a car for that - I don't really need a car (I think) as I hope to rent a place that is transit accessible. Even if occasionally I needed to take a cab, it would be cheaper than owning/maintaining a car. Financing would definitely be something I would consider next year; as I have an anticipated wage increase :)</p> <p>Good approach for clothes - I even wear out comfy shoes in a jiffy because I am so hard on them (on my feet for &gt;30 hrs); so maybe I should be looking after my feet I am not so much of a bag lady, so I am pretty happy with my Fossil bags. I may invest in a designer one if I get a signing bonus </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623223 Fri, 18 May 2012 18:48:40 +0000 christieanne 623223@https://youlookfab.com/welookfab/ <p>I think 30% into savings is a great amount if you can swing it. first, accumulate enough for a six month emergency fund, then the new car (although you can finance a new car at such ridiculously low rates that if you really need one, you may not need to pay cash to save money - at least in US ) and then for long term. Great planning. </p> <p>I never think of clothes as true investment pieces. I think buying better quality/spending a bit more for comfy shoes and great workhorses like blazers or trousers/dresses is a good thing but I would never expect anything to last beyond 10 years. Maybe a bag or a designer one off but those are exceptions. </p> <p>What an exciting time for you! </p> https://youlookfab.com/welookfab/topic/ot-big-girl-budget-room-for-shopping-and-investments#post-623202 Fri, 18 May 2012 18:37:27 +0000 lyn* 623202@https://youlookfab.com/welookfab/ <p>Dear YLF,</p> <p>As many of you know, I am trying to manage my new salary like a big girl. I am allocating myself around $200/mth for my own "fun fund" plus any additional call bonus I manage to acquire. </p> <p>I don't think this is more money than I usually spend a month on clothes; but how do I make the transition between blowing like $200 on fast fashion and buying investment pieces??</p> <p>Thanks!<br /> Lyn*</p> <p>PS: How much % should be going into long term savings? I am thinking of having a certain % to save towards a car; and a certain % towards emergencies; and a certain % for retirement beyond my RRSP contribution. </p> <p>PPS: I am in my late 20's if that helps But I plan to retire at 60. </p>