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Budget Woes and Q's

Anonymous

One of my goals for 2015 is sticking to my budget. I have it set, based on my wishlist for 2015 of about a dozen items, plus under things. I am giving myself a max per item allowance, which will help me focus on better quality. As I shrink my closet, I hope to gain a lower CPW which will make the more expensive items worth it (to me).
With that being said, I may have already spent part of 2015's budget since I found the exact pants I have been hunting down for some time (I ordered two sizes, lets hope one fits) http://www.ralphlauren.com/pro.....#038;f=PAD in olive. I am picky about fabrication and want no less than 98% cotton on my pants.

So besides spending my budget early - my biggest concern is how to actually stick to it. I really want to do just a couple large seasonal hauls, and maybe some extra for accessories, but I want to stick to my list. I was thinking about putting the money on a prepaid visa and only using that, but I am not sure how returns would work and I hate the idea of paying a fee on the visa. I then thought about cash only, but I don't like the idea of a large amount of cash at home. I have the money already set aside in a savings account, and usually just pull from that to pay my credit card bills, but I suck at tracking how much comes out for clothes and I tend to girl math a lot (ooh, this is technically gear, so it doesn't count).

What strategies do you guys employ to stick to your budgets? I did make sure to already subtract the cost of my pants from 2015.

Shopping

37 replies

Latest reply was from Laura (rhubarbgirl)

Liz

Veteran

I budget where all my money goes, not just clothing. For me, sticking to my budget really depends on two things:

1. Paying attention. No matter what tracking method you use, you have to pay attention to it. The simplest is just a piece of paper where you note your amount at the top, list items you've bought, and keep a running total of the amount you still have available.

2. Being willing to accept limits and say no to myself. When I first began budgeting, I quickly learned I didn't want ANY limits, even limits I'd set for myself. I rebelled. I didn't want to be told what to do. So my biggest issue was being willing to do without or say no to a desire. It helped that I had assigned a category to all my available money. I knew that choosing to spend more in one area meant I was choosing to shortchange another.

Rambling Ann

(website)

Veteran

Maybe add a bit for 1 or 2 "trendy items that I don't yet know I need?"

If you are also trying to budget for other ongoing big ticket items, like car repairs, emergency funds or Christmas expenses, you can set up interconnected savings accounts through Capital One. Transfer money over as you get paid, transfer it back as you need to pay off the bills. Even better if you can set up an automatic transfer to the savings. It takes a few days for the transfers to complete, which can help slow down unplanned purchasing.

Anonymous

I already have my pay checks set up to put money into different accounts (i.e. personal checking, joint checking, and savings - but savings is for vacations/clothes). I had two separate savings accounts but that bothered the side of me that wants things streamlined, lol. I ended up consolidating them.

Maybe I will just keep it old school and stuff a piece of paper with my wishlist, and purchase totals into my wallet.

ma342

As someone who has sometimes had problems sticking to a shopping budget, here's what has worked for me:

1) When I hit my limit for the month/season/year, I'm done. No exceptions. Not if something is on 85% off clearance, not if it's about to sell out, not if it's the one perfect dress I've been looking for since forever. FOMO is a huge driver of overspending for me. I remind myself that if missing out on a great sale or a great dress is the worst thing that happens to me in a given month, that means I'm having an AMAZING month.

2) Sticking to this kind of limit is easier said than done. When money is tight or I feel like I'm shopping too much, I stay away from store websites and fashion blogs and sites (including this one). Yes, they're a fun form of entertainment, but there are other things I can do to entertain myself--read, watch Netflix, find new recipes to try out, etc. Gmail already puts all my sales emails in a spam folder, which is great. Hard to worry about missing out on a sale/item you never see.

3) Sometimes shopping (for non-necessities) can be driven by other things going on in a person's life. For me, it has been a (poor) way of coping with anxiety. Working to address the anxiety helped reduce the compulsion to buy more stuff.

Anonymous

I have a budget and I track all my expenses (not just clothing). I make it a point to not practice "girl" math or to rationalize why a particular purchase does not count.

I don't mean to sound rigid, but if I didn't budget and track my expenditures, I would be in debt. It is that simple. And although there are reasons to go into debt (e.g., housing), I don't feel clothing is one of those reasons so I stick the budget.

Gaylene

Veteran

I actually had more success when I kept it simple. My method, which I've talked about before on the forum, was to arbitrarily limit myself to 12 items for the year. I didn't try to make a list in advance, or create categories, or set prices, or think of it as buying only one item each month. As a matter of fact, I didn't even set a specific number for my overall budget--although I'll admit I did have some idea in the back of my mind as to how much I'd be comfortable spending on myself during the course of a year. I knew myself well enough to know I'd have a hard time sticking to a more rigid system.

The number 12 was totally arbitrary, but it was easy to keep in mind so I mentally could subtract from it when I decided to buy something. My year's purchases ranged from a very pricey cashmere sweater to a very inexpensive pair of espadrilles and a watch purchased at a flea market.

Three lessons that I learned over that year: I am much pickier about choosing items when my sales goggles are removed. Every purchase I made was weighted against the thought "Is this item worthy of my giving up one of my 12 possible choices for the year?" I walked away a lot of the time. My second lesson was, paradoxically, I spend less when I don't let my budget rule my choices. My few $$$$ splurges were more than balanced by my less inexpensive ones and I ended up spending much less on myself that year than I'd anticipated. Finally, since every item was so thoroughly considered before it was purchased, the joy factor was very high for everything I bought that year. My espadrilles were worn to shreds, my watch still is on my wrist almost every day, and my cashmere sweater still makes me happy everytime I snuggle into it.

My approach was unorthodox, and I'm sure wouldn't appeal to many people, but it really got me back on track with my buying habits. I now buy much less, have a smaller but very workable wardrobe, and feel much better about my purchases.

Thistle

Veteran

I am a certified accountant, so . . .

I actually track it all in Software. I have quick books for home, and I put all the money for clothing aside in a clothing accrual account. I then reduce the accrual when I purchase clothes.

Heaven help poor DH if he ever has to take it over unexpectedly.

Firecracker (Sharan)

Veteran

I'm not a budgeter. When I have tried to create a budget for myself, I have not taken it seriously. This is a good way to ask the question: what strategies people use, rather than how much to budget. I'm finding the answers really interesting, and perhaps even manageable for me, so I'm bookmarking. Thanks for posing the question, avettestingray.

Gaylene

Veteran

Good point, Firecracker. I think it's some times easy to forget that budgeting isn't just about crunching numbers in a spreadsheet. It's just as important to think about when, where, and how you are spending your dollars, as well as WHAT you are buying--and your ultimate happiness with your answers to these questions. Numbers provide us with the means to track, project, and analyze, but ultimately it's our buying habits and strategies that really matter.

Alassë

Veteran

Very interesting thread. I keep a running total of how much I've spent, but I'd really like to try Gaylene's challenge to reorient my thinking about spending.

Susie

Veteran

For this year, I allocated a % of my earnings to spend on my wardrobe. I keep a list of purchases in Evernote, broken down into 3 categories of clothing, shoes and bags, and accessories. I also keep an Excel spreadsheet with those same categories and enter my monthly totals of dollars spent and number of pieces. Although I did an even distribution across all 12 months, there were months that I spent more than others.

At this point, it looks like I could end the year a bit over my budget but since my dad always gives me a check for Christmas, I will apply that to even it out.

I've already been thinking about next year and intend to spend much less than I did this year. I also plan to really reduce the number of items I buy. I am in great shape for fall and winter so my plan is to avoid the after Christmas sales! And I don't think that I will need much for summer either.

Instead of a $ budget, I think I will try setting an item limit. I'm not sure what that number will be yet but, again, but it will be much lower than my total purchases this year.

Anonymous

First of all, don't use a Visa prepaid gift card for clothes. Returns take FOREVER to get processed-- unless they have changed things in the last year or so. Second, may I join your 98% cotton pants team?

I used to be a hard core budgeter, with a will of iron. I'm much looser now, but budgeting is really a matter of self discipline, more than a matter of numbers or systems of keeping track. Every year I consider setting a limit and asking YLF to help keep me accountable, but then decide against it because I really loathe coming face to face with the fact that I want to fudge the numbers and buy what I want!

Laura (rhubarbgirl)

(website)

Veteran

I keep a text file on my computer with my purchases by date and a running total. I started out dividing my budget by month but shifted to seasons (cross-quarters to be specific). Whenever I decide to keep something and cut the tags off I enter the date, the store, the item and what I paid. That also lets me keep track of how many items I bought per season and what kind of items they were (ie were they all tops, or all from the thrift store, or whatever). I've got a pending section for online orders I'm waiting for, tuff I'm still deciding on, etc. That keeps me from overbuying online and not being able to make my budget in case everything works out (it rarely does, but it's the principle of the thing).

I do think that restraint has to be a part of it, and addressing your desire to shop in other ways, including avoidin temptation when necessary.

Suz

(website)

Veteran

I am finding this discussion very helpful. Thanks for starting the thread, avesttestingray.

I have to confess, I am terrible at budgeting. For many many years I really had NO clothing budget, and I mean that literally. I probably spent less than $200 a year on clothes for several decades. The result was nothing to wear. Then I lost weight and REALLY had nothing to wear. Yikes.

Well, I'm here to tell you, in the last three years I've made up for those years of not spending. My "budget" was see it, want it, buy it, and then decide whether to return it.

Well, okay, it wasn't quite that extreme. But almost. I did at least hit "pause" before buying -- I had a system of putting things in the shopping cart and not buying for at least a week. I also had a rough idea of a $ figure that I would not go over. Which, magically, I managed to keep to, more or less. And increasingly, as I honed my style, I made better choices and quicker returns. So I stopped losing so much money on purchasing errors. (I made a lot of those at the beginning.)

Moving forward, my work life is about to change again and I will be once again operating on a very small allowance for clothing.

Since I now have a working closet (something that certainly was not true before YLF) I am strongly considering trying something like Gaylene's method -- picking a number of items that I will allow myself to buy, and using that as my yardstick rather than a $$ figure. I think this system probably works best for those who already have a decent wardrobe and who are only replacing/ upgrading vs. building a closet from the ground up, as I was before.

shedev

Veteran

I tried 2 items a month last year. I slipped a couple times, but limiting my numbers did help me make better choices. I did find a lot of HEWIs. I think for this year, I'm going to do a list of 12 list items and 6 surprise items.

Meredith

Veteran

I've tried a couple of approaches over the years. For a few years I divided my total budget into months and tracked what I spent on paper, but I found the monthly allotments too limiting and often went over my limit. I'm going to try to explain what I am currently doing, but bear with me if it gets long and confusing. It works really well for me.

Instead of a a designated amount per month I have five categories - Winter, Spring, Summer, Fall, and Wildcard. The amounts per month vary based on how much I need to buy for that season. I also think ahead to when I will actually be making the purchases for the season. For example, I budget more money for Fall purchases because there is so much new product available and many items will be in use through early spring. My "seasons" begin with the first month I think I might want to buy for the upcoming season (which actually tends to be the last month of the preceding season). Basically, I spend a lot in August/September for fall, November for winter, March for spring, June for summer (tracking purchase helped me identify that pattern).

So, each season gets a set amount that I can spend. I can spend every budgeted dollar, but no more. If I run out of money for a season I can draw from the "wildcard" pot, but because the goal is to save that money for one really awesome splurge, I rarely do so. But, having the option to pull from that pot really helps me stick to my budget and not feel completely restricted.

I track all my purchases on a very basic spreadsheet. If I have money leftover in a season it rolls over to the next season. I also keep a running list of wants in the same column as purchases (they just don't have costs next to them) to help remind me to stay focused in my purchases.

This strategy has been my most successful attempt to stay on budget, but of course at the end of the day it requires self-discipline. In my very humble opinion you'll be better served if you can set a budget and stick to it no matter what rather than messing with prepaid card, cash, etc. It's hard, but we can do it!

thimblelina

(website)

Veteran

Yes, budgeting is hard. And sometimes it feels like waving a red flag at a bull. (But maybe that's just me; I'm a Taurus!) But I do think it's an important piece of the wardrobe satisfaction puzzle because mastery over your own budget rewards one with a feeling of ownership & accomplishment regarding the things you finally choose, as gaylene so deftly points out.
I would say try a few different approaches and see what works. It's trying to do the same exact thing over & over again and failing that defines insanity, right? So try something new! It maybe your own personal idiot savant way of budgeting, but it's yours!
I just developed my wardrobe budget for 2015. I didn't have a budget in place for June-Dec of 2014 because I needed so many little things for my new job. But just a day or so ago when I added them up & divided by the number of pay periods in which I had shopped, it matched my 2015 budget goals exactly to within $3.00.

jerica kane

Excellent topic! I think I may try Gaylene's idea. Now I have to decide on a number...

Deborah

Veteran

I budget quite tightly. I have a certain amount of money for clothing and that's it:) I allocate it to myself over the course of the year so I don't access it all at once (I have no self control) lol.

I really like Gaylene's idea and I have been toying with that concept of 12 items over 12 months.

thimblelina

(website)

Veteran

You are right, that's a very appealing number. I'm worried my small wardrobe will balloon up too fast, so finding a comfortable amount of intake seems important. Probably not this coming year, but soon... I'm one of those people who used to think a magic wand would wave & my closet would be 'done.' (Even as I snickered about garden design clients who viewed their gardens that way.) The gym doesn't stop billing once we're in shape, right? And our hair doesn't stop growing once we get a cut? I'm now fully onboard with the need for perpetual wardrobe stewardship. But I do want to bring that cost down to a level where I won't regret it later and make sure I only bring home clothing I care about.

Suz

(website)

Veteran

thimbelina, that's it. I feel that way, too. When I buy something as a calculated risk (ie I'm not sure I will enjoy a trend or silhouette but want to try it) I am okay with it if after some trying, the item turns out to be a fail. I usually buy such items on sale or from a less expensive source in the first place, so I am not unhappy to pass them on and chalk this up to style experimentation. Things like this can often be quickly consigned or donated to someone who will really get pleasure from them.

But if I buy a closet essential (or what should be an essential for me) and fail to wear it or even worse, fail to love it, it makes me unhappy. That feels like bad shopping and poor management to me, and I hate to do it!

Anonymous

Wow. You guys have given me some great advice through some tried and true experience!
I did try one item a month last year after I blew through my initial budget. I increased it and then said , "Ok, just one nice thing a month". But I failed at that.
My problems stem from FOMO and being very particular about what I like, especially colors! Since I am a true autumn and am naturally drawn to those colors anyways, I tend to buy things within a limited palette (warm brown, camel, ivory, olive (+other greens), aquas/teals, orange/coral, and eggplant/burgundy). Some of these colors are hard to find, so when they are in style, I jump at the opportunity to stock up!
Looking at my list, I have 12 specific items, ranging from a couple dresses, shorts, pants/jeans, tops, a purse, and a sweater. I like the idea of one a month, but let's be honest - I am so impatient and the FOMO is strong so I can't practice that kind of restraint.
I think I am going to borrow from Shedev and keep my articulated list at 12, and leave space for 6 surprise items, since I have some lower cost items on my list (I want to test drive a cheaper maxi dress before I decide if the style is right for me).

gradfashionista

(website)

Veteran

yAt the beginning of the year, I tried going on a shopping ban, and used a program called Expense. Exceptions to the ban were anything gym-related, and undergarments, because those are absolute necessities. It worked for a while, but the problem was that a) my wardrobe/tastes were in a big state of transition, so I found myself not having much to wear; b) I didn't have summer Ts; and c) I have major foot problems, and when I find attractive shoes that sort of fit, I will buy them. I gave up on it, but am going to be giving it a second go in January, resume using Expense, and set aside a set amount for the year. It's easier if you're accountable to somebody other than yourself, maybe approach it with a friend?

gradfashionista

(website)

Veteran

On that note: you could make a budget thread in the Off Topics area, and people could check-in weekly to say whether they're sticking to it.

thimblelina

(website)

Veteran

I can commiserate avette: I'm one of those more summery autumns & I only wear a 15 or so color palette. So when dusky Rembrandt reds are in style (like this fall) I want ALL the reds!!! But still, knowing I've stayed within budget feels better than a few additional pieces of clothing. And in today's world even things you miss out on the first time can often be found elsewhere on the web at a later date.

Anonymous

I am so.bad.at.this.
If everything that I have on order or en route fits right and is the right color, I will have spend half my 2015 budget in the first month (I am running Dec. to Dec. to take advantage of sales).

So far this month, I have ordered:

Wishlist Items
Tan Leather Sandals (to be fair, they were on sale, I had $40 in rewards, and an extra 10% so I got them for almost 90% off)
Olive Cargo Pants
Coral Eyelet Dress
Camel Shirt Dress
Brown Leather Hobo Style Purse
Teal Shell with interesting neckline detail (to replace one that isn't quite the right color and one that is showing its age)
Teal elbow length boat neck T (to replace one that is too short and doesn't get worn)(really thinking about not keeping, since its a duplicate and I am not supposed to buy dupes anymore, but I really like the ivory one I have)

Wild Card:
Tan Faux Shearling Lined Moto Style Knit Jacket (?)
One Button Brown Poncho type fleece wrap
Ivory Merino Cardigan (to replace one that is too chunky and one that is too thin)
Purple Merino V-neck Pullover

Basics:
Brown L/S Layering T

Accessories:
Rose gold bangle
Rose gold station necklace
Rose gold knot ring
That leaves two pairs of shorts, skinny jeans, a solid (non-black/navy) wrap dress, a light weight L/S blouse, two wild cards and underwear refreshers for the next 11 months!

Bobeau Asymmetrical Fleece Wrap Cardigan (Regular & Petite)

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Caslon Long Sleeve Fine Ribbed Crewneck Tee (Regular & Petite)

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carter

Veteran

I predict some girl math in your future! It would be very difficult for me to use up that much budget at the very beginning. I would feel so deprived the rest of the year. Should we hope that much of what you ordered won't fit??

Anonymous

My DH and I sat down and worked out a budget. I keep a certain amount of $ in our checking account each month, and we pay off our credit cards in full at the end of each month. Any excess $ goes into savings. That's it in a nutshell.

unfrumped

Veteran

I've learned I have to not look. If I look I will find a way to think I need something.

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