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Budgets - share what you think is relevant and helpful

Tammyb

Everyone has a different financial situation, goals, etc so the actual budget amount is probably irrelevant. But I am curious- how do you approach your budget?
Is it an amount for the year or per season or per month?
Do you change your budget annually?
If you allot an amount per year is it Jan-Dec?
Do you allocate more on fall/winter or spring/summer?
Do you have a maximum amount per type (e.g. No more than $x for a pair of jeans, or a range for a winter coast? Would you share that?
What % do you allocate for footwear?
Do you count repairs, tailoring, etc in the budget?

I have NO answers, by the way. I am trying to get my arms around all this myself.....

Thanks!

Shopping

43 replies

Latest reply was from Penny

Anonymous

Hi. I have a budget. I have lived within a budget most of my life. My wardrobe budget is not monthly; it is an annual amount that I can spend throughout the year, depending upon need/whim. Shoes are part of my wardrobe (why would they not be)? They don't get counted separately. I count shipping/tailoring/shoe repair/hangers in my budget. Anything wardrobe-like comes out of the wardrobe budget.

Because I calculate cost per wear, I did learn through time there was a price for certain types of garments that could not achieve a reasonable cost per wear. For example, I learned that $100 was too much to pay for a plain button down shirt. I have also learned that $135 is too much to pay for Eileen Fisher Ponte Pants. They did not hold up and I found better merchandise at significantly lower prices.

Unless that one piece is for something special such as wedding guest capsule, I rarely make exceptions. BUT I do make exceptions when something whispers my name as I walk by.

Budgeting takes time and PRACTICE. If I can do it, anyone can.

Tammyb

Sterling- what is the cost per wear you want to achieve?

plonkee

I don't budget as such but spend about £100-£200 per month on clothes for 8-10 months of the year (no purchasing in Feb or August because there's slim pickings). Spending more than that at once makes me feel uncomfortable so I just don't do it. I expect pieces to last 3 years except work (dressy, flat) shoes which rarely last longer than 8 months in heavy rotation.

Liz

Veteran

My budget goes yearly, january - December, for no reason other than that's how it makes sense to me.
I plan how I'm going to spend all my incoming money, not just clothes. I think it would be hard to try to choose a number for clothing when I don't know what my numbers or priorities are for other areas of my life. The clothing number makes itself clear when I know what the trade offs are (more money for clothes equals less money for vacations, retirement, entertainment, donations, house upgrades, or whatever else I might want).

I lump all expenses for stuff I wear into one number, just like I lump all expenses for food into one number.

I revisit the number yearly, and adjust up or down according to how the number worked last year and how much wiggle room I have given what else I want to do.

I don't have caps for how much I spend on a certain item, except that I guess the budget itself becomes a cap. If you have $XXX left for the rest of the year, and you decide to spend $XXX of it on a pair of jeans, then there goes the bag or shoes you want. Suddenly, expensive jeans aren't as attractive.

Like Sterling said, budgeting takes some practice. You'll experiment and adjust to find what works. But my biggest tip is to plan your spending across the board, so that you have context for the amount you're allocating to clothes, and it's more clear what the impact of that amount is. (This also gives you freedom to spend, knowing that you're not having any negative effects on other life areas, because they're allocated for, too.)

Oh...and my other tip is this: expect resistance from yourself. When I started budgeting, I didn't like being told "no" or "wait." It was a rocky start, but worth it down the road.

Stagiaire Fash

Veteran

I have never imposed a restrictive budget and am generally fine with a modest income, buying things as needed. I tend to buy things to last, and generally focus on eco-friendly and fair trade methods of production. I would much rather have solid knives or chairs or whatever than the latest thing or something flashy. I think I've internalized Liz's idea of weighing how much a purchase is worth to me, and I tend to have an idea of how much I will spend.

For decorating, I realized a few years ago that I wanted our home to have a more cohesive feel, and that much of that could be achieved by thinking through things we needed to have in the home anyway, so that they work well together. I need to do the same thing with clothing.

I hated shopping for clothes as a kid and young adult. Since a few years before my son was born, I've tended to not buy anything, and then have phases when something has changed and I buy stuff I think fits the new circumstance. I need to develop the same sort of cohesive plan for my wardrobe that I have for our home. That would let me plan out clothing purchases more rationally.

kerry

Veteran

I'm with you trying to figure out the budget thing. I do an annual review of all spending so I always know how much we're spending and where.

Last September I decided to try a CPW budget.
https://youlookfab.com/welookf.....t-a-budget
https://youlookfab.com/welookf.....experiment
https://youlookfab.com/welookf.....t---so-far

I've spent double my plan this year. I have no problem with the amount I'm spending but am still trying to figure out if I'm spending the budget wisely (ie. maximum joy and function).

For this year's experiment I'm going to focus on budgeting for specific parts of my wardrobe. The places where I may not spend efficiently.

This will include bottoms, tops, toppers, outerwear and footwear.

It will not include sleep or loungewear, gear or basics.

To answer your questions ...
1. Amount is per year
2. Yes
3. No Sept-Aug. this is purely a function of time (I have summers off so more time to noodle on these topics) and being psycologically tied to the school year rather than the calendar year.
4. I spend more on Fall/Winter which really means winter as it is by far my dominant season.
5. I do have maximums in my head. Depends on item, brand, use, frequency of use, function items vs fashion item.
6. I don't allocate a % for footwear
7. I do consider the cost of tailoring when I'm considering a purchase.

Kathie

Veteran

I keep my budget at a point I'm comfortable with, by shopping fairly infrequently- NAS, Nordstrom's triple points in the spring and fall, and pop-ups or "bento boxes" from MM LaFleur a couple times each year. Except for NAS, I generally pay full price, and I shop with a plan. And, I make an appointment with the personal shoppers at Nordstrom's, so I'm not browsing the entire store. This might be too restrictive for some, but for me, the result over the past three years has been less time spent shopping, and a closet of clothes that work for me. "My" clothing budget includes my DH and children, shoes, bags, accessories, cost of repairs and dry cleaning. I no longer buy anything under $200 that's DCO, because the quality and CPW, including the cleaning, usually doesn't make sense for me.

Angie

(website)

Fashion Stylist

I will write a post on this next week, but you might find this helpful:

https://youlookfab.com/2013/02.....be-budget/

Jane

Veteran

I kept a spreadsheet for a while - I think it was Suz or Staysfit that suggested it. I found it helpful, but knew it was only a short term thing for me. I kept it up for about 8 months. It was really helpful and I may do it again.

I have quite a small wardrobe physically, and my work wardrobe is formal and conservative, so I tend to try and keep a one in one out process (thank you Angie for the suggestion).

JAileen

Veteran

I don't have a budget, per se. But I do have a thrifty gene (inherited from Depression-era parents), and that's why I'm all about practicality and longevity. I think that's probably why I prefer traditional styles. If something is not really in style, it won't really go out of style, right? With my four season climate and casual lifestyle which includes hiking and birding, I have a large wardrobe for those activities. When I discovered YLF, my wardrobe for other activities, such as meetings, church, dinner out, etc., was not very functional. I have improved that part of my wardrobe, thanks to Angie and YLF.

Christina F.

Veteran

I fold my budget for clothes into an overall monthly personal budget, mainly because I need a monthly budget to hit my savings goals. I try to spend within a certain amount on all my personal needs above and beyond monthly bills and food, which my husband and I jointly commit to.

It would probably benefit me to have a more strict and broken down budget for clothes, but I never grew up with any kind of budget, and then had almost no money for most of my adult life as a grad student, before I got married then got a real job. I also don't have a good model for budgeting that I grew up with. As a result, I think I'm more comfortable with a simple overall spending limit that I try to stick to, as I'm not detail-oriented about money. I use an app called Totalist to track my spending for each month (It just totals numbers you put in and keeps a running tally - it's not a budgeting app.)

Anonymous

My goal cost/wear is under $1 for casual/lounging/athletic clothes. My goal cost/wear is under $3 for work clothes (this requires that I keep my clothes for multiple years). There is no cost/wear goal for special occasion clothes. You need them. You buy them.

Anonymous

I budget every year for clothing (this includes under garments, outer garments, shoes, handbags, etc. except for jewelry ). Whatever I don't spend one year carries over into the next year as an add on. So if I budget $2000 and only spend $1000, I have an additional $1000 to spend the following year. This may happen quite often as I try to budget for outerwear each year that I may buy one year and not for the next two.

This has been my cheapest year thus far, as I made a vow to wear everything in my closet. Next year, I will definitely need spring/summer clothing and am doing quite well for the winter.

Laura G

Veteran

I'm of the "budget? what's that?" persuasion, which works because I'm not a recreational shopper. Every few years I decide I need clothes, go by a lot of them, and then shop shopping.

I just did one of those mega-shops, only this time I recorded what I spent, to gather information so that I can budget in the future.

rachylou

Veteran

Clothing is entertainment for me. I'd rather a frock than pay for a movie or a restaurant dinner. Of course, that means I don't have anywhere to wear anything, lol, so I don't know what to say about that!

I suppose I go by category/activities. New work clothes, dog walking clothes, shoes that don't make my feet and knees hurt, a puffy, sweaters, one nice outfit for 'the social season.' That sort of thing to maintain and freshen up these capsules. I go by month, because different times of year mean different things are on offer in the shops.

I allot more for a single coat than for any other individual item. Coats are very important to me - they have to be real and warm. Shoes are a frequent expense, because I wear them out big time, so that tallies up. I spend little for summer clothes. I like to wear sundresses and pretty much have been wearing the same ones for decades... gee, I don't know, is that a problem that they're all so old?

Anonymous

Mine is a monthly budget for everything--clothes, shoes, accessories, makeup. I shop frequently, so this works for me. Whatever I don't spend gets rolled over to the next month, so I don't have to use the $ all in one month.

Sal

Veteran

I have a target amount per year - and don't like to go over that. But I think more about buying a certain number of items and not over purchasing.

eg winter - one pair footwear, one pair pants, one dress
accessories - one bag, one summer hat

Style Fan

Veteran

My budget was very flexible up until a few years ago.
When I retired I realized I had to organize my finances differently. Or go back to work. I looked back at how much I had spent on clothes between September and August (I spent so much time in school I just think that way) after being retired for a few years and decided that would be my annual budget for clothing. It was working and it seemed like a reasonable amount.
This includes everything. I buy all my shoes, outerwear, basics, essentials, jewellery, etc. from this.

Suzanne (ambergreen)

Veteran

What a great set of questions, and I've enjoyed reading the fascinating variety of responses! (Warning: another long post!)

I apparently go by a combination of hard numbers and by feel. I don't have a budget per se, but I've been tracking my purchases in the categories of clothes, shoes, accessories, and gear/foundations since 2014. That year, I was really starting from scratch, because I had paid about zip attention to the wardrobe for a few years after moving from locations where there was little style consciousness, and I wanted to enjoy my closet again. So I allowed myself to pretty much buy until I reached a comfort limit. Since then, my spending has fallen year over year because, well, my needs have become better covered over time.

I've seen various sites that say 5% of income is an average annual budget, and that seems reasonable, but I'm getting to the point that I may not feel a need to add much at all for quite a while.

The way I do things, I have low wardrobe turnover. I buy items for the long term, but I don't dress classic. I add trends I love and none I don't, but I don't let them push me around. If I like something, I'll wear it on and off for decades if I can do it in a way that doesn't look dated. I feel, as has been noted before on YLF, that mixing older with newer items can work well. As some others here have mentioned, things can fall out of favor in one's closet and then come back in. That's my experience too, so I don't worry that I haven't worn X for the last year or two or more. And sometimes an emerging trend (it can be just a trend in how to style things) makes something very remixable again.

Your question about $X per item type is a big yes for me, but I never approach that numbers-first. It's always "Is this worth the asking price to me?" I go by feel on this and get just about everything at a really healthy discount (and this has eliminated sales goggles buys, just like someone else here mentioned is the case for her). There's so much super fun choice out there that I don't know that I need any one thing so badly or so soon that I can't wait for it to go on sale. One thing that supports my method is price-watching services. Set and forget! Then if it shows up at a great price later and I still like it, score.

Laura (rhubarbgirl)

(website)

Veteran

I've structured my clothing budget in a few different ways. Until recently I was doing it by quarter, and also trying to be particular about what season I was buying for - for example, at the end of the spring quarter I probably shouldn't be buying too many spring things anymore, I should have shifted to summer. Right now my finances are fairly changeable, so I'm just including clothing and cosmetics in my 'personal' budget for the month, and aiming to spend 1/5th or less of the total amount on clothes.

I've also done a lot of thinking about what kind of wardrobe suits my lifestyle, and at various times have tried a one-in-one-out limitation or a set number of items of each type.

In the past I was a bargain hunter and a thrift shopper, and bought a lot out of season. Nowadays I tend to plan ahead and buy in season/right before the season, and a lot more full price items than I used to (which means the number of items has decreased since my total budget is not that different).

I suppose I've got a loosey-goosey ceiling on price for each type of item, though I've never written it down or anything. What I have implemented recently is a floor - too often bargains are not quite right or end up not being used. For example, shoes: I don't let myself buy anything under 50 bucks anymore, unless it's some kind of weird mega-discount of a decent brand, because cheap shoes just make life suck.

BrieN

Veteran

I started working on my wardrobe in the Fall of 2015, starting from very little that was flattering or fashionable; I've gone back to work as well in the last year. I found I needed a clothing budget to be able to make good decisions--I'm always better when I have a plan. To answer some of your questions:

I set an amount per month, but am not constrained by that exact amount. I use YNAB religiously to track our expenses--it carries forward the over or under budget amount into the next month.

ETA: Clothing is also a big part of our gifting - so Birthdays and Holidays. Those amounts are not listed in clothing, but in Gifts, and are budgeted separately.

I don't have any hard maximums I would spend on any one item, but I am very aware of the tradeoff you make purchasing a spendy item. I do tend to spend a lot on shoes.

I also return A LOT. I wish I knew how to stop doing that, but for now I need the items in hand before I can make a final decision of this or that.
I count everything in the budget - clothing, shoes, lounge, activewear, bras, socks, tailoring, cobbler etc. but not the odd dry cleaning.

I haven't been/don't intend to increase it at all, as I am needing to shop less as my wardrobe starts to feel "complete". We spend 1-2 % of our income on clothing (depending on what my husband needs in the way of big ticket items like suits.)

Tammyb

Wow- thank you all for your thoughtful responses and insight!

Kathie- what is DCO?

Laura- I think having a minimum might be good for me to avoid sales goggles.

Tammyb

I just figured out that from a huge shopping trip in January, I have a CPW of $10 on average. But most were cold weather clothes so I've only had one season so far. I think I won't be able to track CPW my older clothes because I've decided to let go of the wear tracking that I did prior to a year ago (I do it on a notebook). But for anything bought since last August... I will know!

DonnaF

Veteran

Gee, I could have written Suzanne's post.

DCO is dry clean only.

Tammyb

Thanks DonnaF!

Suzanne (ambergreen)

Veteran

DonnaF, well that's neat. Budget sisters?

And I certainly wrote enough for more than one person...heh. Happy to share.

Anonymous

I forgot to mention that I have a separate budget for gifts.

Also, I do have a rough idea of how much I'm willing to pay for an item.

wesleycomal

(website)

Spend wisely.

anne

Veteran

I think the post Angie linked to has some helpful points.
As to your questions
Is it an amount for the year or per season or per month?
I go yearly

Do you change your budget annually?
Yes. I have tended to have "big" years (i.e., starting or returning to work, a new life stage) followed by a few "maintenance" years which are much less.

If you allot an amount per year is it Jan-Dec?
Yes
Do you allocate more on fall/winter or spring/summer?
Depends on the year. ANd a lot of my work wear can be worn all year too
Do you have a maximum amount per type (e.g. No more than $x for a pair of jeans, or a range for a winter coast? Would you share that?
In my head I probably do.

What % do you allocate for footwear?
It is a huge proportion for me as I wear orthotics, and have fussy feet. I can easily spend half my budget on footwear - and I don't have that many pairs either! I probably buy 3-4 pairs a year (including gear)and wear them to the ground - I'll get the heels redone until the uppers get too shabby.

Do you count repairs, tailoring, etc in the budget?

Yes

Further points, I try to pick a certain capsule to concentrate on - last year it was gear (7 new things inc shoes) and summer casual (5 new). By contrast I added only 3 to winter casual and 2 to workwear because they weren't my focus - I'd spent more on workwear the previous years.

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