Fashion budget ... - YouLookFab Forum

Dear YLF ladies,

I am sort of Shop Your Budget-ting; except this is the first time in my life I've ever had a budget! I hope it will be fun and instead of trying to find the cheapest thing to satisfy my fashion fix, I hope to be able to save up for some nicer pieces instead.

I currently set aside about $100/2wks for extra spending: everything from coffee to eating lunch at work, to socks from vending machines (long story about that one) ... I am thinking of setting aside $75 of those dollars towards "long term wardrobe" - and what I don't spend in one week, obviously spills forward into the next 2 weeks, etc.

Has anyone tried anything like this? Should I have stickers or something to represent money? Or have loonies or something in a jar so I can see (and motivate) myself?

Any ideas would be much appreciated!

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14 years ago

cheryle (Dianthus)

(website)

Veteran

I think the best way is to have a goal that ranges beyond one period. Is there a pair of boots or a suit or something special that you can put the money towards until you have enough? That would be a motivator.

qfbrenda

I would strongly consider a cash and envelope system, but it depends on how much online shopping you do. Obviously, cash works better for the "Team Store" people. I use Microsoft Money to keep track of our checkbook and it tracks clothing expenses.

lyn*

Unfortunately, I suppose I should start saving up for a CaRMS suit for my 4th year medical interviews, but I'm strongly suspecting I'm going to wear a dress with a cardi, as I am interviewing for a more relaxed specialty.

I recently found my old boots from last year and they still look pretty good, so I'm pretty set on that...

... I dunno, there's not anything really from my closet that I really think I need. Just little pieces here and there, I suppose.

Debbie

I think when you save for a special item it helps. Like say you want a new bag and you decidemyou will spend x amount and save to do that.

rosee

I think the envelope system with a small notebook to track expenditures would work well. That way you will know if you have money to carry over to the next week and how much.
Cheering you on!!!

chewyspaghetti

I would use the actual cash, like in the envelope system. I'm horrible with money, though- if I don't see it it doesn't exist. Good luck Lyn!

I just used a running list with pen on paper for my $250 every 2 months budget this year. I stopped just this week, as I was dipping into August, since I'm now on SYC. Yes, I was spending ahead of budget some weeks, but overall I kept pretty on track with just listing purchases as I went and totalling them. I shop online, and less so in person, so cash wouldn't really work for me. Good luck! I found it was an eye opening experience tracking every fashion nickel and dime.

The hard part about shopping online and tracking it is that you have to include the shipping/tax/returns.

devon7

Active Member

I tried the cash/envelope system a few years ago and found it to be only partly successful. It worked for in-person purchases, but I didn't successfully handle online purchases. I think that it could work if when you buy something online, you take that much money out of your clothing envelope and put it in your cash envelope (for regular spending money) and account for this somehow (either in Quicken/QB, Money, or whatever you use for accounting). Returns can be tough, but if you buy with cash, you can get cash back and put it in your clothing envelope.

I think that when I'm done with SYC (at end of 2011, save a few purchases with my meager remaining funds), I will try the envelope method again with the caveats mentioned above. Using cash really helps with awareness and makes the money seem more real. When one buys with plastic, the money seems more intangible and it's easier to spend more.

Thanks ladies, I love notebook shopping, so... :p

I think I'll try the envelope system and see where it goes from there!

I've been thinking of doing this, too, partly because I really love the idea of clothes shopping only once a season, and I think this would let me do that.

Kate

I'm late to the convo, but I want to mention more high tech options.

I do a lot of online shopping, and almost never use cash for anything, so the envelope system would never work for me. I'm a big fan of budgeting EVERYTHING, and so I love mint.com (now in Canada too!) because it tracks all of my finances and keeps me honest. There are a ton of computer options that make things easier because you don't have to track the actual purchases (unless you use cash). The program monitors all of your transactions and categorizes them for you. It's so easy!

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