Fashion Budgeting: Do you do it? - YouLookFab Forum

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Fashion Budgeting: Do you do it?

viva

Veteran

This year for a number of reasons, I had a monthly budget for personal
spending including clothing, and I found that I tended to be even more
price-conscious than usual (which is good) but, also, that I tended to spend it all up
each month which made it hard (that is, impossible) to make investment
purchases. I'm thinking about moving to a quarterly or seasonal approach
next year and wonder about anyone who does it that way.

So my question really has two parts.

Part One: Do you set a budget for spending on clothing? If so, how do you set it -- by month, by season, or annually? And how well do you do against your budget?

Part Two: What are the things you have purchased as "investment" items? What have really been worth the big ticket price for you?

Shopping

35 replies

Latest reply was from viva

unfrumped

Veteran

I completely agree that if a monthly budget gets stuck as only "per month" spending it will be hard to take the long view. This assumes that for most people the monthly budget in principle will be less than the largest, large-ticket item that you might conceivably buy, e.g. monthly budget is $200 but you would consider a $600 winter coat (or substitute any similar arithmetic).

So it's important to be able to imagine both the potential items that might be useful in the wardrobe, and the "usual" or likely costs of items and think fluidly--month, quarter, year-- about how those might be reconciled--save up lots, save up some for sale price, or find an especial bargain such as e-bay or thrift gem.

I'm still working on all of this, so I enjoy your line of questioning. It's not so much that I need to think how to save up for a Burberry coat--but it's similar, in that I still need to think, what actual item or items make my wardrobe and dressing easy, fun, stylish, and if I can identify those, what items am I buyiing instead, and why, if I could be buying the others? Is it because I don't find them and am impatient and buy "substitute gratification"? Or is it that some of the items are relatively expensive?

Right now I think it is more of the former--lack of really identifying any specific useful or "happy 10" item and being able to recognize it. But, your question fits in, because it would mean that we should be more alert to having times of "not buying", not just because we're saving up for a specific item, but because there is not something we really super-love/need and if not, then we haven't added something unnecessary and we will still have the $$ available when something turns up.

Mo

(website)

Veteran

I do. I used to have a monthly amount, and then put on the brakes if I got too far ahead into the future budget until I caught back up. Then I thought I would go for a set amount of items, but that only worked until Sept. when I moved back to FL again. I am arriving at $1200 for the 2013 year (on budget) but over the number amount of 24 (2 items a month).
I did get a DVF wrap dress this spring, which meant spending less other months. 2 years back I got some Frye boots which meant a couple months of no buying at all.
For me, a yearly budget is flexible to allow for the investment items. Monthly was too restrictive, and led me to that 'nickle and dime' mentality I really want to get away from. Likewise, one item a month was too restrictive, and I honestly don't have need for very many items in the $100+ category. So my compromise allows for a few $10 tops and also a $200 dress or pair of boots. Win-win.
Next year I plan about 18 items (roughly one purchase every 3 weeks) and again $1200 for the year.

Suz

(website)

Veteran

Well...the answer is...sort of. I do set a nominal budget, but not per month. I do it more per season. And so far I have been good about staying within in -- with small expeditions out of it for gift items (i.e. someone gives me a gift or a gift of money which I then use for a clothing item). But I have to admit my budgets have been very generous because I'm still building a wardrobe. So although I do not buy myself just any old thing I feel like, I also don't deny myself a huge amount.

Forum member Laura wrote a great post about this: http://youlookfab.com/2013/02/.....be-budget/

AJ

Veteran

I have a monthly budget that I keep in cash. When I first started with YLF, I was buying many items and going through my budget quickly. But now I have a better handle on my style and know my two weaknesses (colder weather and dressy items) which are not part of my dominant summer and MOTG lifestyle. So I buy less and consequently have more to spend when I do find something that suits my needs. I must clarify that I'm a budget shopper and maximal dresser by nature, so I'm still wrapping my head around spending more for quality items. I do think waiting for PPP with bags and shoes are worth it.

Refugee

Veteran

I absolutely have a clothing budget and do quite well sticking to it. I think the reason it works for me is I have an ever-evolving plan to go along with my budget. While I am, by necessity, very cost conscious on sale is no longer a reason to buy something. I keep a running list of my wardrobe holes/big wants and don't stray too far from what is on the list. This not only keeps me on budget but has helped cut down on orphans from ending up in my closet. The big ticket items that have paid off for me are those that I know are definite wardrobe holes, and have researched and considered carefully to make sure they are 'the one'. No 'almosts' when it comes to big ticket items. Above all, just because there it money sitting in my wardrobe budget at the moment doesn't mean I need to spend it.

Alexandra

(website)

Veteran

I set aside $300/month but I only shop twice a year (for RTW and major fabric purchases). Usually, most of that money stays in the bank because I just don't need that much. Occasional small yarn and fabric purchases come out of this money as well.

viva

Veteran

Thanks for the replies so far. It's very encouraging to hear that so many can stay within a budget, and I am hopeful for the future. (Ever the optimist.) I think part of my problem has been the monthly arrangement which is not ideal -- as unfrumped said: "hard to take the long view."
Thanks for sharing your numbers, Mo, which is helpful, and for that link, Suz. Really great.

Anonymous

Pretty much, but not on a monthly basis. This is because there are months when I can't find what I'm looking for and don't spend anything, and months when I splurge on certain items that I know will be wardrobe workhorses.

Amy

(website)

Veteran

I don't have a specific number, but I do generally know when I'm being reasonable and when I'm not. I never buy anything I can't afford to pay for in full. Having a concrete budget really helped me when I first finished college and was starting to work at a full-time job.

Anonymous

I use a computer program called YNAB. If I don't spend it one month, it is carried over to the next. If I overspend in my clothing category then I have to transfer it out of another category (ie. vacation). We never have a credit card balance so the money must come from somewhere.

I can't imagine life without a budget...it is so freeing!

So far I know shoes are an investment purchase, but for me that means about $100-$150. The designer shoes rarely fit me and are not comfortable.

jayne

Veteran

I budget and my big win items have been a leather moto (i even paid full price) and a winter wool coat. Both are definitely worth the full price I paid since I got my size and wear them alot. I have worse luck with the trendy pieces I bought. A pair of slouchy leather trousers...felt wrong after about 8 wearings and a silky trouser/track pant. I did enjoy trying both trends, but wish I had done it at a lower price point. I am aiming just to get to my maximum CPW on those before they go.

I have splurge months where I cannot see to stop and everything is just amazing, and other months (like now and dec) where nothing appeals. I still blow my budget on average and I have tried various approaches to deal with it. One was just the monthly budget, but it seemed never enough and unfair to take small purchases from that that ate it down to nothing. So now I have split it into two budget. A weekly one which allows for the smaller purchases and I keep tight control that it cannot be crossed. And the monthly, where I will allow one month to be bigger if the next is smaller. Just so I can make those big ticket purchases. In reality I could just keep them lumped of course, but mentally I focus more on the weekly budget and the month one seems to fade in the background but it is there when I suddenly find a big ticket item I have to have.

Lyn D.

Veteran

Definitely have a budget but definitely have been over-spending.
At least I am aware of this by keeping track of all purchases.
Next year I will be trying Mo's idea of limiting numbers, and a way of doing this for me is trying to stick with good fabric and a limited colour palette.

shedev

Veteran

I don't technically have a budget but I am starting a plan like Mos, 2 items a month. I can usually find what I want for $150 or less. By default it gives me a budget of $300 a month. For November, I bought a black lightweight moto for 70 and a moto for 160, about 250 with tax. I'm debating whether or not to add in workout wear or treat it as sports gear. A couple times a year I may splurge on a higher ticket item.

Anonymous

Here's my DD's idea of investment spending, which I find funny. My DH is an economist and has spent a lot of time making sure our DDs know that a purchase isn't an investment unless it yields a $ return. My middle DD has argued with him about that, making her point by saying that socks are an investment because they keep her feet warm and keep her from getting sick, which then saves $ because she avoids a trip to the doctor and a possible Rx medication expense.

Laurinda

Veteran

I have been tracking my purchases on a monthly basis for the past few years. My budget includes everything I spend on myself including basics and haircuts -- but not shampoo, which comes from the grocery budget. When I started I had a small income and allocated $xx/month, but I found that I only spent half that much. I often went for 2 or 3 months with $0 in purchases, so there was a balance if I felt like splurging on something. I liked having an overall perspective, and knowing what percentage went for gear vs. 'fashion'. With no income at the moment I am limited to what I earn from consignment, but the helpful threads here on capsules and counting have shown me that I have way more than enough in my wardrobe.

Part 2: I am really glad that I refreshed my long underwear bottoms last spring, and added 6 pairs of merino wool socks.

Caro in Oz

Veteran

I have a yearly budget which I break down into seasons. We have three - very hot, trans-seasonal & a short, mild winter. I put most of my money into the trans-seasonal wardrobe as this overlaps with the other two.

Alassë

Veteran

I do set a clothing budget. I do it monthly, but that hasn't worked too well for me (I need some of Mo's discipline!).

Big ticket items, absolutely worth it: the shoes I wear almost every day in fall/winter/spring and the winter coat I wear any day in fall/winter/spring that I go outdoors. Also fleece-lined tights (I wear skirts a lot), a fleece layer for under the coat, summer/winter loungewear & pajamas, bras, basic belts (I wear belts a lot), and toppers in core colors. (Okay, I didn't spend a lot on the pjs/loungewear/bras, but judging by the number of times I've worn them, you could spend a chunk and still get a ridiculously low CPW.)

lyn*

(website)

Veteran

I put away money for savings, and the usual day-to-day things, and anything left over is mine. I use that for my clothes or presents or new tech or anything like that - I guess I have a budget, but it fluctuates from month to month. The one month I needed a new kettle, and a new rice cooker and a new patio door, I spent almost nothing.

Kristin L

Veteran

I have a rough budget I keep in my head. For big things, like Black Friday and Christmas/birthday season (between my BF and myself we have 6 birthdays over the 6 weeks, plus Christmas), I usually put a little extra away all year that way this time of year isn't so painful.

Gaylene

Veteran

I don't set a specific amount for clothes for either myself or my husband in our budget, but I do keep track of what we spend on clothes throughout the year in my spreadsheet. I also limit my impulse buys to cash only; if I don't have the funds in my wallet, it stays in the store. My reasoning is that, if I saw something that I really wanted and didn't have the cash, I could have it put aside and return later. That rarely happens once the rush of excitement wears off.

Oddly enough, this method has reduced the amount we spend annually on clothes, shoes, and outerwear, although we now spend more on individual items. Knowing how much I've already spent on clothes curbs my impulse to buy something new; I'll hesitate to add to the total if I know that we are planning a vacation or will want a few extra dollars for something else. On the other hand, if I see an inexpensive top that I really like, I know I can pay for it with the cash in my wallet without feeling guilty because I'll just forgo a couple of lattes for the rest of the week.

Karie

(website)

Veteran

I don't have a set budget, but I keep track of what I spend. When the bill comes, the bill gets paid in full. Far and away the majority of my clothing purchases are for the fall/winter season, so I pay close attention to my spending at this time.

Mary Beth (formerly LBD)

(website)

Veteran

I think along the same lines as Amy - I know when I am being reasonable in my spending. And I usually am.

My problem is that lately, I've acquired a lot of great finds for a very little money. But there is only one me, and only 7 days in the week to wear things!

Shirley

Well, I do set a budget but do not adhere to it all the time. It's more a warning that I may be spending too much. No investment pieces for me because it's still hard for me to spend too much on one item. I like variety and still at this old age go for fast fashion.

Anonymous

I keep track of expenditures over the year and try to have spending totals average out monthly to no more than the amount I have pre-determined is my clothing allowance. This is my second year of this method.

anne

Veteran

I use an annual amount, and at least until now, it has been an estimate which I usually slighly exceed. I always try to think ahead for the year and forecast approximately what I will need (leaving a little room for spontaneous purchases). I do most of my shopping at the beginning to middle of seasons and have quite long breaks with not much done at all (I have had some 6 month stretches) where I can accumulate the funds for the next season.

Adelfa

Veteran

I started tracking my purchases this year. Maybe next year I'll use the info to make a budget.

Big purchases that have been worth it: a Sam Edelman moto jacket, AGL ballet flats, Sigerson Morrison booties. All so, so worth it.

Deborah

Veteran

Sorry I don't understand the question....budget?? Lol

flowergirl

(website)

I set a seasonal budget but I wait until the items I want go on sale. I try to make do with what I have.

Anonymous

GREAT question.

I have to budget. I budget on a monthly basis. I may not achieve my monthly goals every single time, but I find my monthly goals average out well at years end. So my system works out for me. I think if I did not have a budget, I would be buying free fall.

I try to buy quality items. That means I buy fewer items through the year, but they tend to be items I keep for years and have come to define my signature style. Big ticket items consist of purses, blazers, and shoes. I buy one new purse and one new blazer every single year. I may buy several pairs of shoes each year.

My one regret is a Coach briefcase. I was shocked to discover how heavy this briefcase was to carry. Furthermore, the briefcase is just not well enough designed to meet my purposes. I still have it, but rarely use it.

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