A little late to the thread, but sadly I'm not that disciplined managing wardrobe.
No real budget is allocated, beyond my sense of what I'm willing to spend on something. I also tend to buy in spurts, sometimes simply because I've been influenced by something I've seen, or there's a good sale on.
My wardrobe has gotten too big in my opinion, I did an actual count and was a bit shocked at how many items I have. I'm not happy about this and feel its time for me to get a better handle on what I'm doing.
A lot of my wardrobe is classics, so they don't date as quickly, and I tend to hang onto them longer, but the recent trend to wider pants has confused me and I've been adding other pieces like tops jackets, shoes in an effort to get it all to work properly, hence my now much larger wardrobe.
I like the idea of limiting my wardrobe to a certain number of hangars, so thats one approach I'm going to take. And I'd like to take an actual inventory of what I already own. I think this type of data would be very helpful in editing my closet as well as assist me in identifying any wardrobe holes.