How do you set your clothing budget? - YouLookFab Forum

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How do you set your clothing budget?

Helena

Veteran

Hi all, question for you - do you set a monthly clothing budget, and if so how do you do so?

I have the tendency to be very cheap with myself, so I thought it might be helpful to have a budget that I know I could reasonably spend guilt-free (I have guilt due to being home full-time - my husband doesn't begrudge me some spending money, but I begrudge myself!)

I read an article that says 5% of take-home pay ... which I then split four ways to accommodate for my husband and two kids. I feel this is probably pretty conservative? What do you think and how do you do?

Thx! xx

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16 replies

Latest reply was from

JAileen

Veteran

I don't have a budget, per se, and have never heard of the five percent you mention. I hope it's not like DeBeers guideline for buying a diamond! But I think if your kids are small, they should not get as much of a share as you and your husband. Kids' clothes cost a lot less than clothes for adults.

Helena

Veteran

Ha-ha that's the trouble with these guidelines Jaileen!! I need a reality check on what's reasonable. I'm not a spender by nature, almost need "permission" to give myself some budget.

Good point of the kids clothes ... Although my 7yr old daughter already has expensive taste and a love of shopping *sigh* ....

LaPed

Veteran

TG, you and I are much alike. I'm stay-at-home right now, and have a really hard time spending on myself. Or just spending in general!

No real advice for budgeting; 5% sounds conservative but reasonable. Does that include everything? Shoes, gear, socks/underwear?

I definitely spend more per-item on my husband, who needs decent business casual attire and is a difficult-to-find size. For kids clothes I shop almost exclusively secondhand and rely on hand-me-downs, with the exception of clothes for backpacking trips -- where I'm willing to pay more for something durable that I trust won't crap out.

I'm slightly more willing to invest in my own wardrobe these days since at least I don't outgrow things every six months! Also, where we live it's a fairly small community, so I prefer presenting myself well -- even though I'm not looking for a job yet, I will be in the next year or two, so I'd rather start making good impressions now.

Pat_P

I set my budget by the season rather than the month. So I'll set one for spring-summer, then again for fall-winter. Because I'm on a fairly tight budget, I go through all my clothes for that season to see what works and fits well. Then I make a list of the kinds of things I need and roughly what share of the budget each gets. That way, when I shop I can stay on track. And if I fall in love with something, I'm clear on exactly what I'm giving up to go with an impulse instead!

Summer

Veteran

A quick calculation tells me that 5% is exactly the percentage I spend on my clothes. I could have saved myself a lot of head-scratching had I used that formula for setting my budget in the first place!
Although it works out at quite a modest amount, at least I know that I can spend that money without worry or guilt, and it allows me to focus on building a workable wardrobe rather than skimping and ending up with too few clothes, as was the case before.
I know it's natural to put the children's needs first, but do make sure you take a fair share of the budget just for yourself. You deserve nice things.

rachylou

Veteran

Every spare penny...? Lol. I've seen the 5% number too. But I think there's a minimum threshold. I mean, growing kids need their school uniforms. Also, that 5% goes along with 25% for housing. The average price of a house in SF was published yesterday: $1.4 MILLION. Aside from the fact that people ought to be burning tires in the streets in protest- that 25% figure is way out the window. Big picture point of view, this is possible because we spend less on food than previous generations.

Anonymous

I have had an annual clothing budget for as long as I can remember. I usually always adhere to the budget (within plus or minus $30).

Having set a budget, I am entitled to spend that budget anyway I want during the year. I usually spend it on a monthly basis. If I overspend one month, I underspend the next month. It seems to work out.

kerry

Veteran

I don't have a budget but should. I do have a ballpark - sort of. I just used your 5% of take home calculation and divided by 3 (DH and DD). For an average month it seemed OK but for the whole year, it was much too low. I think 1.5% for DD, 2-3% for husband (he doesn't need expensive clothes for work but loves expensive gear) and about 4-5% for me.

retailgirl

Veteran

I budget most other things; food, utilities, insurance, re taxes, 401k, other savings, car. But when it comes to clothes, it's pretty fluid and I think in terms of what I want or need. I think pretty far ahead and generally shop online or in the store where I work, so I seldom do impulse shopping. For example: if I bought one or two jackets this fall, and already had several in my rotation, I wouldn't buy another, even if I loved it. I just wouldn't get enough wear out of another blazer or jacket.

Laura (rhubarbgirl)

(website)

Veteran

5% split four ways probably isn't enough money, long-term - I think that's supposed to be per person, or at least per adult. (I have no idea how to calculate it for the kids - kids' clothes are cheaper per item but they go through them a lot faster.) I've got the same issue with the percentage calculation, in that I freelance and my income is variable and my DH is the primary breadwinner. I don't remember how I came up with my initial clothing budget number when I started tracking it a few years ago. I think I basically made up a number somewhere between what I had been spending and what I thought was a reasonable total annual amount. Since then I've tweaked it - up a little when my DH's job changed, back down when we bought a house - and gotten a better sense of what my usual items cost and how long they last.

I tried monthly and quarterly amounts and settled on cross-quarters (half a quarter, 6-7 weeks). That's a bit more than a month and encourages me to think more seasonally and strategically, but not so huge like one big annual number which would be hard for me to stick to.

I get the impression, after my years of being here at YLF, that the majority of us don't spend enough, or not enough on the right things, and I include myself in this. I am trying to get better at being OK spending more on workhorse pieces, and also thinking strategically about what will need to be replaced and how often, and spending money on those things, rather than impulse buys and flash-in-the-pan obsessions.

kkards

Veteran

i've heard the 5% rule as well, but i'm not really sure where it came from….i prefer the method recommend by now US Senator Warren and her daughter (Senator Warren was a Harvard ecom professor). they have a budget recommendation that i think works better as its more flexible.
anyway its 50-30-20….50% on needs, 30% on wants, 20% on saving/debt repayment

http://www.feedthepig.org/get-.....p4hrUtXulI

Suz

(website)

Veteran

I think it is hard to do it by percentages -- it seems rather abstract and unresponsive to individual situations. If you are building a wardrobe from scratch you might need to spend more in a given year (if possible, of course). If you are merely maintaining, you could manage with less. I also think 5% for a family of 4 is a bit unrealistic. As Laura said, kids' clothes may be cheaper but they grow out of them quickly (and even if you get mostly second hand for kids' clothes, shoes and boots are pricey).

Having said that, I spend roughly 5% of my income on my clothes. Less some years, and more in the years when I was building my closet. One year it was closer to 10% I think. I had no foundations (literally) and it cost a lot to set up the basis.

I'd find the needs/ wants/ savings system difficult to use also because is clothing a "need" or a "want?" Some of us are probably prone to describe almost everything as a "want" (TG, sounds like you fall into that camp); others probably consider almost everything a "need." With some items (puffer coat) there really isn't any option -- but you can still cheap out by telling yourself you don't need a super-warm or nice one; an "okay" one will fill the need. And, contrariwise, how easy it seems for some of us to decide we absolutely need those high heel shoes (that we won't wear more than twice in five years...).

I guess this is a long-winded way of saying that I have not set a per month budget but I do keep an eye on what I spend each season and aim for a seasonal budget of sorts, which I leave a bit flexible. That's because my income isn't fixed but variable and I might have more or less room to play with clothes.

Helena

Veteran

A lot of great wisdom here ... Suz, your wants vs. needs point is very well-taken ... I can't very well classify my puffer as a want when it's -25C out and what I really WANT is a trip to the Carribean ...!!

Thanks for plenty of food for thought ... once again I am reminded that where I would prefer easy-to-follow rules, I will have to settle for flexibility, mistakes, and learning as I go ... *sigh*

Liz

Veteran

I do a general budget, and clothing is one category in it. That way, money decisions are made in the context of the big picture. I set my clothing budget based on what I actually spent the last year (do I think I'll need more or less?) and on priorities. After money is alloted for all the fixed expenses (housing, utilities, savings, donations, insurance, etc.) there is a small pool left for the variable expenses. That leads to decisions like, are clothes more important right now than vacations, or does more money go to vacations this year and less to clothes? It also gives freedom to spend, knowing all the other needs are being met and this money IS for clothes.

Astrid

Veteran

I don't have a clothing budget. I have a look at my bank balance regularly and I know roughly what amount of money I have freely disposable each month. But if I might not buy new jeans I might splurge on theatre tickets instead. I don't differentiate between things not necessary to survive in my budgeting. I might start to do that once I earn more money, but right now it doesn't seem helpful.

Anonymous

What about telling DH what you feel you need to spend on clothing in order to feel good about yourself. That way you're resetting expectations and being upfront and truthful about things. I like Laura's approach of seeing how much you spent last year and then upping/reducing the amount based on what you think you'll need for the upcoming season.