More 2014 budget talk - YouLookFab Forum

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More 2014 budget talk

Meli

(website)

I've been struggling with budgeting for clothing/shoes for years. I usually do a good job until 1/2 way through, then overspend towards the end. I've had my issues with the shopaholic demons in the past and still struggle with impulse purchases, but I feel like I have made enormous progress over the last couple years. I want this year to be the year I STICK to my budget!

I always had trouble figuring out how much is a fair budget, and after researching it (experts say stay under 5%) and thinking hard about it I have come to a number that makes sense for me ($1800). I also took an inventory of what i have/cost/when purchased and found I buy the most on black friday sales. So I've allocated 1/3 (edited from 1/4) of the budget to next November and divided the rest out among the other months. I've vowed to only buy what I identify are true needs and really hope that this works out since I have thought it through so thoroughly.

My goals are to continue to refine my style, but be more minimalistic (in progress over the last few years) and intentional in what I do. Buy based on cost-per-wear and ethically from places that don't use sweatshops. Stop overspending and allocate that extra $ to more life experiences with my family.

Thoughts? How about all of you?

Shopping

15 replies

Latest reply was from Meli

Mo

(website)

Veteran

Sounds good. You might ask yourself what are the triggers that do cause you to derail, and then see about avoiding, or at least recognizing them.
I was debating splitting my budget up by category, rather than trying to evenly spread it, month by month. For instance, $300 for shoes, $300 for coats/jackets, $150 for shorts/swim, $150 for pants, etc, etc. Still mulling that over . . .

Meli

(website)

Thanks Mo! I never thought about bracketing like that, not sure how it would work. I think my biggest problems are A) good sales (some of my best buys) and B) changing seasons/itchy for new (worst buys). I've really done a good job upgrading my wardrobe which also frequently impacted the budget in a negative way, but I feel now that I have most of my basics and fancy pieces covered. Not really understanding my needs/lifestyle vs. wants and not understanding fit has been a huge $ waster in the past, but I feel I've gotten to the right place in the last year. I also feel more true to myself now that I'm not trying to be someone else.

Refugee

Veteran

One of the things I do to keep from overspending is to only buy things I can pay cash for at the moment. For example, I almost always find a perfect item during the NAS sale. So I try to keep purchases to a minimum for a few months leading up to it in order to be able to enjoy that purchase. This general strategy also helps keep me from making rash purchases. i want to try to have money waiting in the clothing budget when a much looked for perfect hole filler presents itself.

Mellllls

Veteran

Great ideas. I find budgeting to be based on so many factors. A set amount per month works for me but I generally have few needs.

Anonymous

You sound like you have done a great job of evaluating your spending habits and have a good idea as to how to address them. Congratulations. I think that is half the battle.

kkards

Veteran

truthfully, i'm not sure where the 5% number comes from, or it it makes sense for all of us.
i use this basic formula-- (it's from elizabeth warren, formaly a professor at havard, now a us senator)
http://money.msn.com/how-to-bu.....eston.aspx

50% of take home on necessities
30% of take home on wants
20% of take home on savings

i prefer this because it is more flexible and adjustable to my needs. for example, maybe you have an expensive hobby, this would help you to factor that in, but i may not, so this allows my to adjust my spending on clothing, but still keeps me on track.

shedev

Veteran

I'm not too far off this, I can run up to 10%, but typically run 7-8.

Meli

(website)

Refugee: that is a great idea! I unfortunetly buy 90% online so cash may not work for me, but I'm considering ways to make it work...

Thanks Mellllls, I agree budgeting has to be individual because we're all so different. And thanks Gabrielle! I'm working towards my end goal, certainly I've had my ups and downs but at least always a measure of progress.

Kkards- i like that system! I think something more strict for now will work for me, and I hope I can transition to something more flexible once I've made more progress and know I won't slip up as much :).

Shedev- I found the number an interesting challenge, i've set my numbers higher and lower but have always exceeded my budget, or at least since I had a semi-traumatic experience that started my overshopping addiction back in 2008/2009. Before that, shopping and clothing were fun but not a hobby or a priority and I never spent much on clothing before that.

Gracie

Veteran

Great ideas for budgeting and refining your style. Sending you lots of encouragement and cheering – You can do it!

MsMary

Veteran

Hmmm. This is interesting. I keep track of all my expenditures but I hadn't looked at the total because I had a sense that I had massively over-spent after listing all the items I purchased this season. My budget for the past several years has been $300 per month, or $3,600 per year. In 2011 I spent more than twice that because I had lost weight and had to replace everything in my wardrobe, including shoes. Last year I exceeded that number by almost 50%. This year I was surprised to find I did much better and ended up "only" $500 over budget, and that included spending over $900 to replace all my bras and undies.

Like you, Meli, I really want 2014 to be the year I stick to my budget. I am also going to try to be more mindful of what I bring into the closet - I think I will make a list of the items I purchase and their cost, and if I get really ambitious I may even keep track of cost per wear!

deb

Veteran

I tried to stick to my budget last year but failed miserably. I am hoping to do better this year. I feel I have a (somewhat) better understanding of what I want my wardrobe to look like and I think this helps.

MRL

Veteran

I also think of cost-per-wear. You might try allocating the greater part of your budget to basics/major wants or updates and satisfy the urge for small changes with inexpensive pieces or accessories.
I also have trouble sticking to a fashion budget- so much great stuff out there!
.

unfrumped

Veteran

I'm looking at a combination of types of items, number in each category, and $$ amount per category. Kind of what Mo is considering. And seasons. This, based on what i learned about holes/ needs/ wants I dealt with over the past year and especially what I learned about style refresher or updates as an ongoing thing. . For example, that a spring and fall shoe update might upgrade certain basics- so budget for that rather than think I'm set for good. Or that if fits change or I change a bit, that I'll want to replace some items. So allow for x # of typical items in my outfits. Then if I find myself contemplating a wool sweater in mid winter I can say, hmm, do I need this now or save that part of the budget for if next fall I'm craving a new fit or length. Do I need new boots in jan or have I nearly made it with what I've got and should keep the shoe budget for spring trends or upgrades.

merwoman

Veteran

Fascinating. Similar to MaryK, I budgeted 300.00 per month. My year end total stands at 3700.00 so just slightly over my arbitrary budget. I was definitely in wardrobe building mode this year with my most significant expenditures occurring in March - 650.00. I worried that I was heading into shopping overload, but I had a huge spring/summer wardrobe hole that was (somewhat) filled by these purchases.

For 2014 I'm ok with a similar budget - but I plan to purchase less. So more thoughtful, quality purchases. I do think about cost per wear - but with the understanding that for some items, cost per wear will always remain high. I tend to think more about my lifestyle and whether my wardrobe and what I purchase is in sync with how I live.

Meli

(website)

Sorry for taking my time to respond

Gracie- thank you for the encouragement! MaryK- also sending you good vibes. I also lately have tried keeping track of cost per wear, it's very interesting (but really not good on special occasion wear lol).

Deb- i've had the same issues, wishing you the best in the next year! I think the biggest issue for me was not wanting to limit myself to a budget even though I thought I should. Being motivated does wonders!

MRL- great suggestion!! Something I will think about in the future for certain- is it because I want 'newness' or because I need something, and can something inexpensive/simpler like accessories do the trick?

Unfrumped - that is also a great point about buying now vs. waiting for the next season when inevitably something else is to my fancy. I think great basics can be purchased anytime but stylish/fun pieces often can wait for the next season when the cost-per-wear will be greater, and also takes into account changing style and taste!

Merwoman- i'm right about on par with you, thinking more about quality and practicality in my lifestyle has been a recent focus but has served me really well so far!