Looking good means different things to different people. The one thing we can all agree on is that it’s important. If it wasn’t, we wouldn’t spend a mind-boggling near $300 billion on clothes every year.
Not to mention the time we spend searching for the perfect outfit. On average, women spend almost 200 hours a year looking for clothes, shoes, or just window shopping.
You want to look your best but you don’t want to spend so much time or money shopping. What you need is a clothing budget.
We’re going to walk you through the steps of figuring out your clothing cost per month so you can be fashionable and flush with cash. Take notes!
The Basics Of A Clothing Budget
When all is said and done, there is one figure that keeps coming up when it comes to crafting an average clothing budget: 5%.
The so-called 5% rule comes from a consensus of many financial analysts. The thinking behind it is that only 5% of your total take home pay should go towards clothes.
To calculate it, take the amount that you make per month and multiply it by .05. If you’re making $2,500 per month, your monthly fashion allowance will be $125.
While it sounds simple, it’s not one size fits all. Keep reading to see what different factors affect your fashion spend and what you can do to save money.
What Can Influence Your Spending
The 5% rule, unlike your favorite cheap leggings, isn’t one size fits all. Everyone has different needs and 5% might be too much or too little.
That number will be different if you’re bouncing back from a financial catastrophe, are a new student, or just got a new job and need a big wardrobe.
Figure out your finances before you apply the 5% rule. (Hopefully, you’re using //www.thepaystubs.com/ and can clearly see how much you make each month.) See if that money is better applied somewhere else before you blow it all at the mall.
You can still be stylish even with the strictest budget. Check out these tips to look like caviar on a tuna fish budget.
Save Money On Styles
There are plenty of ways to get the looks you want without ponying up a ton of cash. Here’s how:
- Shop your closet – You might find something you forgot and bring it back into rotation
- Go for quality, not quantity – A big spend up front might last you much longer
- Invest in neutrals – Basic neutrals can transform into many different outfits with just a pop of color or a cheap accessory
- Shop the sales – A lot of designer clothes end up in discount stores or even on sites like eBay.
Once you get in the flow, you’ll see you can stock your closet for much less than usual.
Get Your Clothing Budget In Order
With these tips, making your clothing budget will be a breeze. Whether you’re on a college student’s budget or make a big chunk of change, saving money on being stylish has never been easier.
Want even more fashion tips? Check out all of the outfit ideas we’ve got for you!
