In our previous post, we discussed the importance of setting a budget for clothing. Today, we will be discussing how to best set that budget.
How to Set a Budget for Clothing
- Look at your income: if you are to talk with a financial planner, they will typically recommend setting 2 to 8% aside from your take-home income for clothing. This is a great place to start when you began computing your clothing budget. There are other factors to consider as you decide what percentage to use for clothing.
- Think about your family: your clothing budget should include everyone in your family. If you are single, obviously the budget will only include you, but if you have children, you need to include their clothes in your budget as well.
- Consider your job: your job plays a huge part of how much money you need to set aside for clothing. If you work in an office, you any clothing that is higher quality, so you need a larger budget. If you work at a job that requires a uniform, you will not need to budget is much. You will need to budget and money for the clothing you wear when not at work, though.
- Think about your financial goals: what are you trying to do financially? Are you trying to pay off your car? Are you looking at buying a house soon? If you have major financial goals, you will want to make your clothing budget as small as possible to help you save for these larger categories. Of course, you can’t completely do away with your clothing budget, but try to minimize it is much as possible.
- What do you value: perhaps you value things such as traveling more than you do clothing. If so, you may choose to have a lower clothing budget to have more funds for those categories that mean more to you.
- Shopping habits: how often do you shop? If you enjoy going shopping often, you should consider a monthly clothing budget. If you prefer to shop one or two times a year, or only when there’s a big new life event, creating an individual budget for the shopping times may be the best route.
There is a wide array of things to think about when it comes to a clothing budget. If you are in overspender. A clothing budget can help you to save money. If you tend to be too frugal when it comes to buying clothes, having a budget for your clothing can help you to be more confident in investing in quality clothing that works well for your job and lifestyle. Either way, having a budget for clothing can help you find the balance you need, give you peace of mind, and save you money and time.