How much should we spend on clothes? Where to do shopping?
When it comes to spending money on clothes firs of all we have to be concentrated on the thought that we need to find a balance between price and quality of clothes we want to buy. You can say, ok and then? What’s the point?
We can confidently say we spend a substantial amount of our paycheck on clothes, but what exactly should we be spending?
What’s the appropriate amount to spend on shopping if you make okay money but want to be budget conscious? What’s the hard and fast rule for spending limits when it comes to clothing – for both work and play? How do families handle clothing costs?
How Much Should You Spend on Clothing?
So if we ask some about it some financial guru, the answer will be – around 5% of your budget. So, take whatever your monthly pay is and multiply it by .05.
For example, Barbara takes home $4500 per month after taxes. According to the theory, she shouls spend no more than $225 each month on clothes, or $2700 a year.
For those who like to shop just 2-3 times each year, like Black Friday or offseason for the best deals, break your amount down by quarter or every other month.
You likely don’t have much cash to spare on non-essentials, so focus your spending at more affordable stores that are still high quality.
Your disposable income is growing, but your expenses might be too, if, for example, you’ve upgraded your car or apartment. Accordingly, keep your thrifty shopping haunts in regular rotation and choose one clothing item a month on which to spend slightly more.
What does the research say is the average clothing cost per month for most people?
There’s a difference between what people should be budgeting for clothes and shopping, and what actually gets spent. Depending on where you look, the answer to how much people spend on clothing (on average) varies.
From Credit Donkey:
- The average person spends around $161 per month on clothes – women spend nearly 76% more than men do on clothing in a year.
- The average family of four spends around $1800 per year on clothes, with $388 of this on shoes
From Prisoners of Class:
- It is estimated a woman will spend around $125k on clothes in her entire lifetime.
- Women spend (on average) between $150-$400 per month on clothing.
Why the 5% Clothing Budget Rule should work for everyone?
What I really like about the 5% number is that it scales depending on your income. Of course, 5% for a single woman on a 90k salary means different purchases than 5% of 80k for a family of four, but I like having a baseline and then adjusting from there.
At this point, you can afford to splurge on a luxury item that you’ll have forever. Consider adding a classic Burberry London trench or similarly timeless items to your closet. Just make sure to limit these clothing purchases, so you don’t exceed 5% of your take-home pay.
How to Only Spend 5% of Your Income on Clothes Each Year
If you don’t have a budget already – what are you waiting for? A budget should always be your first step in finding out how much “play money” you have to shop, dine out, or do any other fun stuff.
The important part about creating a budget is that it will give you a hard limit for your spending. You shouldn’t be sacrificing meals to buy a new dress, and if you’re sticking to your budget you won’t have to.
- The per month number is just a guideline. Maybe you only shop 1-2x per year. Just make sure your numbers are lining up on an annual basis.
- Many times I get to the holiday season, need a new outfit for a party or something, and realize I’m out of money for the year – so I don’t shop.
- It’s good practice for your overall, larger budget, but it also helps keep fast fashion crap out of your wardrobe.
I also always try and keep a running list of clothing items and it’s those items that I truly need.
I always keep a clothing list for three big reasons:
- Keeping a list serves to keep me from overspending and also keeps the items I need top-of-mind. This way when I do spot a good sale I can act.
- This helps me ensure I’m not buying multiples of items I already own, which I am SUPER prone to do.
- After I’ve taken inventory of what I “need” to get for the season, I take the number of items and divide by my total clothing budget for the month or quarter by that number.
Get a process for your clothing rotation
Are you bad about wearing the same things over and over again? Me too. So, I intentionally hang things I’ve worn in the back of my closet and keep the unworn items at the front.
When planning my outfits, I try to make them out of items so everything gets worn. It doesn’t really matter how you set up the rotation, just that you find something that works for you.
Here is the place I look when I’m trying to score clothes at a good price
Urban Planet has developed into a fashion mainstay for those seeking a unique shopping experience filled with the treasures of the world. Every week there’s something new, fresh and exciting – often not seen anywhere else.
A trend-led fashion label ready to help the youth of today look and feel their best, Urban Planet kid’s, men’s, and women’s styles will never disappoint. They aim to offer modern and striking fashions at everyday low pricing so you have total freedom to dress how you want without breaking the bank.
The cultural diversity is well-reflected in the merchandise mix, and as a result, you will find everyone from the hippest teen to the trend-and-value-conscious mom shopping at Urban Planet.
You will surely notice a good quality of products and a price will be affordable. Although they have a great web-shop, where you will find a lot of items with a discount and it will really user friendly experience on web. And you will get a free shipping on order from $100 or an express shipping if you need to do quick shopping.
And don’t forget about 5% rule.
