(I track my clothing spend annually, and often break it up by quarter rather than monthly.) Just make sure your numbers are lining up on an annual basis. The per month number is just a guideline, particularly for habitual shoppers or those who keep an eye on the sales.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 important part about creating a budget is that it will give you a hard limit for your spending. You can also use new apps like Rocket Money to track your spending in certain categories. The 50-30-20 method is my favorite way to start. How to Only Spend 5% of Your Income on Clothes Each Year #1 – Check Your BudgetĪ 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. And that’s okay! I like a challenge and being a bit creative, so below are the tips I use to make sure I’m sticking to that 5% number each year. If clothing makes you happy and you’d rather spend there than on travel, for instance, those are your choices. Fashion may be a luxury, but clothing itself is a necessity. I do want to say, however, that unless you’re doing a specific no spend challenge or making a concerted effort to shop less, it’s okay to spend some money. However, if you are on a tight budget, low salary, or are contributing to other financial goals ….like debt payoff, for example…try to keep it to less than 5%. The point is – don’t let the number define you. Also keep in mind everyone’s financial situation is different: some have more debt, or help from their parents, so it’s best not to compare your budget to others. Of course, 5% for a single woman on a 90k salary means different types of purchases than 5% of 80k income for an entire family of four, but I like having a baseline and then adjusting from there. What I like most about the 5% number is that it scales depending on your income. Who What Wear has a great article on how to stretch 5% of your monthly income broken down by income. 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.The average family of four spends around $1800 per year on clothes, with $388 of this on shoes.The average person spends around $161 per month on clothes – women spend nearly 76% more than men do on clothing in a year.Depending on where you look, the answer to how much people spend on clothing (on average) varies. There’s a difference between what people should be budgeting for clothes and shopping, and what actually gets spent. She should (in theory) spend no more than $175 each month on clothes, or $2100 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.) What does the research say is the average clothing cost per month for most people? For example, Suzie takes home $3500 per month after taxes. Or multiply it out by twelve (since shopping for clothes is often cyclical/seasonal) and that is your maximum amount for the year. 05 and that is the MAX you should spend in a given month. So, take whatever your monthly pay is and multiply it by. Most financial experts say to keep clothing spend to around 5% of your take home pay for the entire family. Want access to my free financial worksheets, including a budget tracker that can help you better align your spending and shopping habits? Click here to subscribe (it’s free!) and gain instant access. I did a little research and digging to try and answer this question. So, what’s the baseline? What’s the appropriate amount to spend on shopping if you make decent money and want to be well dressed, 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 plays? How do families handle clothing costs vs. Because of my history, I always worry I’m spending too much. Since I used to have pretty bad spending habits, especially where fashion and clothing are concerned, I’m always hyper-aware of how much I should spend on clothing. When it comes to spending money on clothes I’m all over the map: a former shopping addict who now favors more thoughtful (read: more expensive) items that last a lifetime.
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