Having a Fashion Budget: This isn’t something I’ve actually ever done, but after going over what I spent last year on clothing and accessories alone I realized I could have gone to Europe for like 2 weeks. I used to be in Fashion Retail Management, which came with a sweet discount and a need to purchase clothes on a regular basis to keep up with the current retail season. However, since I’m at home with the kids and mainly keep my style casual, I really want to hone in on what I’m spending this year in order to make way for different growth in my blog.
James and I aren’t able to build where we want to build until late 2019, so I want to focus this next year and a half on traveling as much as we can, and upgrading my current home decor so that when our dream house is finally built, I’ll have most everything I need to have my home ready and set up from day 1. I’ve never been good at saving and am admittedly terrible at managing money, which is why James handles all the finances and tells me weekly what my spending can be. Yes, similar to an allowance- but it’s what works for us.
To be totally transparent, this past year my weekly spending was about $250 a week, and I spent half that each week basically on clothing, shoes, or accessories. This doesn’t even include when I made my own blog money, commissions, and Poshmark sales and also spent that on buying more. For me, saving my weekly spending wasn’t a thought that occurred to me because I knew each Friday I’d get another “paycheck”, but when it comes right down to it, I’d of much rather had ONE nice purse than 10 tops from Target, which is why this year I gave myself a YEARLY budget to adhere to when it comes to what I wear.
Having a yearly budget, for me, gives me a little more wiggle room when it comes to shopping. I know that if I spend $500 on a bag, then I won’t spend that money somewhere else. So without further ado, this is what my yearly budget for Fashion, and my plan to manage and adhere to said budget.
2018 Budget $3300
The Breakdown: This number will honestly be different for everyone. I don’t shop when I need something, I shop to avoid needing something- if that makes sense. So I’ll pop in my favorite stores once every 1-2 weeks to see what’s new and what I love. However, most of my personal styling clients shop once every quarter or once every 6 months and then they don’t shop again until our next appointment, with my experience as a personal stylist, I know how to put together a “capsule” type wardrobe because I do it for my clients all the time, I’ve just never been interested in doing it for myself because I always love having new things. This is where I want to make a change, and thankfully know how to do it.
My friend Nikki of The Fashionable Accountant, says that from an accounting standpoint- most people should stick in the 3-4% of their annual salary when planning a fashion budget, this year mine is much lower than 3%, coming in around 1.78%, which will give us plenty of saved money for the other things I’d like to do this year. Once I set my budget I set a plan for what I wanted to buy this year. This breakdown of what I want to purchase gives me plenty of wiggle room and still allows me to shop pretty frequently so that I don’t FEEL limited, which is crucial for me because I do not like not being able to shop.
Here’s How I broke things down. I categorized what items I typically buy, then set a budget for what I typically spend on each item, then thought about how much of that item I would like to purchase this year. Once I multiplied the amount of the item by the average cost of the item, I got my yearly spending allowance for each category.
This is my personal breakdown:
Purses: Average Cost $200-$300. Amount I want of newness this year 3. Total Handbag budget = $900
Tops: Average Cost $25-30. Amount I want of newness this year 24 (that’s 2 new tops a month). Total Blouse Budget = $625
Dresses: Average Cost $30-50. Amount of newness this year 12 (one per month). Total Dress Budget = $480
Outerwear: Average Cost $50. Amount of newness this year 4 (one piece per season). Total Outerwear Budget = $200
Pants: Average Cost $30. Amount of newness this year 6. (I RARELY wear pants- and if I do they’re jeans, so one new pair every 2 months is great- especially since I’m in the process of losing weight). Total Pants Budget = $180
Skirts/Shorts: Average Cost $30-50. Amount of newness this year 12 (one per month). Total Skirt/Short Budget = $480
Sunglasses: Average Cost $150. Amount of newness this year 2. Total Sunnies Budget = $300
Shoes & Costume Jewelry: Average Cost $15-40. Amount of newness this year 4-5. To be fair though, I always ask mostly for shoes & jewelry on holidays I get gifts on, so I took that into consideration when calculating this. Total Shoe & Jewelry Budget = $135.
My Plan for Actualizing/Sticking to the Budget: With my new Desire Map Planner I realized that it’s not only important to have goals, it’s also important to have a PLAN to achieve your goals and actionable steps to take to achieve them. For me I’m a super visual person, it’s the best way for me to process information. So I have a Note saved on my phone with this exact breakdown. Anytime I want to purchase I will add to that note, and subtract the cost of the item to then be able to stay on top of what’s left in the budget for each category. This also gives me a little more wiggle room. For example right now I’m considering a super cute Free People shirt that’s $78, which is WAY over my average cost per item for a top, however if I decide to purchase that, I just subtract the amount from my total budget. Some tops will be less than $20, so in the long run it’ll even out, what’s most important is that I stick to the AMOUNT of money spent, not necessarily the average cost or amount of the item I purchase.
Being able to in-real-time keep up with what I spend gives me accountability to myself, and I’m sharing this with all you peeps so you’ll know I’m being accountable. If you find yourself looking at my average spend per item thinking “where do you find stuff that cheap” fear not because this is just the first in an entire series of posts I’ll be doing. In addition to be transparent about my budget with you. Next week I’ll share with you where and most importantly HOW I shop to maximize my money. I don’t do thrift stores because I want my followers to be able to go out and purchase an exact item if they love it. So next week’s post will be all about how to have your cake and eat it too- so to speak.
I’ll also be doing a LIVE IG Q&A tomorrow at 9pm EST to talk about this more in-depth and answer any questions you might have! Feel free to join me! www.instagram.com/_xoxob