Planning a Clothing Budget

Whether you’re a die-hard shopper or just want to save money, it’s important to budget for clothing purchases. Whatever stage of life you’re in, it’s entirely possible—and even easy—to enjoy fashion on a budget with a little planning. From deciding how to clothing shop based on your typical shopping frequency to using a savings account to manage your budget, our tips can help you enjoy guilt-free shopping.

How Much to Budget for Clothing

As with any financial advice, there’s a range of opinions regarding how much to spend on apparel. Many experts recommend setting aside five percent of your income for this category.

How you budget depends on several factors, with your job topping the list. You may need to spend more if your work requires you to keep up with current trends or have a more business-like appearance. If you work from home or are a student or stay-at-home parent, you can budget considerably less.

How to Save Money on Clothes

Learning how to buy clothes you will actually wear is essential. Take a hard look at your closet, setting aside anything you haven’t worn for six months to a year. If you notice patterns—you seem to never wear blazers while your leggings get quite a workout—pay attention and buy accordingly.

Consider setting up clothing swaps with stylish friends. You’ll pick up new-to-you clothes without spending a dime while clearing seldom-worn pieces from your own closet. Another way some smart shoppers save on clothing is to set aside a bigger chunk of their fashion budget for after-Christmas or mid-summer sales.

Create a Lifestyle-Based Budget for Clothing

Enjoy fashion on a budget by personalizing your spending plan. Some people shop seasonally while others pick up items here and there. If you fall into the latter category, try a monthly budget. You can also adjust a monthly plan by “rolling over” unspent fashion funds, so you have a larger amount set aside for the beginning of each season.

If you don’t trust yourself to leave that money alone for a few months, create a seasonal clothing budget; in this case, consider allocating a small amount in case you need to replace a wardrobe staple or make another “emergency” purchase.

Other Factors That Can Affect Your Clothing Budget

While buying clothes is a necessity for obvious reasons, emotions can get in the way of a healthy attitude towards fashion spending. When you’re learning how to save money on clothes, consider these factors that can influence your clothes budget:

• Lifestyle
• Fluctuating weight
• Quality vs quantity
• Other financial priorities

Creating a realistic budget that allows some flexibility—but not too much—will help you avoid guilt or arguments with loved ones about overspending. Moving money between spending categories helps you stay on budget. Adjust your budget by spending less in other areas if you have a big purchase for a formal event or new job coming up.

Renting clothes with a monthly subscription plan from companies like Rent the Runway, Le Tote, and Gwynnie Bee lets you expand your wardrobe and simplifies budgeting since you’ll spend a set amount each month.

Manage Your Savings on Clothing With Landmark

Whatever your lifestyle and income, learning how to clothing shop on a budget can help you gain control of your spending. From creating a flexible budget for clothing to learning how to save money on clothes, these tips can reduce spending-related guilt and maintain peace at home.

Find more ideas for budgeting in our blog, or visit a Landmark National Bank branch location near you and start managing your clothing budget with one of our savings accounts today.