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Make Smarter Spending Choices With These Important Questions

Make Smarter Spending Choices With These Important Questions

Woman looking at a yellow sweater on a rack.

In today’s fast-paced world, making spur-of-the-moment purchases has become almost second nature for many of us. Whether it’s a shiny new gadget, the latest fashion trend, or an impulse buy in the grocery store checkout line, we often find ourselves reaching for our wallets without giving it a second thought.

However, taking a moment to pause and ask yourself a few crucial questions before you buy can make all the difference in ensuring you make smarter spending choices and avoid buyer’s remorse. This guide from Landmark National Bank will go over some of the best questions to ask before making a purchase to keep you from overspending or deviating too far from your financial goals.

Is It a Need or a Want?

The first and most fundamental question to ask yourself before making any purchase is whether it’s a genuine need or simply something you want. In a world filled with advertisements and constant product promotions, it’s easy to fall prey to the allure of things we desire but don’t require.

Take a moment to reflect on the necessity of the purchase, going over a mental impulse buy checklist. Will it contribute to your well-being, daily life, or long-term goals? If the answer is yes, it might be a justifiable expense. However, if it’s more of a passing or momentary desire, it’s worth reconsidering. By making a conscious effort to distinguish between needs and wants, you can prevent unnecessary expenses and spend your money more wisely.

Have I Accounted for My Essential Expenses?

It’s key to consider your financial situation when deciding whether to make a purchase. Before you reach for your wallet, think about the broader financial implications of the transaction. Can you afford it without impacting your ability to cover essential expenses such as rent, bills, or groceries?

Creating and sticking to a budget can help you stay on top of how you allocate funds for essential and discretionary spending. If the purchase aligns with your budget and won’t jeopardize your financial stability, it’s likely a responsible decision. On the other hand, if buying the item means sacrificing necessary expenses or accumulating debt, it’s a clear sign to reconsider.

Moreover, exploring alternative financing options like saving up for the purchase or waiting for a sale can also be beneficial. Delaying the instant gratification of buying something not only ensures financial stability but also allows you to make sure you’re spending your money on things you can feel good about.

Am I Sure This Is the Best Price?

The digital age has made information readily available at our fingertips. Before purchasing, try to take advantage of online resources to research and compare prices. This not only helps you save money in the long run but also guarantees you’re getting the best bang for your buck. It’s a small investment of time that can lead to significant savings and a sense of satisfaction knowing you made an informed choice.

Additionally, reading product reviews and seeking recommendations from friends or online communities can provide valuable insights into the quality of the item. Armed with this information, you can make an informed decision that’s more reliable than one based on the initial allure of the product.

Invest in Expert Financial Services With Landmark National Bank

In conclusion, making smarter spending choices requires a conscious effort to pause, reflect, and ask yourself some important questions before you buy. By distinguishing between needs and wants, evaluating your financial situation, and researching prices, you can make informed decisions and understand how to stop overspending.

Landmark National Bank is here to help you navigate all your financial decisions with a range of services for checking accounts and savings accounts available. We can help you set up a budget, choose the right credit card, and develop a plan to pay off your bills on time. Contact Landmark National Bank today or locate a bank branch near you to get started!

Simple Steps To Reclaim Control of Your Budget

Simple Steps To Reclaim Control of Your Budget

Mature couple looks over bills and documents together in their home.

Effectively managing your finances is an essential skill to have in today’s fast-paced world. Whether you’re trying to recover from unhealthy spending habits or looking to establish new ones, staying on top of how you spend your money is the key to setting yourself up for future success.

It may feel a bit daunting to get started, but there are a few simple steps you can take to learn how to get your budget under control. The experts at Landmark National Bank are here to help you get back on track. This blog will guide you through the process of reducing your expenses and developing a plan to take charge of your finances.

Start by Assessing Your Situation

The first step to getting your budget under control is to conduct a thorough assessment of your current financial situation. This includes analyzing your income, savings, expenses, and debts. Begin by listing out all your sources of income, followed by a detailed account of your monthly expenses, including fixed and variable costs.

Once you have a clear picture of your financial status, think about your financial goals. Are you looking to save for a major purchase, reduce debt, or simply live better within your means? A good formula to follow is to set SMART goals.

  • S Your goals should be explicitly defined and narrowly focused.
  • M Making sure your progress is easily trackable is vital.
  • A You can’t set goals too lofty or you’ll begin to feel hopeless.
  • R Any goals should be meaningful and valuable to you.
  • Time-bound. Your efforts must have an end date or you’ll never finish them.

Keeping your ambitions reasonable and attainable will provide you with a clear direction and help your chances of staying the course.

Set a Realistic Budget

Woman looks over documents as she builds her budget.

Once your goals are set, the next step in reducing expenses is to create a realistic budget. A budget is a blueprint for how you plan to spend your money each month. It should reflect your income, necessary expenses (rent, utilities, and gas), and other planned spending like the gym or nights out.

Remember to be realistic in your allocations, as setting an overly strict budget can be discouraging if it’s not achievable. After all, a budget isn’t set in stone. It’s a flexible tool you should regularly review and adjust to ensure it remains relevant and practical.

Track All Your Expenses

One of the most critical aspects of managing your budget is diligently tracking your expenses. Every penny you spend should be accounted for. This practice will help you identify areas you are overspending and give you some ideas on how to stop overspending.

You can track your expenses in various ways, from traditional pen-and-paper methods to digital tools and apps. Find a method that works best for you and stick to it. Consistency in tracking is vital to understanding your spending habits, as constantly changing your methods can allow expenses to slip through the cracks.

Prioritize Your Spending

Another step in maintaining a healthy budget is prioritizing where your money is going. Begin by categorizing your expenses into two categories: needs and wants. Needs are essential expenses, such as paying bills or buying groceries. Wants are non-essential expenses, such as dining out, trips, and entertainment.

Focus on covering your needs first, then allocate any remaining funds to your wants. This doesn’t mean you can’t enjoy life’s pleasures! It simply means making more mindful decisions about spending. For instance, instead of dining out multiple times a week, limit it to special occasions like a date night, birthday, or other celebrations. You’ll be surprised how much money you save by learning how to stop overspending.

Couple sits at kitchen table, looking over documents.

Stay Committed and Patient

Budgeting is not a one-time activity—it’s an ongoing process. Staying committed to your budget requires discipline and patience. It can be challenging initially, especially when cutting back on things you enjoy. However, remember that these are short-term sacrifices that will lead to long-term financial stability and peace of mind down the road.

Regularly review your budget and spending habits to ensure everything is current. As you go, be sure to celebrate the small victories, such as paying off a debt or reaching a savings goal. These successes provide motivation and reinforce the importance of staying on track.

Get Expert Advice From Landmark National Bank

Landmark National Bank is ready to lend a hand if you have trouble managing your budget or think you could benefit from professional assistance. We offer personalized financial services tailored to your individual situation, ranging from checking accounts and savings accounts to significant life decisions like taking out a home loan.

Whether you’re just beginning your financial journey or looking to optimize your current situation, our friendly team of associates is ready to help. Contact Landmark National Bank today or locate a bank branch near you to get started!

Simple Savings Plans To Fit Your Budget

 Simple Savings Plans To Fit Your BudgetA smiling young adult at the table using a calculator

An effective savings plan can help you meet your financial goals, pay off your debt, and make life-changing purchases. When you want to start saving, it can be difficult to know where to start. Throughout this blog, we’ll share budgeting and savings tips for beginners, suitable for just about any budget. 

Set a Savings Goal

Before you develop a savings plan, set a savings goal. Think about the following questions as you set your goal:

  • Why are you saving money? (Is it for a big purchase? To pay off debt? For a safety net?)
  • How much money do you need to save?
  • How will you save money?

Once you think about these core questions, you’ll begin to have a better idea of how to move forward and develop a savings plan. 

Set SMART Goals

When setting a financial goal or any type of goal, try following the SMART method, where each letter represents a different aspect of your goal:

  • S: Specific. How much money do you want to save? Set a specific amount.
  • M: Measurable. Track and measure progress—for instance, with a savings account.
  • A: Attainable. Clear obstacles and gain the tools you need to make your goal attainable.
  • R: Realistic. Set a goal you’re able to meet based on your specific financial situation.
  • T: Timely. Aim to achieve your goal within a specific time frame, such as within a year.

An example of a SMART goal would be: I want to save $5,000 in a year to pay off a loan. I’ll measure this with a savings account. To make my goal attainable, I’m going to work with a bank to get the tools I need. This is a realistic goal for me, as I can afford to save $100 weekly. 

How To Create Simple Savings Plans

Setting a savings plan doesn’t require you to be a financial expert, and you don’t have to have a lot of money to start. There are plenty of budget-friendly savings plans suitable for beginners. Even if you can only aim to save a few hundred dollars in a year, that’s substantially more than zero.

Set a Monthly or Weekly Savings Goal

The Consumer Financial Protection Bureau suggests a simple method to set a savings goal:

  • Determine how much money you need to save (and remember your “why”).
  • Set a timeline based on weeks or months (ex: one year, 12 months, or 52 weeks).
  • Divide the total amount of money by the number of weeks or months you have.
  • Save the calculated amount with weekly or monthly goals.

For example, let’s say you want to save $10,000 in a year for your wedding. You’ll divide $10,000 by 12 months for a monthly savings goal of around $834. You could also divide your savings goal ($10,000) by 52 (the number of weeks in a year) for a weekly goal of around $193.

How To Reduce Spending To Meet Your Goals

The difficult part of saving money is cutting your spending to meet your financial goals. Look for lowering spending on unnecessary expenses. Track your spending using online banking, a spending tracker app, or another method so you know exactly where your money is going. 

Wondering how to save money on a budget? Try these ways to cut spending:

  • Cut down on dinners out and try out fun meal prep recipes instead.
  • Use a subscription tracker to find monthly subscriptions you’re paying for but don’t use.
  • Switch to home workouts and stop paying for an expensive gym membership.
  • Buy secondhand. Check out thrift stores and Facebook marketplace for clothing, furniture, décor, and more. 

Use Landmark’s Banking Tools To Manage Savings

Saving money can be challenging, so don’t try to do it alone. Here at Landmark, we’re ready to give you the tools you need to meet your financial goals. We’ll make keeping track of your spending simple with our online banking and mobile banking tools for checking and savings accounts.

With the help of our savings account options, you’ll hit your savings goals in no time. If you don’t have a lot of money to start your savings account with, our Smart Savings Account is a great option, only requiring an opening balance of $50. Find your nearest Landmark bank branch to get started. 

5 Tips for Paying Off Holiday Debt

5 Tips for Paying Off Holiday Debt

Woman sitting at a desk cluttered with bills.

The holidays can be an expensive time for many people. Buying gifts for everyone on your list or repairing any winter damage can cause you to go into debt. However, you don’t have to stay in debt until the next holiday season rolls around. Landmark National Bank has curated a list of tips on how to pay off holiday debt fast.

Don’t Overspend

One of the best holiday debt budgeting tips is to not spend out of your bounds. A great way to help yourself spend less is to bring as much cash as you want to spend with you on your holiday shopping trips. This helps you visualize your spending better than putting your purchases on credit cards. You can even set up a savings account that’s just designated for the holiday season and contribute to it all year long. 

Use Extra Income

Debt typically comes with interest and the longer you take to pay off holiday debt the more interest you’ll pay over time. The best way to pay off your holiday debt faster and pay the least amount of interest is to get rid of your debt as fast as possible. There are plenty of holiday debt repayment plans to help you pay a set amount each month, but much of that payment with go to interest before the base amount. While participating in a repayment plan, it’s best to add any extra income you can spare to your base payment. This will help you take down debt faster and save you money on interest in the long run.

Consolidate

If you have any other debt, such as a home or student loan, consolidation may be a great option to lower the total amount paid. When you consolidate, you’ll be taking whatever holiday debt you have, combining it with your other debt, and paying an interest rate that’s often lower than the interest rate of your individual loans. However, holiday debt consolidation only works if your consolidated loan has a lower interest rate.

Contact an associate from Landmark National Bank to see if consolidation is the best option for you.

Get a Personal Loan

Similar to how consolidation works, you can get a personal loan to lower your interest rate. Holiday debt loans are something you can request before making a large purchase for the holidays. It’ll likely be cheaper to pay your bank back rather than pay the debt off a credit card, as their interest rates tend to be more competitive. This takes some prior planning, but this could be a way to avoid crippling holiday debt.

Prioritize Interest Rates

The best way to eliminate debt is to prioritize your interest rates. This doesn’t always mean paying off the debt that comes to the highest total. If you have a $2,000 debt at a 2% interest rate and a $1,000 debt at a 5% interest rate, the $1,000 debt is compounding more interest meaning you will pay more in interest at the end of that loan over the $2,000 load at 2% interest. If you ever need Use this credit card interest rate calculator to see which debt you should pay off first.

Pay off Holiday Debt With Landmark National Bank

When it comes time to pay off holiday debt, it can be challenging to navigate. The experts at Landmark National Bank are equipped with the skills and tools to help you pay off holiday debt fast. Schedule a time to meet with an associate to find the best way to repay your holiday debt today!

Avoiding Holiday Debt: How To Use Credit Wisely

Avoiding Holiday Debt: How To Use Credit WiselyA person holding credit card while shopping online during the holiday season.

The holiday season is traditionally a time of joy and celebration. People from all backgrounds look forward to this festive time of year, spending time with loved ones and indulging in delicious food, drinks, and gifts. However, the financial pressures of the holiday season can easily lead to overspending and accumulation of debt.

While credit cards can offer convenience and flexibility, they can also tempt people into overspending, leading to a “financial hangover” when the festivities are over. In this blog, Landmark National Bank will provide some holiday budgeting tips and advice to help you wisely utilize credit so you can stay within your budget while still enjoying the magic of the season.

Plan Your Budget

Before the holiday season begins, sit down and create a reasonable budget. List all your expected expenses, including gifts, travel, food, and decorations. Then compare this total to your disposable income. If there’s a gap, look for ways to cut back or save in other areas. Remember, it’s better to adjust your plans now than to accumulate debt you’ll struggle to pay off later!

Know When To Use Cash

While credit cards can offer convenience and perks, it’s best to use cash in certain situations. Keeping cash in your wallet for discretionary purchases like coffee or lunch allows you to easily keep track of the money you spend and stick to your budget. You can also avoid the temptation of overspending because there’s a limit to how much cash you have on hand.

Pay Your Bill ASAP

Make sure you pay off your credit card bill as soon as possible and try to pay above the minimum (if not the full amount) each time. The longer you wait to pay, the more interest you’ll accrue, which can quickly spiral out of control during the holiday season when expenses pile up. If possible, set up automatic payments to ensure you never miss a beat.

Look for Deals and Discounts

To stretch your holiday budget as far as possible, be on the lookout for deals and discounts. Many retailers offer flash sales during the holiday season, and you can often find coupons online for free shipping or other deals. Also, consider signing up for email alerts from your favorite stores to be notified of upcoming sales.

Avoid Impulse Purchases

Impulse purchases can quickly derail your budget. To avoid this, make a shopping list before you go to the store and stick to it. Often, you’ll find you don’t need as much as you thought. If you see something online you want that’s not a necessity, give yourself a cooling-off period before buying it. A good practice is to wait 24 hours. If you don’t want the item as much a day later, it’s not worth it.

Consider Homemade Gifts and DIY Decorations

Homemade gifts and decorations can save you money and add a personal touch to your holiday celebrations. There are countless DIY holiday gift ideas online that can inspire you. Plus, making gifts and decorations can be a fun holiday activity that gets the whole family involved.

Get Expert Advice From Landmark National Bank

If you’re feeling overwhelmed by holiday expenses, consider seeking assistance from a financial expert. At Landmark National Bank, we offer a range of services for checking accounts and savings accounts to help you manage your money wisely. We can help you set up a budget, choose the right credit card, and develop a plan to pay off your bills on time.

Choosing to keep your money with Landmark grants you access to expert advice and assistance from a financial partner dedicated to helping you manage your money. Contact Landmark National Bank today or locate a bank branch near you!

DIY Holiday Gifts: Thoughtful and Budget-Friendly Ideas

DIY Holiday Gifts: Thoughtful and Budget-Friendly IdeasA woman wraps a homemade DIY holiday gift in a brown paper box.

Looking to give your loved ones thoughtful gifts this holiday season without breaking the bank? With enough effort and creativity, the possibilities are endless! Creating and delivering DIY holiday gifts is an affordable and heartfelt way to spread holiday joy and show appreciation for those you love.

Whether you’re new to taking on crafty projects or an experienced gift maker, opting for homemade budget-friendly holiday gifts can be a great choice. In this guide, we’ll go over some DIY gift ideas and further explain the value of homemade holiday gifts.

Personalized Photo Gifts

Capturing moments from the past in photo form is a great and affordable holiday gift. Gather some of your favorite photos of your loved ones together and make a photo book full of memories. Include photos of pets, vacations, and more for added joy. To take it a step further, you can even include a note with the date and description of the photo.

Memory Box

A memory box is a treasure trove of shared moments and experiences, making it a great inexpensive holiday gift. Start by finding a sturdy box, ideally made of wood, metal, or sturdy plastic. Decorate it with paint or stickers, then fill it up with photos, handwritten notes, ticket stubs from trips, and other memorable items. The recipient will love reminiscing about these treasured memories.

Scented Candles

Impress your loved ones with homemade candles that will make their homes smell amazing. All you need is a cheap candle-making kit that includes soy wax, wicks, and fragrance oils. Melt the wax in a double boiler, pour it into jars with wicks, and add your choice of fragrance. To make them even more special, decorate the jars and come up with fun names for the scents based on inside jokes or past memories you’ve made.

Custom Coasters

One of the most fun thrifty holiday gifts to create is custom coasters that match the recipient’s personality. Gather some cork coasters and decorate them with a design or create a collage with photos or magazine clippings. If you want to make them waterproof, add a layer of resin or protectant on top. Not only is this gift functional, but it also makes great home décor!

Homemade Treats and Snacks

Nothing says “I care about you” like a delicious homemade treat! Baking a batch of your favorite cookies, brownies, or other pastries is guaranteed to be a hit. You can also make some homemade jam, lemon bars, or hot cocoa mix for an outside-the-box idea. Package your treats in boxes or Mason jars with ribbons and personalized tags for a personal touch to complete a delicious and thoughtful gift.

Handmade Jewelry

You can also create beautiful homemade jewelry for a sure-to-be-appreciated gift. There are many video tutorials online you can follow for making earrings, bracelets, and necklaces using beads, wire, and other materials. Depending on what you make, you can also create personalized stamped jewelry with meaningful phrases or initials.

Save Money This Holiday Season

In addition to saving you money, creating DIY holiday gifts is a great way to add a personal touch to your gift-giving this year. Your loved ones will appreciate the thoughtfulness and effort you put into making something unique just for them, especially if you go the extra mile. Whether you use one of these DIY gift ideas or come up with something on your own, you can spread love and cheer this holiday season on a budget.

If you’re looking for more money-saving tips and financial advice, contact Landmark National Bank today or find a branch near you. Happy crafting and happy holidays!

How to Budget After Landing Your First Job

A young woman in a yellow sweatshirt and jeans leans against a gray couch. She is holding a credit card and a red smartphone.

Budgeting After Landing Your First Job

Whether you’ve just graduated from college or you’ve gone straight into the workforce after high school, learn how to create and manage a budget and make the most out of your new income with the help of Landmark National Bank.

Create a Budget and Stick To It

Setting yourself up for success starts with determining how you’ll spend your money each month. From rent to utilities to gas to get you to work, you may be facing a few new expenses you haven’t had to cover in the past. While it may be tempting to spend your hard-earned new income on gadgets, tech, eating out, or clothing, remember to set up a budget to make sure you’re not spending more than you’re bringing home. These steps will help you learn how to budget after landing your first job. 

Start With Fixed Bills

A majority of your bills will show up every month including rent, car payment, student loans, phone, internet, and more. Start with these as you know they likely won’t go away or change anytime soon. In addition to fixed bills, set aside a bit of money each month for emergency expenses should they arise. 

Add Variable Expenses

two hands are holding a grocery receipt with grocery bags in the background

Additional expenses include groceries, eating out, entertainment, and other expenses that may occur some months and likely change from one month to the next. You can’t cut back on how much you spend on rent or utilities, but you can — and should — tighten your entertainment budget if you find you’re running out of money each month. 

Stick To the Budget You Set

If you create a budget but don’t stick to the parameters you’ve set, you’ve defeated the purpose of a budget. Creating a budget itself is easy, but the habit of budgeting takes time to build up and stick to. One of the best ways to see if your budget is working for you is to track your spending habits each month.

Track Your Spending Habits

If you’re making money and spending money, you should be tracking it. Tracking your spending habits is essential to make sure you’re sticking to the budget you’ve created. Tracking your spending is critical if your income is irregular, and you’re not sure what each paycheck will look like. 

Whether it’s weekly, every other week, or even monthly, take time to sit down and make sure your expenses are accounted for. Even if your paycheck is the same each pay period, tracking your spending ensure your budget isn’t off. It also allows you to adjust your budget if you notice you’re spending too much to be sustainable. You can track your spending in several ways:

  • Keeping notes with pencil and paper
  • Using an app
  • Separating money into envelopes each month

Monitor Your Credit

a person is looking at their excellent credit score on their smartphone

While owning and using a credit card can help you build up credit for future purchases such as a car or house, it’s important that you pay it off each month and don’t use it to make purchases you can’t afford. 

If you have a large amount of high-interest debit, make paying your credit off a priority. Having a credit card will help you build your credit score, but if you’re missing payments, forget about a closed account, or take on too much debt, your credit score will take a hit. 

Stay on top of your spending habits and once you’ve started building credit, stay on top of monitoring it. You can either pay for a credit monitoring service or take advantage of free tools through your credit card company, depending on the brand.

Monitoring your credit has an additional advantage; if you or a credit monitoring service notice unusual purchases or inquiries on your account, someone may be trying to steal your identity. 

Set Financial Goals

Whether you’re saving up for that pair of shoes you’ve been eyeing for months, or have been putting away money for a house for years, it’s important to set financial goals for yourself. Just as you have in the past with goals you set growing up, make sure the financial goals you set for yourself are SMART

  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Time bound

Take the time to write down the financial goals you set, create an action plan, and then work to achieve them. 

If you’re not sure what goals you should set, start small by challenging yourself to save a certain amount of money each month or pay off a set amount of debit. Financial goals for college graduates will look different from financial goals set by those who have been in the workforce for 10+ years. Just as your career and life goals change, your financial goals will too and that’s okay! Take a look at the goals you’ve set every few months and adjust as needed. 

Grow Your Savings

According to NerdWallet, experts suggest saving between 10% and 20% of your paycheck each month — however that’s not a golden rule. Some people have the ability to add more to their savings each month and pay off debt, while others are only able to cover basic expenses. 

If this is your first experience with building a savings account, don’t be discouraged if you have to start small. Something as simple as saving $10 a week can add up to $520 a year. Learning how to practice saving money is an especially valuable skill for students and recent graduates.

Manage Your Money With Landmark National Bank

As you begin to navigate your new lifestyle as a young professional, find a financial service that offers products and services that fit your financial needs. Landmark National Bank has you covered with friendly and professional banking services. Find the resources you need including personal checking accounts, investment accounts, online & mobile banking, and more. 

Start your career on the right foot; find a Landmark National Bank branch location near you today!

4 Tips for Making a Clothing Budget

a man examines his clothing purchase receipt

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.