Are You Spending Too Much? How to Determine Your Clothing Budget

Can I start by saying this, I love my Facebook fans! Whenever I ask a question I get the BEST answers ever. Last week I asked the following questions, and I challenge you to ask yourself the same questions …

How much money do you spend on your wardrobe?

Do you set a budget for the year?

Do you buy as you go and hope for the best?

My answers? I don’t know and don’t want to know. No. Yes!

Spoiler alert, all of my answers suck!! I’ll admit that I am fully obsessed with fashion. So when I see something that I “need” I buy it. Budget be damned (aka what clothing budget) and at the end of the year when I add up all of my receipts, I basically cry myself to sleep for a week.

Not good.

So this year I have made the decision (not some feathery resolution but a decision) to get smarter with my money. So I did a little digging to find out how much money I should actually be spending on my wardrobe. The results of my study were disappointing to say the least. Apparently the proper percentage of your salary is 5%.

FIVE FREAKING PERCENT!! So that means …

$40,000 gross is about $28,000 net. Clothing budget $1,400/yr

$60,000 gross is about $42,000 net. Clothing budget $2,100/yr

$100,000 gross is about $70,000 net. Clothing budget $3,500/yr

$150,000 gross is about $105,000 net. Clothing budget is $5,250/yr

*sad stats courtesy of Pete the Planner

The news gets worse because apparently this piddly percent is for ALL of your clothes – clothes for you, your family, workout clothes, dry cleaning and repair, shoes, AND handbags. Every damn thing. Definitely makes you think a little harder before hitting checkout.