Why You Need a Clothing Budget (& Money Saving Hacks)

Why is budgeting important?

 And what kind of question is that for a fashion and style blog?

Great questions.

Budgeting is important because it helps us stay on track with our spending while making sure we have enough money set aside for our monthly needs like food, utilities, rent, etc.

Why am I telling you this on a fashion and style blog?

Because a clothing budget is actually more important than you might think it is, and this post will tell you why that is – in addition to providing some tips that will help you add more to that budget every month which means – more money for clothes!  

If you don’t specifically set money aside for purchasing clothing, it is way too easy to blow all your extra spending money on a Poshmark shopping spree or on that one designer bag that you have been eyeing forever. As silly as it may sound, spending all of your “fun money” on clothes may even cause you to grow resentful of your closet for eating up all your extra cash, and you may find yourself purchasing even more unneeded items in an attempt to make yourself feel better. I have no experience in this.

As you can see, the cycle continues.

 Allocating money specifically for clothing eliminates, or at least greatly diminishes, your chances at spending more than you have on your closet.

If you already have a tight budget, the idea of adding another line item for clothes may seem impossible.

I totally understand. Being a proud millennial means a good portion of all my money has gone toward student loans.

With that being said, here are some ideas that will help you to cut expenses.

 TWEAK OTHER BUDGET CATEGORIES

If you aren’t already, track your expenses and categorize every penny that you spend. That way, you are able to see where all of your money really goes. After you review your spending habits you’ll see areas that you can afford to cut back on.

Instead of going out for lunch every day, take an extra couple of minutes every evening and pack one.

Instead of filling up your gas tank once a week, try taking public transportation to a few days a week.

SELL OLD CLOTHING

What better way to save for new clothes than to get rid of what you no longer wear?

In additional bringing your unused clothing into places such as Plato’s Closet and Uptown Cheapskate, there are various online options as well. For example, Poshmark allows you to control how much you sell your pieces for and Threadup makes it effortless to trade your clothes of cash.

USE CREDIT CARD REWARD POINTS

This tip may seem like a stretch, but it actually works quite well. There are many credit cards out there that offer rewards based on your spending that can add up quite quick if you use them correctly.

By using a high-rewards card for monthly expenses such as gas and groceries, and then paying off the balance weekly to avoid interest, you will still be rewarded points based on your spending which can often be exchanged for cash.

MEAL PLANNING

I’ve been doing this for years. By planning every meal of your week, even snacks, you can eliminate the need to go out for your meals and save restaurants for date nights and special occasions. Meal planning also gives you a very specific grocery list so you aren’t buying random groceries or wasting food.

No matter how you choose to create a clothing budget, and how much you allot for yourself to spend, one thing must remain the same. You must make sure that your “clothing dollars” stretch as far as they can and only purchase items that will complement your lifestyle and that will truly make you feel like yourself.