So in the information age, there's no reason I should be killing myself to find answers to questions like I did in yesterday's post. Here's what the experts have to say about how much you should spend on clothes (not necessarily how often you should shop, but I'll take any guideline I can get). Surprisingly, I did NOT find a lot online about how to budget appropriately for clothing, but what I found will suffice.
- eclecticsite.com/financial - 4-6 % of your take-home pay
- Money Management International - 4% (with a range 3-10%)
- SavingAdvice.com - 5%
I took a look at my budget and found out this year I'm dedicating a whopping 49.5% of my net pay to debt repayment. I'm actually not willing to spend 4% on clothes if it means dropping the debt repayment percentage down to 45.5%.
Given this information, what I've been doing (not shopping) is what I should be doing and when I make 2012's budget, I'll take this 4% (0r so) guideline into consideration. It's actually quite reasonable and I feel better now that I've armed myself with this information.