In order to stay on top of your finances, it is essential that you maintain a budget even when it comes to buying new clothes.
When it comes to clothing, it is easy to overspend quickly and not have a handle on where your money is going. After all, there are always more stylish items that you can add to your wardrobe. But smart shoppers know that they can look good and have money in the bank, too.
From implementing the 5 percent rule to defining your personal style and purchasing items through buy now pay later clothes websites, here are the essential tips to budget for new clothes.
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1. Implement the 5 percent rule
One of the best ways to set your monthly clothes budget is to implement the 5 percent rule. Touted by financial experts, this rule states that you should spend no more than 5 percent of your monthly take-home income on clothing items.
In order to find how much this is for you, multiply your take-home pay by 0.05. For example, if your monthly take-home pay is $2,000, you should spend only about $100 per month on clothing.
Once you have ascertained what 5 percent of your after-tax income is, you can then decide how you want to spend the money — either a small amount each month or by saving up for more significant items a couple of times a year.
That being said, each individual has their own unique financial position, so this percentage may vary depending on other debts you owe and your saving goals. However, the 5 percent rule effectively limits spur-of-the-moment shopping sprees and ensures that you only purchase items that you genuinely love.
2. Define your personal style for new clothes
Before you go out shopping for new items, it is highly recommended that you take stock of what you already have in your closet and what you actually wear.
Begin to distribute your clothes into separate piles of items you can sell (or donate) and those which you will keep. Once you have done this process, you will be able to see what you have in your wardrobe more clearly, what styles you tend to gravitate towards, and what is missing.
Defining your personal style will make it easier for you to purchase items that coordinate with the rest of your closet. The goal is only to bring in clothing that you can style with the rest of the things you already own. If you are unsure of your personal style, browse the web for some inspiration, and put together a selection of inspiration photos.
From there, you will be able to pick a selection of words that describe your aesthetic. These words may include the terms “classic,” “modern,” “feminine,” “bohemian,” “trendy,” or something else entirely.
This doesn’t mean that you can’t play around with other styles, but you are more likely to get significant wear out of clothing items if you can pair them with multiple pieces in your closet. Follow your instincts and wear what makes you feel like the greatest version of yourself.
3. Prioritize quality, not quantity
In order to get the most mileage out of your closet, you want to start shifting your mindset to prioritizing quality, not quantity.
This means spending a little more on pieces that are going to last you for years, rather than repeatedly purchasing low-quality items every season. This can be challenging when stores are continually restocking their shelves with cheap items; however, in the long run, you will spend a lot less money by purchasing items that will stand the test of time.
To do this, you want to be selective with where you shop. Opt for brands that prioritize well-made items and focus on more timeless styles instead of trendy, fast-fashion pieces. In fact, the last thing you want to do is jump on the bandwagon of every seasonal trend. Not only will this deplete your clothing budget, but it will also make it harder for you to define your personal style.
Generally, high-quality clothing items look better on because they have been crafted with greater care, and they feel better on your body, as well. If you want to determine whether a piece of clothing is well made, have a feel of the fabric or look at the label.
Some of the best quality fabrics are silk, cashmere, wool, leather, and linen. Various cotton blends also feel nice against the skin and last a long time.
Stay away from polyester and viscose or rayon, as these synthetic fibers look cheap, feel uncomfortable, and have detrimental environmental effects. Plus, they don’t have the longevity of other natural fibers.
4. Shop at buy-now pay-later new clothes websites.
Now that you have defined your personal style, calculated your budget, and shifted your mindset to quality over quantity, it is time to make some purchases!
To buy well-made, timeless pieces, it is a good idea to shop at buy-now pay-later clothes websites as they provide you with more flexible payment options.
When you use a service like this, you can split your payment over four cost-free installments, rather than having to pay for everything upfront. As long as you pay the installments on time, you won’t have to pay any interest or anything extra. For those who are shopping on a budget, this is a fantastic option for obtaining more expensive clothing items that you can wear for years to come.
Generally, when purchasing an item, the first 25 percent installment is processed immediately, and the merchant dispatches your purchase to you. Then, you choose the payment plan for the remaining three installments.
For example, the best buy now pay later UAE service provides you with the option of repaying in either a biweekly or monthly repayment plan.
Staying within your budget doesn’t mean that you can’t treat yourself to beautiful things. In fact, by following these steps, you are more likely to have a closet filled with pieces you love and wear, while also knowing exactly where your cash is being spent. Looking stylish doesn’t have to cost a fortune, as long as you have a plan.
What steps are you taking to ensure you remain within your clothing budget?
Let us know your thoughts and any additional tips you have in the comments below!
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