Sun’s out and if you’re like us, we know you are all about the summer parties. BBQs, lounging by the pool, brunch dates with the girls...and every get together needs a bougie outfit to go along with it. Because life is too short to wear boring clothes. Right?!
And unlike other money blogs, we are not going to be the ones to tell you to create a budget and eliminate your shopping sprees. Life is meant to be lived to the fullest. Yes, honey, there’s nothing like having a closet full of gorgeous clothes to declare that you are living your best life.
However, spending frivolously is a fast track to wallet depression, frustration and unnecessary stress that causes permanent wrinkles. And ain’t nobody got time for that.
Whether you shop Gap or Gucci, you need money to support your purchases and the occasional shopping spree.
Creating a monthly allowance for clothes is a great practice to develop. Every month you know that you have money set aside just for your closet needs. And in doing so, you won’t feel guilty about shopping because you won’t be going into further debt.
So if you’ve got a passion for fashion, but you feel like your wallet is suffering because of it, take these money steps so you can continue to live your best life.
Review the last three months clothes expenses. How much do you normally spend on clothes each month? This will help you better understand your money habits.
Determine your monthly take-home pay and calculate 5% of it. For example, if you earn $3,000 per month (after taxes), then $150 equals 5%.
Use this total as your clothing budget. You can scale up or down as needed, but 5% is a great baseline.
Open up a separate account to store your clothing monies. We recommend using Radius Bank’s Hybrid Checking Account. You actually earn interest on your balance- how cool is that!
Set aside money each week or month. Every time you get paid, transfer money to your clothing account. We recommend doing this during your weekly Money & Mimosas date. When you’re done, treat yo’self to a mimosa. You deserve it!
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This post is in partnership with Radius Bank.