Gosh, I hate the word ‘budget’, but I’ve come to realize that it’s a necessary aspect of my life, which doesn’t have to mean that I can never have that self portrait dress, or marysia swimsuit, or rebecca minkoff bag… It just means that I have to prioritize and sometimes wait a little bit.
I’ve recently started giving myself a monthly allowance for clothes, shoes and accessories. The key was to keep it realistic, not too low where I’d eventually get frustrated and go on a shopping spree, but reasonable enough that it fit within my overall budget. It’s been really great in helping me plan for various events or outfits. I have in numerous occasions found myself in a bind the day before a wedding, not having anything to wear. I’d go out and buy a nice dress (usually fairly expensive), without much thought, only to have it sit in the back of my closet after only being worn once. Planning ahead forces me decide whether I really like something and want to add it to my collection, making my wardrobe full of pieces I truly love.
1) Go back through your banking and tally up the amount you’ve spent on clothes, shoes or accessories in the last 6 months.
2) Divide this by 6 to get a monthly average, and think hard about whether you’re comfortable with that number. Does it fit within your overall income/ budget, and really take a look at the items that you purchased. Were some of those impulse purchases that were a one-time use, or a staple that you will love for years?
3) Now that you’ve assessed this, you can come up with a reasonable monthly allowance. This should keep you within your desired annual spending, and still allow you to get the pieces you really want!
4) Remember not to stress if you go over in one month, simply borrow from the next (just don't make it a habit). If you have some leftover in one month, use it in the next (BEST feeling ever).
Hope this helps - it's really made a difference on my life and wallet!