Did you know that some “award-winning” financial planners recommend you put aside 5% of your paycheck on clothing? (Read more here). It sounds great at first, but when you do the math, you realize – that’s a pretty big chunk of cash! I sure wish I could do this. I put aside a little for clothing, but definitely not 5%. It seems like other things in life get in the way – in the form of oil changes, doctor’s appointments, emergency savings, food….
Maybe I’ll make more of an effort to do this now that the “experts” have recommended it. Though I’m sure it depends on many factors.
What do you think? Are you surprised by this? Is this something you already do? Would you try it?
Nice post! I’ve always found it difficult to allocate money to things like clothing, etc, every month – I know you’re supposed to do that with a zero-based budget but like you said, other things always seem to come first (student loan debt for example!).
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Thanks, Sam! I just checked out your blog, and I think it’s great that you’re only 23 and already thinking about these things! Keep it up.
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So, my opinion is that clothing should be grouped with other “nice-to-have” expenses. Obviously we need a certain amount of clothing to live, but I think the 5% number is more applicable if you are trying to keep your wardrobe current all the time. If you are fine wearing things for longer, than I don’t think the 5% is necessary.
Everyone is different though, and if looking nice makes someone happy or builds their confidence than it might be worth spending more on it. Like everything in this world, to each their own.
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I completely agree. If you’re passionate about fashion, then spending 5% of your paychecks on clothing is probably something you already do. However, I do think clothing becomes an issue or gets more complicated in a professional or corporate setting, where people – especially women – are pressured to have nice clothing at work.
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