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?