Budgeting can be difficult, so many experts have simplified it to the “50/30/20” budget. Basically, half of your income should go towards essentials, 30% should go toward discretionary items, and 20% should go toward debt or savings. But, it’s hard to fit in one category to this budget: clothes. Well, some money experts believe that your clothing budget should be up to 2.5% of your total income, or about 8% of your discretionary budget. You can limit the money your spend on clothes by searching thrift shops, renting expensive items, or selling your clothes.
- The budget allocates 50% for essential expenses, 30% for discretionary, and 20% toward debt repayment or savings.
- Try to keep clothes spending at around 6-8% of your discretionary spending.
- You can save money on clothes by thrifting, renting or asking for clothes as gifts.
“Address your messy closet and your clothing spend together by committing to getting rid of one garment before you buy another.”