Money Management

Budget Your Wardrobe and Add to Your Savings

If your current main goal is to take control of your finances and trim your debt you already know the importance of a budget for your monthly income. The problem many encounter is with unexpected expenses. While this usually brings to mind vehicles breaking down or a sudden illness, there are other kinds of expense that pop up regularly. Holidays and birthdays are two examples, and another one is something we all need but don’t always think of as an expense: clothing. Here are some tips to help you make clothing a part of your budget and still allow your savings to grow!

First of all, break it down. Take a rough inventory of each family member’s wardrobe and figure out what they’ll need in the next three, six, and 12 month period. This isn’t an exact science, but if you have kids you can probably estimate when they’ll outgrow or wear out their shoes and clothes. Teens and clothes are a whole different world, so if you have fashionistas in the family consider setting a clothing allowance.

Second of all, don’t impulse shop. Know what you want and need and make a list, and no matter how cute that pair of shoes is pass it by if they’re not on the list. You can be flexible here, because one of the best ways to save is to find clearance items. Just don’t buy things you don’t really need.

Third, shop smart. Don’t limit yourself to the stores you always shop at; look for online deals. Most major stores and brands such as American Apparel have their own website and you can take advantage of a full line of fashions, sizes, and colors instead of being limited to store choices.

Last of all, wait before you buy. Look for deals such as an American Apparel coupon to add to your savings. If you find something you need but the price is too high consider waiting a few weeks until the website updates their clearance sale. Clothing is extremely seasonal, so it’s only a matter of time before the next round of markdaowns. Once you learn their pricing schedule you can take advantage of the lower prices.

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