What is Your Fashion Budget?
Elite Daily recently wrote that most financial experts are of the same mind when it comes to spending money on clothes. They said that you should spend five per cent of your budget or five per cent of your personal income after tax on clothing a year. What does that actually look like? Well, if you take home $60,000 a year after tax, you could spend $3,000 a year on clothes or $250 a month. Of course, this is just a number, and for you, it may seem too high or too low, the main thing is to realistically assess what you can afford to spend on your clothes each year and stick to it.