Wardrobe Budgeting with Franish

If you read anything today, read this post! I am telling you, Franziska will change your perspective when shopping and budgeting for clothes. She is super savvy on saving and helping all of us monitor our monthly/quarterly spending. She is a fellow budget style blogger and takes so much time for her readers to give reviews, tips, tricks, outfit inspiration and ways to save money without sacrificing your style.

Hello everyone, my name is Franziska and I blog at Franish about my life and wardrobe as a first year medical student. Back when I was a member of the real world (working for a pharmaceutical development company), I started keeping a clothing budget so my shopping wouldn't get too out of hand. Now that I'm living off of student loans, I have a set amount for each quarter of the year to spend on clothes that are acceptable for my dress code. Here are a few tips and tricks I've picked up along the way over the last 18 months:

Setting a Budget

When I was working, my monthly clothing budget was $150, which was around 6-8% of my monthly income. I had enough to pay my bills, pay off debt, and indulge in my favorite hobby without feeling guilty. Now that I don't have a steady income, but have two large lump sums a year from student loans, I have a "quarterly" budget of $500. This way I can spend more in certain months if I need to (like I did at the beginning of the school year) and scale back when I don't "need" as much.

Keeping Track of Your Budget

Since I blog about my budget each month, I try to save pictures of everything I buy. If I buy something in stores, I save a picture to a folder on my computer that is titled with where it's from and how much I paid for it. I keep a running tally in my head about how much I have left that month. I know many people use Mint.com and love using it, while others use a simple excel sheet. Find what works for you and then stick to it!

Stretching your Budget

I'm cheap at heart, so I rarely pay full price for anything. I sign up for all my favorite retailers' email lists, and then automatically put each e-mail received into a folder titled "Shopping'. When I feel like doing a bit of online shopping, I check that folder first for any coupon code. I use sites like Shop Chippmunk to find the most current codes, and also use eBates to receive a few cents back on each purchase. I also almost never pay for shipping, and may order a few filler items to return in store just to get to that minimum. I also believe that there are great pieces that can be found on the sale racks - they aren't just for the pieces no one wants!

When I was working, and had a lot more free time on my hands, I started to really get into thrifting. It's shocking what you can find if you are willing just to dig a little bit - some of my all time favorite findings were a Christian Dior blazer, a Burberry jacket, and a Barbour Vest. I couldn't afford any of these items in a store, but for no more than $8 each? They're coming home with me! My advice for thrift shopping is to figure out which store in your area has the best finds, figure out what deals they have (mine have 50% certain color tags on Fridays and Saturdays), and then just have fun with it - try everything on you are interested in! Don't buy anything just because it's cheap because that defeats the purpose, but you can find amazing things at ridiculously low prices.

When it comes to sticking to my budget, I don't always stick to it. Some months I go over, and some months I'm under. Having a number I should stick to helps curb a lot of impulse buys, which means I'm really working towards having a workable wardrobe. I have a running list of items I'm hoping to add to my closet, so that also helps when I feel like I need a pair of ridiculous heels or bright orange pants because I realize I probably don't need them. I feel good about the purchases I'm making and I don't feel guilty about adding pieces to my closet anymore.

I hope this helped a bit for anyone who is thinking about setting a monthly budget. I'd love for you to join us for budgetting bloggers at the end of each month - I've been badgering Shanna to join us for months now ;)