Wow, would you believe Australians spend more money a year than any other nation! An interesting fact that can be interpreted in may ways… I see a variety of clients, including some lucky ladies who don't consider the word ‘budget’ to be in their vocabulary, but that's not reality for most.
So how much should you be spending on clothing? If you speak to a Financial Advisor, they will recommend budgeting between 3-10% of your income on clothing and accessories. But these figures really depend on your lifestyle. For example, if you wear a uniform to work, you’ll probably spend less on clothes than if you work in a profession that is in the public eye, where you’ll probably need a larger clothing budget.
My advice to clients to maximise their budget, is asking a few questions before making a purchase.
- Will this work with three other items in my wardrobe?
- Do I already own something similar?
- Do I really LOVE it?