More now than ever, we need to look at where we spend those pennies and ‘budgeting’ is forever more becoming the everyday norm – and we’re here for you! Knowing what you should spend and allocating the finances not only keeps you in control, but it also takes away some of those tense spending moments when you think…should I? Cheap clothes are debated, but clothes are essential, and presentation is also key and important for several reasons, and let’s not forget – shopping is fun! But the pressures of keeping up with trends, fashion or just the high turnover on growing kids’ clothes really can become too much. So, what’s the answer? Are affordable clothes the way forward? We’re living in challenging times where cost of living is rising but the salaries are not matching. We’re going to look at spending budgets as well as inexpensive clothing to help you decide where and how far your money should go.
What are people spending on clothes?
If you want to make the most of your money, you may have already started to think about organising your income to make sure every penny counts, your priorities for spend will be dependent on your circumstances. Perhaps you reside in a city centre where your flat, or house has increased rent prices than those on the outskirts of the busy city life. Your outgoings for your living situation will be at the top of the list when you’re checking your income. Maybe you’re a student and you’re not looking to add more pressure to your finances, and looking after the bank balance really counts! Planning is the best way to make sure you’re on the track for responsible spending, making a note of your income at the beginning of the month and allocating the spend through the following weeks will help to see you through, which means you know how much you have and where you are able to spend it!
Your wardrobe spend will be strongly linked to your lifestyle choices and your job, and these are just a few factors that come into play. However, if we look at population averages, some figures might just surprise you. According to LinkedIn (2022) the average UK adult spends £76.54 on clothes per month. That’s an average of nearly £1000 annual spend on clothes – totalling a huge 4 billion from the UK population in just one year. Do you think you fall into the UK average? With the typical salary at £25,000 this is quite a monthly spend to take out of your finances after you have factored in the main outgoings such as housing and bills – especially in today’s economic climate. This is of course dependent on where you live and the career or job you have. Minimum wage now starts at £10.18 an hour – suddenly working an entire 7–8-hour shift to cover the UK monthly average spend on clothing gives you the sharp inhale between your teeth and puts the amount into a little more perspective – a budget plan starts to seem like a really good idea. With the cost-of-living prices gaining more concern and on the rise, this average salary is not going as far as it has previously. ONS data have found that the UK average cost of running a home to be £1500 a month on bills and the money really does start to add up if you then include the basic and priority outgoings such as food or transport.
Saving money with discount clothing
With all this in mind, how much can we really spend on our clothing budget? Can you really afford that new jacket for the cooler evenings or new trainers for the gym? Cheap clothing is the answer and in short, yes, you can afford to spend on clothes so long as you have dedicated a clothing budget. Shopping is fun and it brings us joy. Budgeting and choosing where to spend your money wisely is the double-edged sword you need to hold your head high above the cost-of-living crisis and keep feeling your best self. Nimblefins covered a great article in 2020 to help breakdown your budget for clothes spends and the overall advice is to budget 5% of your disposable income towards apparel. Buying cheap clothes enables you to have the money to prioritise elsewhere whilst you can remain happy with your day-to-day self. But you can also be savvy around the whole idea of purchasing… heading out to buy clothes usually goes hand in hand with wasting your own energy around the mall to find that perfect outfit for the right price. If you’re successful in finding a purchase, you might even end up driving home and then start thinking about the petrol costs and the time you’ve spent. These can all be considered little chips out of that budget! Online shopping is the way forward, not only does it cut out expensive petrol and transport fees but it can really help you track your finances by keeping a close eye on your virtual shopping basket – all calculated in one place! At Everything5Pounds you have a whole range and variety of cheap and fabulous clothes at the click of a button and none of the guilty feeling of a purchase as so many do when they leave the store thinking ‘should I have bought that?’. Affordable living is difficult at the best of times, but we also want to enjoy it.
How to budget for clothing spend
So, budgeting – how do we go about this. As mentioned before, the general advisory for a clothes budget is 5% of your take home income. This advisory comes with so many variables. This will all be dependent on your other after-priority-outgoings such as hobbies and social habits. However, if we stick to 5% you can be pretty assured, you’ll be in safe waters. So, if after tax you take home £1500 per month, you know you have the average UK spend of approximately £75 banked and ready to use, this of course will now vary depending on your own take home earnings. Essentially input your wage for the month and multiply it by 0.5 et voila you have your monthly budget – time to hit the shops! (don’t do that – grab a beverage and stay online) But how far does £75 go? When you’ve factored in potential travel and cost of Highstreet clothes, suddenly £75 is not going as far as it ever did before. So now it’s time to check in on that budget – what are your priority buys and where are you getting it from.
Affordable clothing: fact or fiction?
At Everything5Pounds you can take home a whole range of clothes and Accessories and not obliterate your budget in two purchases. Browsing our online store gives you the freedom to see to all your basic wardrobe needs and beyond. Our Women’s clothes includes your standard vests and T-shirt selection whilst also having everything you need for those big celebrations with our range of inexpensive occasion wear all the way to affordable cocktail dresses – your budget will not have bust at the seams the next time a wedding invite comes in the post – you can get everything from bags, accessories and shoes in one place for affordable prices. Our range of menswear has everything you need from affordable smart Jackets and Coats to Hoodies your partner is going to steal… If you’ve got your budget ready, you’re going to get quite the haul with Everything5Pounds.
If you’re watching the pennies but not wanting to take away some of those simple pleasures, then set a limit to your spending and head to Everything5Pounds to get everything you need and more without breaking the budget.
