Tuesday, February 4, 2014

2014 Budget - Let's get planning!

Last year I didn't have a budget for clothes. The outcome?  I spent a ridiculous amount of money on my wardrobe. I tried to play it off as - "I'm building my wardrobe from its grad school days" or "I have lots of gaps to fill in my wardrobe."

In reality, I was enjoying an unemployed summer with severance in New York City. I spent afternoons visiting with other laid off friends, getting lunch, trying out new bakeries and getting coffee. I made friends with the extremely helpful people who work at the stores in Soho. Come the end of my unemployment and the start of my new job I had filled in those gaps in my wardrobe, but I would up spending a good portion of my severance doing so.

This year is a fresh start. With my newly 'complete' wardrobe, I'm setting a monthly budget for clothing purchases. The plan is to spend no more than $500 a month on new pieces to add to my wardrobe.  Gone are my days of buying inexpensive items just to fill my closet. My goal for this year is to add beautiful, high quality pieces to my wardrobe.

Here is what I picked up this month!


Nieman Marcus Last Call


Diane Von Furstenburg Pants - $0.01! (orig - $298)
(I love these amazing Bloomingdale's finds!)


Ted Baker Dress - $162 (orig - $325)
(From the Fall collection, check out his Spring Version!)


HELMUT Helmut Lang Dress - $115 (orig - $295)


Theory Dress - $240 (orig - $935)

My grand total for January is $614.01.  I went a little bit over this month. But I sold a few things in my Poshmark store this month ($40) and I also sold a few holiday ornaments on eBay ($300), so I actually came in under budget!  Or we can think of it in terms of how much I saved...  Original retail value of these items - $2,218.  I paid only 27% of the original price tag.  Thank you post-holiday sales!

While I did sell some old items, I don't want to add that amount to my budget. I'll be subtracting the $114.01 that I went over this month, from my remaining 2014 budget.  It's my first month on a budget, so we will see how well I stick to it in February.  Though I can tell you already that it's going to be tough.  The boyfriend has been finding me some serious deals at the outlets!

4 comments:

  1. What a good idea to stick to a budget, it forces you to work with what is already in your wardrobe, and you know we all have plenty! Did you seriously get those pants for 1 cent?!

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    1. I did get them for 1 cent! Bloomingdales occasionally marks things down to 1 cent before they send them to the outlets. You have to be lucky to find the hidden gems!

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  2. I am getting such wonderful budget tips from my blog friends! I like that the blog is a great way to keep your budget front and center. This is my first month on a budget following a month of no shopping. I am making wish lists and selling things I no longer wear. It is actually fun!! Susan

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  3. Congrats on setting a budget...I'm doing the same thing too.

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