So, today I'm presenting my new budget for 2015.
Budget: $1500 or less out of pocket
Like last year, I want to pick my spend limit based on a % of my income. I make a bit more than last year, but I decided to go with a lower percentage of my income this time. This approximates to $125 a month but is not a hard-fast rule.
eBay Sales: I can still add money to the budget via sales.
Gifts: I can accept monetary and physical gifts. Gifts are not added to the item limit as I cannot really predict them but still count at inventory.
Item Limit: 20 items
Again, like last year I want to implement an item limit. I had a goal of 45 items or less last year. I did not meet that goal, though I did do much better than in years prior. This year I've decided to set my item limit for this year at 20 because I want to do a 'French' 5-piece wardrobe, where I would add approximately 5 items per season. This limit is all inclusive like last year (accessories, clothing, shoes, outerwear, etc) and like last year does not include undergarments, hosiery, and sleepwear. I bought very little in either category and am not concerned about overspending in those areas. They also come out of a separate budget. Differently from last year, gifts don’t count or can expand the item limit.
Wardrobe Goal: I'm to concentrate on reducing the overall size of my wardrobe, but I don’t have a particular number in mind. I want my wardrobe to be a size that fits naturally, rather than a specific defined number.
Wardrobe Inventory and Analysis: I will post my Wardrobe Inventory approximately quarterly, with comments on each item in regards to needing repairs, tailoring, replacement, or thoughts on purging.
Monthly Budget Posts: I will continue to detail my purchases and purges.
Purchase Criteria: I'm to ensure that when I purchase something, I have asked myself all of the questions in this post and that the item was a pre-determined purchase on my shopping list.
This year, I feel like my closet is in pretty good shape-I'd estimate a good 90% of it at this point are things that I really like, fit properly, flatter my shape, and work well in my life. I'd rather not undo any of the progress I've made thus far, especially with my shopping habits. I want to wear those things I spent my hard-earned money on and enjoy them, and I do not want to buy more things that will only split the wears of the things I do own.
The great thing about having such a small item limit is that I can really get some great pieces for my budget. This is my tentative shopping list for 2015:
Spring/Summer Items- 5
. Flat pair of sandals
. Replacement tan flats
. Blouse in a vibrant print
. White blouse
. New Gray or colored jeans
Fall/Winter Items- 4
. Replacement winter coat
. Replacement winter boots- black
. Replacement sweater
. Ankle Boots
. Replacement Black Cardigan
All Season Items- 12
. Replacement purse
. New pair of mid-height black heels
. Scarf in multiple colors
. 2 tops that work professionally and casually
. New Jacket or Blazer
. Wrap style or flowy dress
Note: I already purchased my Christmas Dress for next year this year in December, and all other special occasions are covered with what I already own.