![]() ![]() This compensation may impact how and where offers appear on this site (for example, the order in which they appear). Some offers that appear on this website are from companies from which NimbleFins receives compensation. Reviews that appear on this site are based on our own analysis and opinion, with a focus on product features and prices, not service. NimbleFins is a research and data-driven personal finance site. A £150 monthly fashion budget requires an annual salary of £48,000 and you'd need to earn £89,000 per year in order to justify spending £250 per month on shoes and clothes.Īdvertiser Disclosure: NimbleFins is authorised and regulated by the Financial Conduct Authority (FCA), FCA FRN 797621. This can give you a target to shoot for, or maybe even motivation to ask for a raise!įor example, if you want to spend £100 each month on clothes, you'd need to be on an annual salary of £30,000. ![]() Here's How Much You Need to Earn to Spend £200 on Clothes Each MonthĪnother way to look at this data is to determine the salary you need to earn in order to justify a certain monthly shoe and clothing expenditure. Or you may choose to spend, for example, less on clothing and more on savings (which will help in the case of an unexpected financial event or even retirement) or to help pay down any outstanding personal debts you have. If you live in an area with a high cost of living, you may need to budget less than this on clothing. When deciding how much to spend, remember that these numbers are guidelines only. At the upper extreme, someone on £100,000 per year could spend a whopping £277 each month on clothes and footwear. In this case, the additional £10,000 in annual salary (i.e., from £20,000 to £30,000 per annum) provides an additional £29 each month for clothes. For instance, someone a £30,000 salary could technically afford a £100 monthly clothing budget. Those earning a higher salary have more ability to spend. We calculated this as follows: 5% of £1,428 is £71. Applying the 5% clothing and shoe budget recommendation means having £71 per month to spend on fashion. For example, someone earning a £20,000 annual salary takes home £17,136 per year after taxes (£1,428 per month). From there we determined the clothing budget by taking 5% of the monthly take home pay. Using an income tax calculator, we first calculated the take home pay for a range of salaries between £16,000 and £100,000. To help you figure out what this means for you, we calculated this clothing budget for various levels of annual salary. In a fashion-meets-finance article, award-winning financial planner Pete Dunn said we should spend 5% of our take-home pay on clothing. ![]()
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