The other day the banker and I were discussing the fact that we have been spending far too much money on eating out and grabbing snacks while we’re out. We came up with a new idea, and we’re going to give it a try. We’ll take out $20 each, bi-weekly and that’s what we use for dinners, ice cream, and other entertainment. So, if we want something cheap we can go out right away, but if we want to plan for something a little bit nicer, we’ll have to wait for a while and save up.
I’ve decided to do the same thing for my clothing budget. I spent too much on clothes and accessories in February, and made a promise to myself that I wouldn’t buy anymore until there is no snow left! (Believe me, in Ontario we have our fair share still!). But now I’ve decided to use this tactic as well. This way, if I want to go on a shopping spree I have to wait until I have a decent amount saved up. I’m hoping this will help me really think about my purchases as well, so I won’t buy things impulsively, but really think about how it will fit in my wardrobe and how often I will actually wear a piece. I’m not sure I can stick to just $20 bi-weekly, but I’m hoping too. It seems like I always buy a lot at one time, and then go for a month or two without any clothing purchases, so hopefully this will be enough.
How do you decide how much you will spend on things like dining out or clothing? Do you find there are certain times you binge spend and other times you really cut back?