For school clothes though, I gave DD2 a modest cash allowance and she went shopping with a friend. I was a little nervous about how she would budget, but she is learning well. She came home with two pairs of shoes, a dress, two cardigan sweaters, a pair of jeans, and four shirts, spending a total of $215, an average of $21.50 per item. All were practical and appropriate items, and blended with the clothes she already owns, she will have a more than suitable wardrobe. While I think I might have done better had I shopped with her, she has to learn how to use a budget, plan what she needs, and make choices. More than likely we still have a few things, socks, undergarments etc., so I expect to spend around $250 before Wednesday. If I add what we've spent since the start of 2017, I estimate we'll have/will spend $560 on clothing and shoes for her in 2017. Some of you will be gasping, and others will be applauding, and others will feel like that is a normal amount based on your experience with teens. I think it is far less than most of her peers are spending.
I start September with my monthly laugh at my over optimistic savings goals. I've made a couple small contributions to hurricane relief, but DH and I need to figure out how much to increase our giving now that August is over. Despite not meeting my ridiculous goal, we are so fortunately blessed and must give of our savings to help those left with nothing. I say this, while knowing we must plan for our own future as well as emergencies to our own crisis's. It is a balance being pragmatic and altruistic, as opposed to being stingy.
August Recap
Annual Savings Goal $40,417
January Deposits $ 2,200
February Deposits $1,283
March Deposit $4,901
April Withdrawal (Roth) $-4,616
April Deposit $ 2,700
May Deposit $1,500
June Deposit $1,000
July Deposit $ 0
August Deposit $ 2,040
Perks to Cash $ 162 (added two $5.00 Target cards)
Savings Goal Balance $29,297
Financial Goals Achieved
Fully Fund Roth $13,000
Revised Savings Goal
Balance September 1, 2017 (+ paying back borrowed previous savings)
$29,297
December Fun Money $ 480
January set aside $ 70
February Set Aside $ 0
March Set Aside $ 0
April Set Aside $ 5
May set Aside $ 0
Found- Movie card with $25 still on it and a $50 bar and grill gift card that we'll use with kids in December $ 75
June set aside $ -70 (I need to repay this-make it three times as I didn't have cash again for a cash only payment for choreography weekends for DD2)
Savings Goal Balance $ 400
2017 Goals-Recapped
DH full 401K and Roth $19,000
*Home Repair/Enhance $ 5,800
*Travel $ 7,500
*College Savings $ 8,117
$40,417
*Part of adding to existing and revolving funds.
Financial goals for September:
- Spend as little as possible on entertainment and eating out-$165 or less including wine club membership, eating out, and take out meals, a savings of $50 from our $215 average budget
- Specifically to take out and fast food-challenge to less than $25, and only DH for his occasional lunches and he must use apps, coupons, or value specials of the day
- Keep Grocery and household shopping to $400
- Research ways to cut costs on utility bills
- Figure out a reasonable additional hurricane donation and what organization to send it through (leaning towards our church/ELCA)
I think it is great you gave your daughter the responsibility for clothes shopping and it sounds like she did good. I would bet that is low to average for a budget. Later in life she can find the joy of thrift shopping but kids are so brutal to each other these days, that might be better left for college days
ReplyDeleteI should have disclosed that this also includes two over priced "spirit wear" items, a jersey and leggings/track pants with her school colors and logo which was $60 out of her budget. As an upper class man this year, she felt she probably should join in more on the big game days and spirit days. Neither item needed and will last both years (and into college if she keeps wearing. She had a little taste to thrift shopping, so now that she is set for clothes, I think she will start exploring thrift sores more.
DeleteI always figure clothing budgets over a per month average. Since everyone here is grown and not subject to fashion whims our yearly budget is quite low. For a teen a 560 yearly budget is a modest under 50 a month budget. good for you and good for her being responsible with her budget on her recent shopping trip.
ReplyDeleteI do think she did better than most kids with her budget, purchasing practical, attractive, but not overly trendy items so should get longer wear out of the items. DH and I tend to just restock basics, but if I shift this weight, I have some serious consignment or thrift shopping to do for my work wardrobe.
DeleteI think that's a pretty reasonable amount, considering it includes shoes. Shoes are by far the biggest part of our budget for the boys. They wear the same athletic shorts & shirts for a few years (flexible sizing & all) =, but shoes are pricey!
ReplyDeleteMy daughters a runner as well, so this does include her running shoes. fortunately, her shoe size has been stable and she has been able to get a second and maybe even third year out of an expensive short boot, her black flats for choir and orchestra, and a pair of sandles.
DeleteSounded a little high to me but my kids were all thrift store junkies (loved the thrill of the hunt) so I'm probably way off base - it certainly didn't make me gasp when I saw the number and it is much harder to be a teenager nowadays :)
ReplyDeleteI'm fortunate that she i not opposed to the odd hand me down, will wear clothes until they no longer fit or are worn out (she is still petite, but has gotten curvier in her high school years)As I said to Cheapchick, she had a little taste of thrift when she found a super cue black dress for $6 but wanted to just get her shopping done this year in one go. I think she is pretty set for clothes for a while and might just fill in the edges next year.
DeleteDaughter's clothing spending doesn't sound too bad to me.
ReplyDeleteYour financial numbers don't make sense to me tho.
Your savings goal balance....is that $29K+ what you still need to save to reach your $40K+ goal?
And if $19K in DH 401K + Roth is part of the $40K+ at the bottom and you've funded the Roth at $13K then shouldn't your total saved be $24,170 and not $11,170 and your goal left to save be $16,297 and not $29,297?
And what is the Savings Goal Balance of $400 lower down in the post? I am utterly confused....lolz
But good on for saving! Looks like you put a big chunk away in August.
My Sept. goals is just to stay afloat this month. Our last month before we can access the 401K $s. Our savings will take a hit as I pay off the last of the road trip bills. ouch.
I had to recheck my sums and subtractios. My goal was 40417. We needed to dip into old savings to fully fund the Roth in April so savings subtraction if 4616, as had to pay that back.I added the point about Roth being paid so beyond just cash savings, I could document when we spent/achieved the purpose. I wish the balance was only 16K to target! We've really only saved $11,120 technically and paying back what we borrowed from old savings hasn't been done yet.The lower $480 was for a little December slush fund for fun things-movies, plays, eating out, when older kids are home. The week of Christmas was expensive and I wanted to prepare seperately with a kitty.
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