I've noticed I'm not alone in vowing to limit my spending. Several bloggers, including Amanda, have devoted posts to this same issue. I was talking to Caroline today and we both decided to save for something we really want--like a RM Roland Mouret dress, or possibly a great bag. While this seems counter intuitive I think big purchases often lead to limited spending as the emotions/guilt/pleasure lead to cutbacks both before and afterwards. While I may not go this route, one thing I am going to cut back is those small splurges that add up. I've already mentioned that I am not going to buy the following this year--unless I really love a special item or absolutely need it:
colored opaque tights (I have drawers full of them)
J. Crew costume jewelry
These little splurges often go overlooked (it's just $5, $10, $20, $50) but they add up. They've also filled my closet, drawers, and other available spaces. I do not need any more of any of the above and can no longer say it's an investment. Cutting back on spending on clothes also comes with the advantage of cutting back clutter. And our one bedroom is way too full of stuff.
I also vow to cut back buying books and dvds. This one is tricky--I do need them for my job and for research and libraries don't always cut it (books are recalled or out on loan, or simply not there--something that is notoriously the case at NYU's Bobst). I still haven't worked out how to manage this cutback but I have to do something as I have way too many unread books and unwatched dvds on my shelves.
Still, I don't think these spending cuts are enough. I no longer buy something because it is Mayle and I haven't got it and it is in my size. I've got to love it and it has to be something that will add value to my closet at a reasonable price--although I have yet to sort out the details.
Basically, I'm on a clothing freeze right now. That may be the easiest way to do it. If anybody has any advice, please share.