I’ll admit that I’m not buying designer handbags and shoes left and right because frankly, 1.) I don’t like to have a lot of “stuff” and 2.) I need more patience and willpower over my spending habits to build the wardrobe and life of my dreams, which I’m currently working on. I’m now saving for a new handbag and after receiving so many visitors on my last post where I shared tips on how to afford luxury fashion, I thought it might also be helpful to share my tips for saving up for luxury fashion pieces on your wish list. When I finally decide to buckle down and save, there are a few things I do to meet my savings goal and check things off of my wishlist. So whether you’re looking to treat yourself or your goal is to stop spending on fast fashion and make smarter investments, keep on reading to find out some of my favorite ways to save up for luxury pieces such as handbags, accessories, and certain clothing pieces.
Note: These tips can be used for saving up for anything, not just luxury fashion, but I know my readers are fashion & beauty lovers who are looking to make smart purchasing decisions, so that’s what we’re focusing on today.
Create a budget & stick to it
Now I know this tip may seem obvious but some people may not realize how important it is to know where your money is coming from and where it’s going each month. This is especially essential when it comes to making larger purchases, although those smaller everyday purchases also can add up quickly. First, write down your monthly income, your fixed monthly bills and expenses, and then your budget for variable expenses like groceries and anything else you spend money on a regular basis. Once you have this figured out, you can see how much extra money you’ll have leftover to spend on non-essentials (like luxury goods). Budget how much of your leftover income you want to put into your savings account for emergencies or any other savings goals. Whatever you have leftover after that can be put towards your luxury purchases.
Make a list and stick to it
Making a luxury wishlist that includes the amount of each item helps keep me focused on what I really want and avoid making impulsive purchases that I’ll regret later. You may think that buying a trendy $30 dress that you’ll only wear one time isn’t hurting your budget but that’s $30 that could have been put towards those Dior Sunglasses you’ve been eyeing. One of the worst habits I had and still working to improve is impulse shopping, both in-person and online. I’ve found that when I keep a list of things I’ve actually researched and thought about, (and avoid browsing fast-fashion websites in my free time) I make better choices. Avoid going on Zara.com at all costs while you’re working on saving up for your next luxury purchase. It can end up costing you money and time before you’re able to purchase that handbag on your wishlist.
Separate your shopping money from your everyday spending account
I do this by designating a bank account for shopping only which holds the amount I budget out monthly. I also create item-specific accounts for more expensive purchases. This tip has been a game-changer for me as I know exactly how much money I have for shopping. I don’t have to worry about if my bills have already been paid from my bank account before shopping because my bill money is in an account exclusively for that reason. Designating a bank account for a specific big-ticket item on your list will make it easier for you to keep track of where you are in your savings goal. Once you reach that goal, you can go ahead and use that card to make your purchase, worry-free, and start all over again for the next piece. Some banks even allow you to name your accounts. Having an account named Chanel Caviar Medium-Flap” just has a great ring to it, doesn’t it?
Do a no/low-buy
One way I reach my savings goals faster is by doing a low-buy or a no-buy where I’ll stop spending money in certain (non-essential) categories until I reach my goal. For me, this could be skipping my Starbucks runs, or avoiding Sephora.com for a month or two to help me save up for something I really want. Think about a non-essential category you spend a lot of money in and challenge yourself to pause spending in that category for 2-3 months or however long it takes you to reach your spending goal. If you can’t think of a category you can cut out, take a look at your bank account statements from the past few months or use an app like Clarity or Mint to view your top spending categories. You’d be amazed at how much you can save over a few months when you’re not buying fashion magazines or if you pause a few subscription boxes.
Cut out unnecessary spending
This tip kind of ties in with the previous one but the difference is that I’m challenging you to cut out certain things for good. Think about some gratuitous areas in your expenses that you could ease up on to save more money and meet your goals quicker. Do you eat fast food 5 nights a week? Are you subscribed to two $30 monthly beauty subscription boxes? Are you overspending on books when there’s a library down the street? Start with one expense or area that you typically spend a lot of money on and try to either eliminate it completely or find a cheaper alternative.
My current Savings Challenge
Since the goal here is to be able to consistently make smarter investments, I’ve challenged myself to cut out unnecessary things that pull me further away from my goals, such as trendy clothing that doesn’t last past 1 season and fast food. Being more discerning with my shopping choices and cooking more at home will help me hit my goals quicker while also building better money habits. It won’t happen overnight but if you’re in the same predicament, I encourage you to take these steps towards becoming smarter with your money too.
These are the 5 ways I save for luxury pieces that are on my list. If you have any other tips, please share them with us in the comments below.
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