How many times have you strolled into a mall fully convinced that you’re here just for window-shopping, but like all of us mere mortals, you too ended up walking out with a number of shopping bags? Those flashy sale signs, attractive window displays, and an eager salesman earnestly urging you to “just try on” this beautiful outfit aren’t from the goodness of their hearts or for boosting customer experience, it’s a masterstroke of marketing. Marketers know exactly how to make a designer outfit absolutely irresistible.
A luxury handbag might seem like an “absolute must-have” but it’s important to remind yourself that buying designer items or any other luxury products for that matter should not hinder your financial goals. In that spirit, the following are a few simple tips that can help you save a pretty penny while purchasing luxury.
Make room for your purchase
There’s nothing wrong in treating yourself from time to time with your hard-earned money, but before you treat yourself make sure that your financial goals are met. Check out our blog on how to manage your money and classify expenses based on spending category.
Luxury falls under the category of non-essential spends, and unfortunately, each purchase makes a sizable dent in your budget. So, to accommodate such a sizable one-time expense, you need to save up in order to make room for it in your budget. You can begin by consistently saving a small amount every day, and within a short time, it would yield you a large wiggle room in your non-essential spending budget.Check out our previous blog on how to save more on your day-to-day expenses.
Bonus tip: If you’re the kind whose single cheat day can ruin a week’s worth of dieting, you might need to follow this tip as gospel. Have a separate savings account designated for non-essential spending so that you can make guilt-free purchases. To add one more layer of security from your own lack of willpower, get yourself a debit card for this account instead of a credit card so that you don’t shop yourself into card debt.
A home run is better than two doubles
You’ll notice that you’re pickier when it comes to buying expensive items, and rightly so because you don’t buy “Big” all through the year. But when you do, you usually OBSESS over a particular item so as to convince yourself that this dress is “the one” and your life is incomplete without it. Let this be your motivation to save up for it.
Apart from aesthetic value and designer items are all about quality, and wouldn’t you want your expensive purchase to last you a lifetime? Investing in a high-cost item of good quality will save you a lot more money in the long term. Such well-designed accessories are made to last and can outlive many similar products of lesser-costs.
Considering the longevity of the product, make sure that you choose a timeless design and stay away from fast fashion fads. Also, expensive materials such as silk, chiffon, etc are very delicate, so make sure that you take a very good look at the “laundry care” label.
Wait for sales
Designer items rarely go on sale, because while their demand is high, their production is intentionally limited to maintain exclusivity. But if you are patient enough, you can sometimes find some items in the store’s annual or biannual sales. In the meanwhile, You can also visit their brick-and-mortar store where they might have a store-exclusive sales campaign or find vouchers for your next purchase. Alternatively, you can also find some discount codes if you sign up for their newsletters, or from offer aggregators such as Hundred Offers. Our free-to-use app can hook you up with great deals offered by your credit, debit or loyalty cards as well as the ones offered by various stores.
Thrifting & Renting
Thrifting is a practice of looking for hidden gems in a thrift store, or a flea market. Now, it’s not just limited to physical stores, many websites and platforms such as Instagram will aid in your hunting. Buying second-hand luxury products is quickly gaining traction as a sustainable and eco-friendly practice and a keen eye can help you save tons of money.
Renting designer dresses, handbags, shoes, and other luxury items is easier than you think. Renting makes expensive items easier to enjoy without having to spend a fortune on one item or worrying about them going out of style. You don’t want to spend a fortune on a designer bag only to realize that the item does not suit your style and then hang it in your closet forever. Renting is a great way to test out different bags and to see whether you really like them or not. If you really love it, you can always buy it, plus the renting store offers you a good deal compared to the retail prices.
In conclusion, as long as you can afford it and don’t hinder your financial goals, treat yourself to some exquisite luxury.
Happy Savings!
