We all had fallen in love with a luxury item before that we clearly knew our pockets couldn’t handle it. Fortunately for you, we have rounded up four tips to help you save for buying your favorite luxury item, so get ready for it.

Consider this. Luxury is an investment. This means that it is as attractive as getting shares from the stock market.

Coming from this point, we know that having a luxury item is definitely one of the best financial placement to keep your money safe and valuable. But why should I buy something expensive, to begin with? Can I not be content with fast fashion items? You are asking. Having some luxury items is always good for your capital, mind you. Nowadays, a lot of people are looking for security in their savings and placements.  

So if you aren’t fond of classic banking investment and you are looking to grow your capital, here are some well-needed tips. 

 1. Buy secondhand designer goods online

I know. It is not the same as buying from the shop, but there are many trustworthy websites that you can go to make your transactions of luxury goods. Most of them are secure, and they give you the option to check the authenticity of the goods because the seller is sending them to you. Also, after reaching a certain amount, few websites authorize payments in installments.

2. Spend smarter

Patience is a virtue. If you want to make things happen, you will need to be smarter in your spendings. It means that to have the capacity to save money, you need to cut impulsive purchases. Leave the cute 5$ tops or the double frappuccino from Starbuck. Yes, these are not expensive when buying, but the devil is in the compounding effect of those things that will undoubtedly harm your wallet and hinder you from reaching your goal in the long term. Make your goals a priority. You won’t regret this. 

3. The 50:30:20 rules

Let’s be honest. You absolutely don’t want to be broke at the end of the month after your last Louis Vuitton purchase. 

Budgeting is the main part of the process, and the 50,30,20 rule is an efficient way to help you spend more thoughtfully. It will have a significant impact on your monthly spendings. The rule goes like this : 

• 50 % should be for your: Bills, first needs, and mortgage,
• 30 % For entertainment: Restaurants, Activities, shopping, culture, 
• 20% For savings: Life emergency, goals, dreams.

Tracking your spendings each month and visualizing them enables you to realize how you are spending your money. If you don’t do that then, it might be complicated to achieve good financial security.

To accomplish this, we recommend doing it through a budget book, or you can simply write down your expenses in your notes. 

4. Increase your income

There is absolutely nothing wrong with a 9-5 position like most people living on this planet have. However, for many people, luxury is out-of-reach when it comes to salary. That’s is why investing in yourself is a priority! There are many ways to increase your income. You can ask for a raise (it might be complicated) or invest in a side hustle if you have some spare time. If you can use that time to bring yourself additional income, then go for it! Whether it is doing freelancing as a content writer or a marketer or even starting your own side business, many options are available! And if you have the skills, you can even begin investing and building your investment portfolio. There are so many ways to get extra cash to help you get your dream bag you have been yearning for.