How to Save Your Money for Luxury Pieces

It’s the last day of the month! Goodbye April and say “hey” to May! I get questions asking me “how do you afford all your luxury item?” And I always provide a brief answer but I’d like to go into detail to better explain the steps you can take so you can buy luxury goods!

Have a Direct Goal

Know which item exactly you’d like to purchase. Set your mind on the item and believe that you already own. If you’re having a really hard time deciding between, let’s say, two handbags, try to have the two bags within the same price range as each other. Don’t be stuck between a $1,000 bag and a $5,000 bag. That’s too large of a gap to have a direct goal.

Know the Price. Know the changes

If you didn’t already know, luxury brands increase their prices every year (mostly between Nov – Jan. This is important to remember if you’re going to make the purchase after January because I wouldn’t want you to to be under when you go into the store. I would save another $100 to the current price just to be on the safe side. A Louis Vuitton Speedy used to be $700-$800 couple of years back, and now it’s around $900-1,300. Time it right and don’t be afraid to call the store to see when they’ll actually be doing price increases so you can get a clearer picture of how much you’d actually be spending.

Create a Separate Savings Account

Ask your bank or credit union if they have secondary savings account that you can label. Most times they do! However, don’t link it to your debit card or get an ATM card for it. You must restrict yourself from touching that account. Also, if you can, distribute some funds from your paychecks to go directly into that account. Make it seamless for yourself so you don’t have to worry. Watch it grow and then take out when you have enough for that luxury piece! And if you can find a interest bearing account, go for it! That’s basically free money, even if it just pennies.

You Need to Want it

If that doesn’t make sense, allow me to explain. People say you need to separate your needs vs wants. However, since we are on the topic of Luxury Items, which most times would be more classified as want, it can be kind of condescending to say a handbag is a need. All you need is something to carry your stuff around, but the allure of designer items is what gets us. If you want that Chanel bag because you know it’s a classic, and you want to be classic, and you know it’ll give you confidence…make that your need. Make your confidence and morals your need. And if it’s the handbag that will give you the confidence…then you need to want it! Once you get that mindset, you’ll be more willing to save for it just like you’re willing to go to the store for basic necessities.

Finally, do What You Have to do

If you want to afford luxury items, you have to sacrifice something. Whether it be your time to work extra, or sacrificing eating out so you save a couple of extra dollars. If you want to sell something or even sell a service then go ahead! Luxury items aren’t cheap, so you have to come up with disposable income in order to afford them. Priorities may change, but be sure not to leave your peeps behind and stop yourself completely from having personal time with them. Luxury items will always be here, not people.

I feel like if you get into the habit of taking these actions into play, you’ll get used to it. And you might even get quicker at it thus owning more luxury items. Also, be sure to read my other blog post on How To Always Get What You Want, I think this post can also help you reach your luxury item goals.

And as always, thank you for reading! If you have any questions or concerns about this post then go ahead and comment down below and I’ll definitely leave a reply.

3 thoughts on “How to Save Your Money for Luxury Pieces

  1. You should do a handbag collection! Would love to see a YouTube video of it? 💖

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