When Ariana Grande sang “I want it, I got it” in her widely popular 2019 song 7 Rings, many of us were quick to point out that we simply cannot relate. With essential daily expenses, rent and impending bills, partaking in luxury spending is rarely on the cards. However, just as you’d budget for an increased expense such as a home loan or a car, it is possible to have your designer cake and eat it, if Gucci is your goal.
Whilst there’s a stigma surrounding designer items that they’re over-priced and non-essential, if you have an eye for Louis Vuitton or Chanel you don’t need to acquire a credit card just yet. Consider making it a financial goal to work toward, with a few tips that we’ve compiled below.
Don’t want it forever? Just rent
First and foremost, if you don’t want to own the item forever if for example, you wanted to wear a designer label to a wedding, simply rent it instead. At Your Closet you can rent a Camilla and Marc dress valued at $699 for a duration of 4 days for only $149.
The advantages include being more environmentally friendly, saving space in your home wardrobe and chest of drawers and of course, saving hundreds and hundreds of dollars.
Buy it pre-loved
If you don’t mind buying second hand, there are various online outlets such as Modsie where you’ll find $1700 Louis Vuitton heels for almost one third of the price at $600. All items are tested for authenticity and are verified by an expert Quality Control team, with a no-tolerance-for-fakes policy.
Create a bag fund
Depending on the price of the bag and your purchasing price range, create a separate bank account where you can deposit weekly or monthly. As you see the number increase, just as you would coins in a piggy bank, you can identify how close you are to your goal.
If you put away $25 per week, in one year you’d have saved $1300 which is enough to purchase a brand new Gucci Marmont mini bag.
Forgo for the time being
If you find that you simply can’t put any additional money away, consider where you’re currently funnelling your funds and forgo where you can. As mentioned in the point above, $25 per week over one year equates to a designer bag, which is the equivalent of buying a $5 coffee 5 days per week. Consider swapping your barista made latte for your office’s Nespresso machine or instant coffee, and instead deposit that $5 into your bag fund. That way you’re not taking more out of your earnings than usual or increasing your financial strain.
Additional lifestyle sacrifices you can make include:
- Getting public transport instead of Uber
- Meal prepping your lunch at home instead of eating out
- Get your hair dyed every 12 weeks instead of every 6 weeks and opt for a less maintenance style such as foils where regrowth is not as obvious
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.
