Often times when we want to splurge on a luxury designer item we wonder how can I look rich without going broke? As someone who is pretty open about my weakness for designer handbags and shoes, I know a few tips on how to afford high end pieces. The most important thing to remember is that buying designer items is a luxury and not a need. Now it is perfectly fine to treat yourself, especially after an accomplishment or a life milestone but we have to remember to pay for our actual everyday needs first. Below are some tips to follow so that you can afford to buy designer without feeling guilty about it!
1. Save first
Make sure you are setting up a savings for the future before you invest on a designer piece. This means putting money aside for retirement, your long-term, and short-term goals and also paying all your monthly expenses. I like to balance between spending a big chunk of money and also saving a big chunk of money into my savings. I often times set a goal, for example if the bag I want is $2000, I have to at least have that amount in my savings after the bag is purchased. Always remember, your financial goals are more important than buying a designer handbag.
2. Buy quality over quantity
Think about all the times you've purchased something cheap that after a few years fell apart or that looked like what you wanted but in reality did not. Completely not worth it right? It's better to buy the item you initially wanted than 5 items that kind of look like the item. Buying the designer style will actually save me money. rather than buying five look alike because in the end I will eventually splurge on the real deal. Additionally, designer will last longer than cheaply made items. Also keep in mind that many designer items if kept almost new count as investment pieces, that can be worn for years or resold.
3. Wait for your "must-have" pieces to go on sale or buy from the resale market
Although classic pieces from designers rarely go on sale, if you are patient, you can find a lot of seasonal items with a classic vibe in the designer sales. Often times these sales will mark down the seasons colors that did not sell and you can achieve the look for less if you do not mind certain patterns, fabrics or color selections.
I am also a huge fan of buying gently used or pre-owned designer handbags from consignment sites like the RealReal, Fashionphile and Rebag. The resale market is much like buying stocks, when the "it" trend is tiny bags you can easily find totes at a cheaper resale price and vice versa. My first designer bag was a Celine luggage tote from the RealReal for half the price and in great condition, and though it is not an "it" bag right now I highly believe the style will come back and I still receive lots of compliments when I wear it. Also, consignment softens luxury’s impact on the environment, and I can approve of that.
4. Save for the big-ticket items
For the past few years, I have started to take my time with my big buys, I often research and think about what I am going to buy for months. Not being such an impulsive buyer has actually saved me money and now I actually wear what I buy instead of having it in my closet for display.
5. Stay away from fast trends
Stay away from expensive things that are overly trendy. If you want to achieve the look but not invest in the item for long term use depend on stores like Zara and H&M. If you are going to spend a ton of money, it should be on timeless pieces with neutral colors to maximize the wear.
6. It's not a competition
Buy what you like and what you can afford because you like it and not for anyone else. Don't get caught up keeping up with the Jones or with the social media influencers because they receive these products for marketing purposes and for free. You should always buy something because you love it not because of what anyone else thinks about it.
7. Mix it up
There's nothing wrong with wearing a $10 dollar tank top with a Chanel handbag. Absolutely nothing. Determine what your style is and mix it up. Not everything you wear has to be super expensive. I personally like to splurge on bags and shoes but will never pay more than $50 for a pair of jeans. It’s perfectly okay to have a mix of high end brands with pieces from Zara in your wardrobe, it's called balancing.
In the end, when it comes to expensive handbags or other high-end fashion purchases, as long as you are doing it the right way, occasional splurges are allowed. Just be sure that the important stuff comes first. There is nothing wrong with splurging from time to time as long as it doesn’t hinder your financial goals.
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