Luxe on a Budget.

 

Want to buy luxe but think it's out of reach? I think it goes without saying, but if you make a generous salary, multiple incomes, well-kept, or just a big credit card splurger, please feel free to sit this out. Or hey, maybe you can share these tips with those of us who just can’t bring ourselves to drop 1K on a bag out of the blue.

Some of my methods maybe be a no brainer to some - but I am still going to share nonetheless. Before I share my method (no I am not going to ramble on and on and make you buy some e-book, lol) I want you to ask yourself WHY do you want to by designer items? 

Is it because you're sick of current merchandise falling apart? To invest in better quality? To show off a milestone in your career? Because you like how the logo looks? Did you develop a random hobby for collecting leather goods? Do you want to spoil yourself after a rough year? Because you simply want what YOU feel is the best? Because you like, what YOU like? 

Or for the wrong reasons? To impress people who don’t even care about you? To provoke envy? Keep up with your favorite IG honey... your arch nemesis? To be tacky flashy. Because you think these items will bring value to your character? Please make sure these items are truly in your interest and not just to keep up with today's Instagram Flexing Era. 

Otherwise, just why spend so much on purse? After all, it’s just material things that you can’t take with you when you pass. 

And then of course, you only live once so if you want to buy that one staple purse you cant get your eye off because you’re just in LOVE; I get it! I am the worst influence. So how do I purchase my Luxe items? Aside from gifts from loved ones, well you know, saving and taking advantage of every discount possible. I also want to make a disclaimer that I am not a financial advisor or any kind of finance guru. I am simply sharing what works for me.

 

1. Saving up the money

Automatic Transfers

I have a designated savings account where $100.00 of my paycheck is deposited bi-weekly. If you can’t afford to do $100.00, you can do $50.00 or even $25.00. If $25.00 is too much for you – girl? Don’t act like you don’t eat out when you don’t need to. Or get Starbucks/ Dunkin Donuts every day – that’s about $30.00 a week right there, $60.00 bi-weekly. You can do this! 

In 2 months, I have already saved up $400.00 using this method – and if you really want that bag, patience girl! Keep letting those automatic transfers accumulate.

If you find that is still too much to put aside, you can always consider the Latte Factor. Did you know that putting away $2.00/ day will have you save up $730.00 in a year? Even more if its in an interest-bearing account. Some food for thought.

Work Bonuses

I am very grateful to have a job that awards us with quarterly bonuses and gift cards whenever we do a job well done. Some people will much rather save it for necessities and I understand that, but this is not what this post is about. I take these bonuses and put them in my Luxe Savings account and I am fine with that... for now. 

Savings account

As mentioned above, I stack up in a savings account. When setting the money aside, be sure to put it in an interest-bearing account. There are online savings account offering up to 1% APR. My current favorite banks are currently Capital One and American Express. If your money is gonna sit there, you’d have to be a sucker not to make sure you’re earning interest.

2. Discounts

Be smart! Take advantage of Saks giving out gift cards. Take advantage of cash back applications like Rakuten (E-bates) which give you cash back (from 2% - 13%) from several retailers.

Be sure to make all your purchases through a credit card that has a very good reward system – in particular, rewards you can redeem as cash so if you feel guilty about buying that bag (buyers remorse), you can use that cash back to pay a bill or put the money back in your account. 

This is also important if you’re shopping in stores like Louis Vuitton that NEVER discounts their items. 

NEVER buy anything at full price (unless it’s a hot item and you NEED to have it). We have way too many holidays specials and retailers have way too many sales to buy things at full price!

What are some ways you save up for your high end purchases? 

-A <3.