Last updated on December 28th, 2022 at 09:09 am
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Like many other girls, I like to indulge in luxury goods once in a while. Not everything in my wardrobe has to be designer but there are a few pieces I have picked up over the years that I absolutely love.
Here’s the thing – you can too! The timing of when you can buy your dream designer item may differ for each person (it depends on how fast you save up but it’s totally doable).
Follow these tips so you can add some designer bags to your fashion collection.
1) SAVE, SAVE, and SAVE
The first one is a no-brainer. You need to save money. It’s the best tip on how to afford luxury bags.
(Saving money is a good habit regardless of buying designer goods. You never know when you need some extra money. But it’s also important if you want to purchase luxury items.)
Depending on your bank, you can open up another savings account. That account can be used when you want to save up for a big ticket item.
There is also putting away cash in an envelope.
Dedicate a method to save for your luxury goods. You can put money in there every month or whenever you can.
Having a separate bank account or putting cash away will allow you to see visibly how much you’ve saved.
You’ll see the dollar amount grow larger over time. This will motivate you and get you excited.
When all your money is in a lump sum, it’s hard to tell how much you’ve saved.
Then when you finally buy what you want, it’s a rewarding feeling because of all the effort it took.
How to Afford Luxury Bags Tip #2 – Cut Your Expenses
How much are you willing to sacrifice to buy luxury goods?
Yes, you need to save your money but you also need to cut down your expenses.
You can then use that money in exchange for luxury items.
Ask yourself what unnecessary expenses you can reduce.
- Make coffee at home instead of grabbing a cup of coffee every day
- Taking fewer Ubers and/or taxis. Use public transportation more often
- Eat out less and cook more at home
These little changes might not seem like a lot but don’t look down on them. They do add up.
For example, let’s say you go grab a coffee at one of those hipster coffee stores every morning before going to work. It costs about $5 each time.
Since there are about 260 working days per year, that means you’re spending $1300 just on coffee. If you’re one of those coffee addicts that need coffee every day, the amount goes up to $1825 per year.
That’s a lot of money for only one out of the many expenses you have.
Think about what you can buy with that money.
With that, you can definitely buy something nice. Even more than one thing depending on what you want.
If you’re serious about affording luxury bags, you will need to make sacrifices.
Choose what’s worth cutting down on.
It doesn’t have to be all or nothing. You don’t have to completely quit buying coffee from a coffee shop.
For example, you can treat yourself to a cup of coffee at a café for only 3 days instead of 5.
Analyze Your Bank Statements
You might not think you have unnecessary expenses but if you look at your bank statements, you’ll highly likely find expenses you could have cut.
Analyze your bank statements consecutively for a few months.
What else can you stop spending money on?
Is it buying fewer makeup products? Skincare products? Getting your nails done?
The more you reduce your spending, the sooner you’ll be able to own your dream luxury items.
3) Preloved Platforms
Luxury second-hand platforms are your best friends. There are tons of reasons why you should buy pre-loved, the price being the main factor.
Even if you like new items, you can still browse their websites and filter out the condition so you only look at unused stuff.
The pre-loved platform I use the most is Vestiaire Collective. Their website is easy to use and has a ton of brands. You never have to worry about not having enough things to look at.
That’s where I bought my Gucci Soho Disco bag for over half price on there!
There are even Instagram accounts that sell luxury second-hand goods. Hong Kong sure has plenty of them (it’s a thing over here) but there might be some hesitation to shop from there due to the fear of purchasing counterfeit goods.
Unless you have a good reason to trust these social media accounts, you might want to lean towards the above-mentioned preloved luxury platforms.
4) Designer Outlets
Tip #4 on how to afford luxury bags is shopping at designer outlets.
Some designers don’t have outlets like Chanel, Louis Vuitton, and Hermes but many of them do.
Outlets are usually far out from the city but it’s worth checking out especially since there will be a lot of deals.
If it’s hard for you to get to a shopping outlet, it’s okay because you have other options.
There are stores such as Saks Off Fifth, Neiman Marcus Last Call, and Nordstrom Rack that sell a ton of discounted designer stuff online. These same places also have brick-and-mortar stores for those who like to shop in person.
You can also visit Winners, TJ Maxx, and/or Marshalls. Many of these stores tend to have a luxury brand section.
Go treasure hunting at these stores to see what gems you can find. It’s fun because you don’t know what to expect.
What you need to know is that a lot of the items sell out quickly. These stores have limited items and usually only have one of each thing. With its affordable pricing, no wonder things are gone so soon. People love a good deal!
How to Afford Luxury Bags Tip #5 – Company Newsletters
Choose a few companies to sign up for their newsletters. You’ll then know when their stuff goes on sale.
It’s best that you pick companies that sell discounted goods from a variety of brands like Vestiaire Collective and Saks Off Fifth.
Most of the items on these websites are already much cheaper than retail. When they slash the price further, it’s great news for you.
You’ll have to pay close attention to these websites though because items can be snatched up quickly if you’re not fast enough.
It’s worth giving it a try.
You can always sign up for a newsletter from your favourite designer but don’t get your hopes up.
There’s a low chance of receiving an email from Gucci letting you know when they have stuff on sale.
6) Sell Your Stuff
Do you have any items that you no longer want to keep?
Consider opening an account on eBay, Carousell, Craig’s List or Vestiaire Collective.
You’ll be surprised at the things people will buy.
Selling unused or unwanted goods is beneficial because you’re helping the environment and getting financially rewarded for it.
You can find a new home for your unwanted items and collect money instead of letting them collect dust.
Just make sure they are things you don’t want before putting them up for sale. Once you sell, it’s too late to change your mind.
Do a cleanout and see what can go in the unwanted pile.
Then, put these goods up for sale right away.
Your items can stay idle for a long time before someone is interested in purchasing from you.
If you aren’t in a rush to sell, you have more flexibility.
For example, I sell my secondhand designer goods on Vestiaire Collective. I’ve received a bunch of offers on the same item but I can afford to be selective because I’m waiting for the highest price offer.
If I was tighter on cash, I might have accepted the first available offer.
7) Be Patient
This isn’t as discussed often, but an important tip to how to afford luxury bags is being patient.
If your dream designer item is common, it will pop up frequently from different sellers and websites.
That’s when you look out for eager sellers. They are more willing to drop their prices. When they do, here’s your chance of buying it.
I’ve gotten things where I wanted the item NOW so I didn’t wait. As a result, I lost my chance to buy the item at an even cheaper price.
On the other hand, if you want something rarer, you might not be as lucky. You might still be able to find a decent deal but have limited choices because the item won’t appear in too many places.
My piece of advice to you is don’t shop impulsively. Make sure it’s something that you really want before leaping.
Most preloved website platforms have a ‘watch’ feature where you get an alert if there is a price reduction.
They’ll send you an email notification letting you know so you can jump on the opportunity.
When you are choosing to save up for designer items, especially if they are your first few ones, it’s all about practicality.
You might like an item now but what about a few years from now? Will you still feel the same way?
Choose practical items.
Pick classic items instead of the trendy style you might get sick of in the future.
Be honest with yourself about how often you’ll use the item you’re saving for. Be picky with the quality, brand, colour – everything (remember it’s quality over quantity). These items aren’t cheap. So make sure it’s something you’ll use often and will still like down the road.
If you’re planning to resell the bag in the future, take care of your designer handbag. Bags go down in value the more you use them.
Final Thoughts – How to Afford Luxury Bags
It’s more than fine to indulge in luxury but make sure your essential needs are met first. Luxury handbags are very nice to have but they are not absolute must-haves.
With that being said, there are a variety of ways of getting good deals on designer brands.
When you save up and buy get your dream designer bag, it’s an exciting feeling.
Cheers to finally getting your perfect luxury handbag!
Now to You – How to Afford Luxury Bags
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