Have you ever said, “I don’t need it” and then changed your mind to “I need it!” two seconds later? When considering a designer item that may break the bank, you can have a “he loves me, he loves me not” moment. Hence, if you can’t seem to make a decision, particularly due to financial reasons, the team here at Biltmore Loan and Jewelry wrote this article with you in mind.
Read on, consider our money-saving tips, and thank us when you finally have that Dior Oblique Saddle bag as arm candy.
How to Afford Luxury Items, in the Words of Millennials
In case you didn’t know, millennials are rewriting the future of luxury brands. Luxury in the 21st Century is a term associated with handbags, jewelry, and all things boujee from brands that rule the fashion scene. The question is, how does the younger generation afford the likes of Louis Vuitton, Yves Saint Laurent, Gucci, and more?
Flare Magazine talked to nine millennial women and asked about their most extravagant designer purchase. Here’s what some of the big spenders had to say:
The Céline Sangle bucket bag is the prized possession of Francesca Morfini, a 24-year-old account coordinator. According to her, “I spent a year trying to convince myself that the original price tag of about $3,000 was a steal. When I found it on sale, I put it on hold in the morning and bought it before the shop closed later that day.” Regarding how she was able to afford the designer item at such a young age, she said, “Between my birthdays, holidays, and personal savings, I had some money saved up. Other than avoiding eating out for a month or so, I didn’t make any big sacrifices.”
28-year-old blogger Ellen Yeong, on the other hand, shared that her most prized possession is the YSL Lou satchel. “I waited a year as I wasn’t really in a hurry, and I purchased this one [YSL Lou satchel] within four months of finding it. I have a separate fund where I put aside money for purchases that are on the more expensive side.”
Renée Tse is a 27-year-old writer and a proud owner of the Céline box bag. Her words of wisdom were straightforward: “I rarely impulse-buy any big-ticket pieces,” and “I usually wait for things to go on sale.”
Avoid eating out: check! Have a separate fund for big-ticket items: check! Don’t shop on impulse: triple check! But what else can you do to save money faster?
Habits to Help You Save for Designer Handbags, Jewelry, and More
“I like my money right where I can see it: hanging in my closet,” said Sarah Jessica Parker in a scene from Sex and the City. If you share the same sentiment as her, try these habits to afford designer items.
1. Start a Budget
Track down your income and expenses on a notebook (or if you’re tech-savvy, an app or spreadsheet will work, too). Next, give yourself a monthly budget and spend within its limits. You will see a significant increase in your fund for designer pieces, which eventually, will allow you to buy the luxury item on your wishlist without a care in the world.
2. Accept Projects or Freelance Work
Before Italian fashion designer Giorgio Armani established his empire and reformed the fashion world with his seamless tailoring and fit, he started as an employee at a department store. He also had a job under designer Nino Cerruti and freelanced for many fashion houses. What’s more, he had to switch careers to follow his passion — Giorgio Armani was a medical student at the University of Milan before pursuing fashion.
The successful designer’s early beginnings leave an important lesson: if you have a considerable amount of free time, make it count by taking up part-time jobs or freelance projects. For example, you could turn one of your hobbies, such as photography or graphic designing, into a money-making machine. Once your savings grow, you might finally have enough money to spend on the finer things in life.
3. Balance Your Expenses
Once you have the money, there’s nothing wrong with splurging on a designer item or two (after all, Hermès Birkin bags are better investments than gold). But wouldn’t it be better if you didn’t live from paycheck to paycheck? Try balancing your expenses, and don’t wait for you to drown in debt. Your sacrifice doesn’t need to be fashion related.
For instance, you can avoid depleting your savings by following Morfini’s example: do not dine at restaurants or fast-food chains too often. You can also clean your apartment instead of hiring a service, or cut down on other lifestyle choices that demand big bucks. These practices will cultivate you into becoming more independent, and you could achieve a balance between guilt-free shopping and a healthy savings account.
4. Buy Preloved Luxury Items
What’s better than investing in a designer item? Buying a discounted designer item. The problem is, top luxury brands like Hermès and Chanel do not mark down their merchandise to control the value of their goods. The loophole? Buy it secondhand.
Whether you’re looking to invest in a designer handbag or diamond jewelry, you want to be positive that you’re purchasing from a legitimate source like The Relux. To know more, we encourage you to read A Smart Shopper’s Guide to Buying a Preloved Louis Vuitton Online and Jewelry Shopping 101: None Questions to Ask a Jeweler.
5. Sell Your Unused Valuables
According to Yeong, apart from having a separate fund for her designer wishlist, “I also try to sell clothing items and accessories that I don’t use anymore.”
Here at Biltmore Loan and Jewelry, we pay competitively for valuables ranging from antiques and collectibles to art pieces and high-end electronics. Click here to view the complete list of items we purchase, and complete our online form to get a free market appraisal. Our services can help you earn enough money to buy your first designer item, or enable you to expand your luxury collection.
A Final Word of Advice: Assess Your Wants
The desire for luxury items and designer brands stems from a place of want rather than need. So, before you splurge on a Givenchy Antigona or Cartier Love Bracelet, ask yourself if you really want the item. The last thing you want is to spend thousands of dollars on something that does not suit your style. Therefore, tread carefully before delving in.