5 TIPS FOR SAVING UP FOR A SPLURGE
One of my best friends dreams about owning a Chanel bag one day. This post is for her and anyone else who wants some tips on saving money for a dream item.
Sometimes people want a designer item but think they can't afford it, so they spend money on a lot of other things that are less expensive but then never end up wearing or using them. Isn’t that really just a waste of your money?
If you have several bags that are collecting dust in your closet, doesn’t it make more sense to save the money you spent on all those bags and just buy one great bag that goes with everything instead?
I don't believe in spending money you don't have or going into debt for luxury. You should only spend money you actually have to buy these things. That being said, if you save up for it than you should buy what you really want!
Here are some tips for saving up for that one item you’ve been dreaming about:
1. Set up a savings account to make a deposit once a week for an amount you are comfortable with. Try saving $2-$10 a day and then at the end of the week deposit it into your new savings account. By the end of the month you could have anywhere from $60-300. That’s a significant dent towards that dream bag!
2. Every time you see a similar item for less that you would consider buying- DON’T! Instead put the exact amount you would have spent on that lesser item into the savings account.
3. Take any loose change you have at the end of the day and put it in a jar. Collect that for a few months and then take the coins and deposit them into your account.
4. Give up one spending habit for a month. For example, if you stop at starbucks eveyday, skip it for a few days a week and instead deposit the money into your designer item fund!
5. If you are like my mom and can never pass up a sale- TRY!! My mom sees a sale sign and loses her mind! She buys so many things she doesnt need and it ends up being a complete waste of money. She thinks she’s saving but really, she’s over spending on things she never would have bought in the first place.
You will be surprised how much money you will have saved after just a few months. If its a big ticket item like a Chanel bag, it might take a while, but you will be so happy to finally have the item of your dreams and know that you really dedicated yourself to save for it!
What item is on your wishlist? Let me know if you have any additional tips in the comments below.
Your Friendly Neighborhood Stylist