Tips for Saving and Investing Money for a Designer Handbag
As much as I love scoring a major deal shopping, there are certain items that will almost never go on sale. You just have to bite the bullet and get them at full price. Case in point: designer handbags. I make a point to save for investment pieces, but let’s talk specifically about tips for saving and investing money in a designer handbag. I’ve been working full time for years, but I could never bring myself to buy a bag that easily cost more than my monthly rent. This year I treated myself a Gucci GG Marmont bag – which I LOVE – and thought I would share my top tips for saving and investing money for a designer handbag (or any big ticket item!).
Designer handbags are a luxury, not a necessity
This isn’t one of those articles that tells you to skip your daily coffee run – if that $3 coffee (or in LA, it’s more like $6 – LOL) makes you happy and is your small daily luxury, I say go for it. Life’s short. However, we all know that if you were to skip your daily latte habits and save that money, after a year you would have enough money saved to buy a flight to Europe or a designer handbag.
Note: I am NOT advocating frivolous spending or living beyond your means, nor am I saying you need to buy designer or luxury items to be happy!! I am a huge proponent of looking chic on a budget : ). I also am very, very big on SAVING for the future. Designer handbags are absolutely a luxury, not a necessity. With that being said…
First things first – do not look at bags as an investment.
I know we like to use the term investment purchase to justify our spending decisions, but that term really only applies to a VERY select number of brands and styles. And as with any investment, ROI is not guaranteed.
When buying your first designer accessories, try to stick with classic shapes and silhouettes. Think timeless. Something that will look amazing even when it’s vintage.
Like every other girl in the world, I was going absolutely gaga over Gucci in 2016. As much as I’ve wanted to blow my signing bonuses and paychecks on designer bags, I never could quite justify it. After working full time for several years after college, I finally felt like I was prepared to make a big purchase. Once I was confident I could ride the Gucci wave into 2017, I chose the GG Marmont (I liked the small size best, but the mini is great as well!) as the item I wanted in my closet stat.
My best tips for saving and investing money
When it comes to saving and investing money into big purchases (a vacation, car, house, handbags) you either have to make more or spend less. It’s simple math.
Sometimes you gotta get thrifty. Think about where you can cut corners.
Cancel subscriptions you don’t use anymore or share with a friend.
Go out to eat less and cook at home.
Skip the booze when you’re out at dinner – your bill will be cut in half.
Spend one night a week staying in vs. going out and blowing your paycheck on Ubers and drinks.
All of these are totally doable. BUT, they require (minor) changes in behavior. Definitely one of the best tips for saving and investing money without even thinking about it is to use this app – Digit.
Whatever your savings goals are, I cannot recommend Digit enough.
I’ve shared my love for Digit before, and I had to say it again.
In case you haven’t heard of Digit – it’s a free app that helps you save more money. You link the app to your checking account. And from there, the app automatically withdraws small amounts of money from your checking account without you even noticing! It monitor your spending habits and adjusts the amount that is withdrawn every day. Some days it might be $0.50, other days it might be $50. It depends on your spending habits. But the point is, you won’t even miss the money that is taken out. All of the money will be saved in your app until you’re ready to withdraw. How you choose to spend the money you’ve saved is entirely up to you.
I signed up for the app last April and since then saved more than enough to buy my Gucci bag and pay for my car insurance. All without changing my spending habits or thinking twice.
So there you have it! Exactly how I saved up for a designer bag without blinking an eye. I use this same method for my trips, shoes, bills, really any big purchases I have!
How do you save up for big purchases?
Do you have any tips for saving and investing money?
xx, Amy
dress: astr | bag: gucci | shoes: isabel marant
The Digit app sounds helpful and I love the Gucci bag!!
xx,
Areli // Areli’s April blog
Areli’s April on Bloglovin
Such great tips, lady- and I’m loving this dress on you! So chic!
-Ashley
Le Stylo Rouge
Great tips for saving for an investment bag! Absolutely love your Gucci bag!
xx Nicole
http://toogoldstreet.com
Uhm, totally signing up for Digit right now!! Great tips girl.
It is honestly the best!! I can’t believe how much money I’ve saved using it for less than a year!
Such great tips! It’s actually amazing how much you can save by cutting out frivolous spending. Your bag is GORG – love the Marmot style!
Annessa
http://www.seekingsunshine.com
It’s such a good one, isn’t it? Thanks for reading babe xx
It’s so funny that you wrote this article because I’m just about to buy the same bag!
xo
Siffat
http://icingandglitter.com
I’m all about saving for pieces that you invest in because I rather have one good one that several cheap ones that don’t last!
xoxo Rina
http://www.andshedressed.com
Couldn’t agree more… when I think about the money I’ve spent on items I wear once I realize I probably could have bought multiple Chanel bags LOL xx
I love your outfit! Great tips girly!
Briana
http://beyoutifulbrunette.blogspot.com/
Omg girl that sounds like a really good way to “trick” myself into saving! That’s awesome. I will definitely try this app out! Love your bag!! Congrats on the smart purchase 😘
THANK YOU BABE!! Hope you have a fab weekend xx
“First things first – do not look at bags as an investment.” – THANK YOU!!! I have needed someone else who’s style and values I trust to say this so I can tell it to myself with more conviction 🙂 First off – LOVE everything you wrote in this article (esp that part about not skipping your daily rituals if they make you happy!). Second – you look prettier than ever in this spread! Third – perfect pick for your statement bag! This one really does look timeless and beautiful with everything! Finally – I am moving on to this Digit app now to find out more! Can’t wait to try it 🙂 xoxo
Hi my love!!! I know, it’s painful to admit, but designer bags aren’t really an investment, especially if you use them at all! Thank you SO much for reading, I’m so glad to hear we are on the same wavelength. Def check out Digit (not sponsored or an affiliate, I just LOVE the app and have saved a ton of money without lifting a finger) xx
So agree that a luxury bag isn’t really an “investment” :p this gucci is absolutely stunning though! I’ve never owned a true designer bag, but will have to keep these tips in mind!
Lindsey
http://www.seamlesssea.com
Haha, glad we are on the same page babe ; ) it was the first designer bag I bought for myself and the quality and craftsmanship speaks for itself! With that said, I do have to be careful to take care of it so ideally it lasts for years and years to come! Thank you reading Lindsey xx
The Digit app sounds amazing! I can’t believe I’ve never heard of it before. So great to save for a trip. 🙂 And also great insight. I find this article so original!! Love it.
http://jamieonthings.com/
Try it out, and lmk what you think!! I’m so glad you enjoyed. xx
Such great tips. I can’t get over the amount of people there are who pay for gym membership but never even go! & not ordering alcohol at dinner, that might be a bit difficult for me haha but I definitely agree it would cut your bill in half! Thanks for sharing such great tips!
TFM BLOG
I’m sure we all have places we could spend a little less… Mint.com is great for helping cut down unnecessary spending as well. I’m TOTALLY guilty myself. Thank you so much for reading babe! Hope your weekend is fab xx
Such great tips! I used to have a gym membership where I would literally go once a week. I paid 30 a week which adds to over 1500 a year! I cancelled it and have so much more money to invest in good pieces
xx
Lizzie | Takeoffs & Landings
SO much money saved – congrats babe!! What do you do now instead to substitute for the gym membership? xx
Really great tips! I feel the same way about designer bags and love adding them to my collection! Hmm, haha as much as I’m suer we all hate to admit it, you’re right about them not really being investment pieces – and classic/versatile styles being the way to go. Love your gorgeous Gucci, by the way 🙂
aglassofice.com
x
I love the dress… great tips!
xoxo
http://www.sorananistor.com
Great post!
http://www.gloryofthesnow.com
Loving these tips! Designer bags are def an investment and your gucci bag is absolutely gorgeous 🙂
http://www.pennyanddash.com
This is such a great post girl! Especially with all the gorgeous bags coming out this fashion week… I definitely need these tips! Thanks so much for sharing lovely! Hope you have an amazing weekend <3
XO Jessi,
http://www.mywhitet.com/nyfw-day-1-recap/
These are all really great tips! I totally agree on finding a piece that will be timeless and classic. If you’re saving all this money for a bag, it doesn’t make sense to buy one that you won’t like after a year!
Kathryn • simplykk.com
Beautiful look!!
Blonde in Cashmere
These are amazing tips, I really want a designer bag and need to get one! I never thought of cutting my spending just for this, it was always more of a “get a huge paycheck and pay with that”. Thanks for the amazing tips girl!
Camila,
My Vogue Style | http://www.mvyoguestyle.com
really great tips! saving up is so hard to do, but you make it sound so doable!
http://www.prettyinleather.net
I love this post! I have been eyeing this Gucci or a Saint Laurent bag for my next purchase and can’t decide! I’ve never heard of digit before but it is such a cool concept. I definitely need to be more mindful of what I spend my money on, but I agree with you, cut corners on everyday clothes and things you don’t need and I like to spend it on bags and shoes. These are absolutely great tips on saving money here and there without making huge sacrifices. Thanks for the tips! xoxo, Christine
http://dailykongfidence.com/
Such helpful tips babe! I have been eyeing off a Gucci bag for a while too (of course haha!) and think this is the one I would go for! It’s just so beautiful!
x Emily
http://shedoes.com.au
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