The allure of a designer wardrobe is undeniable, but for many, the price tag can be a major hurdle. However, with careful financial planning, you can gradually build a collection of high-end fashion items without breaking the bank. In this article, we will look at how to allocate funds for designer clothing throughout the year, taking advantage of sales seasons and spendvesting.
Assess Your Wardrobe
Before diving into budgeting, take a close look at your current wardrobe. Identify the gaps in your collection and prioritise the items you truly need or desire. When you make an assessment of your wardrobe, you prevent impulse purchases and make sure that your budget is allocated to items you will use regularly.
Create a Seasonal Budget
It’s important to break down your spending into seasons when budgeting for a designer wardrobe. Consider allocating your budget into four quarters: spring, summer, autumn, and winter. Each season, you can focus on acquiring specific items that are suitable for the weather and your fashion goals.
Build a Priority List
Create a priority list of designer items you want to add to your wardrobe. Rank them based on importance and versatility. Essential items like a well-tailored blazer or a classic handbag should precede trend-driven pieces. Having a list will help you stay focused on your fashion goals.
Allocate Funds for Designer Pieces
Determine how much you can comfortably allocate to your fashion budget each season. This amount will depend on your overall financial situation, including income, expenses, and other financial goals. It’s important to strike a balance between your fashion aspirations and maintaining financial stability.
Take Advantage of Sales Seasons
Designer items come with a hefty price tag, but savvy shoppers know that sales seasons offer significant discounts. Take advantage of festive events like Durga Puja, Diwali, and end-of-season sales. Many luxury brands also have mid-season sales that can provide substantial savings.
How multipl Can Help You Save for Your Designer Wardrobe
multipl is the world’s first “Save Now, Buy Later” app, which helps you spend through goal-based investments. Let’s see how multipl can help you save for your designer wardrobe.
Goal-Based Savings: multipl helps you set specific financial goals, such as Designer Handbag Goal or Luxury Shoe Collection Goal. By setting these goals within the app, you save consistently for your future purchases.
Auto-investment: multipl helps you set up auto-investment to make your mutual fund investing hassle-free. By setting up a monthly SIP for your fashion fund, you can allocate a portion of your income without having to think about it.
Risk Assessment: Before investing, multipl evaluates your risk profile through a series of questions. In this way, you’ll be able to maintain peace of mind while saving for your designer wardrobe, as your investments will align with your comfort level.
Brand Contributions: A unique feature of multipl is its brand contribution program. With this feature, multipl partners with brands you love so you can save more on your investments. It’s like receiving discount on the MRP of your favourite clothing brand. It’s a win-win situation, as you save while enjoying your preferred products and services.
No Hidden Charges: When setting up your savings goals with multipl, rest assured that there are no hidden charges. Similarly, when you decide to redeem it, you can do so with a brand voucher or receive the full amount and market returns in your bank account. However, the funds you invest in may have their own associated charges. You can easily find details on fund-specific expense ratios and other applicable charges right on the allocation screen.
Additional Tips from multipl
Mix and Match
Building a designer wardrobe doesn’t mean wearing head-to-toe luxury brands. Mix and match high-end pieces with more affordable items to create stylish, budget-friendly outfits. Accessories like scarves, shoes, and belts can elevate an outfit without breaking the bank.
Budgeting for a designer wardrobe is a marathon, not a sprint. Be patient and stick to your budgeting plan. Over time, you’ll accumulate the designer pieces you desire without accumulating debt or financial stress.
Budgeting for a designer wardrobe is a strategic effort that requires careful planning and discipline. By assessing your wardrobe, setting clear fashion goals, creating a seasonal budget, and taking advantage of sales seasons, you can gradually build a collection of high-end fashion items. Ultimately, the key to a successful designer wardrobe budget is a combination of patience, strategic shopping, and financial prudence.