If you want a designer bag, you can buy one as your next purchase. However, there may be people around you who may say it’s a waste of money. But, it is your money, and you have the authority to decide how to spend it. And no, we don’t mean getting a bag on credit or a pre-owned one, but rather purchasing one smartly. But today, let’s talk about how to save smart for a new designer handbag.
Set your goal
It requires thorough research. And, ideally, don’t make Chanel or Hermes your first choice. You should consider two months of your current salary a decent and achievable budget for your first designer handbag. Yes, it will take some time because you must also consider your regular expenses. But it is doable if you know how to spend smarter to save money. So, look online and in stores for a designer bag that you like that (roughly) fits your budget and secure it.
Create a budget
To know how to save smart, you must create a budget suitable for your goal. If you want to buy the bag in six months, you must save approximately 33% of your monthly salary. Sit down with a pen and paper, write down how much money you make each month, and begin calculating all of your expenses. Some will be non-negotiable, such as rent, fuel, etc. Set aside a set amount of money for everything else. You can also set aside a small splurge budget to treat yourself to something new once in a while. But never go above it.
Freeze any extra cards
Does this seem too much? But, if you know how to spend smarter to save money, there’s no other option except to do it. Also, freezing credit cards seem like a good idea because it brings your money-saving journey to a more measurable conclusion. It can significantly strengthen your resolve.
Inform your family and friends
You have goals and budgets, but this is how you can speed up your savings plan a little. Let your close family and friends know that you’re saving for something. And that if they want to gift you something on your birthday, festival, or other special occasions, you’d appreciate it if they gave you cash instead. Yes, there will be fewer gifts. But it also means you’re one step closer to buying your dream handbag.
Make lifestyle changes
One needs to make a few lifestyle changes to understand how to save smart for your first designer handbag. Although these are all small sacrifices, they add up over time. The following are some of the small expenses you should try to cut out to maximize your savings:
- Reduce your Starbucks visits by making your coffee at home.
- Cook at home to save money on eating out, particularly during the work week.
- Avoid buying trendy or fast fashion items on the spur of the moment.
- Take public transportation instead of Uber or Ola, whenever possible
As you can see, these are small sacrifices that do not need a complete transformation. The money you save from the above activities quickly adds up, and you get to know how to save smart.
Look for discounts
Always double and triple-check for promo codes and discounts during your money-saving period. If you have any saved-up membership points, use them. You should be aware of how to spend smarter to save money. Before buying anything, compare prices on multiple websites, including your groceries.
Don’t buy the first bag you see
Making a huge investment in something like a bag can be discomforting. It’s better to wait one week before committing to avoid falling prey to marketing hypes. However, if you can’t stop thinking about your chosen designer handbag, you should know how to save smart and buy it. There are times when a person’s “desire” for something fades. In that case, you can ignore it.
Use Multipl to hold yourself accountable
The next step is to hold yourself accountable after deciding how much money you need to save every month. You can create your savings goal and track it with the Multipl app. The app automatically transfers a portion of your paycheck into your handbag savings goal. Also, once you complete your goal you get the best savings deal and exclusive offers on travel, jewellery, and many lifestyle categories.
The Bottom Line
We hope you find these suggestions helpful! It simply needs to be more mindful and aware of where your money is going. If you can successfully apply these tips in your daily life, you will be able to afford your first designer handbag and learn how to save smartly. Something you will be able to do for years to come. Visit now : Download App
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