How do you save for your luxury items?

closetlux

Member
Feb 12, 2017
585
684
I've finally reached a point in my life where I am able to indulge in luxury items. I'm finally admitting to myself that I like luxury handbags. I can't share this new found passion with anyone else in my life, not my family or my friends, as no one else in my circle feels the same way. My husband doesn't understand, but he's supportive. We pay our bills and are putting away for our future and our kids' futures. After paying all our bills and putting away funds for the future, I'm going to set aside a little each month for any future purchases. How do you all save or plan for your future purchases? TIA.
 

closetlux

Member
Feb 12, 2017
585
684
My answer will not be popular.
But here it is--
I don't save to buy luxury items.
That would defeat purpose, imo.
They are luxuries, because they are not burdens.

But, the more popular view--
budget X amount monthly.
Until reach purchase goal.

Either way works, imo.
Thanks and appreciate you sharing.
 

UNIMV

Member
Jan 16, 2015
124
151
I think the best thing to do is what you already suggested, set aside a little each month. If you already have an item in mind, set a timeframe for when you want to physically have it then break the price out into "installments". I'm a bit undecisive so after I pay my bills and put money into my savings I let my money sit and wait so that when I do decide on an item I know that even if I might not have planned for it I should have the money readily available. Of course since I'm not extraordinarily well off this only works for me when the item is under $3500.

Hope this helps somewhat!
 
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closetlux

Member
Feb 12, 2017
585
684
I think the best thing to do is what you already suggested, set aside a little each month. If you already have an item in mind, set a timeframe for when you want to physically have it then break the price out into "installments". I'm a bit undecisive so after I pay my bills and put money into my savings I let my money sit and wait so that when I do decide on an item I know that even if I might not have planned for it I should have the money readily available. Of course since I'm not extraordinarily well off this only works for me when the item is under $3500.

Hope this helps somewhat!
This helps alot! The problem with me is since I have recently been bit by the luxury bug, there are so many bags on my radar!:-s So, I'll have to make a list of the ones I want and check them off my list as I have enough funds for each.
 

cherrytongue

cherrytung.co
Feb 21, 2016
339
734
Los Angeles
www.cherrytung.co
I haven't done this for myself in the past, but I would recommend looking at your current collection/ closet/ storage. Are there items that you never use? Sell them! Sure, you probably won't make a profit on many of them, but they are wasting space and not making ANY money for you by sitting in your closet or storage. Sell off things you don't need, and there's a good amount of money that can be devoted towards your new items.

It's frustrating to see things pile up as you buy new items... and I'm just starting to downsize my closet/ bag collection. I sold around 7 bags just to upgrade to one bag (7 LVs to one Hermes to be specific) that makes me really happy. In my opinion, it's all worth it. Hope this helps :smile:
 

closetlux

Member
Feb 12, 2017
585
684
I haven't done this for myself in the past, but I would recommend looking at your current collection/ closet/ storage. Are there items that you never use? Sell them! Sure, you probably won't make a profit on many of them, but they are wasting space and not making ANY money for you by sitting in your closet or storage. Sell off things you don't need, and there's a good amount of money that can be devoted towards your new items.

It's frustrating to see things pile up as you buy new items... and I'm just starting to downsize my closet/ bag collection. I sold around 7 bags just to upgrade to one bag (7 LVs to one Hermes to be specific) that makes me really happy. In my opinion, it's all worth it. Hope this helps :smile:
Great advice. I really just have one preloved Chanel, so that's not really a problem for me. I'm hoping to buy wisely to have a nice collection that I am happy with and won't want to sell.
 

Sparkletastic

Member
Jun 18, 2012
9,895
30,558
Qo'noS
For me, I spend my money in this order: investing, saving, living expenses then disposable.

Out of my disposable I've decided what my priorities are - travel, jewelry, handbags. So I starve anything I don't care about - watches, cars, alcohol, etc.

Then what I have learned to do after years of silly - being distracted by pretty things floating past - is to make a list of what I want in priority order and buy according to that list. Sometimes I buy out of order if a sale or great deal comes up for something that's not up next but for that most part I've learned to stick to my list.

And, for me, buying my things is like a game. Honestly it's my hobby.:happydance: So I have fun searching for deals and plotting my buys. I also supplement my handbag budget by selling anything and everything I don't want. It's surprising how quickly things add up. And even if I can fully afford the item I bought with this sale money, it still feels extra special and I feel super smart. LOL!! :lol:

So at the end of the day I make a list and then make it fun to buy things along the way.

Enjoy!
 

closetlux

Member
Feb 12, 2017
585
684
For me, I spend my money in this order: investing, saving, living expenses then disposable.

Out of my disposable I've decided what my priorities are - travel, jewelry, handbags. So I starve anything I don't care about - watches, cars, alcohol, etc.

Then what I have learned to do after years of silly - being distracted by pretty things floating past - is to make a list of what I want in priority order and buy according to that list. Sometimes I buy out of order if a sale or great deal comes up for something that's not up next but for that most part I've learned to stick to my list.

And, for me, buying my things is like a game. Honestly it's my hobby.:happydance: So I have fun searching for deals and plotting my buys. I also supplement my handbag budget by selling anything and everything I don't want. It's surprising how quickly things add up. And even if I can fully afford the item I bought with this sale money, it still feels extra special and I feel super smart. LOL!! :lol:

So at the end of the day I make a list and then make it fun to buy things along the way.

Enjoy!
What a fun way of doing it!
 

Pessie

has left tpf
Jan 14, 2015
4,248
9,823
It's dull, but the best way to guilt free spending on luxuries (unless you're Croesus) is to work out a realistic monthly budget of your income and outgoings. The money I have left after savings, bills & essentials, and money for contingencies, is my splurge money. I leave it sitting in my account for when something takes my fancy, if you prefer you could siphon it off to a seperate account. I'm also not in the habit of hanging onto stuff I'm bored with or that doesn't work out - I sell it, so someone else can enjoy it and I can use the funds for something I want :smile:
 
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leechiyong

Member
Sep 3, 2013
10,505
14,273
My answer will not be popular.
But here it is--
I don't save to buy luxury items.
That would defeat purpose, imo.
They are luxuries, because they are not burdens.

But, the more popular view--
budget X amount monthly.
Until reach purchase goal.

Either way works, imo.
I do this too. I have my disposable income and either there's enough in my account or there isn't. While it does accrue, I don't actively set aside money for a luxury good.
 
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fishnumber2

Member
May 8, 2014
121
783
New York, NY
I think the most important thing is to know your finances and know your priorities. Paying bills and basic necessity such as grocery and food is at the top obviously, and anything after that is your personal preference. For me, it's culinary adventures, then traveling, then luxuries, so I set up the my budget accordingly. One thing I try to do is save my luxury purchases for when I travel and take advantage of the price difference and duty free whenever possible. I've saved about 30% on them this way, and it's a lovely souvenir to remember my trip! I also look for travel deals and save money that way.
 

closetlux

Member
Feb 12, 2017
585
684
I think the most important thing is to know your finances and know your priorities. Paying bills and basic necessity such as grocery and food is at the top obviously, and anything after that is your personal preference. For me, it's culinary adventures, then traveling, then luxuries, so I set up the my budget accordingly. One thing I try to do is save my luxury purchases for when I travel and take advantage of the price difference and duty free whenever possible. I've saved about 30% on them this way, and it's a lovely souvenir to remember my trip! I also look for travel deals and save money that way.
I have 3 major trips planned for the next 3 years: Europe, Japan and then Britain and it's nearby countries. I was thinking of saving up for this year and the Britain trip. I agree that it's a lovely but expensive souvenir to remember my trips. :biggrin::drool: