2. Focus on where to invest: If you're a long time follower of this blog then you know I rarely spend $$ on expensive clothes. People might think why does she wear affordable clothes from Asia retailers all the time? Well, because designer clothes are not my thing. I am just happy as a clam wearing clothes from Target. If I have a certain amount to spend on clothes, I'd spend maybe a quarter of it on clothes and put the rest into my handbag fund. With that being said, will I ever buy a handbag from Target? Probably not. Nothing against Target handbags. I won't do so because I have high expectations when it comes to handbags. The key is to focus on what you want and prioritize your purchases.
3. Have a goal and work towards it: My husband and I have 7 separate accounts (primary checking/savings, the girls' accounts, an account for major purchases, vacation and automotive). Why automotive, you ask? We feel very blessed to have 2 luxury cars. However, they come with hefty maintenance bills. One time we got hit really hard with a repair bill and have learned our lesson. Since then, we set aside a small amount of money each month just in case something unexpectedly happens. We set up recurring automatic transfers into these accounts every time we get paid. If a luxury handbag is what you're going after, set aside a certain amount of money from each paycheck. Nothing is more satisfying than seeing the wonderful results of your efforts. By doing so, it won't have a big impact on your current financial situation.
4. Contributions for special occasions: This doesn't apply to someone outside your family. For special occasions such as birthdays and Christmas, I kindly ask my family members for monetary gifts. God knows I don't need anymore clothes. Instead of filling my closet with more unnecessary things, I just put the $$ towards a bigger purchase.
5. Open to pre-owned options: I bought my very first Chanel handbag pre-owned for $1200 (which is unheard of these days). Two years later, I sold it for $1800 (made a 50% profit on the bag!). I then bought a Chanel jumbo for $2500. A year later, I sold it for $3100. I mentioned these number for the sole purpose of letting you know that you can make a profit on certain bags. If you're open to pre-owned handbags, they're certainly more "affordable" and can be acquired quicker. Read more about how to buy pre-owned luxury handbags here.
I hope you enjoy this post and take it as it was intended. Luxury items are only enjoyable if you can truly afford them. At the end of the day, they're just things and I wholeheartedly believe there are many many precious things to enjoy in life than luxury handbags.