How to Save Up for a Luxury Handbag

woman saving money, holding a coin, next to her is a wallet with money

Luxury handbags like Louis Vuitton, Chanel, or Hermes are just some of the designer pieces that most women, if not all, want to own. They aren't your typical handbags, as they're crafted to perfection by the best artisans using premium materials, and can last a lifetime if well taken care of. Luxury handbags also serve as a status symbol, commanding the attention of those around you, which means they also carry a hefty price tag. This is why some deem them as a reward for themselves  or a sign of independence.

So how should you save up for luxury handbags? Get down to the reason why you want to buy a luxury handbag in the first place - is it for investment or for having a nice and sturdy everyday handbag? From here, you may have some options in mind, but set your budget first and create a wish list. Separate your shopping money from your other funds, come up with a few cost-cutting strategies, and keep track of sales and discounts. Most of all, you have to prioritize quality over quantity.

Saving Up for A Luxury Handbag

Luxury handbags are more expensive than your average bags, but most people find them worth it. Some people purchase a designer handbag as their reward for reaching a milestone, while others just buy them because they can. Those longing to own their first-ever designer handbag can save up by defining their goals first and creating a budget. 

They may also create a luxury wish list containing pros and cons and separate their shopping money to regulate their savings without being short on daily expenses. Do a few lifestyle changes to allocate more money to your dream handbag savings. Track sales and discounts, but choose quality over quantity.

1) Define Your Goals

Since you're going to save and spend money, you must be sure about your choices and avoid impulse shopping - you wouldn't want to purchase authentic designer bags you end up regretting buying.

Define your goals and your reasons for doing a designer bag purchase. Is it something you need or want? If it's something you need, think about why you need it. If it's a matter of want, be clear if it's going to be an investment or will it be the first piece in your designer collection. You can also want and need it at the same time, but be clear about what occasions you'll use the designer item for.

2) Create a Budget

Creating a budget is more important than most think because this will allow you to track and manage your money better. Especially if you're planning to make big purchases such as buying luxury items, you may sometimes forget to oversee small buys that add up and affect your savings.

Write your monthly income, utility bills, and budget for other needs. After computing this, you'll see how much extra money will be left for you once you've listed down your necessary expenses. From here, you may now budget the money you will allocate for emergency savings--the leftover from this money will be your luxury leather handbag savings.

It's also important to set a price range for the designer piece you plan on getting. You may already have options in mind for the type of luxury handbag you're going to get, so that will help you determine the amount of money you should save.

You may also come up with a budget based on the price you're willing to pay for your handbag. From there, you can look up brands and models that will fit your budget. There are cheaper designer bag brands that are as stylish and well-respected, or you may look for pre-loved designer bags in perfect condition - without water stains, oil stains, or any extremely visible cosmetic flaw.

3) Create a Luxury Wish List

It helps to create a wish list of the designer products you want to purchase with the indication of their prices. This will avoid you from plunging into unhealthy spending habits and buying things other than those you really want.

When creating a wish list, including the pros and cons will help you figure out the ones that can be your priority, or at least within the ballpark of what you're eyeing.

4) Separate Your Shopping Money

This allows you to keep yourself from spending your luxury handbag savings on other stuff and to know how much you can spend on shopping. You may also open up a separate bank account for your shopping money so you wouldn't touch your other savings. 

In general, it’s good to create accounts for specific big purchases. Having a bank account for your big-ticket items allows you to track your savings goal. Once you've saved enough, you can just buy your luxury handbag without any problem.

5) Quality Over Quantity

Be clear about the bag you want to purchase and always choose quality over quantity. Don't settle for a bag you just saw, so you can get another one because it still fits your budget. While you may browse authentic pre-owned designer handbags, you should also do your research first and be sure to get only from trusted sellers. Inspect the bag and avoid buying it only because it's cheaper than the original price.

6) Do a Few Lifestyle Changes

Saving for your luxury handbag entails a few sacrifices. You will be nearer to reaching your goals if you do a few lifestyle changes.

You may explore other changes, such as opting to cook at home instead of ordering out frequently. Avoid unnecessary spending and freeze your other cards if necessary. You may also try taking public transportation instead of hailing an Uber. Find cheaper alternatives to cut costs.

7) Check Sales and Discounts

Stay on the lookout for sales and discounts because the luxury handbags you're eyeing may be one of them. However, you should avoid buying a bag that's not within your wish list. The prices may be tempting, but if it isn't what you want, it's probably best to let it go for now.

Shop Affordable Luxury Handbags at HG Bags Online

Saving for your first (or next) luxury handbag may be exciting, but it's not always easy. Be sure to buy your bags only from trusted resellers to avoid counterfeits. HG Bags Online offers 100% authentic luxury handbags, both pre-owned and brand-new at affordable prices. We might have what would be your next luxury handbag. Visit our website to see our luxury handbag catalog.