With a lot of luxury items on the market, it is very easy to lose your head and want everything in sight. Here are some tips to afford them without falling into debt.
The Grass is not always greener – try not to compete with friends
You do not have to have everything your friends or your frenemies or your favorite celebrities have. You do not know their finances. So trying to keep up with the Joneses might end up in a tragedy. Know your limits.
Save before you buy
Before thinking of shopping and dropping hundreds of dollars for a luxury item, make sure you have enough savings for regular expenses, emergency expenses, short-and long-term goals, and retirement.
Really want something, be patient and wait for sales
Most classic pieces hardly go on sale because they look good whatever the season. But there are some items that have a classic look that go on sale. So wait for those and not blow all your money in one go.
Buy quality over quantity
It is always best to have one quality item that will last you for a long time than owning several pieces that fall apart after a short period of time. Learn where to invest your money in.
Don’t get hyped up
Brands have their finger on the pulse on what is hot and what is not. And they respond to this by coming out with fast fashion trends. They may be hot right now but before impulsively buying them, consider if they will still be hot the following year or in years to come. If the answer is no, it might be best to skip them and save your money for big ticket items.
Save for big ticket items
There are luxury items that we absolutely have to have. After careful consideration and you still decide to buy it, whether it is on sale or not, make sure you have enough money to buy it. So skip buying other items in order to afford your must-have without touching your nest egg.
