If a designer bag is what you want, a designer bag is what you can make your next buy. Don't let anyone tell you it's a waste of money... It's your money and you get to make the decision of what you would like to spend it on. And no, we don't mean for you to get a bag on an EMI or a pre-owned one - even though those are legit options as well. But today, let's talk about how you can save up money for a brand new designer handbag.
1. Set your goal
This requires a lot of research. And, preferably, don't decide on a Celine or Hermes to be your first choice. What I consider to be a good and achievable budget is two months of your current salary. Yes, it will take you some time since you have to factor in your regular expenses as well, but it can be done. So look online and in stores for a designer bag you like that (more or less) fits that budget and lock down on it.
2. Now create a budget
According to your goal, create a fitting budget. If you want to be able to buy the bag in six months, you have to save about 33% of your salary every month. Sit down with a pen a paper, write down the amount you earn every month and start calculating all of your expenses. Some will non-negotiable ones -- like rent, fuel, etc. For all other things, set aside a fixed amount of money. You can also keep a very small splurge budget, to treat yourself to something new every now and then. But don't ever exceed it.
3. Freeze your extra cards
Seems too dramatic? GOOD. Do it. Just keep the one that gives you the best rewards with you for the next six months so that all of your expenditures are contained in one bill. The others can go in a locker, or you can hand them over to someone trustworthy for safe-keeping. Whatever keeps you from using them. Also, freezing them feels like a good idea because it just makes your money-saving journey more real. It can really help strengthen your resolve.
4. Let your family and friends know
You've got your goals and budgets, but this is how you can fast-track your savings plan a bit. Let your close family members and friends know that you're trying to save up for something special and if they would like to gift you something on your birthday, festival, etc, you would really appreciate it if they gave you cash instead. Yes, it means fewer gifts. But it also means you jump a few step closer to buying your dream handbag.
5. Find discounts
During your money-saving period, always double and triple check for promo codes and discounts. Use your card membership points if you have some saved up too. If there is a better deal out there, you should know about it. While one should do this all the time as a general rule, we don't always remember or have time to. But there are no excuses when you're on a strict budget. Check multiple websites to compare prices before you buy something - yes, even your groceries.
6. Open an RD
A good way to put money aside is to open a recurring deposit with your bank. The interest you get on it won't be out of this world or help your target by much. But it's a good way to make sure you put aside a small amount of your money every month, and don't get to touch it unless you decide to break the RD (which can actually be done instantly in case of an emergency, so don't worry). It can even just be for Rs 2,000 a month or any amount you won't miss too much. At the end of six months, it'll still be substantial enough to help with the payment of your big, special purchase.
Have any tips for saving up? Tell us in the comments below.
Comments
