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This year, I’ve been really into luxury items. It’s not really a good time in this current state of the world but there have been so many good deals (I save money that way). Although I can’t buy everything to my heart’s desire, I have been pretty lucky picking up a few pieces I really like with these tips below. It’s a rewarding feeling when you save up to buy things you really want because you know the effort you’ve put into it.
1. SAVE, SAVE, and SAVE
The first one is a no-brainer. You need to save. I’ve always been a saver so throughout the years, I have set money aside in case of emergencies (a good thing I did too because look at us now). Depending on your bank, you can open another savings account to put money aside every month. That account can be then used for buying luxury items. If your bank doesn’t allow you to do that, there are other ways like using a piggybank or put away some cash in an envelope.
The point is, you want to visibly see results. When all your money is in a lump sum, it’s hard to tell how much you’ve really saved. Physically seeing the small amount grow larger will motivate you and it will be easier to tell how much money you have set aside for things you want.
2. Cut Your Expenses
How much are you willing to sacrifice to buy luxury goods? You need to save your money but the next step is cutting down your expenses. You can then use the money on those expenses in exchange for luxury items. Are you grabbing a cup of coffee every day? Make coffee at home. Don’t look down on those little changes because they do add up.
My friend must drink a cup of coffee every day or her entire system will be thrown off. She doesn’t like to make her own coffee either. She goes to those hipster coffee stores and pays about $5 per cup of coffee. That’s $1825 a year just on coffee and nothing else! Think about what you can buy with that money. You can definitely buy something nice. Even more than one nice item depending on what you want.
If you’re serious about owning luxury goods, you’re going to need to make sacrifices. Choose what’s worth cutting down spending on. If you’re like my friend and you’ll just about DIE if you don’t buy coffee then spend less on, let’s say, makeup products or getting your nails done. Better yet, cut them out completely. If you can cut down even more expenses, the result is being able to buy your luxury items sooner and a higher budget to buy bigger ticket items.
3. Preloved Platforms
Luxury second-hand platforms are your best friends. I mostly look at Vestiaire Collective because of its large selection. Their website is easy to use and has what feels like an endless amount of items. I’ve generally had a positive experience with them and will write a post about them soon.
Other than Vestiaire, here are also some platforms you can check out:
I also follow some Instagram accounts in Hong Kong that sell luxury second-hand goods. I love them because it’s another platform where I can compare prices and can look at different styles. People in Hong Kong love designer brands. It’s a thing here so there are many of those kinds of stores. Instagram is where I go for inspiration when deciding what items I want on my wish list. I’m really picky when it comes to buying designer items (as it should be! It’s not cheap) so being exposed to all these platforms isn’t that tempting to me. If you’re the type to want to buy everything, this isn’t for you.
4. Designer Outlets
Many luxury brands have outlets. Although they’re usually somewhat far away, it’s worth checking out especially since there will be many good deals. Some designers don’t have outlets like Chanel, Louis Vuitton, and Hermes but many of them do.
If you don’t live near an outlet, that’s okay! There are other options. You can always check out
Saks Off Fifth/Neiman Marcus Last Call/Nordstrom Rack online. Prefer going to stores? No problem. There’s always Winners/TJ Maxx/Marshalls as well.
5. Sign Up for Company Newsletters
If you’re already a registered member of a website community, companies will automatically include you in their newsletters for their latest news unless you decide to opt-out. Choose 2-3 companies and sign up for their newsletters. You can even pick companies like Neiman Marcus/Holt Renfrew/Lane Crawford. You’ll be notified when they do have upcoming discounts. Although prices are probably not going to be as cheap as outlets and preloved platforms, it’s worth giving it a try.
6. Sell Unused Goods
Unless you’re selling your items for dirt cheap, I would suggest starting putting up unused goods for sale right away. Most of the time, your items will be on the market for weeks until someone makes an offer or buys it right away. This is a great way for your items to find a new home especially if you no longer need it anymore. If your item is sitting at home collecting dust, why not sell it and get some money?
Make sure they’re really things you don’t want because it’s too late to change your mind when it’s sold. I have items on Vesitiare and although people have made offers because they’re interested in my product, I have yet to accept them because the offers are still low. If I was tighter on cash, I would have accepted an offer sooner but I’m going to wait it out until I have a good offer.
7. Be Patient
This isn’t as talked about often but a great tip to scoring designer goods is to be patient. Why? If it’s a common item, it’s likely to pop up frequently from different sellers. There have been times when the seller is eager to sell. They drop their price and here’s your opportunity to grab your dream item.
These preloved website platforms have a ‘watch’ feature where you get an alert if there is a price reduction or an alert for items you want to watch out for that the website might not currently have now. I love this feature because it sends me email notifications. I jump on the opportunity if the price is right!
How in the world am I going to buy luxury items at regular prices now? Answer: I’m probably not going to and I won’t have to ever again.
Have you scored some great deals on luxury items before? Tell me your story in the comments below. The next post will be the ultimate guide to learning more about one of my favourite pre-loved platforms, Vestiaire Collective.