This post contains some affiliate links from brands we use & love that help us grow Clever Girl Finance! Please see our disclosures for more information.
Image source www.designer-vintage.com
We all have our fashion weaknesses, and a Chanel handbag is on almost every girl's wish list, specifically the classic flap. It's understated, iconic, and transcends seasons. It's not hard to see why so many women love this gorgeous handbag.
Like most luxury items, it comes with a hefty price tag; depending on what size of the classic flap you want, it can run you anywhere from $4,500 to $7,000 (not including sales tax). YIKES! You may not be able to have a massive designer collection of handbags but owning a Chanel handbag is very possible with the right planning and with patience.
7 tips on how to save for a Chanel handbag
That being said, let's get into some key tips on how to save for a Chanel handbag!
1. Having a job is a must
Affording super expensive items means you need to pay for them, and having a job is essential for you to do that. If you are not working or recently unemployed, you should prioritize getting a job and dealing with your bills first before thinking about a purchase as expensive as a Chanel handbag.
If you are working and have significant time with your employer and excellent work ethic, you may consider asking for a raise. You can use this additional income to start saving for your new handbag.
2. Know your priorities
One thing to keep in mind are your financial and life priorities. For instance, are your major monthly expenses covered? What about upcoming expenses? Are you starting a business? Saving for a house? Do you have an emergency fund for unexpected expenses?
Determine your priorities, and then determine if this is the right time to begin saving for a Chanel handbag. It's ok to push your handbag savings start date to a later time. We can't stress enough the importance of saving for your other priorities first.
3. Pay off debt first
If you have any revolving debt then you should create a plan to pay this off first before even considering an expensive handbag. The interest you will pay on any revolving debt is not worth it, and you should definitely not be increasing your debt balance by purchasing your handbag on credit.
Focus on eliminating your debt first and save for your luxury purchases rather than charging them on your credit cards.
4. Start a side hustle
Depending on what side hustle you do and how much you work, it can determine how much income you bring in. You can make hundreds to thousands of dollars a month from a lucrative side hustle.
5. Start saving in a designated account
So now steps 1 through 4 are out of the way, and you are ready to save for your gorgeous handbag. You should open up a specific account where you can begin saving for your handbag.
Don't forget to name it accordingly so you can keep what you are saving in mind. Also, don't make it a habit of withdrawing funds from this account unless it’s an emergency.
If you want to prevent the funds from being too easy to access, you can opt for a Christmas Club Savings account.
This type of savings account is made to be deposited too and has penalties if you make withdrawals before its maturity date of November 1st. This will enable you to build up your handbag savings guilt-free.
6. Stay focused, avoid miscellaneous shopping
Keep your focus razor-sharp on the purchase you want to make—your Chanel handbag, and eliminate any miscellaneous shopping. Skip the trends and random visits or purchases at the mall. Instead, put that spare money in your handbag savings account.
Not only will this help you attain your goal of owning a Chanel handbag faster, but you'll also be spending less money on things you don't truly love in the first place.
7. Consider pre-owned designer handbags but do your research
You may be able to lower how much you spend on your purse if you purchase one that is pre-owned. There are a few reputable websites like Fashionphile.com, Rebag.com, Yoogiscloset.com, and annsfabulousfinds.com that offer pre-owned designer handbags at a slightly reduced cost.
Be sure to do your research, though, on places like the purse forum, and if it is hard to find a handbag, the prices on these websites are more than likely higher than what it would cost you to purchase in-store, especially for a handbag in excellent condition.
Where to buy Chanel handbags
There are many options on where to buy your Chanel handbag. Whether you decide to purchase new or pre-owned, do your utmost to be savvy about your luxury purchase.
Directly from the boutique
You can purchase your new Chanel handbag directly from a Chanel Boutique or on the Chanel Website. Keep in mind when purchasing directly from Chanel, you will pay full retail. Try to shop the bi-annual sales to save money on your new purse.
You can find pre-owned ultra-luxury goods like Chanel handbags on Fashionphile. They even have discounted items and an outlet for additional savings on handbags, jewelry, and more. Each item they sell is carefully authenticated and they have an easy return policy.
They also offer a layaway option. They are a well-reviewed site and many people focused on sustainable shopping love this site.
Another fabulous site you can purchase Chanel handbags is Rebag. Similar to Fashionphile, they authenticate every bag and offer a 7-day return for any reason. You can find other designer goodies such as watches, belts, and more.
You can find gorgeous Chanel handbags on eBay pre-owned. However, be sure to read the description carefully, view all the pictures, leverage authentic services if necessary, and purchase from a seller with 5-star feedback to ensure you get an authentic Chanel Handbag.
You can save for a Chanel handbag!
Once you get your money mindset and priorities right, you can start saving for your new handbag. Remember to pay off debt first before shopping for any luxury items. You can make saving for your new handbag fun and exciting by trying a money-savings challenge.
Keep in mind that while it's ok to own nice and expensive things, they should not be at the expense of your life and financial goals. Here’s to you working towards financial success in style!