Simple tips and tricks any Professional Babe can apply to have her toting around Chanel in no time!
Have you been eying off that gorgeous Chanel or Burberry bag for years but it seemed like an impossible dream? Saving for a special item can seem daunting at first, but with a few simple changes to your spending habits that Chanel bag will be yours in no time
Here are my tips on how to save for a designer bag:
Start saving by creating a budget and sticking to it
Many women don’t think about saving money because the temptation to constantly buy new clothes and shoes feels so much more rewarding in the short term. I know that I succumb to the urge at times, particularly when my favourite websites have sales!
It’s important to balance your purchases so that you can plan for future big-ticket items, including that investment piece or a house deposit. After each month ends, take the time to review your bank and credit card statements to see if your budget was realistic. Identify which areas you didn’t quite manage, for instance, expenditure on food and drinks.
Get clever with your spending
Can you come up with any opportunities to reduce inefficient spending, such as visiting the supermarket and farmers markets on a weekly basis rather than shopping daily after work when you are tempted to purchase those extra treats?
Think about how you socialise with friends on a weekly basis – do you tend to go out and spend more money on drinks than you intended to? How about swapping one night out to a girl’s night in with some wine and a home-cooked meal?
The same applies to bringing your lunch to work. Why not try preparing some lunches on a Sunday or making a larger dish so that you can eat the leftovers during the week? For lunch ideas, make sure you check out the Professional Babe video on how to meal prep here!
“It’s important to balance your purchases so that you can plan for future big-ticket items, including that investment piece or a house deposit. After each month ends, take the time to review your bank and credit card statements to see if your budget was realistic.”
Use your credit card wisely
Credit cards attract high-interest rates, which many of us forget until it’s too late. Unless you can afford to pay for your charges each month, don’t be tempted to spend beyond your means!
Use your credit card for non-negotiable expenses, such as paying your monthly telephone bill by direct debit. This way you will develop a good credit history for when you need to apply for a loan in the future.
Make reducing your debts a priority
If you have an existing credit card debt or loan, your priority should be to maximise your repayments as quickly as possible.
The time it takes to pay down your debts can be significantly reduced if you make fortnightly instead of monthly repayments. It also helps to keep your repayments at the same level even if interest rates decrease. The interest savings can be massive. Just think what you could do with the spare funds!
Be specific with your savings goals
Set up different savings accounts for each savings goal and include a monthly contribution as part of your budget. You will be surprised how quickly the balance will grow in order to fund your investment item.
Following the above tips will have you well on your way to owning that gorgeous Chanel bag in no time. Just remember, every little decision to spend consciously will add up to big savings more quickly than you realise. Start saving today!
Small steps equal big results. Follow these tips and in no time you’ll be toting around a new designer bag.
Guest post by the beautiful Amanda Coneyworth
Amanda is on a mission to inspire professional women to be their happiest and healthiest self. An accountant in the busy corporate world, Amanda knows first-hand the challenges women face to prioritise their wellbeing and she is passionate about changing this mindset.
Amanda proudly admits that she is a Lorna Jane addict and she is a regular contributor to the Move Nourish Believe blog. She loves homemade Kombucha, Bikram yoga and lifting weights at the gym.
Amanda writes at Gorgeous Presence where she shares practical advice inspired from her very own health and wellness journey.
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