January 8, 2019

How to Budget for Your Dream Bag

Falin Hakeem

Social Media Content Coordinator, StockX Bags

With the new year comes new resolutions, new goals and new handbags…? Yes, you heard that right. The bag of your dreams can become a reality, and It’s time you finally start investing. StockX is here to help you, girl. By the time you’re done reading this article, that beautiful Chanel Boy bag will no longer be a fantasy.

1. Set a Reasonable Goal

First thing’s first, know how much you’re willing to spend in order to know the next steps to take to get you closer to your dream bag. Is your bag in the three-digit price range or well over the four-digit range? Is it going to take weeks or months to save up for? These are the questions you must ask yourself prior to making the first move.

2. Break Out the Piggy Bank

Remember when your grandma used to secretly stash a $20 dollar bill in your cute little piggy bank when your parents weren’t looking? If you still have it, break that thing out. If not, go get one. I’m serious! Depending on how much your bag is, put say five dollars, $10, or $15 in your piggy bank every week. Tailor the amount of cash you are putting in based on the price point you’re willing to spend. If your dream bag is the Louis Vuitton Speedy 30, you would be setting aside less money per week/month. If it’s a Hermes Birkin Togo 35, be prepared for a longer commitment or to set aside more money.  

3. Compromise

Instead of spending all of your hard-earned cash on tacos, (like we are all guilty of doing) skip going out to eat for the week. You may think to yourself “It’s only five dollars, what’s the harm?” The harm is that that five dollars could’ve gone towards your dream bag! I’m not saying to deprive yourself of doing things you love, all I’m saying is to cut back during this crucial time of saving. And if it’s your friends who you feel like are holding you back (Peer pressure is still very relevant, guys) explain to them that you are trying to save up for a piece from Virgil Abloh’s SS19 collection for Louis Vuitton. If they scoff at you, simply get new friends. You don’t need that kind of negativity in your life!

4. Freeze your Credit Cards

Trust me on this one, It may sound like a crazy idea, but it’s a tried-and-true method (As seen on the highly underrated rom-com “Confessions of a Shopaholic”). This method is for those of us who have a harder time exercising self-control, (don’t be ashamed, this is a judgement-free zone!) If you can’t muster up the strength to freeze ‘em up, have your friends and family help you out. Call your accountant and have he or she do it if that’s what it takes. Credit card addiction is a real thing, and if you’re swiping carelessly with that platinum Master card, all that money you’re setting aside is going to go towards your monthly credit card payments instead of your dream bag (Insert frowning emoji). 

5. Make Monthly Payments

StockX offers buyers the option to make monthly payments with Affirm, (told you we’re here to help!) For those of you who are unfamiliar with Affirm, it’s basically a quick, easy alternative to using a credit card without the hidden fees. Once you’re approved at checkout, Affirm will offer you three different payment plan options, showing you your monthly payments for a three-month, six-month, and a 12-month term. This will include everything you will owe, as well as the interest. Affirm will then send you frequent reminders of your monthly payments, beginning one calendar month from the day your loan is processed.