designer purchase Archives - Kate Waterhouse

How to save for a designer purchase (or other big ticket item) according to finance expert, Canna Campbell

6th November, 2022

Big purchases whether it be a house, a car, a once in a lifetime holiday or even a beautiful designer bag often requires discipline and a whole lot of planning. Unless you’ve got a few extra zeros in your bank account already I’m guessing that learning how to boost your savings is one such skill that you really want to learn. This is where financial expert Canna Campbell comes in. As the founder of the $1,000 Project and author of the book with the same name, Canna managed to save $32,000 in just 12 months all by without having to live on a diet of toast and two minute noodles for dinner! And it starts with saving $1,000 at at time. With a self-confessed soft spot for designer bags, here Canna shares her top money-saving tips that you can put to use on a new Gucci tote or any other big ticket item you choose.

Start with a goal

“When we don’t have goals, we can easily drift through life, not making much progress. But when we set clearly defined goals, with deadlines and these goals actually really excite us and we want to achieve them, we operate with more purpose and direction in actually getting them achieved and feeling proud of ourselves. And putting in the hard yards or self discipline isn’t such a big deal.”

Establish good saving habits

Have a budget, which is tracked against your calendar (I recommend the Sugar Budget App)
Review your budget and expenses regularly so that your spending is always in control
Set exciting financial goals for yourself
Educate yourself – I have over 250 bite size videos on my YouTube channel, SugarMammaTV that you can access for free which help empower and educate you. I also cover capsule fashion as well as lifestyle luxury.
Pay off all toxic debt – credit card, personal loans etc. Then put more on to building savings and investments.

Canna’s step-by-step guide

Step 1. Do a budget

Write down all your living expenses (use the Sugar Budget app to make this quick, easy and fun).

Step 2. Review your expenses

What can you cut down or cut out? For example if you realise that you tend to order 2-3 take away meals per week which costs you $30 each time, maybe cut that down to one take away meal per week, which should free up $60 per week.

Step 3. Set a up a separate savings account

Nickname the account the handbag’s name (or big ticket item you’re saving for) eg Chanel 2.55 Savings account – then set up a regular savings plan using the exact amount of money that you have been able to subtract out of your budget. In this case it would be $60 per week. Now that might not sound like much but over the course of 12 months that is over $3,120 per year!

Step 4. Get a side hustle

In my book, The $1,000 Project I saved and invested $32,000 over 12 months and then I saved another $36,000 over 13 months. Not one single dollar came out of my salary or savings. Everything I did was through adjusting my existing living expenses and taking on extra money making habits to come up with this money, which included some weekend work. So don’t be afraid to find other ways to help come up with some extra cash so that you can buy that handbag sooner! Babysitting, dog walking, selling things online, waitressing, tutoring even market research—this list of things that you can do is limitless.

Step 5. Review and remind

Don’t drop the ball. Review, monitor and track your progress. This will help keep you on track and progressing in the right direction as you will be constantly reminded of that exciting goal that you set for yourself.

What are you currently saving for?

Fashion

Questions to ask before making a designer purchase

25th May, 2022

I love a designer purchase but it’s not something I take lightly. A lot of thought goes into every single investment piece I buy. As most designer purchases aren’t cheap, it’s always worth spending time thinking it over, and asking myself key questions to ensure I’m making a worthwhile spend. Because while I’m all about quality not quantity, designer purchases require a significant financial outlay so it requires the appropriate amount of consideration. These are a few questions I think are worth asking…

Can I really afford this?

This is probably the most important question of the lot! Designer purchases are great but not if it puts you under financial stress. Answer this question honestly as no matter how beautiful something is, if it means you’re scrambling to pay your other expenses, it’s not worth it. If you really want something it’s definitely worth saving up for rather than putting yourself in debt.

Will I wear this a lot?

Clothes, accessories, bags, shoes… they’re all designed to be worn. The more the better I say. I always make sure that anything I purchase will end up getting used plenty of times as it then makes the cost per wear worth it. Also, why spend a ton of money on something that you’re going to just keep in your closet?

Do I already own something like it?

It’s easy to fall in love with something and not realise that you have multiple other pieces in your wardrobe that are very similar. When you’re spending a fortune on something expensive, you need to either be filling a gap in your wardrobe, or if it’s something that you will wear a lot but is similar to other pieces, perhaps consider selling the others to fund your new purchase.

Will this last more than one season?

There are some designer items that are a signature piece of a particular collection or season. These are great, but unfortunately come next season they’ll be out of date. I always make sure that if I’m buying something designer that it’s not a one-off and that it will appear in future collections. That way I can guarantee it will have plenty of longevity and it won’t date.

Is this really me (or do I want it just because someone else made it look good)?

A quick scroll through Instagram often results in me falling in love with myriad outfits and pieces. While this is great for inspo, it’s not so great if you end up buying something that doesn’t really fit in with your style aesthetic. I always take a step back and honestly ask myself if something is me. Because I don’t want to waste my fashion dollars on something that won’t feel “right” later on.

If this wasn’t [insert designer here] would I still want it?

There’s often a halo that can come with designer goods and something that doesn’t look great can sometimes seem okay simply because it’s got a particular brand attached to it. Don’t fall into this trap! Fall in love with the design, as opposed to the brand. Because even if something is Chanel, if it doesn’t fit in with your style, if it’s not something you’d reach for in your closet right now it’s not worth the money—interlocking Cs or not!

Do I have room for this in my closet?

From a practical perspective, this is always a question worth asking. I like ensuring that everything has a place in my wardrobe so I will always keep in mind whether a new purchase has a place to go. If it doesn’t, then it might be time to do a wardrobe tidy to see what pieces are no longer being used. If there isn’t room it also forces me to ask the question of whether I really need something or not.

Is this the best price I can buy this?

You don’t always have to pay retail. I will always sign up for sale alerts on my fave websites to let me know when one of my wishlist items has been reduced. Also there are plenty of resale sites such as Vestiaire Collective and The Real Real which sell designer products (some with tags still attached) at a fraction of the price that you’d get them in store. It’s worth shopping around to ensure that you get the best price possible.